Words

Question 1

Devise

Answer 1

A valid will

Question 2

Devisee

Answer 2

Someone receiving real property by a will

Question 3

Holographic will

Answer 3

Handwritten

Question 4

Intestate

Answer 4

Without a valid will

Question 5

Nuncupative will

Answer 5

Oral will
Not recognized in Maryland

Question 6

Adverse possession

Answer 6

Squatters. Maryland considers it trespassing

Must possess property for 20 years

Question 7

Rescind

Answer 7

To cancel

Question 8

Usury

Answer 8

Charging interest at a higher rate than maximum rate established by state

Question 9

Mortgagor

Answer 9

The borrower in a mortgage, typically a homeowner.

Question 10

Material fact

Answer 10

A fact that can encourage (or discourage) either party in going forward with a transaction

Question 11

Holding over

Answer 11

Retaining possession of the property after the end of the lease term

Question 12

Legacy

Answer 12

Money or personal property dispersed by a will

Question 13

Legatee

Answer 13

Beneficiary receiving personal property

Question 14

Latent defects

Answer 14

Property condition problems that cannot be discovered by a standard visual inspection

Question 15

Distraint

Answer 15

Rights given by the court to a landlord to both seize and sell a tenants personal property

Question 16

Deed

Answer 16

Conveys ownership in real estate

Question 17

Clients

Answer 17

Individuals who have signed an employment agreement with the brokerage firm

Question 18

Common elements

Answer 18

Accessible to everyone in the condominium

Ex: hallway and parking lots

Question 19

Buffer

Answer 19

200 foot Forreston sound of natural agitation that extends from the mean high water line

For the protection of the critical area

Question 20

Branch office manager

Answer 20

At least three years licensed experience
Supervision in addition to the broker

Question 21

Associate brokers

Answer 21

3 years of licensed experience
135 hours of education
Passed both portions of broker’s exam

Chooses to have the same authority as a salesperson

Question 22

Affiliate

Answer 22

Referred to an individual

Licensed associate broker or salesperson representing a broker

Question 23

Blockbusting

Answer 23

Panic selling

Violation of the Brokers Act, Code of Ethics, and Fair Housing Act

Question 24

Boundary survey

Answer 24

identifies property, boundary lines, and corners sufficiently well to establish the physical position and extent of the boundaries

Purpose is needed to build a fence 

Question 25

Location drawing

Answer 25

Provides a plat of the property that shows the location of any improvements

Question 26

Marker

Answer 26

Used by surveyors for defining, legal descriptions, and boundary lines It is a misdemeanor if removed or damaged Fine no more than $500

Question 27

Title insurance

Answer 27

Policy, ensuring a property owner or a lender against loss due to the facts in the title

Question 28

Title search

Answer 28

Evidence of title

Question 29

Trust, money

Answer 29

Also known as earnest money And upfront payment to hold for the sake of a real estate transaction

Question 30

Settlement officer (real estate attorney)

Answer 30

An individual representing the title company who provides proper care to both parties and executing the closing duties

Question 31

Ground rent

Answer 31

Money paid to the land owner by a tenant who possesses the landlord’s land by virtue of a lease

Question 32

Surety bond

Answer 32

A promise to be liable for the debt, default, or failure of another

Question 33

Exculpatory clause

Answer 33

Where one party waves, or limits the other parties liability Prohibited in Maryland

Question 34

Sub prime loan

Answer 34

For borrowers with lower credit scores that prevent them from being approved for a conventional loan

Question 35

Actual fraud

Answer 35

Intentional misrepresentation without any regard of actual facts , straight up lying.

Question 36

Negative fraud

Answer 36

Not disclosing a material fact to somebody in an effort to get them to enter into a contract. I will put that person in a bad situation.

Question 37

Constructive fraud

Answer 37

Lying without knowing you are lying.

Question 38

Illegal

Answer 38

Reselling a property at an excessively high value for considerable profit

Question 39

Subdivision

Answer 39

Dividing a single property into smaller parcels.

Question 40

Cooperative unit

Answer 40

Each owner owns shares in a corporation that holds title to real estate. Each receiving a proprietary lease