Get Real Estate Licensing Maryland-Real-Estate-Salesperson Exam Practice Questions - Real and Updated

Answer : A

Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:

Tenancy by the entirety is a special form of ownership available only to married couples in Maryland. It provides each spouse with an equal, undivided interest and includes the right of survivorship---if one spouse dies, the surviving spouse automatically owns the entire property.

However, when the couple divorces, the marriage relationship---essential for this ownership form---no longer exists. The law automatically converts the ownership to tenancy in common, unless otherwise specified in the divorce decree or a subsequent agreement.

Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course -- ''Forms of Real Estate Ownership'' Section

Maryland Real Property Article, 2-117 -- Estates by Entirety; Effect of Divorce.

Answer : A

Comprehensive and Detailed Explanation:

In Maryland, when a new salesperson applicant identifies a supervising broker on the license application, the applicant receives an active license.

An inactive license is issued only if no broker is designated.

An active license authorizes the salesperson to conduct real estate activities under the supervision of the sponsoring broker, in compliance with MREC rules.

Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course -- ''Maryland License Law and Regulations'' Module

Md. Business Occupations and Professions Article 17-301--17-303 -- License Activation and Supervision.

Answer : B

Comprehensive and Detailed Explanation:

In leasing, a covenant is a binding promise or agreement contained within the lease. It can require or restrict certain actions by either the lessor (landlord) or lessee (tenant)---for example, a covenant of quiet enjoyment, a covenant to pay rent, or a covenant to maintain the property. These promises are enforceable under contract and property law.

Maryland 60-Hour Principles and Practices Course -- ''Leases and Property Management'' Module; Maryland Real Property Article 8-101 et seq.

Answer : A

Comprehensive and Detailed Explanation:

The escrow agent (often the broker, title company, or attorney) is the fiduciary who receives and holds trust money in a regulated escrow account until contract terms are fulfilled. In Maryland, the broker is responsible for maintaining escrow records and depositing all trust money promptly in accordance with COMAR 09.11.02.19. ''Escrow master'' and ''mortgage agent'' are not legal titles under Maryland law, and ''special agent'' refers to the agency relationship, not handling of funds.

Maryland 60-Hour Course -- ''Real Estate Brokerage Operations'' section; Maryland Business Occupations and Professions Article 17-505 (Escrow Accounts).

Answer : D

Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:

A listing agreement is a legally binding contract between a seller and a licensed real estate broker that establishes the broker's authority to market the property and represent the seller's interests in finding a ready, willing, and able buyer.

It outlines the terms of representation, including price, commission, duration, and the duties of both parties.

The agreement does not guarantee a sale; rather, it ensures mutual understanding of responsibilities and compensation should a sale occur.

This principle is covered in the Listing Agreements and Buyer Representation module.

Reference (Maryland Source):

-- Maryland 60-Hour Principles and Practices Course, Listing Agreements and Brokerage Contracts section.

-- Business Occupations and Professions Article 17-534.