State exam
Paulo failed to disclose a leaking roof to his buyer client, and a few soggy months later, MREC found him guilty of his second license law violation in three years. What's a likely civil penalty the commission will levy against him? $20,000 $10,000 $15,000 $5,000
$15,000 License law violators may incur penalties of $5,000 for the first violation, $15,000 for the second violation, and up to $25,000 per violation after three or more violations.
What is the highest amount you can be fined by the Maryland Real Estate Commission for a serious violation? $2,500 $10,000 $25,000 $100,000
$25,000 For acting without a license, the Commission can impose penalties up to $25,000 for third and subsequent offenses.
Blaire apparently hasn't learned her lesson. She paid a $5,000 penalty when MREC found her guilty of misrepresentation, a $10,000 penalty when she was found guilty of placing a for sale sign in someone's yard without permission, and now she's committed three more violations by placing a series of discriminatory ads. What's the maximum penalty MREC can levy for these new violations? $100,000 $50,000 $75,000 $25,000
$75,000 License law violators may incur penalties of $5,000 for the first violation, $15,000 for the second violation and up to $25,000 per violation after three or more violations.
A listing agreement is an employment contract between ______. An individual licensee and a seller A broker representing the brokerage company and a seller A seller and a buyer A broker representing the brokerage company and a buyer
A broker representing the brokerage company and a seller A listing agreement is an employment contract between a broker representing the brokerage company and a seller.
Which of the following is true of agency agreements? A landlord and an agent will sign an exclusive-right-to-sell listing agreement. An open listing agreement provides the highest form of protection for the listing agent. A listing agreement is an express agreement. A property management agreement is an agreement between a landlord and a tenant.
A listing agreement is an express agreement. An express agreement is committed to writing. You can't list someone's property to sell without the seller's express written agreement.
What must be in place before a licensee can legally advise a client? The seller client must legally own property and have the right to sell. The buyer client must have chosen a home on which to make an offer. A signed sales contract A signed agency agreement
A signed agency agreement Without a signed agency agreement, the licensee cannot legally advise the client.
Who presides over a Maryland Real Estate Commission hearing? A criminal judge An administrative law judge The executive director A member of the real estate commission
An administrative law judge An administrative law judge presides over the hearing and makes recommendations to the commission regarding disciplinary action. The entire case is then reviewed by a hearing panel that votes on whether to accept the recommendation.
______ presides over Maryland Real Estate Commission hearings. A criminal judge An administrative law judge The executive director A member of the commission
An administrative law judge An administrative law judge presides over the hearing and makes recommendations to the commission regarding disciplinary action. The entire case is then reviewed by a hearing panel that votes on whether to accept the recommendation.
Adesha made an offer on a three-bedroom townhouse in Hanover on April 5. The sellers accepted her offer on April 6, and all signatures were finalized by April 7. Adesha still hasn't received the property disclosure/disclaimer statement. Until when can Adesha rescind the contract without penalty? At any time before she receives the disclosure/disclaimer statement April 17 April 14 April 12
At any time before she receives the disclosure/disclaimer statement Sellers should provide buyers with the disclosure/disclaimer before the contract is signed. If they don't, and the parties still enter into the contract, the buyer may rescind the contract any time before receiving the disclosure/disclaimer form.
Which action could temporarily stop a foreclosure? Borrower using their statutory right of redemption Borrower remaining on the property Borrower abandoning the property Borrower declaring bankruptcy
Borrower declaring bankruptcy The only option that would temporarily stop a foreclosure is the borrower declaring bankruptcy.
Which one of these statements describes informed consent as it relates to dual agency? Both buyer and seller understand what dual agency is and agree in writing to dual agency representation. The broker informs the buyer and seller for a transaction that he will represent both parties. The licensee explains dual agency to the buyer and must inform the sellers that he is a buyer's agent. The licensee explains dual agency to the seller and must inform all buyers that he is a seller's agent.
