PSI Real Estate Exam (MD State Portion) Latest 2024 Graded A+

PSI Real Estate Exam (MD State Portion) Latest 2024 Graded A+
PSI Real Estate Exam (MD State Portion)
Latest 2024 Graded A+
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 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
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
the governor with the advice of the Secretary of the DLLR and consent of the
Senate.
What are the terms of the board
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
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?
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