Maryland-Real-Estate-Salesperson Exam Dumps - Maryland Real Estate Salesperson Examination

A complaint against a real estate licensee in Maryland must be filed with the Maryland Real Estate Commission (MREC).

The complaint can be submitted online via the Commission’s official website or by mail using the form provided by the MREC.

The Commission investigates alleged violations of the Real Estate Brokers Act, including misconduct, ethical breaches, or failure to comply with license law.

Complaints are not handled by the brokerage or individual agents.

Price fixing occurs when competing firms agree to set prices, fees, or commission rates rather than allowing them to be independently determined. In real estate, this includes agreements among brokers to set commission rates or fee structures—an antitrust violation. Market allocation divides territories or clients, group boycotts are concerted refusals to deal, and tie-in arrangements force the purchase of a second product/service as a condition of sale.

A listing agreement is a legally binding contract that establishes an agency relationship between the seller (client) and the listing broker (agent).

The agreement authorizes the broker to market the property and represent the seller’s interests in finding a ready, willing, and able buyer.

While the salesperson may work directly with the seller, the contractual relationship exists between the broker and the seller—not the individual licensee.

This principle is emphasized in the Maryland course under “Listing Agreements and Buyer Representation.”

The loan-to-value (LTV) ratio compares the loan amount to the property’s appraised value or purchase price, whichever is less. An LTV of 90/100 (or 90%) means the borrower’s loan equals 90% of the property’s value, and the borrower provides a 10% down payment.

Lenders use the LTV ratio to assess risk and determine if mortgage insurance is required. Maryland’s pre-licensing course explains this formula in the “Real Estate Financing” section under “Loan Underwriting and Ratios.”

A special agent (also called a limited agent) is authorized to perform a single, specific act or transaction—such as assisting in the purchase or sale of a property.

Real estate brokers and salespersons generally act as special agents, with limited authority defined in the brokerage agreement.

They may not bind their clients to contracts without express permission.

This principle appears in the Law of Agency module and is contrasted with general agents (brokers’ affiliated licensees) and universal agents (power-of-attorney representatives).

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices Course, Law of Agency section.

– Business Occupations and Professions Article §17-530 – §17-534.

The Closing Disclosure (CD) is a federally required document under the TILA-RESPA Integrated Disclosure Rule (TRID).

It must be provided to the borrower at least three business days prior to closing and itemizes loan terms, fees, and total closing costs.

The Loan Estimate (LE) is given earlier in the process—within three business days of loan application—while the Closing Disclosure confirms final figures.

Maryland licensees must understand both forms as part of the Closing and Settlement Procedures portion of their coursework.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices Course, Closing Procedures and Federal Disclosure Requirements section.

– TILA-RESPA Integrated Disclosure Rule (TRID), 12 C.F.R. §1026.19(f).

Property taxes collected by local jurisdictions in Maryland support essential public services such as schools, police and fire departments, infrastructure maintenance, libraries, and sanitation. The revenue forms the primary funding source for county and municipal budgets. These taxes do not automatically determine future tax rates; rather, they sustain ongoing community operations and improvements.

Foreclosure is the legal process by which a lender exercises its right to force the sale of mortgaged property when the borrower defaults on the note or deed of trust.

In Maryland—a judicial foreclosure state—the lender must file a court action before selling the property.

Proceeds from the sale are used to satisfy the debt, accrued interest, and foreclosure costs.

This definition is covered in the Financing module under Mortgage Default and Foreclosure Remedies.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices Course, Financing and Foreclosure Procedures section.

– Maryland Real Property Article §7-105 et seq.