Both buyer and seller understand what dual agency is and agree in writing to dual agency representation. Informed consent means that the ramifications and purpose of dual agency have been explained to all parties and the parties have given their written consent to dual agency representation.
Four years ago, licensee Gustav assisted a buyer in her purchase of a foreclosed three-bedroom townhome in Hanover. The buyer recently called Gustav, telling him that she filed a complaint with MREC, claiming that Gustav knew the plumbing was faulty, but didn't disclose this to her. As a result, she's racked up more than $35,000 in plumbing bills since her home purchase. Panicked, Gustav begins searching for the transaction file until his broker tells him he can stop. Why? Records only need to be maintained for three years in Maryland; after that point, no complaints may be made against a licensee. Complaints must be filed within three years of the transaction date, and this sale took place four years ago. Because the property was a foreclosure and therefore sold "as-is," Gustav was exempt from disclosing that the plumbing was faulty. MREC doesn't have jurisdiction in this case; the buyer needs to contact the Guaranty Fund.
Complaints must be filed within three years of the transaction date, and this sale took place four years ago. Although Gustav should keep the transaction documents on file for at least the required five years, consumers must file complaints with MREC within three years of the transaction date. Question 6 of 100
Broker Barry has just received a letter from MREC informing him that one of Barry's associated licensees, Pat, has had a complaint filed against him. What information is NOT included in this letter? Contact information for MREC's legal hotline A copy of the complaint A list of potential penalties A list of charges
Contact information for MREC's legal hotline Licensees and their brokers are notified when a complaint is being investigated. The charges, potential penalties, and a copy of the complaint are included in the notification, and the licensees must respond with a full explanation.
Which of these is an example of commingling? Jenson deposited his client's earnest money check into the firm's trust account. Cynthia deposited her client's earnest money check into the firm's operating account. Sean withdrew funds from the firm's trust account to pay the rent. Jessica deposited her commission check into her brokerage firm's operating account.
Cynthia deposited her client's earnest money check into the firm's operating account. Commingling occurs when funds in or intended for a trust account are intermixed with operating or personal funds.
Which of these is harder to identify: disparate impact or disparate treatment? Disparate treatment Disparate impact These terms mean the same thing. It depends on local ordinances.
Disparate impact Disparate impact is more difficult to identify and refers to practices that have a greater impact on one protected class than another. For example, refusing to rent to anyone on Social Security affects more people with disabilities than people without.
Which one of the following statements about dual agency disclosure and informed consent in Maryland is true? Dual agency consent and disclosure must be in writing Dual agency is illegal. Maryland license law allows single-license and dual-license agency, as long as the clients give written consent. Dual agency applies to seller/buyer transactions only; not landlord/tenant.
Dual agency consent and disclosure must be in writing In order to practice dual agency legally, there must be informed written consent from all parties and written disclosure to all parties involved in a transaction.
Harry, a real estate licensee, tells a seller, "I'll be surprised if you get $100,000 for this place. I won't charge you anything to list it, but anything you get above $100,000 goes to me. Deal?" This is an example of ______. • Failure to disclose an agency relationship • Entering into a net listing agreement • Performing services that would qualify as practice of law • Contractual interference
Entering into a net listing agreement Net listings are illegal in some states due to their inherent conflict of interest.
You're doing an open house for your seller, and a prospective buyer walks in. The buyer begins asking you about the property's value in relation to others for sale. You offer to show the other properties to the buyer. What agency violation, if any, have you committed? Neglected duty of single-marketing Failed in undivided loyalty to seller, acted as undisclosed dual agent, did not disclose agency relationship Failed to disclose agency relationship None
Failed in undivided loyalty to seller, acted as undisclosed dual agent, did not disclose agency relationship Actually this is a whole host of violations. They include a failure to disclose agency relationship, failure to provide seller with undivided loyalty, and acting as an undisclosed dual agent.
