Download Maryland Psi Real Estate Exam 2025-2026 Latest With Real Exam Questions with Correct Answe and more Exams Real Estate Management in PDF only on Docsity!
Maryland Psi Real Estate Exam 2025- 2026 Latest With Real
Exam Questions with Correct Answers / MD PSI Exam 2025/
MD Real Estate Exam 2025- 2026
Upon death of either spouse, the form of ownership converts to tenancy in common. Which of the following statements about tenancy by the entirety in Maryland is FALSE? order in which they are filed or recorded. Normally, the priority of general liens is determined by the Seek a deficiency judgment After a borrower's default on home mortgage loan payments, the lender obtained a court order to foreclose on the property. At the foreclosure sale, the property sold for $164,000; the unpaid balance on the loan at the time of foreclosure was $178,000. What must the lender do to recover the $14,000 that the borrower still owes? navigable rivers running through the land. All of the following are subject to real property ownership rights EXCEPT The advertisement makes it clear that Mr. B is not the broker of a firm. Associate Broker John Buonasera, known as Mr. B, printed the following flier to attract business: Come to me, Mr. B, for all your real estate needs: Buying, Selling, or Renting. Use my services and you will be pleased. Results guaranteed! I charge 2% less than most other REALTORS® for my excellent service. My personal assistants and I are available to you 24/7 to answer your real estate questions and meet your brokerage needs. Call my cell phone, toll free: 1- 888 - 555 - 5555. Which of the following statements about the advertisement above is FALSE?
Refinance with a VA loan if the lender charges no discount points If a veteran wishes to refinance a home by changing to a VA-guaranteed loan and the lender insists on 3½ discount points, which option is available to the veteran? condemnation. The process by which government can acquire ownership of private land for public use is
A $75,000 mortgage loan requires a discount of $1,875 to be paid by the seller. How many points is this equivalent to? lot and block system. A recorded subdivision plat is used in the She acted appropriately to get the seller's property sold. A man's house has been listed for sale for more than one year and he is very anxious to move into a retirement community. A licensee, who is a subagent of the seller, tells a prospective buyer to make a low offer because she is sure that the seller will accept it. Regarding the licensee's conduct, which of the following is FALSE?
A licensee is helping a buyer and a seller fill out a sales contract but is not representing either party. The licensee is a(n) a debit to the buyer. In a settlement statement, the selling price is probate. A person owned a parcel of land. Subsequent to the owner's death, the probate court determined the distribution of the land in accordance with the state's statutes. This process is known as person with a prior unrecorded deed and who is not in possession. Against a recorded deed from the owner of record, the party with the weakest position is a it must be a place where the firm regularly conducts insurance sales. Maryland's requirements for a real estate broker licensee's office include all the following EXCEPT Torrens system title passes when the grantee's application for registration has been approved and the real estate has been registered. $8,140.
What is the amount of tax payable where the property's assessed value is $185,000 and the tax rate is 40 mills in a community in which an equalization factor of 110 percent is used? $115,000. If the mortgage loan is 80 percent of the appraised value of a house and the interest rate of 6 percent amounts to $460 for the first month, the appraised value of the house is Fee estate subject to condition subsequent A person who acquired ownership that can be inherited, with the provision that the land must always be used for recreational purposes, has which of the following? FALSE Persons licensed under different brokers may be members of one team. The limited common elements cannot be sold separately. Which of the following is TRUE of condominium ownership? may ask that a deed be prepared that shows only nominal consideration of $10. A licensee representing a seller is asked by the client to make sure that the deed does not reveal the actual sales price. In this case, the licensee
How many acres are in the N½ of the SW¼ and the NE¼ of the SE¼ of a section? full compensation from the seller. A seller signed an exclusive-right-to-sell agreement with a licensee. If the seller finds a suitable buyer with no assistance, the licensee is entitled to They must have an established business relationship with the recipients. Under the Junk Fax Prevention Act, which of the following is TRUE of persons who send faxes? special warranty deed. The type of deed in which the granting clause states "remise, release, alienate, and convey" is a salespeople within the same office from agreeing on a standard commission rate. Antitrust laws do NOT prohibit real estate The man holds the property in fee simple determinable. A woman owned property that she conveyed to a man "so long as no real estate broker or salesperson ever sets foot on the property." If a broker or a salesperson visits the property, ownership will revert to the woman. Based on these two conveyances, which statement is TRUE?
