Maryland Real Estate Flash Cards

Study a variety of 100 key questions and answers, and quickly memorize terms, phrases, and definitions on our flash cards. The material covered on the flash cards will help you prepare to ace the Maryland real estate exam. With a mixture of national and state specific related topics you will gain the knowledge to pass the big test. Start now by clicking on a flash card.

  • An agreement formed by an exchange of a promise in which the promise of one party is consideration supporting the promise of the other party.
    Bilateral contract
  • Contract in which a promise is exchanged for performance and only one party is bound is called?
    Unilateral contract
  • The legal term for deciding to opt out of a binding agreement is referred to as:
    Breach of contract
  • To sell, set over or transfer all of ones rights or liabilities in a contract is referred to as...
    Assignment
  • When a new contract replaces an old contract, this is called...
    Novation
  • A civil wrong that unfairly causes someone else to suffer loss or harm resulting in legal liability for the person who commits the tortious act.
    A tort
  • Contract that is pending and not yet fully performed is...
    Executory
  • Describe "Option"
    An opportunity to acquire property at some time in the future which is fixed as to price terms and time .
  • What is "Right of First Refusal"?
    An opportunity to acquire property before it is conveyed to someone else.
  • Agency disclosure is required in Maryland at what point?
    Before confidential information has been disclosed.
  • A listing which allows the sellers to list with as many brokers as they wish and still reserve the right to sell the property themselves and not pay a commission is called...
    Open listing
  • A listing which involves one broker only, however the seller reserves the right to sell the property themselves and not pay a commission is referred to as...
    Exclusive listing
  • What is Puffing?
    Harmless exaggeration
  • What was the effective date of banning lead based paint from residential application?
    January 1, 1978
  • Lot 8, Block C, Pleasant Valley, Garden County, State of Maryland is an example of what type legal description.
    Subdivision
  • How many feet in an acre?
    43,560
  • How many acres in a section?
    640
  • How many sections in a township?
    36
  • The effective date of the Land Division Act was March 31, 1997. Before that time, it was referred to as the...
    Subdivision Control Act
  • What law requires a property on a non-public maintained road to be disclosed?
    The Land Division Act
  • An estate which is not full ownership and is sometimes referred to as non-freehold is called...
    A leasehold estate
  • Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period.
    Freehold estate
  • Ownership of land for the duration of a person's life.
    An estate based upon the lifetime of the life tenant or the lifetime of another is called.
  • The owner of a life estate is called...
    Life tenant
  • The person who receives the life estate after the passing of the life tenant is called the...
    Remainderman or reversioner.
  • Ownership by one person only.
    Tenancy in severalty
  • Upon the passing of a joint tenant, the property goes to the...
    Survivors
  • What is "Riparian Rights"
    The rights, which belong to landowners through whose property a natural watercourse runs, to the benefit of such stream for all purposes to which it can be applied .
  • Can someone sell of the riparian rights and retain the land?
    No, the land can't be separated from the riparian rights
  • Sudden loss of land when an act of nature results in its watching away is called...
    Avulsion
  • Gain of land due to the permanent withdrawal of a body of water is called...
    Reiction
  • What should a licensee do if the seller refuses to fill out the sellers disclosure statement when required?
    Refuse the listing
  • Common law doctrine which transfers the property of a person who dies without heirs to the crown or state.
    Escheat
  • If one dies without a will, the property...
    Goes to the heirs as determined by the state's order of intestate succession
  • The conveyance which passes title to real property is referred to as...
    A deed
  • What type deed provides the most protection for the grantee?
    General warranty deed
  • The type of deed that the owner terminates any right and claim to the property, thereby allowing claim to transfer to the recipient.
    Quitclaim deed
  • What can terminate an easement?
    Agreement, Merger, Abandonment.
  • Process by which an applicant can request deviation from the set of rules a municipality applies to land use and land development, typically a zoning ordinance.
    Variance
  • Maryland calculates property taxes on real property by multiplying the millage rate by which value.
    The assessed value which is one-half the market value of the property.
  • The method in which an appraiser chooses to value vacant land.
    Market comparison approach
  • Potential user of real estate won't, or shouldn't, pay more for a property than it would cost to build an equivalent.
    Cost approach
  • The ratio between the net operating income produced by an asset and its capital cost.
