Maryland Real Estate Salesperson Exam Version 1
Practice exam for Salesperson and Broker License Exam under Real Estate Exams (Licensing Exams). 5 sample questions.
Sample Questions
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Question 1
Which is eligible to be covered on a replacement cost basis by a Homeowners Policy endorsement?
Correct Answer: A
Rationale: Replacement cost coverage on personal property typically applies to items that can be replaced with new items of similar kind and quality without deduction for depreciation. Antiques and collectibles (B, C, D) often fall under 'actual cash value' or require scheduled coverage for their appraised value, not replacement cost for a new equivalent. A two-year-old television set, while depreciated, is a modern item that can be replaced.
Rationale: Replacement cost coverage on personal property typically applies to items that can be replaced with new items of similar kind and quality without deduction for depreciation. Antiques and collectibles (B, C, D) often fall under 'actual cash value' or require scheduled coverage for their appraised value, not replacement cost for a new equivalent. A two-year-old television set, while depreciated, is a modern item that can be replaced.
Question 2
A premium finance agreement MUST contain all of the following EXCEPT
Correct Answer: B
Rationale: A premium finance agreement is a contract for financing insurance premiums; it details financial terms and policy descriptions but does not typically list specific excluded drivers, which would be part of the actual insurance policy itself, not the financing agreement.
Rationale: A premium finance agreement is a contract for financing insurance premiums; it details financial terms and policy descriptions but does not typically list specific excluded drivers, which would be part of the actual insurance policy itself, not the financing agreement.
Question 3
An Earthquake Endorsement to a Homeowners Policy defines a single earthquake as all earthquake shocks that occur within a
Correct Answer: D
Rationale: Earthquake endorsements often define a single occurrence to include all shocks occurring within a 72-hour period. This means that regardless of how many tremors or aftershocks occur within that timeframe, only one deductible applies.
Rationale: Earthquake endorsements often define a single occurrence to include all shocks occurring within a 72-hour period. This means that regardless of how many tremors or aftershocks occur within that timeframe, only one deductible applies.
Question 4
The Garagekeepers Coverage under the Garage Coverage Form
Correct Answer: C
Rationale: Garagekeepers coverage specifically covers physical damage to customers' vehicles while they are in the care, custody, or control of the garage owner (e.g., for repairs, service, or storage).
Rationale: Garagekeepers coverage specifically covers physical damage to customers' vehicles while they are in the care, custody, or control of the garage owner (e.g., for repairs, service, or storage).
Question 5
The Basic Form Dwelling Policy provides
Correct Answer: A
Rationale: The Basic Form Dwelling Policy (DP-1) is a named perils policy, meaning it only covers losses caused by perils specifically listed in the policy. It does not automatically include liability or additional living expenses, and typically covers losses on an actual cash value basis, not replacement cost.
Rationale: The Basic Form Dwelling Policy (DP-1) is a named perils policy, meaning it only covers losses caused by perils specifically listed in the policy. It does not automatically include liability or additional living expenses, and typically covers losses on an actual cash value basis, not replacement cost.