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Real Estate Licensing Maryland-Real-Estate-Salesperson Exam
Maryland Real Estate Salespersonination (Page 3 )

Updated On: 1-Feb-2026
Page 3 of 23
PDF with 110 Questions

The cost approach to finding an appraised value measures which of the following?

  1. The cost to acquire land and construct a reproduction
  2. The cost to acquire land only
  3. The cost to construct a reproduction only
  4. The expenses the property is expected to produce for the owner

Answer(s): A

Explanation:

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

The cost approach to appraisal is based on the principle of substitution, which assumes that a buyer will not pay more for a property than it would cost to purchase a similar site and construct a comparable building with equal utility.

The process involves:

Estimating the value of the land as if vacant,

Estimating the current cost to reproduce or replace the improvements,

Subtracting depreciation (physical, functional, or external), and

Adding the land value to the depreciated improvement cost.

Thus, the cost approach measures the cost to acquire the land and construct a reproduction or replacement of the improvements--making option A correct.


Reference:

Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course ­ "Real Estate Appraisal and Valuation" Module

Uniform Standards of Professional Appraisal Practice (USPAP) ­ Cost Approach Overview.



Which photograph of a home for sale should not be published for public viewing?

  1. An exterior photo showcasing the pool and outdoor kitchen/bar area
  2. A photo of the billiards room that reveals the owner's collection of antique guns
  3. A photo of the master bathroom that also shows the photographer's arm reflected in the mirror
  4. A wide-angle photo of the renovated kitchen that makes the area look larger than it really is

Answer(s): B

Explanation:

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

The course stresses that licensees must protect a seller's privacy and personal security when marketing property. Photos that display personal possessions such as firearms, medications, financial documents, or valuables should never be published. Revealing these items can create a safety and liability risk for the seller and may violate professional ethical standards regarding confidentiality.

Therefore, the image showing the owner's collection of antique guns should not be made public.

Reference (Maryland Source):

­ Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course, Listing and Marketing Property section.

­ Maryland Code of Ethics for Real Estate Licensees, COMAR 09.11.02.01 et seq.



Which of the following is a method a real estate licensee uses to determine an appropriate listing price range?

  1. Appraisal
  2. Comparative market analysis
  3. Market process
  4. Proforma

Answer(s): B

Explanation:

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

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).



What is it called when a person who has possession of a property through a life estate abuses the property or allows it to deteriorate?

  1. Act of waste
  2. Escheat
  3. Estate at sufferance
  4. Reversionary interest

Answer(s): A

Explanation:

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

A life tenant holds possession for the duration of a measured life but must maintain the property and preserve its value for the remainderman or reversionary owner.

When the life tenant damages, neglects, or depletes the property, that conduct is termed an act of waste.

The future interest holder may take legal action to stop such waste.

The concept appears under "Interests in Real Estate" when describing life estates and their limitations.

Reference (Maryland Source):

­ Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course, Estates in Land chapter.

­ Maryland Real Property Article §14-101 et seq.



In a real estate transaction, what's a real estate licensee's responsibility regarding household lead hazards for homes built before 1978?

  1. To disclose to buyers that there's lead-based paint in a home
  2. To instruct the seller to remediate the lead-based paint
  3. To make sure all lead is removed by a licensed professional
  4. To remind the sellers to disclose the possible presence of lead-based paint to a buyer

Answer(s): D

Explanation:

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

Under the federal Residential Lead-Based Paint Hazard Reduction Act of 1992 (Title X) and the Maryland Lead Poisoning Prevention Program, sellers and landlords of housing built before 1978 must:

Provide the EPA-approved pamphlet on lead hazards.

Disclose known lead-based paint or hazards and supply any available records.

Allow buyers a 10-day inspection period (unless waived).

A licensee's duty is to ensure that the sellers comply with these disclosure requirements and to remind them to deliver the proper forms and pamphlet.

The licensee is not responsible for testing or remediation but must ensure all disclosures are completed prior to ratification of the contract.

Reference (Maryland Source):

­ Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course, Environmental Issues and Disclosures section.

­ 42 U.S.C. §4852d (Residential Lead-Based Paint Hazard Reduction Act).

­ COMAR 26.16.02 (Maryland Lead Poisoning Prevention Program).



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