PSI Real Estate (MD State Portion)Exam Study Guide| A Review of 192 Real Questions With Solutions With Rationale| Updated 2026/2027| Already Graded A+

PSI Real Estate Exam Prep : Maryland State Portion Study Guide | 192 Real Questions, Answers & Rationales | Pass the MD Broker & Salesperson License on Your First Try Are you preparing for the PSI Maryland Real Estate State Portion? Do you need to master Title 17, COMAR regulations, and the MREC disciplinary rules without wasting months of study time? This Updated 2026/2027 Edition is your shortcut to passing the MD state exam on the first attempt. Unlike generic national guides, this document focuses exclusively on the Maryland-specific laws, commission rules, and legal distinctions that frequently trip up test-takers. PSI Real Estate (MD State Portion)Exam Study Guide| A Review of 192 Real Questions With Solutions With Rationale| Updated 2026/2027| Already Graded A+ Persons not subject to the Brokers act when performing acts of RE Brokerage title 17 - ANSWER️-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 - ANSWER️-- *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 Real estate commission consists of - ANSWER️-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 - ANSWER️-the *governor* with the advice of the Secretary of the DLLR and consent of the Senate. What are the terms of the board - ANSWER️-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 - ANSWER️-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? - ANSWER️-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 - ANSWER️-Is appointed by and serves the *Secretary*, this is a paid position and NOT a member of the Commission. This is a state employee who is covered by a Surety Bond - *Attends* and participates in monthly meetings - *Directs* the day to day operations of the Commission - *Supervises* its office staff and field inspectors between monthly meetings. Duties and powers of the Commission - ANSWER️-To administer and enforce the Brokers Act Has statutory authority - Approve CE classes - Adopt rules and regulations - Discipline Licensees - Investigate complaints of unlicensed brokerage activity - Investigate complaints about license behavior. - Conduct hearings and administer oaths - Issue subpoenas for attendance of witnesses or production of evidence - Take depositions - Seek injunctions Real Estate brokerage is govern by: - ANSWER️-1. Statutory 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: - ANSWER️-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 - ANSWER️-- *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 - ANSWER️-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... - ANSWER️-Broker, associate broker and salesperson it issues certificate for branch manager and registers time-share developers. Commission has subtypes of each level - ANSWER️-Resident, non-resident, reciprocal or temporary, for commercial, Associate Broker and sales person license include from subtypes - ANSWER️-Resident, non-resident and reciprocal Maryland has reciprocal license with - ANSWER️-Pennsylvania and Oklahoma General agents - ANSWER️-Are sales persons and associate brokers Special Agents - ANSWER️-Brokers are special agents to their clients Code of ethics 09.11.02 vs code of ethics of the National Association of Realtors - ANSWER️-The Maryland Code of Ethics 09.11.02 addresses licensees relations with the client, the public, and other licensees, it is separate and distinct from the National Code and complements it and does not contradict it. Penalties for violations of the brokers act - ANSWER️-The Commission has Statutory authority to impose penalties not to exceed. - $5,000 for the first proven violation of any title 17 provision -$15,000 and/or 2 years imprisonment for the second violation - $25,000 and/or 3 years imprisonment for the third or subsequent violation. Other powers and duties of the Commission - ANSWER️-- issues, renews, suspends, or revokes licenses - orders investigations and holds hearings - after hearings reprimands and/or fines licensees who are guilty - forwards licensees fees it collects to the comptroller who distributes funds to the State Real Estate Commission Fund -collects fines and forwards them to the General Fund. - Submits an annual report of its activities to the Secretary - certifies on request of with fee by person for the licensing status and qualifications of any person subject to this request. -approves the CONTENT of educational courses for licensing and the continuing education - Adopts regulation and code of Ethics to implement Title 17 - Convenes hearing panels of three board members at least one must be a consumer and one must be a professional member licensee from among the commissioners - Maintains and Administers Guaranty Fund to reimburse members of the public as much as $50,000 for actual losses caused by licensees and their employees.