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

Under the Statute of Frauds, all conveyances of real property must be in writing to be enforceable. A valid Maryland deed therefore includes: a competent grantor and identifiable grantee, a granting clause, an adequate legal description, consideration, signature of the grantor, delivery, and acceptance — and it must be in writing. Oral (nuncupative) or judge-approved deeds are not recognized.

Maryland agency law requires fiduciary duties to each client—loyalty, confidentiality, disclosure, obedience, reasonable care—but it does not prohibit a licensee from showing the same property to multiple buyer clients. A licensee must avoid disclosing one client’s confidential information (e.g., willingness to pay more) and provide fair, diligent service to each, but there is no exclusivity right entitling a buyer to first refusal unless contractually agreed. Therefore, no violation occurred when Renae showed the property to more than one client.

Appreciation refers to the increase in a property's value over time due to factors such as market demand, improvements, inflation, or location desirability.

It is the opposite of depreciation, which is a decline in value. Appreciation may result from physical improvements (e.g., renovations) or external factors (e.g., neighborhood development).

This concept is emphasized in the Maryland 60-Hour Course within the “Real Estate Appraisal and Valuation” module as a key element of market analysis and investment potential.

For a valid conveyance by deed, in addition to other deed validity requirements (competent grantor, identifiable grantee, granting clause, adequate description, consideration recited, execution, etc.), there must be “delivery and acceptance”. Delivery by the grantor and acceptance by the grantee are the operative acts that pass title. An exchange of money is not required to effect the legal transfer (consideration may be nominal and need not be physically exchanged at that moment). Judicial validation is not a standard requirement for voluntary conveyances.