Maryland-Real-Estate-Salesperson by Real Estate Valid Free Exam Practice Test

Question 1

Why would a buyer want to know whether any additions or alterations were made to a property?

A. So the buyer can decide whether a price reduction is in order B. So the buyer can use the same contractor for additional additions and alterations C. So the buyer can remove these items prior to closing D. So the buyer can determine if permits were pulled

Correct Answer: D

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Question 2

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

A. The listing broker and seller B. The seller and lender C. The buyer and seller D. The buyer's agent and seller

Correct Answer: A

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Question 3

The lender will require flood insurance if the home is ________.

A. New construction B. More than 100 years old C. Located in a flood plain D. Located in a valley

Correct Answer: C

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Question 4

A first-time home buyer needs to take out a loan to help finance his purchase. What's the first thing he must do once the seller has accepted his offer and the contract has been finalized?

A. Request the settlement date be delayed 30 days B. Check his credit score C. Pay off all his credit cards D. Submit a written application for financing

Correct Answer: D

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Question 5

What type of ground lease allows a tenant to buy out the lease?

A. Redeemable B. Retrievable C. Conceivable D. Irretrievable

Correct Answer: A

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Question 6

[Listing Agreements and Buyer Representation]Properly pricing a property that is entering the market will

Correct Answer:

Increase the chances of a buyer making an offer and potentially reduce the amount of time the home is on the marketB. Most likely upset the sellers, because they'll net less than they would have if the home were priced higherC. Typically result in an offer within the first one or two daysD. Upset the buyer because it creates a more competitive market Maryland pre-licensing emphasizes that setting market-correct list price-supported by a CMA and current market conditions-maximizes exposure, attracts ready buyers, and typically shortens days on market.
Overpricing reduces showings and invites price reductions; underpricing risks leaving money on the table but does not guarantee instant offers. Correct pricing improves the probability of offers and a timelier sale.
References: Maryland 60-Hour Course: "Listing Agreements and Buyer Representation" (CMA, pricing strategy, days on market effects); "Real Estate Appraisal and Valuation" (market value principles).

Question 7

Disclosing which of the following facts would be considered a fair housing violation?

A. The roof was replaced last year. B. The kitchen was remodeled five years ago. C. The property has been treated for pests. D. The current owner has HIV.

Correct Answer: D

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Question 8

Which document is provided to borrowers at least three days prior to closing and provides disclosures about the costs of the transaction?

A. Closing Disclosure B. Escrow closing notice C. The Mortgage Servicing Transfer Disclosure D. Loan Estimate

Correct Answer: A

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Question 9

Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a result, the seller accepted a lower offer from another buyer. For which of the following could your buyer sue you?

A. Fraud B. Puffing C. Misrepresentation D. Negligence

Correct Answer: D

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Question 10

Which term refers to a permitted deviation from current zoning restrictions that allows an owner to use land for a purpose that's otherwise prohibited, and requires the owner to prove the zoning creates an unnecessary hardship?

A. Use variance B. Special use permit C. Moratorium D. Property variance

Correct Answer: A

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Question 11

Kip is a sub-agent working with a buyer customer, Charlie, for Sheila's listing of May's property. To whom does Kip owe his loyalty?

A. Charlie B. May C. Sheila and May D. Sheila and Charlie

Correct Answer: B

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Question 12

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. Residential income-producing properties are depreciated longer (39 years) than commercial income- producing properties (27.5 years) are. D. You cannot depreciate income-producing properties.

Correct Answer: B

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