PSI Real Estate Exam (MD State
Portion) Questions and Answers
100% PASS
Real Estate brokerage is govern by: - CORRECT ANSWER-1. Satutory Law -
Brokers Act "Title 17"
2. Administrative Law - Code of Maryland Regulations (COMAR)
Regulation is enacted and enforced by MD Real Estate Commission (MREC)
Brokerage Services: - CORRECT ANSWER-For consideration:
- *Selling, buying, exchanging, or leasing* any real estate or collecting rent
- Assisting to *locate/obtain* for purchase/lease any residential real estate
- Serving as a consultant
Engage regularly in a business of...
- *Dealing/lease/option* in real estate
,- *Promoting* the sale of real estate through a listing in a publication
- *Subdivides* land located in any state into lots and then selling those lots
Transfer of Affiliation - CORRECT ANSWER-- *Apply to commission* for
transfer from one broker to another, after obtaining from the new broker a
commitment
- Need a *statement confirming termination* from former broker or themselves.
Advisable but not required by law the former broker be informed of the details of
the transfer.
Continuing education sales associate - CORRECT ANSWER-15 clock hours, a
clock hour is 50 minutes of actual instruction on a 60 minute course.
Must renew license every 2 years from date you activate your license, required
CEU's:
- 3 Agency
- 3 Ethics, Flipping, Predatory Lending
- 3 Legislative
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,- 1.5 Fair Housing
- 4.5 Your choice
Total 15 hours
Commission issues three levels of license for individuals and... - CORRECT
ANSWER-Broker, associate broker and salesperson
it issues certificate for branch manager and registers time-share developers.
Commission has subtypes of each level - CORRECT ANSWER-Resident, non-
resident, reciprocal or temporary, for commercial,
Associate Broker and sales person license include from subtypes - CORRECT
ANSWER-Resident, non-resident and reciprocal
Maryland has reciprocal license with - CORRECT ANSWER-Pennsylvania and
Oklahoma
General agents - CORRECT ANSWER-Are sales persons and associate brokers
Special Agents - CORRECT ANSWER-Brokers are special agents to their clients
Persons not subject to the Brokers act when performing acts of RE Brokerage title
17 - CORRECT ANSWER-17102
- Persons acting under a *judgement or court order*
- *Public officers* performing duties of their office
, - *Landlords* or owners of any real estate, unless their primary business is
providing real estate brokerage services
- Persons engaging in a single transaction selling or leasing real estate, or by *power
of attorney *for the owner
- Auctioneers
- Persons acting as receivers, trustees, personal representatives, or guardians
Persons who must conform to the brokers act but are not required to hold
brokerage license - CORRECT ANSWER-- *Financial institutions* for foreclosure
- *Lawyers* who do not regularly engage in the real estate business
- Home builders
- Agents of a licensed real estate broker property manager
- Persons who negotiate the sale, lease or transfer of business when the sale does
not include any interest in real property other than the lease of the property
- Owners who subdivide and sell not more than six lots of their own unimproved
property in one calendar year. If they or their family have owned the property for
more than 10 years there is no limit.
Maryland Realestate commission consists of - CORRECT ANSWER-9 members,
*5 hold real estate license* chosen from each region
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
Portion) Questions and Answers
100% PASS
Real Estate brokerage is govern by: - CORRECT ANSWER-1. Satutory Law -
Brokers Act "Title 17"
2. Administrative Law - Code of Maryland Regulations (COMAR)
Regulation is enacted and enforced by MD Real Estate Commission (MREC)
Brokerage Services: - CORRECT ANSWER-For consideration:
- *Selling, buying, exchanging, or leasing* any real estate or collecting rent
- Assisting to *locate/obtain* for purchase/lease any residential real estate
- Serving as a consultant
Engage regularly in a business of...
- *Dealing/lease/option* in real estate
,- *Promoting* the sale of real estate through a listing in a publication
- *Subdivides* land located in any state into lots and then selling those lots
Transfer of Affiliation - CORRECT ANSWER-- *Apply to commission* for
transfer from one broker to another, after obtaining from the new broker a
commitment
- Need a *statement confirming termination* from former broker or themselves.
Advisable but not required by law the former broker be informed of the details of
the transfer.
Continuing education sales associate - CORRECT ANSWER-15 clock hours, a
clock hour is 50 minutes of actual instruction on a 60 minute course.
Must renew license every 2 years from date you activate your license, required
CEU's:
- 3 Agency
- 3 Ethics, Flipping, Predatory Lending
- 3 Legislative
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,- 1.5 Fair Housing
- 4.5 Your choice
Total 15 hours
Commission issues three levels of license for individuals and... - CORRECT
ANSWER-Broker, associate broker and salesperson
it issues certificate for branch manager and registers time-share developers.
Commission has subtypes of each level - CORRECT ANSWER-Resident, non-
resident, reciprocal or temporary, for commercial,
Associate Broker and sales person license include from subtypes - CORRECT
ANSWER-Resident, non-resident and reciprocal
Maryland has reciprocal license with - CORRECT ANSWER-Pennsylvania and
Oklahoma
General agents - CORRECT ANSWER-Are sales persons and associate brokers
Special Agents - CORRECT ANSWER-Brokers are special agents to their clients
Persons not subject to the Brokers act when performing acts of RE Brokerage title
17 - CORRECT ANSWER-17102
- Persons acting under a *judgement or court order*
- *Public officers* performing duties of their office
, - *Landlords* or owners of any real estate, unless their primary business is
providing real estate brokerage services
- Persons engaging in a single transaction selling or leasing real estate, or by *power
of attorney *for the owner
- Auctioneers
- Persons acting as receivers, trustees, personal representatives, or guardians
Persons who must conform to the brokers act but are not required to hold
brokerage license - CORRECT ANSWER-- *Financial institutions* for foreclosure
- *Lawyers* who do not regularly engage in the real estate business
- Home builders
- Agents of a licensed real estate broker property manager
- Persons who negotiate the sale, lease or transfer of business when the sale does
not include any interest in real property other than the lease of the property
- Owners who subdivide and sell not more than six lots of their own unimproved
property in one calendar year. If they or their family have owned the property for
more than 10 years there is no limit.
Maryland Realestate commission consists of - CORRECT ANSWER-9 members,
*5 hold real estate license* chosen from each region
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
