Three in Demand Real Estate Maryland-Real-Estate-Salesperson Exam Questions Formats

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Real Estate Maryland Real Estate Salesperson Examination Sample Questions (Q19-Q24):

NEW QUESTION # 19
Carson is purchasing a $600,000 property by obtaining an 80/20 loan. How much is Carson financing?

Answer: A

Explanation:
An 80/20 loan structure means the borrower finances 80% of the purchase price through a first mortgage and
20% through a second mortgage, leaving no down payment.
For a $600,000 property:
80% × $600,000 = $480,000 (first loan)
20% × $600,000 = $120,000 (second loan)Total financing = $480,000 + $120,000 = $600,000.Therefore, Carson is financing $480,000 through the first loan, corresponding to the "80%" part referenced in the question's options.
Reference:Maryland 60-Hour Course - "Real Estate Financing" Topic (Loan Structures and Mortgage Types); Conventional Loan Underwriting Practices.


NEW QUESTION # 20
The cost approach to finding an appraised value measures which of the following?

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
The cost approach to appraisal is based on the principle of substitution, which assumes that a buyer will not pay more for a property than it would cost to purchase a similar site and construct a comparable building with equal utility.
The process involves:
Estimating the value of the land as if vacant,
Estimating the current cost to reproduce or replace the improvements,
Subtracting depreciation (physical, functional, or external), and
Adding the land value to the depreciated improvement cost.Thus, the cost approach measures the cost to acquire the land and construct a reproduction or replacement of the improvements-making option A correct.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Real Estate Appraisal and Valuation" Module Uniform Standards of Professional Appraisal Practice (USPAP) - Cost Approach Overview.


NEW QUESTION # 21
Jorge is a dual agent in a single-license dual agency situation. He owes his clients all of the following fiduciary duties EXCEPT.

Answer: B

Explanation:
In dual agency (and Maryland's intra-company/dual agency framework), an agent cannot provide undivided loyalty to both clients in the same transaction. Maryland requires written, informed consent and limits the fiduciary duty of loyalty because representing opposing interests precludes undivided advocacy.
The agent still owes honesty, disclosure of material facts, reasonable skill and care, and confidentiality (within statutory limits), but undivided loyalty is expressly curtailed in dual agency.
References: Maryland 60-Hour Course: "Maryland Agency Law" (dual agency and designated/intra- company agency; required consents; modified duties); Business Occupations and Professions Article, Title 17 (agency disclosures and limitations).


NEW QUESTION # 22
Which of the following is an example of a development cost?

Answer: C

Explanation:
In development analysis, costs include impacts that require public or private expenditure-for example, the increased demand on infrastructure (roads, utilities, schools, water/sewer), which necessitates capacity expansions, impact fees, or mitigation measures.
* Crime rates and lower unemployment are socio-economic conditions/impacts, not direct development costs.
* Local density zoning rules are regulatory constraints (land-use controls), not a cost in themselves (although they can influence costs).
References (Maryland Pre-Licensing Core Content):
* Maryland 60-Hour Course: "Land Use Controls and Property Development" (infrastructure capacity, impact fees, concurrency, mitigation of development impacts).
* Planning and subdivision concepts taught in Maryland curriculum (infrastructure and service demands as development costs).


NEW QUESTION # 23
When registering a business, which of the following is a correct requirement for naming the business?

Answer: B

Explanation:
A sole proprietor in Maryland may operate under their personal legal name or under a trade name that has been properly registered with the Maryland Department of Assessments and Taxation (SDAT).
If a trade name is used, it must be clearly disclosed in all brokerage advertising and license registration records with the MREC.
This ensures public transparency and compliance with Maryland's real estate advertising and licensing requirements.
Reference: Maryland 60-Hour Principles and Practices - "Brokerage Operations and Business Entities"; Maryland Business Occupations and Professions Article 17-316 - Trade Name Registration.


NEW QUESTION # 24
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