Unit Exam

Mitch, your seller client, asked you about the tax ramifications of selling his townhome. What's your best response?

"That's not my area of expertise. You should ask your tax advisor."

In the MAR's Exclusive Right to Sell Residential Brokerage Agreement, what does the Lead-Based Paint section contain?

A notice that sellers of properties built before 1978 must provide lead hazard disclosures

In Maryland, listing agreements and their associated disclosure forms must be kept on file with the broker for a minimum of ______.

Five years

Fred is buying Gary's property, which is listed with broker Sara. Who are the parties to the listing agreement?

Gary and Sara

In which type of listing agreement will a seller contract with multiple agents and only pay commission to the agent who locates a buyer?

Open listing

Which of the following statements about how a listing agreement can be terminated in Maryland is true?

Per Maryland law, all listing agreements must contain a provision for the early cancellation of the agreement by either the broker or the seller.

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?

The day of the home inspection

Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker, without cause. Burt may legally do this as long as he's ______.

Willing to pay Scott's commission anyway

May listing agreements be terminated without penalty?

Yes, if both the listing broker and the seller's agree in writing