PSI Real Estate Exam (MD State Portion) Questions with Verified Solutions

PSI Real Estate Exam (MD State Portion) Questions with Verified Solutions 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