PSI Real Estate Exam (MD State Portion) Latest 2024 Graded A+

PSI Real Estate Exam (MD State Portion) Latest 2024 Graded A+ Real Estate brokerage is govern by: 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: 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 - 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 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 - 1.5 Fair Housing - 4.5 Your choice Total 15 hours Commission issues three levels of license for individuals and... Broker, associate broker and salesperson it issues certificate for branch manager and registers time-share developers. Commission has subtypes of each level Resident, non-resident, reciprocal or temporary, for commercial, Associate Broker and sales person license include from subtypes Resident, non-resident and reciprocal Maryland has reciprocal license with Pennsylvania and Oklahoma General agents Are sales persons and associate brokers Special Agents Brokers are special agents to their clients Persons not subject to the Brokers act when performing acts of RE Brokerage title 17 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 - 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 9 members, 5 hold real estate license chosen from each region licensed 10 year, reside 5 years. - Eastern Shore - Baltimore Metro area - Baltimore city - southern Maryland - western Maryland, 4 are consumer members have not been compensated by the commission in the last year and not a licensed realtor. Commission board members are appointed the governor with the advice of the Secretary of the DLLR and consent of the Senate. What are the terms of the board Begin on June 1st and end 4 years later, with reappointment or replacement. Members may be removed before the end of their term by the Governor in cases of incompetence or misconduct. terms are staggered 2 new 1st year, 2 new the 2nd year, 2 new the 3rd year and 3 new the 4th year, Chairperson of the commission Each year a chairperson is elected from the board to preside over their meetings. The chairperson is covered by a Surety Bond. How often does the commission meet? They meet monthly, with a majority of the members (5) then under appointment constituting a quorum. Meetings are open to the public. Public may speak before the commission with 10 days written advance notice. Commission's Executive Director