    Capitalization rate
  • The formula for area.
    Length x width
  • The formula for volume is...
    Length times width times depth.
  • What is the maximum one may charge on land contract interest in Maryland?
    6%
  • The minimum down payment for a VA loan.
    Zero
  • Who can obtain a VA loan?
    Veterans or spouses of deceased veterans.
  • A mortgage which covers two or more pieces of real estate.
    Blanket Mortgage
  • The borrower in a mortgage?
    Mortgagor
  • If a real estate broker earned a commission of $6,000 at a commission rate of 6%, at what price was the property sold?
    $100,000
  • The type of mortgage loan that has an interest rate that may increase or decrease at different times in accordance to an economic indicator.
    ARM (Adjustable Rate Mortage)
  • What is "Usury"?
    Charging more than the legal interest rate.
  • The right of a government or its agent to expropriate private property for public use, with payment of compensation.
    Eminent domain
  • A reproduction of a technical drawing, documenting an architecture or an engineering design.
    Blueprint
  • Electrical systems are routed through a...
    Circuit box
  • A home sold for $400,000. The Broker received $32,000. What rate of Commission did this broker charge?
    8.00%
  • An examination of the prices at which similar properties in the same area recently sold.
    Comparative market analysis
  • The practice of denying, or charging more for a loan in certain locations.
    Redlining
  • Guiding prospective home buyers towards or away from certain neighborhoods based on their race.
    Racial steering
  • Business practice of U.S. real estate agents and building developers meant to encourage white property owners to sell their houses at a loss.
    Blockbusting
  • A reduction in the level of taxation faced by an individual or company.
    Abatement
  • An increase in land that results from the deposit of soil by a river or ocean.
    Accretion
  • Disposal by a testator of specific property bequeathed in his or her will so as to invalidate the bequest.
    Ademption
  • In arriving at an effective gross income figure, an appraiser of rental property makes a deduction for...
    Vacancy
  • One who represents another in an agency relationship.
    Agent
  • What is "Avulsion" ?
    A sudden loss or addition to land, which results from the action of water.
  • The act of giving personal property through the provisions of a will or estate plan.
    Bequest
  • Reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act.
    Bilateral Contract
  • FIRPTA
    Foreign Investments in Real Property Tax Act
  • HUD
    Department of Housing and Urban Development
  • REMT
    Real Estate Mortgage Trust
  • REIT
    Real Estate Investment Trust
  • REET
    Real Estate Excise Tax
  • FTC
    Federal Trade Commission
  • PITI
    An acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance.
  • FSBO
    For Sale By Owner
  • Functional obsolescence
    A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.
  • Economic obsolescence
    The depreciation of a property’s value unrelated to the property itself (i.e bad economy).
  • A valid deed does not have to contain...
    An acknowledgment of the grantor's signature.
  • Chattel mortgage
    Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property.
  • Fully amortized loan
    A loan to be completely repaid, principal and interest, by a series of regular equal installment payments.
  • Fair Employment and Housing Act
    Prohibits harassment and discrimination in employment because of race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental and physical disability.
  • Separate ownership
    Ownership by one person.
  • Co-ownership
    A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants.
  • Tenancy in common
    When two or more persons are owners of undivided interests in the title to real property.
  • Cloud on Title
    Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful.
  • Voluntary lien
    A type of lien that exists because of an action taken by a debtor. This is the opposite of an involuntary lien that occurs by law.
  • Involuntary lien
    Claim imposed against a property without the consent of its owner(s).
  • Mechanics lien
    A guarantee of payment to builders, contracters and construction firms that build or repair structures.
  • Is selling at a loss a deductible?
    No
  • An intangible right, which is not visible, but is derived from real or Personal Property.
    Incorporeal hereditament
  • Tenement
    Any type of property, such as an estate or land, that is owned by one person and leased to another.
  • Set of legal rights afforded to the real estate title holder, can include the right of possession, control, exclusion, enjoyment, and disposition.
    Bundle Of Rights
  • Profit a Prendre
    Enables a person to take part of the soil or produce of land that someone else owns.
  • A tax based on the assessed value of real estate or personal property. Can be property tax or even duty on imported items.
    Ad Valorem Tax
  • How many sections in a Township?
    36 sections
  • Rod into feet
    16.5 feet
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