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Question 1

When a client understands what dual agency is and agrees in writing to allow a firm to act as a dual agent for them in a real estate transaction, this is known as __.

Options :

A : Double dipping

B : Informed consent

C : Mutual agreement

D : Representation by proxy

Answer: B

Question 2

What zoning action reduces density or development intensity?

Options :

A : Bulk zoning

B : Density-reduction zoning

C : Downzoning

D : Reduction zoning

Answer: C

Question 3

The cost approach to finding an appraised value measures which of the following?

Options :

A : The cost to acquire land and construct a reproduction

B : The cost to acquire land only

C : The cost to construct a reproduction only

D : The expenses the property is expected to produce for the owner

Answer: A

Question 4

What must an agent do if they receive an undisclosed bonus from a seller to incentivize closing by a certain date?

Options :

A : The agent can accept the bonus without any disclosure requirements.

B : The agent must disclose the bonus to any buyers they are working with on the transaction.

C : The agent should keep the bonus confidential and not inform the broker.

D : The agent should pay the bonus to the broker.

Answer: B

Question 5

Assume you are a licensee in Maryland who has recently entered into an agreement with a seller to represent their interests in a real estate transaction. At what point are you required to provide a potential buyer with the agency disclosure notice?

Options :

A : After the buyer deposits the earnest money in escrow

B : After the seller accepts the buyer's offer

C : At your first scheduled face-to-face meeting with the buyer about the seller's property

D : When the buyer asks you to represent them as well

Answer: C