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PSI REAL ESTATE EXAM (MD STATE
PORTION) QUESTIONS AND ANSWERS
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
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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
- 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
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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
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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.
PSI REAL ESTATE EXAM (MD STATE
PORTION) QUESTIONS AND ANSWERS
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
,2 | Page
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
- 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
,3 | Page
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
, 4 | Page
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.