Fatima, a salesperson, is hosting an open house in Annapolis for her seller client Ramona. Two interested buyers come in, and after Fatima gives them a tour they tell her they'd like her to represent them in making an offer. Since her seller client has already consented to dual agency, she gladly offers to represent the buyers and helps them write an offer right there at the open house, making sure that they also sign a Consent for Dual Agency form. What's wrong with this scenario? Fatima must wait until the open house is finished to have her new clients sign the Consent for Dual Agency form. Fatima isn't permitted to act as a dual agent. Fatima doesn't need them to sign the Consent for Dual Agency form since her seller client already has. Fatima needs to reaffirm the seller's dual agency consent before she can help the buyers make their offer.
Fatima isn't permitted to act as a dual agent. Only brokers may act as dual agents. For this scenario to be legal, Fatima would represent one side of the transaction as an intra-company agent, and her broker would appoint another licensee in Fatima's brokerage to represent the other party.
In order to qualify as one of the ______ real estate professional members of the Maryland Real Estate Commission, you must have 10 years of real estate experience as a licensee. Five Six Seven Ten
Five In order to qualify as one of the five real estate professional members of the board, you must have at least 10 years of real estate experience as a licensee prior to your appointment. This requirement does not apply to the four appointed consumer members of the board.
What is it called when a property is being sold at auction by the lender due to the borrower's default on the mortgage? Short sale Foreclosure REO Granted release sale
Foreclosure When a property is being sold at auction by the lender due to the borrower's default on the mortgage, it is called a foreclosure.
Members of the Maryland Real Estate Commission serve terms of how many years? Two Four Seven Nine
Four MREC board members serve for four-year terms.
Fred is buying Gary's property, which is listed with broker Sara. Who are the parties to the listing agreement? Fred and Gary Gary and Sara Fred and Sara Fred, Gary, and Sara
Gary and Sara The parties to the listing agreement are the listing broker and the seller.
When Janet, a licensed salesperson, transfers to a new brokerage, what happens to her license and pocket card? Her former broker gives them to the new broker. Her former broker returns them to the commission. Her former broker destroys them. Her former broker gives them to Janet to provide to her new broker.
Her former broker returns them to the commission. When a salesperson transfers to another broker, the former broker returns the license and pocket card to the commission. A new license and pocket card are then issued and can be downloaded digitally by the new broker.
Sam Star is a new licensee ordering business cards for himself. What information must he include? His name, license status, phone number, and brokerage logo His name, photo, phone number, brokerage name, and brokerage phone number His name, license status, and phone number His name, phone number, brokerage name, and brokerage phone number
His name, phone number, brokerage name, and brokerage phone number Sam must include his name and also the name of his broker. Because he'll list his phone number, he must also include his broker's phone number so the public can reach the broker if there's a complaint.
In Maryland, the agency disclosure notice ______. Is required by law Creates a brokerage relationship once it is signed and dated Is a contract Must be video taped
Is required by law Although required by law, the agency disclosure notice is not a contract, and it does not create a brokerage relationship. The licensee must provide a written disclosure to any party the licensee does not represent in the transaction.
Camille has a listing for a townhome and appoints Ivy as her sub-agent. Ivy brings a buyer customer to the transaction and the buyer purchases Camille's listing. What's true about the agency relationships in this situation? The buyer is the sub-agent to the seller. Ivy is Camille's sub-agent and owes loyalty to the seller. Ivy owes her loyalty to the buyer. Camille owes her loyalty to Ivy.
Ivy is Camille's sub-agent and owes loyalty to the seller. The sub-agent (Ivy) works for the seller's agent (Camille) and owes loyalty to the seller.
Which of these scenarios depicts a potentially illegal dual agency arrangement in Maryland? Corrina gives preliminary consent to dual agency when she signs her listing agreement, then re-affirms her consent when an offer is made. Sandrine represents the seller in a transaction, and another licensee from her firm represents the buyer. Both parties have consented to dual agency. Parker represents a seller, and Jane, a licensee with another firm, delivers a buyer customer's offer for that seller's property. Jackson, an associate broker, acts as dual agent and designates two salespersons from the brokerage to represent each party.