It must be recorded before the property can be placed under a condominium regime. Which is TRUE of a Maryland condominium declaration? debit to the seller and a credit to the buyer. On a settlement statement, prorations for unpaid real estate taxes are shown as a nonconforming use. A developer built a structure that has six stories. Several years later, an ordinance was passed in that area banning any building six stories or higher. This building is a Unilateral A seller is interested in selling his house as quickly as possible and believes that the best way to do this is to have several brokers compete against each other for the commission. His listing agreements with four different brokers specifically promise that if one of them finds a buyer for his property, he will be obligated to pay a commission to that broker only. What type of agreement has the seller entered into? revocation by the offeror communicated to the offeree after acceptance. All of the following will terminate an offer to purchase real estate EXCEPT 640 acres.
The effective gross income from an office building property is $73,500, and the annual operating expenses total $52,300. If the owner expects to receive an 11 percent return on the investment, what is the value of the property? $76,800. A house was listed for sale at $84,900. The seller received $71,424 after paying the broker a 7 percent commission. What was the selling price of the property? Put their clients' interests ahead of the other parties' because of their fiduciary duties What may brokers NOT do in dealing with contested earnest money deposits? Liquidated damages clause A buyer makes an offer on a property and the seller accepts. Three weeks later, the buyer announces that "the deal's off" and refuses to go through with the sale. If the seller is entitled to keep the buyer's earnest money deposit, there MOST likely is what kind of clause in the sales contract? They are considered by Maryland statute to be represented by that brokerage firm. Which of the following is TRUE of a pair of prospects who enter a Maryland brokerage office and ask help in finding a house to rent?
crops. An important characteristic of land is that it may be modified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. All of the following are considered to be improvements EXCEPT $12, A business tenant pays 2 percent of his total gross sales volume as rent, with a minimum base rental of $1,000 per month. In the past year, his sales totaled $435,000. How much rent did he pay? General What type of lien arises as a result of a judgment, estate or inheritance taxes, a decedent's debts, or federal taxes? Vacant, abandoned, and rundown buildings in an area Which of the following is an example of external obsolescence? $14, A parcel of land described as "the NW¼ and the SW¼ of Section 6, T4N, R8W of the Third Principal Meridian" was sold for $875 per acre. The listing broker will receive a 5 percent commission on the total sales price. How much will the broker receive? $3,
Submit both offers A broker receives a full-price offer from a prospect, and at the same time, a less-than-full-price offer through a cooperating agent. What must he do? Unlicensed persons and licensed brokers and salespersons Who may be members of the Maryland Real Estate Commission? compatibility. The rights of ownership of real property include all of the following EXCEPT not a valid agreement because the buyer's counteroffer was a rejection of the seller's offer, and once rejected, cannot be accepted later. On Monday, the seller offers to sell his vacant lot to the buyer for $12,000. On Tuesday, the buyer counteroffers to buy for $10,500. On Friday, the buyer withdraws the counteroffer and accepts the original offer of $12,000. Under these conditions, there is testamentary trust. A trust that is established after the death of the owner is called a Participation An insurance company agreed to provide a developer with financing for a shopping center at 7 percent interest plus an equity position. What type of loan is this?
Tenancy with survivorship the tenancy interest will pass to the surviving tenants upon the death of one party. redeem the property within the time specified by law. After real estate has been sold by the state or county to satisfy a delinquent tax lien, defaulted owners usually have a right to Section is one mile square. It may not require notice from either party to activate its termination date. Which is TRUE of an agency agreement listing a Maryland property for sale? will. Grantee is to a deed as devisee is to a $98, A buyer bought a house for $125,000. The house, which had originally sold for $118,250, appraised for $122,500. Based on these facts, if the buyer applies for an 80 percent mortgage, what will be the amount of the loan?
