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Real Estate Maryland Real Estate Salesperson Examination Sample Questions:

1. Shelly buys Mark's house, which is still in an option period with Monique. Monique decides to exercise her option after Shelly moves in. What will happen?

A) Nothing will happen, as long as Shelly has a fully executed sales contract with Mark.
B) Shelly will have to sell the house to Monique.
C) Mark will have to refund Monique's option fee.
D) Shelly and Mark must form a new option agreement.

2. How should all compensation related to real estate transactions be handled according to real estate law?

A) Salespeople can receive compensation directly from mortgage brokers or title representatives.
B) Compensation can be handled privately between agents without broker involvement.
C) Compensation must be channeled through the salesperson's broker.
D) All compensation must go directly to the salesperson from the seller or buyer.

3. Between commercial and residential properties, which type of property is depreciated for a longer time?

A) Residential income-producing properties are depreciated longer (39 years) than commercial income- producing properties (27.5 years) are.
B) You cannot depreciate income-producing properties.
C) Commercial income-producing properties are depreciated longer (39 years) than residential income- producing properties (27.5 years) are.
D) Both commercial and residential income-producing properties are depreciated according to the same schedule.

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

A) disclosure
B) reasonable skill and care
C) honesty
D) undivided loyalty

5. In the sales comparison approach, the appropriateness of the various comparable sales in relationship to the subject is considered in a process known as ______, where certain factors may be given more weight.

A) Conformity
B) Averaging
C) Reconciliation
D) Bracketing

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