Question 1

Lead Generation

Accepted Answer

The process of attracting potential clients or customers for real estate services.

Question 2

Listing Agreement

Accepted Answer

A contract between a property owner and a real estate agent, outlining the terms and conditions for marketing and selling the property.

Question 3

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of similar properties in the area to determine the appropriate listing price for a property.

Question 4

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 5

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction until all conditions are met.

Question 6

Appraisal

Accepted Answer

An evaluation of a property's value by a licensed appraiser.

Question 7

Home Inspection

Accepted Answer

A professional examination of a property's condition to identify any potential issues or defects.

Question 8

Title Search

Accepted Answer

A review of public records to confirm the legal ownership and status of a property's title.

Question 9

Conveyance

Accepted Answer

The transfer of ownership or title of a property from one party to another.

Question 10

Earnest Money

Accepted Answer

A deposit made by the buyer to demonstrate their seriousness about purchasing a property.

Question 11

Contingency

Accepted Answer

A condition that must be met before a real estate contract becomes binding.

Question 12

Multiple Listing Service (MLS)

Accepted Answer

A database of properties listed for sale by real estate agents, accessible to other agents and brokers.

Question 13

Pre-Approval

Accepted Answer

The process of obtaining a lender's commitment to provide a mortgage loan to a buyer.

Question 14

Closing Costs

Accepted Answer

Expenses incurred during a real estate transaction, such as loan fees, appraisal fees, and title insurance.

Question 15

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of similar properties in the area to determine the appropriate listing price for a property.

Question 16

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 17

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction until all conditions are met.

Question 18

Appraisal

Accepted Answer

An evaluation of a property's value by a licensed appraiser.

Question 19

Home Inspection

Accepted Answer

A professional examination of a property's condition to identify any potential issues or defects.

Question 20

Title Search

Accepted Answer

A review of public records to confirm the legal ownership and status of a property's title.

Question 21

Conveyance

Accepted Answer

The transfer of ownership or title of a property from one party to another.

Question 22

Earnest Money

Accepted Answer

A deposit made by the buyer to demonstrate their seriousness about purchasing a property.

Question 23

Contingency

Accepted Answer

A condition that must be met before a real estate contract becomes binding.

Question 24

Multiple Listing Service (MLS)

Accepted Answer

A database of properties listed for sale by real estate agents, accessible to other agents and brokers.

Question 25

Pre-Approval

Accepted Answer

The process of obtaining a lender's commitment to provide a mortgage loan to a buyer.

Question 26

Closing Costs

Accepted Answer

Expenses incurred during a real estate transaction, such as loan fees, appraisal fees, and title insurance.

Question 27

Exclusive Right to Sell Listing

Accepted Answer

A contract giving a real estate agent exclusive rights to market and sell a property for a specified period.

Question 28

Purchase Agreement

Accepted Answer

A legally binding contract between a buyer and seller, outlining the terms and conditions of the property sale.

Question 29

Title Insurance

Accepted Answer

Insurance that protects the buyer and lender against any defects or issues with the property's title.

Question 30

Real Estate Broker

Accepted Answer

A licensed professional who can own and manage a real estate brokerage and supervise real estate agents.

Question 31

Real Estate Agent

Accepted Answer

A licensed professional who assists buyers and sellers in real estate transactions.

Question 32

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of similar properties in the area to determine the appropriate listing price for a property.

Question 33

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 34

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction until all conditions are met.

Question 35

Appraisal

Accepted Answer

An evaluation of a property's value by a licensed appraiser.

Question 36

Home Inspection

Accepted Answer

A professional examination of a property's condition to identify any potential issues or defects.

Question 37

Title Search

Accepted Answer

A review of public records to confirm the legal ownership and status of a property's title.

Question 38

Conveyance

Accepted Answer

The transfer of ownership or title of a property from one party to another.

Question 39

Earnest Money

Accepted Answer

A deposit made by the buyer to demonstrate their seriousness about purchasing a property.

Question 40

Contingency

Accepted Answer

A condition that must be met before a real estate contract becomes binding.

Question 41

Multiple Listing Service (MLS)

Accepted Answer

A database of properties listed for sale by real estate agents, accessible to other agents and brokers.

Question 42

Pre-Approval

Accepted Answer

The process of obtaining a lender's commitment to provide a mortgage loan to a buyer.

Question 43

Closing Costs

Accepted Answer

Expenses incurred during a real estate transaction, such as loan fees, appraisal fees, and title insurance.

Question 44

Exclusive Right to Sell Listing

Accepted Answer

A contract giving a real estate agent exclusive rights to market and sell a property for a specified period.

Question 45

Purchase Agreement

Accepted Answer

A legally binding contract between a buyer and seller, outlining the terms and conditions of the property sale.

Question 46

Title Insurance

Accepted Answer

Insurance that protects the buyer and lender against any defects or issues with the property's title.

Question 47

Real Estate Broker

Accepted Answer

A licensed professional who can own and manage a real estate brokerage and supervise real estate agents.

Question 48

Real Estate Agent

Accepted Answer

A licensed professional who assists buyers and sellers in real estate transactions.

Question 49

Buyer's Agent

Accepted Answer

A real estate agent who represents the interests of the buyer in a transaction.

Question 50

Seller's Agent

Accepted Answer

A real estate agent who represents the interests of the seller in a transaction.

Question 51

Market Analysis

Accepted Answer

An evaluation of current market conditions and trends to determine property values and marketability.

Question 52

Disclosure

Accepted Answer

The act of providing all relevant information about a property to potential buyers or tenants.

Question 53

Deed

Accepted Answer

A legal document that transfers ownership of a property from one party to another.

Question 54

Zoning

Accepted Answer

Regulations and restrictions that govern the use of land and property within a specific area.

Question 55

Homeowners Association (HOA)

Accepted Answer

An organization that manages and enforces rules and regulations for a community or neighborhood.

Question 56

Fair Housing Act

Accepted Answer

A federal law that prohibits discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability.

Question 57

Lease Agreement

Accepted Answer

A contract that grants a tenant the right to occupy a property for a specified period and under specific terms.

Question 58

Rental Application

Accepted Answer

A form used by landlords to gather information from potential tenants for screening and selection purposes.

Question 59

Capitalization Rate (Cap Rate)

Accepted Answer

The rate of return on an investment property based on its net operating income.

Question 60

Amortization

Accepted Answer

The gradual repayment of a loan through regular installments, which include both principal and interest.

Question 61

Net Listing

Accepted Answer

A type of listing agreement where the real estate agent's commission is based on the amount above a specified sales price.

Question 62

Easement

Accepted Answer

A legal right of access or use of someone else's property for a specific purpose.

Question 63

Real Estate Investment Trust (REIT)

Accepted Answer

A company that owns, operates, or finances income-generating real estate.

Question 64

Short Sale

Accepted Answer

The sale of a property for less than the outstanding mortgage balance, requiring the lender's approval.

Maryland Real Estate Agent Flashcards