Jackson, an associate broker, acts as dual agent and designates two salespersons from the brokerage to represent each party. Only licensed principal brokers or their designees may act as dual agents in Maryland and may appoint licensees from within the brokerage to represent each of the parties. If Jackson isn't the broker's designee, he can't designate ICAs.
Artie, a real estate licensee, is a convicted felon, and although he served his time, he has had some administrative sanctions that call into question his trustworthiness to serve the public. What is the maximum sanction the MREC may impose? One year in prison License suspension License revocation Three years in prison and license revocation
License revocation The commission will revoke a license of a convicted felon if the licensee demonstrates continued issues with trustworthiness.
MREC received Shanice's complaint against licensee Nick two years and eight months after he helped her buy her one-bedroom condo in Silver Spring. Nick and his broker responded to the copy of the complaint MREC sent them. Three weeks later, Nick and his broker received notice via certified mail that Shanice's claim warranted a hearing, which would take place in a week. What's wrong with this scenario? Condominiums and co-ops are outside MREC's jurisdiction; Shanice should bring her complaint directly to her condo board. Nick's broker is only contacted if the claim moves forward to a hearing. Complaints must be filed within two years. MREC must give 10 days' notice before a hearing.
MREC must give 10 days' notice before a hearing. MREC's hearing panel will consider complaints filed within three years of a real estate transaction, including condo sales. When a complaint is filed against a licensee, the licensee and his or her broker receive a copy of it. Licensees must be given at l
According to the NAR Code of Ethics, what responsibility do licensees have related to material facts? Make a reasonable effort to ascertain all material facts concerning each property for which an agency is accepted. Make extraordinary efforts to ascertain all material facts concerning each property for which an agency is accepted. Accept all client statements concerning the property as material fact. They don't have any responsibilities related to material facts.
Make a reasonable effort to ascertain all material facts concerning each property for which an agency is accepted. Licensees should make reasonable efforts to ensure material facts related to the property are accurate. This may include (but is not necessarily limited to) asking the client questions about the property and its condition or inspecting the property.
Joe signed a listing agreement with Marisa. A week later, Marisa's co-worker, Tina, showed Joe a property that he's interested in buying once his home sells. A week after that, Ross submitted an offer on Joe's property on behalf of his buyer client. Who is Joe's agent? • Joe doesn't have an agent. • Ross • Tina • Marisa
Marisa The listing agreement acts as the agency agreement between the seller and the licensee, so Marisa is Joe's agent and representative.
Which of the following requires all licensees to disclose material facts that they know—or should know—to every prospective buyer? Maryland Broker's Act Maryland's Multiple Listing Service Maryland Real Estate Commission's Code of Ethics Maryland Residential Property Disclosure and Disclaimer Statement
Maryland Broker's Act The Maryland Broker's Act requires all licensees to disclose material facts that they know—or should know—to every prospective buyer.
Amelia's portfolio is on fire! She's got four upcoming listings and each of them will list for at least $500,000. Before she can count her commissions, though, she's got some paperwork to get through. Since she wants to stay on the right side of the Maryland Property Condition Disclosure Law, which of these sellers does Amelia need to remind about completing the Residential Property Disclosure/Disclaimer Statement? Erica, who's selling her five-unit apartment building to an investor who will be converting it to retail space Tessa, who represents a lender that's selling a foreclosed four-bedroom ranch-style home that sits on three acres Bryce, who, as the executor of his deceased mother's will, is selling her house Mikey, an investor who's selling a property that he converted into a three-unit apartment building
Mikey, an investor who's selling a property that he converted into a three-unit apartment building Unimproved properties, new construction, transfer tax-exempt properties, foreclosures/REOs, sheriff's/tax sales, court-appointed transfers, and properties that will be converted to commercial use or demolished are exempt from the disclosure requirement.
