State Exam Missed Questions + Correct Answers// Latest
Update// Already Graded A+
Terms in this set (50)
A: Mark cannot file a claim with the Guaranty Fund because the
Mark lives in Maryland and property purchased was in Pennsylvania.
purchased property in
Pennsylvania. His real estate Mark cannot file a claim against the Guaranty Fund because his
agent gave him poor advice, property is located in Pennsylvania. All claims against the
which cost Guaranty Fund must be related to real estate
him $52,000. Which of the located in Maryland.
following is true?
Broker Barry has just received A: Contact information for MREC's legal hotline
a letter from MREC
informing him that one of Licensees and their brokers are notified when a complaint is
Barry's being investigated. The charges, potential penalties, and a
associated licensees, Pat, has had copy of the complaint are included in the
notification, and the licensees must respond with a full explanation.
a complaint filed against him.
What
information is NOT included in
this letter?
A: 25,000
What is the highest amount you
can be fined by the Maryland
For acting without a license, the Commission can impose
Real Estate Commission for a
penalties up to $25,000 for third and subsequent offenses.
serious violation?
Nancy, a broker in Annapolis, A: "There's a provision right here that gives either of us
is going over the listing permission to cancel the agreement early."
agreement with her new client,
Josie, who asks, "What if I Listing agreements may not automatically renew and must
need to cancel the agreement contain a provision granting either party permission to cancel
early?" What should Nancy tell the agreement early.
her?
A Maryland salesperson included A: Broker's office phone number
a
personal phone number on an If salespersons or associate brokers include their personal telephone
ad. What other piece of number or
information must also be email address in an ad, the broker's office telephone number must also be
included.
included on the ad?
, Raul, a broker licensed in A: Accept a rebate from the laundry machine company.
Maryland, has just signed on to
manage a landlord's 15-unit Property managers may not accept any payment, rebate, or profit
apartment building. Which of on expenditures made for an owner without the owner's
the following tasks may Raul knowledge and consent.
NOT perform without the
owner's express knowledge and
consent?
A: Offering earnest money deposit advice
Which of the following does
NOT qualify as a ministerial Ministerial acts do not require that the licensee advocate for or
act under Maryland law? advise the customer. Licensees should not use their discretion
or judgment in assisting customers.
A: As part of completing the listing agreement and again if a dual
agency situation arises and you need the seller to reaffirm her
In Maryland, how and when must
you consent
present the Consent for Dual
Agency form to the seller? You must provide the Consent for Dual Agency form to the
seller client at the time the listing agreement is being signed
and again if a dual agency situation arises,
assuming the seller consented to dual agency representation initially.
A buyer with a $242,000 loan has $241,715.88
a monthly principal and interest
payment of $1,317.66. If $1,033.54 of the $1,317.66 is interest, that leaves $284.12 for principal.
If $1,033.54 is interest, what's the Subtract
new $284.12 from $242,000 for a new principal balance of $241,715.88.
principal balance after the first
payment is applied?
Enjoyment
Which real property ownership
right
protects the owner from The right of enjoyment provides the right to possess the land
harassment or interference? without harassment or interference.
A seller wants to net $276,596
$10,000 after the broker's
commission of 6% and a To calculate this, start with 100% minus a 6% commission, which is
94% or .94. Take
loan balance of $250,000 are
$250,000 plus $10,000 and divide this amount by .94.
paid. For how
much does the property need to
sell?
Update// Already Graded A+
Terms in this set (50)
A: Mark cannot file a claim with the Guaranty Fund because the
Mark lives in Maryland and property purchased was in Pennsylvania.
purchased property in
Pennsylvania. His real estate Mark cannot file a claim against the Guaranty Fund because his
agent gave him poor advice, property is located in Pennsylvania. All claims against the
which cost Guaranty Fund must be related to real estate
him $52,000. Which of the located in Maryland.
following is true?
Broker Barry has just received A: Contact information for MREC's legal hotline
a letter from MREC
informing him that one of Licensees and their brokers are notified when a complaint is
Barry's being investigated. The charges, potential penalties, and a
associated licensees, Pat, has had copy of the complaint are included in the
notification, and the licensees must respond with a full explanation.
a complaint filed against him.
What
information is NOT included in
this letter?
A: 25,000
What is the highest amount you
can be fined by the Maryland
For acting without a license, the Commission can impose
Real Estate Commission for a
penalties up to $25,000 for third and subsequent offenses.
serious violation?
Nancy, a broker in Annapolis, A: "There's a provision right here that gives either of us
is going over the listing permission to cancel the agreement early."
agreement with her new client,
Josie, who asks, "What if I Listing agreements may not automatically renew and must
need to cancel the agreement contain a provision granting either party permission to cancel
early?" What should Nancy tell the agreement early.
her?
A Maryland salesperson included A: Broker's office phone number
a
personal phone number on an If salespersons or associate brokers include their personal telephone
ad. What other piece of number or
information must also be email address in an ad, the broker's office telephone number must also be
included.
included on the ad?
, Raul, a broker licensed in A: Accept a rebate from the laundry machine company.
Maryland, has just signed on to
manage a landlord's 15-unit Property managers may not accept any payment, rebate, or profit
apartment building. Which of on expenditures made for an owner without the owner's
the following tasks may Raul knowledge and consent.
NOT perform without the
owner's express knowledge and
consent?
A: Offering earnest money deposit advice
Which of the following does
NOT qualify as a ministerial Ministerial acts do not require that the licensee advocate for or
act under Maryland law? advise the customer. Licensees should not use their discretion
or judgment in assisting customers.
A: As part of completing the listing agreement and again if a dual
agency situation arises and you need the seller to reaffirm her
In Maryland, how and when must
you consent
present the Consent for Dual
Agency form to the seller? You must provide the Consent for Dual Agency form to the
seller client at the time the listing agreement is being signed
and again if a dual agency situation arises,
assuming the seller consented to dual agency representation initially.
A buyer with a $242,000 loan has $241,715.88
a monthly principal and interest
payment of $1,317.66. If $1,033.54 of the $1,317.66 is interest, that leaves $284.12 for principal.
If $1,033.54 is interest, what's the Subtract
new $284.12 from $242,000 for a new principal balance of $241,715.88.
principal balance after the first
payment is applied?
Enjoyment
Which real property ownership
right
protects the owner from The right of enjoyment provides the right to possess the land
harassment or interference? without harassment or interference.
A seller wants to net $276,596
$10,000 after the broker's
commission of 6% and a To calculate this, start with 100% minus a 6% commission, which is
94% or .94. Take
loan balance of $250,000 are
$250,000 plus $10,000 and divide this amount by .94.
paid. For how
much does the property need to
sell?
