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5 Cards in this Set
- Front
- Back
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Which of the following is a requirement in Maryland for a valid real estate sales contract? |
It must be in writing. The Maryland Statute of Frauds requires that all contracts for transfer of interests in property for more than one year be in writing and signed. The sales contract transfers equitable title to the buyer and, thus, meets this description. There are widely used industry contracts, but there is no standard contract. All parties must sign. |
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What is TRUE of oral contracts for the sale of real estate in Maryland? |
They are called parol agreements. Parol means oral. A licensee who fails to reduce agreements between parties to writing violates the Brokers Act. An oral agreement to purchase might be valid (enforceable in court) under very specific, limited circumstances. |
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What is a duty of licensees buying or selling real property on their own account? |
Advise the other party of the fact that they are real estate licensees. Licensees dealing on their own behalf must disclose their license status (the fact that they are licensees) to the other party. Typically such disclosure is written into the contract being used. |
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Which of the following is NOT required to be disclosed in a Maryland real estate sales contract? |
The name of the title insurance company. The others are all required for the protection of the purchaser. |
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In what counties must the "Critical Areas" notice be included in real estate sales contracts? |
All counties, regardless of whether they are affected by such regulation. Inclusion of the notice is required in all counties, even those excluded by the notice. |