Claudia is a new unlicensed assistant working for salesperson Monica. Claudia takes Monica's phone calls, answers basic questions about listings using the MLS sheet, and scans copies of paperwork when clients need it. What kind of tasks is Claudia performing for these parties? Fiduciary duties Non-agent duties Ministerial acts Customer acts
Ministerial acts Provided the appropriate disclosure had been made, licensees may perform ministerial acts for unrepresented parties (e.g., assist a customer in completing or fulfilling a contract, and treat the customer with honesty and fairness).
A real estate licensee and his client fulfill the listing agreement, and the agency relationship is terminated. At what point is the agent's fiduciary duty of confidentiality to this client terminated? Immediately After 30 days After one year Never
Never An agent's fiduciary duty of confidentiality does not end, even when the agency relationship is terminated.
Mark lives in Maryland and purchased property in Pennsylvania. His real estate agent gave him poor advice, which cost him $52,000. Can Mark file a claim against the Guaranty Fund? Yes, but he can only recover $50,000 of his loss. No, his claim is over the $50,000 threshold. Yes, but not before exhausting other methods to collect the money. No, the property purchased was in Pennsylvania.
No, the property purchased was in Pennsylvania. Mark cannot file a claim against the Guaranty Fund because his property is located in Pennsylvania. All claims against the Guaranty Fund must be related to real estate located in Maryland.
Jim would like to sell his own home. What is the minimum real estate license he must possess? Salesperson Associate broker Broker None
None Remember that in this case, Jim isn't performing real estate activities for others for compensation.
Real estate licensees are seldom guilty of blatant discrimination, but unintentional discrimination does exist. What's one example of unintentional discrimination? Not showing first-time homebuyers homes outside of their price range Following a landlord's instructions as to income requirements for applicants Refusing to work with African Americans Not showing African Americans homes in neighborhoods where they may be victims of racial bias
Not showing African Americans homes in neighborhoods where they may be victims of racial bias Not showing homes based on a client's identification with a protected class, even if you mean well, is still discriminatory.
What information about the Guaranty Fund must be included in every Maryland sales contract? Notice to the buyer that licensees are exempt from having Guaranty Fund claims placed against them Notice that the Guaranty Fund's minimum balance is $250,000 Notice to the buyer of the Guaranty Fund's protection up to $50,000 The website and office address where consumers may go to file a written Guaranty Fund claim
Notice to the buyer of the Guaranty Fund's protection up to $50,000 Sales contracts must include a written notice to the buyer of the Guaranty Fund's protection up to $50,000.
Which of these documents does NOT establish an agency relationship between a client and a licensee? Brokerage agreement Buyer representation agreement Purchase agreement Listing agreement
Purchase agreement The purchase agreement doesn't establish agency; it outlines the agreement between the seller and buyer
Ron prides himself on providing his buyer clients with consistently stellar representation. His latest buyer client, Tammy, is purchasing a fixer-upper on Walnut Street, just a stone's throw from the railroad tracks. What's Ron's responsibility regarding making sure Tammy is informed about the property's condition? Ron must ensure that Tammy receives the property disclosure/disclaimer statement within 10 days of making her offer. Ron should make sure that Tammy understands her rights and obligations regarding the property disclosure/disclaimer statement. Ron should perform a walk-through inspection of the property and document any defects he sees on the property disclosure/disclaimer statement. Ron is off the hook here; it's the listing agent's responsibility to make the property disclosure/disclaimer statement available to Tammy.
Ron should make sure that Tammy understands her rights and obligations regarding the property disclosure/disclaimer statement. While listing agents should make the disclosure/disclaimer statement available to buyers, Ron's not off the hook; he needs to make sure that Tammy not only receives it, but also that she understands her rights and obligations regarding it.
