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Maryland-Real-Estate-Salesperson Practice Questions

Maryland Real Estate Salesperson Examination

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Total Questions : 209

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Question # 51

Options:

A.  

(Net amount + mortgage or other expenses) ÷ (100% - commission rate)

B.  

Sales price ÷ (100% - commission rate)

C.  

Sales price × (100% - commission rate)

D.  

Sales price - (100% - commission rate)

Discussion 0
Question # 52

Once signed, the listing agreement is a legally binding contract between

Options:

A.  

The buyer and seller

B.  

The buyer’s agent and seller

C.  

The listing broker and seller

D.  

The seller and lender

Discussion 0
Question # 53

In accordance with the Maryland Property Condition Disclosure Law, when is the seller required to provide the Maryland Residential Property Disclosure and Disclaimer Statement to the buyer?

Options:

A.  

No more than 24 hours after both parties have signed the agreement.

B.  

Only before entering into a contract of sale with the buyer.

C.  

Only if the buyer asks for it.

D.  

On or before entering into a contract of sale with the buyer.

Discussion 0
Question # 54

When preparing the sales contract, when is it acceptable for a licensee who is not an attorney to offer legal advice to the client?

Options:

A.  

Never

B.  

When covering the options for terms and contingencies

C.  

When determining the amount of the purchase offer

D.  

When discussing the amount of earnest money to place as a down payment

Discussion 0
Question # 55

What does PITI stand for?

Options:

A.  

Principal, insurance, title, and interest

B.  

Principal, interest, taxes, and insurance

C.  

Property, insurance, taxes, and interest

D.  

Property, interest, title, and insurance

Discussion 0
Question # 56

What items go into the seller's credit column and the buyer's debit column when calculating prorations?

Options:

A.  

Home inspection fees

B.  

Prepaid property taxes

C.  

The buyer's loan amount

D.  

Unpaid property taxes

Discussion 0
Question # 57

Jillian has a loan-to-value ratio of 90/100. This means—

Options:

A.  

Her loan is 10% of the value of the real estate used as collateral and she is obtaining a second mortgage for 90%.

B.  

Her loan is 90% of the value of the real estate used as collateral and she is putting 10% down.

C.  

She is putting 10% down, with 90% being pulled from her IR

A.  

D.  

The property is only worth 90% of the amount loaned.

Discussion 0
Question # 58

What's a foreclosure?

Options:

A.  

A property sale that occurs in less than one week

B.  

A sale that fails to receive a high enough bid at auction and then falls to the bank's ownership

C.  

The forced sale of a property due to the borrower defaulting on the mortgage loan

D.  

The sale of a property when the market value of the home is less than what is owed, plus closing cost

Discussion 0
Question # 59

You represent a buyer of a $1 million property. The seller's agent offers a 2.5% cooperative agent compensation. Who's your client?

Options:

A.  

The buyer

B.  

The seller

C.  

The seller's agent

D.  

The seller's agent's broker

Discussion 0
Question # 60

Octogenarians Gertie and Frank both have advanced Alzheimer’s disease and met in Sunset Living, a skilled nursing center for people with advanced Alzheimer’s disease, where they're both residents. They fell in love and get hitched, signing a marriage certificate. This is an example of a _____ contract.

Options:

A.  

An executory

B.  

An implied

C.  

An invalid

D.  

A valid

Discussion 0
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