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Real Estate Maryland Real Estate Salesperson Examination Sample Questions (Q112-Q117):

NEW QUESTION # 112
A property is conveyed to an individual until that individual's death, when the property will be conveyed to another party. What type of estate is this?

  • A. Life estate
  • B. Leasehold estate
  • C. Fee simple estate
  • D. Homestead estate

Answer: A

Explanation:
In the pre-licensing curriculum's "Interests in Real Estate" module, a life estate is defined as a freehold estate measured by the life of a specified individual (often the grantee). The life tenant holds present possessory rights until death, at which point the estate terminates automatically and either reverts to the original grantor (reversion) or passes to a named third party (remainder).
* A fee simple estate (absolute) is of potentially infinite duration and does not end at a person's death by its terms.
* A homestead estate is a statutory protection for a primary residence, not a conveyance measured by life.
* A leasehold estate is a non-freehold estate with a definite term held by a tenant, not measured by a life.
References (Course Outline/Study Topics):
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Interests in Real Estate" (Life Estates: life tenant rights, reversion, remainder; freehold vs. non-freehold estates).


NEW QUESTION # 113
Which of the following is the best definition of a covenant between a lessor and lessee?

  • A. An agreement or promise made between the parties
  • B. An addendum to a contract added after it's signed
  • C. A provision for which neither party to a contract is willing to compromise
  • D. A rent escalation

Answer: A

Explanation:
In leasing, a covenant is a binding promise or agreement contained within the lease. It can require or restrict certain actions by either the lessor (landlord) or lessee (tenant)-for example, a covenant of quiet enjoyment, a covenant to pay rent, or a covenant to maintain the property. These promises are enforceable under contract and property law.
Reference:Maryland 60-Hour Principles and Practices Course - "Leases and Property Management" Module; Maryland Real Property Article 8-101 et seq.


NEW QUESTION # 114
What might the financial implications be if a buyer needed to use individual retirement account funds toward a down payment?

  • A. The funds are taxable, and an early withdrawal penalty fee will apply.
  • B. Income taxes are waived on IRA distributions for homeownership.
  • C. First-time homebuyers can use up to $10,000 of their IRA funds penalty free for down payment and closing costs.
  • D. Funds can be used if they go toward the borrower's first-time homeownership in the last five years.

Answer: C

Explanation:
Under the first-time homebuyer exception for IRAs, qualified individuals may withdraw up to $10,000 (lifetime limit) to pay qualified acquisition costs (e.g., down payment and closing costs) without the 10% early withdrawal penalty. Standard income tax may still apply to traditional IRA distributions (Roth rules differ for contributions vs. earnings and five-year holding). Therefore, penalty-free (not tax-free) withdrawals up to $10,000 are permitted for first-time home purchase needs.
References: Maryland pre-licensing curriculum-Real Estate Financing (sources of down payment funds; IRA first-time homebuyer exception; overview of tax and penalty treatment).


NEW QUESTION # 115
What type of ownership do most corporations use to hold real property?

  • A. Common
  • B. Trust
  • C. Severalty
  • D. Joint tenancy

Answer: C

Explanation:
Comprehensive and Detailed
A corporation is a single legal entity, separate from its shareholders. When it holds title to real property, ownership is in severalty, meaning "sole" ownership by one legal person. Unlike joint tenancy or tenancy in common, there are no co-owners in severalty; the corporate entity alone holds all rights of ownership. This principle is highlighted in the ownership portion of the Maryland pre-licensing curriculum.


NEW QUESTION # 116
Why are legal descriptions required in real estate contracts?

  • A. To guarantee the buyer is receiving the exact property they believe they are purchasing
  • B. To calculate the exact property taxes owed by the new owner
  • C. To establish the legal boundaries for future construction on the property
  • D. To ensure the piece of property can be clearly identified from all other properties

Answer: D

Explanation:
A legal description uniquely identifies a parcel of real estate so it can be distinguished from every other property.
In Maryland, contracts and deeds must contain a valid legal description, such as:
Metes and bounds,
Lot and block, or
Rectangular survey (government survey).This ensures the transfer is legally enforceable and leaves no ambiguity about what property is being conveyed.Without a legal description, a real estate contract or deed may be deemed invalid or unenforceable in court.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Real Property and the Law" Module Maryland Real Property Article 3-101 - Formal Requisites of Instruments of Conveyance.


NEW QUESTION # 117
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