Maryland Real Estate Broker Exam — All Questions

Maryland's mandatory agency disclosure is delivered to consumers on a form commonly titled:

• a.Notice of Escrow Rights
• b.Consumer Information Statement
• c.Working With Real Estate Agents
• d.Understanding Whom Real Estate Agents Represent✓

Maryland licensees must provide the disclosure 'Understanding Whom Real Estate Agents Represent' at the first scheduled face-to-face contact with a consumer. It explains seller agency, buyer agency, dual agency, and the licensee's duties so consumers know who represents them. The other titles are used by other states or for different disclosures.

In Maryland, when a single brokerage represents both the buyer and the seller, the broker may act as a dual agent only if:

• a.The transaction price is below a statutory cap
• b.Both parties give written consent and each is served by a separate intra-company (designated) agent✓
• c.The MREC pre-approves the specific transaction
• d.The two clients live in different counties

Maryland allows dual agency only with the written consent of both parties, and the broker typically appoints separate intra-company agents to represent the buyer and the seller individually within the firm. The dual agent (the broker) must not disclose confidential information such as price limits between the sides. No advance MREC approval of specific transactions is required.

A Maryland real estate team that advertises under a team name within a brokerage must:

• a.Hold its own separate broker license
• b.Operate entirely independently of the broker
• c.Make clear it operates under the licensed broker, who remains responsible for supervision✓
• d.Register the team name as a separate corporation with MREC

Maryland permits teams operating under a brokerage, but the licensed broker remains legally responsible for supervising the team's licensed activity, advertising, and trust-fund handling. A team is not a separate license and cannot operate independently of the broker. Advertising must not mislead consumers into thinking the team is an independent brokerage.