Real Estate Licensing
Maryland-Real-Estate-Salesperson
Q1:
Assume you are a licensee in Maryland who has recently entered into an agreement with a seller to represent their interests in a real estate transaction. At what point are you required to provide a potential buyer with the agency disclosure notice?
○
A
After the buyer deposits the earnest money in escrow○
B
After the seller accepts the buyer's offer○
C
At your first scheduled face-to-face meeting with the buyer about the seller's property○
D
When the buyer asks you to represent them as well
Real Estate Licensing
Maryland-Real-Estate-Salesperson
Q2:
Which of the following is a drawback to leasing commercial space?
○
A
Credit ratings are not as crucial.○
B
Leasing is less affordable.○
C
Monthly rent is a tax deduction as a business expense.○
D
Rental rates can include annual increases based on market conditions.
Real Estate Licensing
Maryland-Real-Estate-Salesperson
Q3:
A statement such as "This is a dream home with the best views in town" made by a licensee is an example of what?
○
A
A lie○
B
Intentional misrepresentation○
C
Positive misrepresentation○
D
Puffery
Real Estate Licensing
Maryland-Real-Estate-Salesperson
Q4:
How does the building department ensure that a builder who has obtained a permit builds according to code?
○
A
The builder is required to submit to weekly inspections performed by peers in the industry.○
B
The builder signs an affidavit to that effect.○
C
The builder submits a monthly progress report.○
D
The building department sends inspectors to inspect the work.
Real Estate Licensing
Maryland-Real-Estate-Salesperson
Q5:
An organization with many investors who jointly participate in a real estate investment and must adhere to the rules and regulations of the Securities and Exchange Commission is a
○
A
C corporation○
B
Partnership○
C
S corporation○
D
Syndicate