PSI Real Estate Exam (MD State
Verified Answers | 2026 | 2027 (Rated
Quiz_________________?
- *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. -
Answer✅
Transfer of Affiliation
Quiz_________________?
- *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. -
1
, Answer✅
Persons who must conform to the brokers act but are not required to hold brokerage
license
Quiz_________________?
- *Name* of licensee
- Designated *broker's name* the licensee is affiliated with
- Date the license will *expire*
- *Registration number* of licensee
Although not explicitly stated in the brokers act, licensee are expected to carry their pocket
card with them when they engage in real estate. Affiliates sign their card. -
Answer✅
Pocket cards
Quiz_________________?
- 5 or more single family units
- Zoned for commercial, industrial, or nonresidential
- Zoned for but unimproved multi family property. Not single condominiums not agriculture
-
Answer✅
Nonresidential property
Quiz_________________?
- A broker is never to be on a Team
- Must be made up of 2 or more licensee
(and assistant and employee who work together on a reg basis.)
2
, - Team members must work from the same office where their license is retained
- Must clearly advertise that it is part of a brokerage firm
When signing documents in the course of brokerage activities the individual must sign his
name not in the name of the team.
Trust funds must go into the brokers office procedures not the Teams account.
Must keep accurate and updated lists of members by the leader. -
Answer✅
Real Estate Teams
Quiz_________________?
- a firm can only show client-buyers those properties listed with the firm whose seller
owners have already signed the dual consent form.
Even though if already given it must be reaffirmed by sellers with their signatures in the
space provided on the consent form when an offer is being made.
Similarly the client purchaser must also reaffirm the dual agency consent form. And the form
must be specific to the property, it is only good for the stated property.
-Maryland law states Broker must appoint 2 persons as ICAs unless multi office branch
manager -
Answer✅
Consent to Dual Agency
Quiz_________________?
3
, - Anyone can file a complaint.
- Licensee has *20 days* to respond.
- Letter is sent from Commission to the broker. broker must send back an explanation. A
brokers failure to respond may be grounds for disciplinary actions.
- A copy of brokers letter is sent along with a copy of the executive directors letter to the
complainant.
- If dismissed any member of the commission has *30 days to file an exception.* -
Answer✅
Complaint
Quiz_________________?
- Good character
- 18 years old
- 135 hours + 3 hours real estate ethics (approved by commission)
- Have been licensed and actively and lawfully for the past 3 years
- Passed the broker pre-licensing exam -
Answer✅
Qualifications for broker license
Quiz_________________?
- Good character and reputation
- 18 years old
- 60 hour + 3 block hours of real estate ethics
- Pass the required examination
- Obtain written commitment for a licensed real estate broker to accept the applicant as a
salesperson -
Answer✅
Qualifications for salesperson license
4
Verified Answers | 2026 | 2027 (Rated
Quiz_________________?
- *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. -
Answer✅
Transfer of Affiliation
Quiz_________________?
- *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. -
1
, Answer✅
Persons who must conform to the brokers act but are not required to hold brokerage
license
Quiz_________________?
- *Name* of licensee
- Designated *broker's name* the licensee is affiliated with
- Date the license will *expire*
- *Registration number* of licensee
Although not explicitly stated in the brokers act, licensee are expected to carry their pocket
card with them when they engage in real estate. Affiliates sign their card. -
Answer✅
Pocket cards
Quiz_________________?
- 5 or more single family units
- Zoned for commercial, industrial, or nonresidential
- Zoned for but unimproved multi family property. Not single condominiums not agriculture
-
Answer✅
Nonresidential property
Quiz_________________?
- A broker is never to be on a Team
- Must be made up of 2 or more licensee
(and assistant and employee who work together on a reg basis.)
2
, - Team members must work from the same office where their license is retained
- Must clearly advertise that it is part of a brokerage firm
When signing documents in the course of brokerage activities the individual must sign his
name not in the name of the team.
Trust funds must go into the brokers office procedures not the Teams account.
Must keep accurate and updated lists of members by the leader. -
Answer✅
Real Estate Teams
Quiz_________________?
- a firm can only show client-buyers those properties listed with the firm whose seller
owners have already signed the dual consent form.
Even though if already given it must be reaffirmed by sellers with their signatures in the
space provided on the consent form when an offer is being made.
Similarly the client purchaser must also reaffirm the dual agency consent form. And the form
must be specific to the property, it is only good for the stated property.
-Maryland law states Broker must appoint 2 persons as ICAs unless multi office branch
manager -
Answer✅
Consent to Dual Agency
Quiz_________________?
3
, - Anyone can file a complaint.
- Licensee has *20 days* to respond.
- Letter is sent from Commission to the broker. broker must send back an explanation. A
brokers failure to respond may be grounds for disciplinary actions.
- A copy of brokers letter is sent along with a copy of the executive directors letter to the
complainant.
- If dismissed any member of the commission has *30 days to file an exception.* -
Answer✅
Complaint
Quiz_________________?
- Good character
- 18 years old
- 135 hours + 3 hours real estate ethics (approved by commission)
- Have been licensed and actively and lawfully for the past 3 years
- Passed the broker pre-licensing exam -
Answer✅
Qualifications for broker license
Quiz_________________?
- Good character and reputation
- 18 years old
- 60 hour + 3 block hours of real estate ethics
- Pass the required examination
- Obtain written commitment for a licensed real estate broker to accept the applicant as a
salesperson -
Answer✅
Qualifications for salesperson license
4