Which agent role is designated by a dual agent and exclusively represents the seller in a dual agency situation? • Buyer's intra-company agent • Seller's intra-company agent • Broker's designee • Broker
Seller's intra-company agent
Aurelia is a relatively new salesperson who has been accused of discriminating against minorities in her real estate advertising. Which of the following is NOT a possible outcome if she's found guilty? She must place a retraction in any publication that featured her ad. She's required to take additional fair housing classes. Her license and her broker's licenses are suspended for 15 days. She has to pay a $5,000 fine.
She must place a retraction in any publication that featured her ad. Penalties for violations include: fines, repayment of commission, license suspension/revocation, and requirements to take additional education. A broker's license may also be endangered if one of the broker's associated licensees commits a violation.
Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What's Mavis's relationship to the parties? She's a buyer's agent to Cintra and an undisclosed dual agent with the seller. She's a dual agent to the buyer and seller. She's an agent to Cintra, and the seller is her customer. The seller and buyer are her customers.
She's an agent to Cintra, and the seller is her customer. Assisting with paperwork doesn't create agency.
The Maryland Commission on Civil Rights consists of nine members who serve ______-year terms. Four Six Nine Thirteen
Six Each of the nine Maryland Civil Rights Commission members serves a six-year term.
An administrative law judge presided over Sabine's misconduct hearing. Sabine presented several documents indicating she was an excellent licensee, including notarized statements from three of her clients. However, the ALJ found evidence of misconduct and recommended that Sabine be required to take an additional three hours of CE in ethics. What happens next? Sabine may request that her broker appear before the judge to corroborate the evidence she presented. Since Sabine was found guilty of a violation, her case is automatically appealed. The MREC hearing panel decides whether or not to accept the ALJ's recommendation. Sabine must take the ethics coursework and submit proof of completion to MREC.
The MREC hearing panel decides whether or not to accept the ALJ's recommendation. Once an ALJ makes a recommendation, the hearing panel decides whether or not to accept it. If the hearing panel upholds the decision, Sabine may appeal.
Which of the following is NOT a required inclusion in a Maryland buyer representation agreement? Each party's duties and responsibilities to the other The address of the property the buyer is purchasing A definite termination date Compensation details
The address of the property the buyer is purchasing Buyer agency agreements should include a description of the type of property the buyer is hoping to purchase, but not the address since the property probably won't have been identified yet.
Whose responsibility is it to supervise associated licensees and review transactional paperwork and advertising? The salesperson The broker The associate broker The broker and associate broker
The broker It is a broker's responsibility to supervise associated licensees and review transactional paperwork and advertising.
If the seller elects to complete the disclosure section of the Maryland Residential Property Disclosure and Disclaimer Statement form, who is required to sign and date it? The buyer, seller, and their agents The buyer and seller only The seller only The buyer only
The buyer and seller only The seller is verifying that the form is complete and accurate as of the date it is signed, and acknowledging that they've been informed of their rights under Section 10-702. The buyer is acknowledging that they've received the disclosure, and that they've also been informed of their rights under Section 10-702.
You represent a buyer. What information may you share with the seller without breaching the duty of confidentiality? The buyer's contact information The buyer's willingness to pay more The buyer's inability to obtain financing The buyer's motivation to buy
The buyer's inability to obtain financing The buyer's inability to obtain financing is a material fact that must be disclosed because it can impact the ability of the transaction to close.
What happens in situations where an ethical complaint has resulted in the Maryland Real Estate Commission recommending charges be brought against the licensee? The licensee's license is immediately suspended. The licensee is brought up on criminal charges. The commission sets a date for the case to be heard. The complaint is referred to the Attorney General's office.
The complaint is referred to the Attorney General's office. The complaint is referred to the Attorney General's office, where it is reviewed for legal sufficiency.
