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

Courts commonly consider (1) method of attachment (annexation), (2) adaptation to the property’s use, and (3) agreement of the parties to determine whether an item is a fixture (real property) or personal property. “Acknowledgement,” “accessory,” and “reimbursement” are not part of the legal fixture tests.

Personal property (also known as chattel) refers to movable items that are not permanently attached to the land or the improvements on it.

Examples include furniture, vehicles, and trade equipment. In contrast, real property includes land, improvements, and the legal rights associated with ownership.

The distinction between real and personal property is a core principle of real estate law covered early in the Maryland 60-Hour Course under “Real Property and the Law.”

The escrow agent (often the broker, title company, or attorney) is the fiduciary who receives and holds trust money in a regulated escrow account until contract terms are fulfilled. In Maryland, the broker is responsible for maintaining escrow records and depositing all trust money promptly in accordance with COMAR 09.11.02.19. “Escrow master” and “mortgage agent” are not legal titles under Maryland law, and “special agent” refers to the agency relationship, not handling of funds.

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).

Under the Uniform Commercial Code (UCC) Article 3 principles taught in real estate financing, a negotiable instrument (e.g., a promissory note) must be an unconditional promise or order to pay a fixed amount of money. Thus, if it does not contain an order to pay, it must contain a promise to pay. The amount must be fixed (not “flexible”), and while signatures are required for enforceability, notarization is not a UCC requirement for negotiability.

In the Land Use Controls and Property Development content, the course explains that the primary impacts of a local development are local in scope, affecting nearby traffic patterns, school capacity, utilities, neighborhood character, and community aesthetics (e.g., subdivision layout, landscaping, design standards). Broader regional or federal effects are not the typical or most immediate consequences of a single local project.

While a client (in this case, Ben) may terminate a listing agreement at any time, the termination does not necessarily release the client from contractual obligations that have already been incurred.

A listing agreement is a bilateral contract between the seller and the broker. If a client ends the agreement without cause, the broker may still be entitled to compensation for expenses or commissions if the property sells to a ready, willing, and able buyer who was introduced during the term.

The Maryland course explains that unilateral termination may constitute breach of contract, depending on the agreement’s terms.

In the “Transfer of Title” module, a deed is defined as the written instrument used to convey legal title (ownership) to real property from grantor to grantee. Proper execution and delivery of a deed transfer ownership.

A lien is an encumbrance—a charge against property to secure a debt—not a conveyance.

A mortgage (or deed of trust) is a security instrument that creates a lien; it does not, by itself, convey fee ownership to the lender.

Title is the legal concept of ownership and the bundle of rights; it is not the instrument that transfers ownership.

References (Course Outline/Study Topics):

Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course — “Transfer of Title” (Deeds: purpose, elements, execution and delivery; distinction among title, deed, liens, and mortgages).