Maryland Real Estate Salesperson Examination - Maryland-Real-Estate-Salesperson Exam Practice Test

Question 1

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

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

B. Never

C. When covering the options for terms and contingencies

D. When determining the amount of the purchase offer

Correct Answer: B

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Question 2

Why would a retail tenant be willing to sign a lease in which a percentage of sales proceeds are paid to the landlord?

A. The tenant wants to show the landlord how viable the business is.

B. The landlord and tenant are in business together.

C. The tenant wants to reduce the base rent.

D. The tenant is hoping to eventually purchase the building.

Correct Answer: C

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Question 3

What do you call the person or entity that oversees trust or escrow money?

A. Mortgage agent

B. Escrow agent

C. Escrow master

D. Special agent

Correct Answer: B

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Question 4

Risks to computer systems can be reduced by avoiding public networks, sites, and suspicious sites.

A. Secure

B. Encrypted

C. All

D. Unsecure

Correct Answer: D

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Question 5

Jorge is a dual agent in a single-license dual agency situation. He owes his clients all of the following fiduciary duties EXCEPT.

A. undivided loyalty

B. honesty

C. disclosure

D. reasonable skill and care

Correct Answer: A

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Question 6

Between commercial and residential properties, which type of property is depreciated for a longer time?

A. Both commercial and residential income-producing properties are depreciated according to the same schedule.

B. Commercial income-producing properties are depreciated longer (39 years) than residential income- producing properties (27.5 years) are.

C. You cannot depreciate income-producing properties.

D. Residential income-producing properties are depreciated longer (39 years) than commercial income- producing properties (27.5 years) are.

Correct Answer: B

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Question 7

Down the Road Brokerage has an in-house transaction situation and has appointed one of its licensees to represent the buyer client and one to represent the seller client. The two licensees are acting as what type of agents?

A. The buyer agent is acting as a special agent and the seller agent is acting as an appointed agent.

B. Both are acting as intra-company agents.

C. The buyer agent is acting as a general agent and the seller agent is acting as an assigned agent.

D. Both are acting as special agents.

Correct Answer: B

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Question 8

Which statement best represents how dual agency is impacted by teams in Maryland?

A. The dual agent may be part of the same team as the ICAs.

B. The broker may designate ICAs from within a team, with the broker or office manager serving as the dual agent.

C. Dual agency isn't allowed within real estate teams.

D. The broker may serve as an ICA along with a team member.

Correct Answer: B

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Question 9

________ pay earnest money to solidify their commitment to completing a real estate transaction.

A. Sellers

B. Buyers

C. Lenders

D. Brokers

Correct Answer: B

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Question 10

To effect a transfer of title by deed, ______ must occur.

A. Deed review

B. Judicial validation

C. Delivery and acceptance

D. Exchange of money

Correct Answer: C

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Question 11

Which of the following scenarios is an example of group boycotting?

A. Agreeing with competitors to not cooperate with another business

B. Segmenting the market to limit competition

C. Setting a standard commission rate with competitors

D. Making doing business with a client dependent on the client also obtaining services from a related business

Correct Answer: A

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Real Estate Maryland Real Estate Salesperson Examination - Maryland-Real-Estate-Salesperson Exam Practice Test

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