According to Maryland disclosure guidelines, upon which of the following events is it NOT appropriate to give the buyer the opportunity to review the seller's disclosure/disclaimer statement? When the buyer expresses interest in purchasing the property When the property goes on the market When the buyer makes an offer The day of the home inspection
The day of the home inspection The seller is required to provide the buyer with the Maryland Residential Property Disclosure and Disclaimer Statement on or before the day the buyer signs the purchase offer. By the time the home inspection occurs, the contract has already been signed.
An administrative law judge presides over Maryland Real Estate Commission hearings and makes recommendations regarding disciplinary action. Who decides whether to accept them? A criminal judge An administrative law judge The executive director The hearing panel
The hearing panel The hearing panel reviews the entire case and votes on whether to accept the recommendation.
If a Maryland licensee's license is revoked due to an ethical violation, what else might happen? The licensee may be subject to public ridicule. The licensee's broker may lose their license for failure to supervise. Other licensees in the firm may have to go on inactive status. The licensee may be required to undergo psychological treatment.
The licensee's broker may lose their license for failure to supervise. The commission can reprimand, fine, suspend or revoke the licenses of individuals found guilty of violating the Maryland Code of Ethics. Their broker's license may also be in jeopardy for failure to adequately supervise the licensee.
Kim is a subagent in a transaction involving a buyer customer, a seller, and a listing agent. Who is Kim a subagent for? The buyer Both buyer and seller The listing agent The listing agent and seller
The listing agent and seller Subagents who work with buyer customers are the subagent of the seller and listing agent.
April has some crazy listings in her current portfolio; it seems as if everything that could've gone wrong with them has gone wrong. According to Maryland disclosure law, which of these defects should April disclose? The bungalow on Baker Street served as headquarters for a local prostitution ring. The owner of the condo on Conrad Street killed himself there. A body was buried in the wall connecting the two halves of the duplex on Davidson Street. The mansion on Monroe Street is a former cat sanctuary, and the drywall near where the litter boxes were shows signs of "water" damage.
The mansion on Monroe Street is a former cat sanctuary, and the drywall near where the litter boxes were shows signs of "water" damage. Stigmatized properties (e.g., the site of a death, suicide, or former property occupant's HIV/AIDS status) do not need to be disclosed. State law specifically says these aren't material facts, and agents are not liable to disclose even if they know.
What is used to secure a home loan in Maryland? Mortgage Full covenant and warranty deed Deed of trust The property
The property Maryland is a lien theory state, which means that the property acts as security for the loan.
Who does the agent assisting the buyer in a transaction represent if there's no buyer agency agreement? • No one • The customer • The seller • The buyer, in a sub-agency capacity
The seller Without a buyer agency agreement in place, the agent assisting the buyer actually represents and owes loyalty to the seller.
Which of the following statements about ministerial acts is true? They're a fiduciary duty. They involve a judgment call from the licensee. They require no discretion or judgment from the licensee. They breach the agency relationship.
They require no discretion or judgment from the licensee. A ministerial act is performed for a non-client and doesn't require discretion or the exercise of a licensee's judgment.
The Maryland Real Estate Commission creates several hearing panels consisting of how many members each? 10 Five Nine Three
Three Each of the commission's hearing panels consists of three members.
You recently listed an historic home more than 100 years old, which was the site of a suicide many years ago. A spirit is believed to roam the grounds, but the current owner doesn't want this shared with prospective buyers. Which action best demonstrates good faith? You tell the owner you must disclose whether a property was the site of a suicide or homicide. You tell the owner you don't have to disclose the ghost, but do need to tell buyers that a suicide occurred on the property. You follow the owner's wishes because the suicide and haunting don't need to be disclosed. You tell the owner you don't have to disclose that the property was the site of a suicide, but do need to disclose the ghost.
You follow the owner's wishes because the suicide and haunting don't need to be disclosed. Good faith means properly disclosing material facts. Usually, you don't need to disclose ghosts, suicides, or homicides related to the property unless the prospective buyer asks you directly about them.