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Real Estate Maryland-Real-Estate-Salesperson Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Maryland State Law and Regulations | - Trust Accounts and Handling Client Funds - Maryland Real Estate Commission (MREC) Rules and Authority - Advertising and Brokerage Practices - Licensing Requirements and Procedures - Disciplinary Actions and Enforcement - Agency Disclosure and Representation in Maryland - Property Disclosure Requirements (e.g., defects, lead-based paint) |
| Topic 2: National Real Estate Principles | - Property Ownership and Land Use Controls - Valuation and Market Analysis - Agency Relationships and Duties - Real Estate Practice and Fair Housing - Real Estate Calculations - Financing - Transfer of Title and Closing Procedures - Contracts |
Real Estate Maryland Real Estate Salesperson Examination Sample Questions:
1. Before you sign an exclusive right to sell agreement with a seller, what must you do?
A) Market the property.
B) List the property.
C) Explain the option of the exclusive agency agreement.
D) Provide a pro forma.
2. Activities that restrain trade and reduce competition and choices for consumers are considered to be what kind of violations?
A) Antitrust
B) License law
C) Agency law
D) Fair housing
3. What might the financial implications be if a buyer needed to use individual retirement account funds toward a down payment?
A) The funds are taxable, and an early withdrawal penalty fee will apply.
B) First-time homebuyers can use up to $10,000 of their IRA funds penalty free for down payment and closing costs.
C) Funds can be used if they go toward the borrower's first-time homeownership in the last five years.
D) Income taxes are waived on IRA distributions for homeownership.
4. What is a claim or lien on a property title that can be monetary or physical?
A) Eviction
B) Encumbrance
C) Agreement
D) Appurtenance
5. The courts use three primary tests to determine whether something is personal property or real property. What are the names of the three tests?
A) Method of attachment, agreement, and adaptation
B) Method of reimbursement, agreement, and adaptation
C) Method of attachment, acknowledgement and adaptation
D) Method of attachment, agreement, and accessory
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: A |


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