Question 1

When a client understands what dual agency is and agrees in writing to allow a firm to act as a dual agent for them in a real estate transaction, this is known as __.

Options :

A : Double dipping

B : Informed consent

C : Mutual agreement

D : Representation by proxy

Answer: B

Question 2

Which of the following best describes the concept of appreciation?

Options :

A : When a property's value increases as a result of capital improvements.

B : When losses are deducted from a property's value for tax purposes.

C : When the value of a property decreases over time.

D : When the value of a property increases over time.

Answer: D

Question 3

What do you call the person or entity that oversees trust or escrow money?

Options :

A : Escrow agent

B : Escrow master

C : Mortgage agent

D : Special agent

Answer: A

Question 4

Why are legal descriptions required in real estate contracts?

Options :

A : To calculate the exact property taxes owed by the new owner

B : To ensure the piece of property can be clearly identified from all other properties

C : To establish the legal boundaries for future construction on the property

D : To guarantee the buyer is receiving the exact property they believe they are purchasing

Answer: B

Question 5

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?

Options :

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

Answer: C

Free Maryland-Real-Estate-Salesperson Mock Exam – Practice Online Confidently

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