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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: National Portion | 73% | - Financing
|
| Topic 2: Maryland State Portion | 27% | - Ethics
|
Question 1
Why are legal descriptions required in real estate contracts?
A. To calculate the exact property taxes owed by the new owner
B. To guarantee the buyer is receiving the exact property they believe they are purchasing
C. To ensure the piece of property can be clearly identified from all other properties
D. To establish the legal boundaries for future construction on the property
Question 2
Members of the Maryland Real Estate Commission serve _______ -year terms.
A. Two
B. Four
C. Five
D. Six
Question 3
What does a lender charge a borrower for using the lender's money?
A. Interest
B. Usury
C. Principal
D. Discount point
Question 4
Why would a buyer want to know whether any additions or alterations were made to a property?
A. So the buyer can use the same contractor for additional additions and alterations
B. So the buyer can determine if permits were pulled
C. So the buyer can decide whether a price reduction is in order
D. So the buyer can remove these items prior to closing
Question 5
When a local planning board is reviewing density, it would consider ______.
A. FHA approval
B. Property values
C. Setbacks and boundaries
D. Impact on neighboring states
Solutions:
| Question 1 Answer: C | Question 2 Answer: B | Question 3 Answer: A | Question 4 Answer: B | Question 5 Answer: C |
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