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 - 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 - 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 Real estate commission consists of - 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 - ANSWER✔️-the *governor* with
the advice of the Secretary of the DLLR and consent of the Senate.
What are the terms of the board - 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,
Chairperson of the commission - ANSWER✔️-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? - ANSWER✔️-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 - ANSWER✔️-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 - ANSWER✔️-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: - ANSWER✔️-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: - 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 Affiliation - 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 - 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... - ANSWER✔️-
Broker, associate broker and salesperson
it issues certificate for branch manager and registers time-share developers.
Commission has subtypes of each level - ANSWER✔️-Resident, non-resident,
reciprocal or temporary, for commercial,
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 - 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 - 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 Real estate commission consists of - 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 - ANSWER✔️-the *governor* with
the advice of the Secretary of the DLLR and consent of the Senate.
What are the terms of the board - 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,
Chairperson of the commission - ANSWER✔️-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? - ANSWER✔️-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 - ANSWER✔️-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 - ANSWER✔️-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: - ANSWER✔️-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: - 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 Affiliation - 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 - 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... - ANSWER✔️-
Broker, associate broker and salesperson
it issues certificate for branch manager and registers time-share developers.
Commission has subtypes of each level - ANSWER✔️-Resident, non-resident,
reciprocal or temporary, for commercial,
