PSI REAL ESTATE EXAM (MD STATE PORTION)
Real Estate brokerage is governed 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 Ailiation
Correct answer: - *Apply to commission* for transfer from one broker to another, after
obtaining from the new broker a commitment
- Need a *statement conrming 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
it issues certicate 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 oicers* performing duties of their oice
- *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
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
Correct answer: the *governor* with the advice of the Secretary of the DLLR and consent
of the Senate.
What are the terms of the board
Correct answer: 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,
Real Estate brokerage is governed 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 Ailiation
Correct answer: - *Apply to commission* for transfer from one broker to another, after
obtaining from the new broker a commitment
- Need a *statement conrming 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
it issues certicate 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 oicers* performing duties of their oice
- *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
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
Correct answer: the *governor* with the advice of the Secretary of the DLLR and consent
of the Senate.
What are the terms of the board
Correct answer: 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,
