PSI Real Estate Exam (MD State Por on)|Ques ons and
answers | Updated RATED A+ NEW 2026
Real Estate brokerage is govern by:
1. Satutory Law - Brokers Act "Title 17"
2. Administra#ve Law - Code of Maryland Regula#ons (COMAR)
Regula#on is enacted and enforced by MD Real Estate Commission (MREC)
Brokerage Services:
For considera#on:
- Selling, buying, exchanging, or leasing any real estate or collec#ng rent
- Assis#ng to locate/obtain for purchase/lease any residen#al real estate
- Serving as a consultant
Engage regularly in a business of...
- Dealing/lease/op on in real estate
- Promo ng the sale of real estate through a lis#ng in a publica#on
- Subdivides land located in any state into lots and then selling those lots
Transfer of Affilia#on
- Apply to commission for transfer from one broker to another, a1er obtaining from the new
broker a commitment
- Need a statement confirming termina on from former broker or themselves.
Advisable but not required by law the former broker be informed of the details of the transfer.
Con#nuing educa#on sales associate
15 clock hours, a clock hour is 50 minutes of actual instruc#on on a 60 minute course.
Must renew license every 2 years from date you ac#vate your license, required CEU's:
- 3 Agency
- 3 Ethics, Flipping, Predatory Lending
- 3 Legisla#ve
- 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 cer#ficate for branch manager and registers #me-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 #tle 17
17102
- Persons ac#ng under a judgement or court order
- Public officers performing du#es 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 transac#on selling or leasing real estate, or by power of
a3orney for the owner
- Auc#oneers
- Persons ac#ng as receivers, trustees, personal representa#ves, or guardians
Persons who must conform to the brokers act but are not required to hold brokerage license
- Financial ins tu ons 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 nego#ate 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
- Bal#more Metro area
- Bal#more 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 mee#ngs. The
chairperson is covered by a Surety Bond.
How o1en does the commission meet?
, They meet monthly, with a majority of the members (5) then under appointment cons#tu#ng a
quorum.
Mee#ngs are open to the public. Public may speak before the commission with 10 days wriFen
advance no#ce.
Commission's Execu#ve Director
Is appointed by and serves the Secretary, this is a paid posi#on and NOT a member of the
Commission. This is a state employee who is covered by a Surety Bond
- A3ends and par#cipates in monthly mee#ngs
- Directs the day to day opera#ons of the Commission
- Supervises its office staff and field inspectors between monthly mee#ngs.
Du#es and powers of the Commission
To administer and enforce the Brokers Act
Has statutory authority
- Approve CE classes
- Adopt rules and regula#ons
- Discipline Licensees
- Inves#gate complaints of unlicensed brokerage ac#vity
- Inves#gate complaints about license behavior.
- Conduct hearings and administer oaths
- Issue subpoenas for aFendance of witnesses or produc#on of evidence
- Take deposi#ons
- Seek injunc#ons
Code of ethics 09.11.02 vs code of ethics of the Na#onal Associa#on of Realtors
The Maryland Code of Ethics 09.11.02 addresses licensees rela#ons with the client, the public,
and other licensees, it is separate and dis#nct from the Na#onal Code and complements it and
does not contradict it.
Penal#es for viola#ons of the brokers act
The Commission has Statutory authority to impose penal#es not to exceed.
- $5,000 for the first proven viola#on of any #tle 17 provision
answers | Updated RATED A+ NEW 2026
Real Estate brokerage is govern by:
1. Satutory Law - Brokers Act "Title 17"
2. Administra#ve Law - Code of Maryland Regula#ons (COMAR)
Regula#on is enacted and enforced by MD Real Estate Commission (MREC)
Brokerage Services:
For considera#on:
- Selling, buying, exchanging, or leasing any real estate or collec#ng rent
- Assis#ng to locate/obtain for purchase/lease any residen#al real estate
- Serving as a consultant
Engage regularly in a business of...
- Dealing/lease/op on in real estate
- Promo ng the sale of real estate through a lis#ng in a publica#on
- Subdivides land located in any state into lots and then selling those lots
Transfer of Affilia#on
- Apply to commission for transfer from one broker to another, a1er obtaining from the new
broker a commitment
- Need a statement confirming termina on from former broker or themselves.
Advisable but not required by law the former broker be informed of the details of the transfer.
Con#nuing educa#on sales associate
15 clock hours, a clock hour is 50 minutes of actual instruc#on on a 60 minute course.
Must renew license every 2 years from date you ac#vate your license, required CEU's:
- 3 Agency
- 3 Ethics, Flipping, Predatory Lending
- 3 Legisla#ve
- 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 cer#ficate for branch manager and registers #me-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 #tle 17
17102
- Persons ac#ng under a judgement or court order
- Public officers performing du#es 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 transac#on selling or leasing real estate, or by power of
a3orney for the owner
- Auc#oneers
- Persons ac#ng as receivers, trustees, personal representa#ves, or guardians
Persons who must conform to the brokers act but are not required to hold brokerage license
- Financial ins tu ons 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 nego#ate 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
- Bal#more Metro area
- Bal#more 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 mee#ngs. The
chairperson is covered by a Surety Bond.
How o1en does the commission meet?
, They meet monthly, with a majority of the members (5) then under appointment cons#tu#ng a
quorum.
Mee#ngs are open to the public. Public may speak before the commission with 10 days wriFen
advance no#ce.
Commission's Execu#ve Director
Is appointed by and serves the Secretary, this is a paid posi#on and NOT a member of the
Commission. This is a state employee who is covered by a Surety Bond
- A3ends and par#cipates in monthly mee#ngs
- Directs the day to day opera#ons of the Commission
- Supervises its office staff and field inspectors between monthly mee#ngs.
Du#es and powers of the Commission
To administer and enforce the Brokers Act
Has statutory authority
- Approve CE classes
- Adopt rules and regula#ons
- Discipline Licensees
- Inves#gate complaints of unlicensed brokerage ac#vity
- Inves#gate complaints about license behavior.
- Conduct hearings and administer oaths
- Issue subpoenas for aFendance of witnesses or produc#on of evidence
- Take deposi#ons
- Seek injunc#ons
Code of ethics 09.11.02 vs code of ethics of the Na#onal Associa#on of Realtors
The Maryland Code of Ethics 09.11.02 addresses licensees rela#ons with the client, the public,
and other licensees, it is separate and dis#nct from the Na#onal Code and complements it and
does not contradict it.
Penal#es for viola#ons of the brokers act
The Commission has Statutory authority to impose penal#es not to exceed.
- $5,000 for the first proven viola#on of any #tle 17 provision
