Maryland Real Estate Salesperson Exam — All Questions
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Under Maryland's Residential Property Disclosure Act, the seller of most single-family residential property must deliver to the buyer either:
- a.A home warranty or a title insurance policy
- b.An appraisal or a survey
- c.A property condition disclosure statement or a disclaimer statement✓
- d.A lead certificate or a radon report
Maryland's Residential Property Disclosure and Disclaimer law (Real Property Article §10-702) requires the seller to give the buyer either a disclosure statement describing the condition of the property and known defects, or a disclaimer statement selling the property 'as is.' Even a seller who disclaims must still disclose known latent defects that could pose a risk to occupants.
Deposit money a Maryland salesperson receives from a buyer must be:
- a.Promptly delivered to the broker for deposit in the broker's trust (escrow) account✓
- b.Kept by the salesperson until the seller accepts the offer
- c.Deposited in the salesperson's personal account and repaid at closing
- d.Forwarded directly to the Real Estate Commission
Client deposit money must be handled through the broker's trust or escrow account. A salesperson who receives a deposit must promptly turn it over to the broker, who must keep it separate from business and personal funds. Commingling or misusing trust money is a serious violation of the Maryland Real Estate Brokers Act.