Real Estate Updated Maryland-Real-Estate-Salesperson Exam Questions and Answers by jaiden

Only licensed or certified appraisers may perform an appraisal for a fee in a federally related transaction.

A real estate licensee, however, may prepare a Comparative Market Analysis (CMA) or Broker Price Opinion (BPO) to help a seller decide on a listing price or a buyer to make an offer.

A CMA compares recent sales, active listings, and expired listings of similar properties to estimate a realistic price range.

This procedure is emphasized in the “Appraisal and Valuation” module as a permitted pricing tool for real estate professionals.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course, Valuation and CMA section.

– Business Occupations and Professions Article §17-511 (b).

A triple-net (NNN) lease requires the tenant to pay a proportionate share of the landlord’s property taxes, insurance, and maintenance costs, in addition to base rent.

This type of lease is common in commercial and industrial properties like warehouses.

The Maryland course covers lease types in property management, emphasizing the distinctions between gross, net, and percentage leases.

In Maryland, a licensee owes clients fiduciary duties that include reasonable skill and care, loyalty, obedience to lawful instructions, disclosure, confidentiality, accounting, and prompt presentation of all written offers. Failing to present an offer promptly breaches the duty of reasonable care and the professional standard of practice and is treated as negligence (a failure to exercise the care a reasonably prudent licensee would exercise under similar circumstances). This is distinct from:

Fraud (intentional deception),

Misrepresentation (false statement or omission of material fact),

Puffing (non-factual opinion or sales talk).

Because the buyer’s financial harm flowed from the licensee’s carelessness (delay), the appropriate theory is negligence.

References (Maryland Sources / Pre-Licensing Core Content):

Maryland Business Occupations and Professions Article, Title 17 (Real Estate Brokers Act) — duties to clients; grounds for discipline for incompetence or negligence.

COMAR 09.11.02 (MREC Code of Ethics) — obligation to promptly present all written offers and perform with reasonable skill and care.

Maryland 60-Hour Pre-Licensing Course: “Real Estate Brokerage and the Law of Agency” (fiduciary duties; standards of care; prompt presentation of offers).

Personal property (also known as chattel) refers to movable items that are not permanently attached to the land or the improvements on it.

Examples include furniture, vehicles, and trade equipment. In contrast, real property includes land, improvements, and the legal rights associated with ownership.

The distinction between real and personal property is a core principle of real estate law covered early in the Maryland 60-Hour Course under “Real Property and the Law.”