A 40-acre tract was sold for $2,200 per acre. The seller realized a 14.5 percent profit from the sale. What was the original cost of the tract? $1, The commission on the sale of a house is $4,410, and 30 percent goes to the broker who listed the property. Of the remainder, the broker whose salesperson completed the transaction gets 45 percent, and the salesperson receives the balance. How much does the salesperson who made the sale receive? $26,000. Property purchased five years ago was assessed for tax purposes at 50 percent of market value. The tax rate was $4.90 per $100 of assessed valuation. Today, the taxes, imposed at the same tax and assessment rates, have increased by $637. How much has the market value of the property increased assuming straight-line appreciation? A specific lien is a lien against a certain parcel of real estate, while a general lien covers all of a debtor's property. What is the difference between a general lien and a specific lien? The taking must be for a public purpose. For land to be taken by the government under its right of eminent domain, which of the following must apply?
A commission rate of 7 percent on a sale of $250,000 would be $420, An appraiser estimated the replacement cost new of a building at $560,000. The building has an estimated economic life of 40 years and an estimated remaining life of 30 years. What is the current value of the building? $31, A buyer purchases a $137,000 property with $3,000 as earnest money. The buyer obtains a 75 percent loan-to-value (LTV) loan with no additional items to be prorated and no closing costs to the buyer. How much more cash will the buyer need at the settlement? $79, Assume that the listing and selling brokers split the commission evenly. What is the sales price of a house if the listing broker received $2,593.50 and the total commission rate is 6½ percent? Both must be presented by teachers identified by the Commission. Which statement is TRUE about the mandated Supervision and Agency courses for license renewal? Trustee's deed
net listing. A licensee enters into a listing agreement with a seller under which the seller will receive $22,000 from the sale of a lot and the licensee will receive any sale proceeds over this amount. This type of listing is a(n) $1,936. A property manager leased a store for three years. The first year, the store's rent was $1,000 per month, and the rent was to increase 10 percent per year thereafter. The manager received a 7 percent commission for the first year, 5 percent for the second year, and 3 percent for the balance of the lease. The total commission earned by the property manager was Give it to his broker for prompt deposit in the firm's trust account A firm's salesperson receives an earnest money deposit. What should he do with it? $117,763. A home valued at $168,500 has just had a 70 percent mortgage loan placed on it. The interest rate is 11.25 percent. The monthly payment is $1,292.22 including principal and interest. What will the principal balance of the mortgage loan be after the next monthly payment is made? $387, Assuming that the listing broker and the selling broker in a transaction split their commission equally, what was the sales price of the property if the commission rate was 6.5 percent and the listing broker received $12,593.50?
According to a broker's comparative market analysis (CMA), a property is worth $225,000. The homeowner bought the property for $190,000 and added $50,000 in improvements, for a total of $240,000. The property sold for $222,500. Which amount represents the property's market value? servient tenement. A man's neighbors use his driveway to reach their garage, which is on their property. The man's attorney explains that the neighbors have the right to use the driveway. The man's property is the Yes, the state's right is called eminent domain. The state wants to acquire a strip of farmland to build a highway. Does the state have the right to acquire this land for public use? disclosure A licensee is employed by a buyer. When the licensee finds a property that the buyer might be interested in buying, she is careful to find out as much as possible about the property's owners and why their property is on the market. The licensee's efforts to keep the buyer informed of all facts that could affect a transaction is the duty of seller was under undue influence from the son and daughter-in-law, so the contract is voidable. A licensee arrives to present a purchase offer to a seller who is seriously ill and finds the seller's son and daughter-in-law also present. The son and daughter-in-law angrily urge the seller to accept the offer,
