A tax-deferred exchange, also known as a 1031 exchange, allows investors to exchange one qualifying investment or business property for another "like-kind" property and defer payment of capital gains taxes until the new property is sold.
This provision falls under Internal Revenue Code 1031.
In the Maryland pre-licensing curriculum, this is explained under the "Real Estate Financing and Investment" section to show how investors legally postpone capital gains recognition by following IRS guidelines.
Reference: Maryland 60-Hour Principles and Practices - "Real Estate Financing and Investment"; Internal Revenue Code 1031.

In Maryland, agency exists when a licensee represents a client under a brokerage agreement. If the seller has a written listing agreement with a broker, the seller is the client.
An unrepresented buyer is considered a customer, not a client. The licensee owes customers limited duties- honesty, fair dealing, and disclosure of material facts-but does not owe fiduciary duties such as loyalty, confidentiality, or obedience.
Therefore, in this case, the seller is the only client.
Reference: Maryland 60-Hour Principles and Practices - "Law of Agency" module; Maryland Business Occupations and Professions Article 17-530-17-532.

Severance is the act of detaching an item that was part of the realty, thereby converting it into personal property (e.g., removing a built-in fixture). Annexation is the opposite-attaching personal property so it becomes real property (a fixture). Emblements are annual crops treated as personal property by definition, not by a transformation act. A sale does not change the classification of items; it only transfers whatever is included (real or personal) as specified.
References: Maryland pre-licensing curriculum-Real Property and the Law (definitions and tests of fixtures; annexation vs. severance; emblements).

An option contract gives the optionee (Monique) the exclusive right to purchase a property within a specified period and under specific terms, but not the obligation to do so.
When properly executed and supported by consideration (the option fee), the option is a binding contract on the property owner (Mark) and any subsequent owners who take title with constructive notice of the existing option.
Therefore, when Monique exercises her valid option within the option period, Shelly must honor it-the property must be sold to Monique under the agreed terms.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Real Estate Contracts" Module Maryland Contract Law Principles - Option Contracts and Specific Performance.

An amendment is a written change or modification to an existing contract that is made after the original agreement has been executed.
All parties must agree to and sign the amendment for it to be legally binding.
This differs from an addendum, which is added before or at the same time as the contract and becomes part of the original agreement.
The Maryland course highlights amendments as critical tools in real estate practice for making mutually accepted changes-such as closing dates, purchase prices, or contingencies-without voiding the original contract.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Real Estate Contracts" Module Maryland Contract Law - Modifications and Amendments.