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Real Estate Maryland Real Estate Salesperson Examination Sample Questions (Q183-Q188):

NEW QUESTION # 183
Which document is provided to borrowers at least three days prior to closing and provides disclosures about the costs of the transaction?

A. The Mortgage Servicing Transfer Disclosure
B. Escrow closing notice
C. Closing Disclosure
D. Loan Estimate

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
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).

NEW QUESTION # 184
What regulation or regulatory authority identifies sites that have hazardous substances, and requires the responsible parties to clean them up?

A. The National Environmental Policy Act
B. State Department of Environmental Quality
C. Comprehensive Environmental Response, Compensation, and Liability Act
D. Department of Housing and Urban Development

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), enacted in 1980 and commonly known as "Superfund," authorizes the Environmental Protection Agency (EPA) to identify and clean up sites contaminated with hazardous substances.
CERCLA also establishes liability for potentially responsible parties (PRPs)-including current and past owners, operators, and those who arranged for disposal of hazardous substances.
Maryland's pre-licensing course covers CERCLA as a federal regulation that affects real estate transactions involving contaminated properties, as buyers and sellers must be aware of any cleanup responsibilities before transfer.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Environmental Issues and Disclosures" Module Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §9601 et seq.).

NEW QUESTION # 185
Which document is provided to borrowers at least three days prior to closing and provides disclosures about the costs of the transaction?

A. The Mortgage Servicing Transfer Disclosure
B. Escrow closing notice
C. Closing Disclosure
D. Loan Estimate

Answer: C

Explanation:
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).

NEW QUESTION # 186
Which of these situations would result in the earnest money being disbursed to the seller?

A. The escrow agent converts the earnest money.
B. The buyer includes hard money in the purchase offer, then terminates the sale when the appraisal comes in low.
C. The buyer backs out when the appraisal comes in too low to satisfy the contingency.
D. The seller gets cold feet and cancels the transaction.

Answer: B

Explanation:
In Maryland, earnest money ("trust money") is disbursed strictly according to the purchase contract and escrow instructions, and a broker must hold it in escrow until: (1) the contract terms specify its release (e.g., upon default or a "non-refundable"/"hard" deposit provision), (2) the parties sign a mutual written release, or (3) there is a court order.
* "Hard money" (non-refundable deposit) is contractually designated as the seller's if the buyer terminates for reasons not protected by a contingency. If the buyer agreed to hard money and then cancels due to a low appraisal after waiving or not having an appraisal/financing contingency, the deposit is typically forfeited to the seller per the contract.
* If the buyer properly invokes an appraisal (or related financing) contingency (Option A), the earnest money is generally returned to the buyer, not disbursed to the seller.
* Conversion by an escrow agent (Option C) is misconduct, not a lawful disbursement.
* If the seller wrongfully cancels (Option D), the buyer usually receives the deposit back and may pursue additional remedies.
References (Maryland Sources / Pre-Licensing Core Content):
* Maryland 60-Hour Course: "Closing the Real Estate Transaction" and "Real Estate Brokerage Operations" (trust/escrow money handling; release conditions; default and liquidated damages).
* Business Occupations & Professions (Maryland Real Estate Brokers Act), Title 17 (broker escrow duties; release only per contract, mutual release, or court order).
* COMAR 09.11.01 (Trust/escrow accounts), COMAR 09.11.02 (standards of practice; prohibition on conversion).

NEW QUESTION # 187
In which type of lease does the tenant pay some or all expenses separately?

A. Percentage lease
B. Net lease
C. Sublease
D. Gross lease

Answer: B

Explanation:
Under "Leases and Property Management," the course explains that a net lease requires the tenant to pay base rent plus some or all of the operating expenses, such as property taxes, insurance, and maintenance (often abbreviated as T, I, M). Variations include single-net (N), double-net (NN), and triple-net (NNN) leases.
A gross lease has the landlord paying most operating expenses, with the tenant paying a single rent figure. A percentage lease bases part of rent on the tenant's gross sales (common in retail). A sublease is a transfer arrangement, not a lease type that determines expense responsibility.
References (Course Outline/Study Topics): Maryland 60-Hour Principles and Practices of Real Estate -
"Leases and Property Management" (Gross vs. net vs. percentage leases; expense allocations).

NEW QUESTION # 188
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