Maryland-Real-Estate-Salesperson Exam Dumps - Real Estate Maryland Real Estate Questions and Answers

Maryland law requires licensees to present and explain the statutory agency disclosure—commonly titled “Understanding Whom Real Estate Agents Represent”—at the first scheduled face-to-face meeting with a prospective party. This disclosure explains the types of agency relationships available in Maryland (seller/landlord representation, buyer/tenant representation, and dual agency with possible intra-company agents) and clarifies whom the licensee represents. This requirement is part of Maryland’s agency framework and consumer-protection emphasis in the pre-licensing curriculum.

Under the Protection of Homeowners in Foreclosure Act (PHIFA), Maryland provides enhanced civil remedies to consumers harmed by foreclosure consultants’ unlawful practices. For intentional (willful) violations, a consumer who brings a private action may recover treble (three times) the actual damages, along with reasonable attorney’s fees and costs. This heightened remedy is designed to deter predatory conduct in distressed-homeowner contexts and is taught in the Maryland pre-licensing course under the state-specific consumer protection and license law sections.

A home inspection is a professional, non-invasive evaluation of the property’s physical condition (systems and components) to inform buyers about defects and needed repairs. It is not an appraisal (value) and doesn’t set list price; while it can reveal “red flags,” its primary purpose is to provide the buyer an accurate picture of condition to inform negotiations and contingency decisions.

In the Fair Housing and Ethics module, the course emphasizes that unlawful housing discrimination often occurs in subtle or less visible forms, including steering, disparate impact, selective marketing, inconsistent application of qualifiers, and micro-level decision-making that the public may not observe. The fact that discrimination is illegal does not eliminate hidden practices; therefore, practitioners must know the protected classes, recognize subtle violations, and implement consistent, documented, and neutral business practices.

Once a building permit is issued, the local building department monitors the construction process through inspections at key stages (foundation, framing, electrical, plumbing, final).

The purpose of these inspections is to ensure that work complies with state and local building codes and safety standards.

Maryland’s pre-licensing course explains that certified building inspectors—not peers or the builder—conduct these inspections.

Only after passing all required inspections will the department issue a certificate of occupancy (CO) confirming code compliance and permitting lawful use of the structure.

In Maryland, agency exists when a licensee represents a client under a brokerage agreement. If the seller has a written listing agreement with a broker, the seller is the client.

An unrepresented buyer is considered a customer, not a client. The licensee owes customers limited duties—honesty, fair dealing, and disclosure of material facts—but does not owe fiduciary duties such as loyalty, confidentiality, or obedience.

Therefore, in this case, the seller is the only client.

Bracketing is an appraisal technique used in the sales comparison approach.

An appraiser selects comparables (“comps”) that are both superior and inferior to the subject property in key features (size, amenities, condition, etc.) to ensure the subject’s value falls within a supported range.

This method provides a balanced and realistic market value estimate.

The Maryland pre-licensing course explains bracketing in the “Real Estate Appraisal and Valuation” section to prepare students for both state and national exam questions on comparative analysis.

In the Land Use Controls and Property Development content, the course explains that the primary impacts of a local development are local in scope, affecting nearby traffic patterns, school capacity, utilities, neighborhood character, and community aesthetics (e.g., subdivision layout, landscaping, design standards). Broader regional or federal effects are not the typical or most immediate consequences of a single local project.

A syndicate is an association of two or more investors who unite their capital to own or develop real estate projects.

When investment interests are offered to the public, the syndicate becomes subject to federal securities regulations administered by the Securities and Exchange Commission (SEC).

Maryland’s pre-licensing course explains that syndications may take the form of limited partnerships, corporations, or real-estate investment trusts (REITs), but the unifying element is pooled investor participation under securities law oversight.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices Course, Forms of Ownership and Syndication section.

– Securities Act of 1933 and 1934 (SEC Regulations).

Encouraging a client under an existing agency agreement to terminate that agreement and switch representation constitutes contractual interference and a violation of the Maryland Real Estate Brokers Act.

Licensees must respect the exclusive representation agreements of others and may only solicit business after the prior contract expires.

This is treated as unethical conduct and may result in disciplinary action, including fines or suspension by the MREC.