PSI MD State Exam Questions With Correct Answers to

The Real Estate Commission Duties - Answer - Investigates complaints of unlicensed brokerage activity - Investigate complaints about license behavior - Conduct hearings and administer oaths - Issue subpoenas for attendance of witness or production of evidence. - Take Dispositions - Seek injustices Guaranty Fund - Answer Reimburses the public with financial losses at the hands of a real estate licenses and their unlicensed employees * Initial licensee applications require to pay $20 assessments credited to the fund. Actions by Commission on a Claim - Answer - Forward copies to licensees and/or unlicensed employees (responsible) and brokers. - Written response, within 10 days, from individuals concerning the allegations set in the claim. - Review claim or any responses to the claim - Conduct an investigation Guaranty Fund Reimbursement - Answer - The licensees license is suspended if found guilty - Licensees license is not reinstated until they pay the _________ ________ back and plus interest (10%). Deceased Broker - Answer - A family member may carry the brokerage firm for 6 months to close and terminate the business. -The family member has to be a licensed real estate salesperson for the previous 3 years. - Pass the brokers examination - Surrender salespersons license certificate and pocket card. Out-of-State Applicants - Answer Needs to sign a statement of irrevocable consent and complete all MD requirements for licensure. Maryland Real Estate Commission (MREC) - Answer Nine Members: - Five who hold real estate licenses for 10 years - Four consumer members * Members are appointed by the governor* Maintenance of Records - Answer All licensees have to keep copies of listings and documents pertaining to transactions for at least 5 years from the date of closing. Changes in Office Location - Answer Within 10 days, the real estate broker must submit: - Written notice to the Commission regarding the ________ _______ _________ ____________. - The license and pocket card of the broker or, for th branch office, its certificate - Required fee Processing Complaints - Answer 1. The Commission sends a copy of the complaint form and requires the broker to respond with an explanation of the allegations and the actions that broker recommends. 2. If the complaint meets disciplinary action, a hearing is arranged. Hearings and Notices - Answer 10 days prior to the hearing, notice is given personally to the individuals (as well as their brokers) that have complaints against. --- or certified mail Prior to Holding Hearings... - Answer Panels (Hearing Boards) meet privately to review: - The complaints and if they provide reasonable bases for a disciplinary hearing - Claims against the guaranty fund --- and what actions to take. Panels Meet Publicly to... - Answer 1. Hear the licensees responses to and defense against complaints 2.Decide whether to authorize actions against them Revocation - Answer - Ordered when licensees are convicted of a violation, the conviction is final, and the period of appeal has expired. - Licensees are provided a hearing, in front of the Commission, after a ____________. Commission May Summarily Suspend a License Because.... - Answer 1. A licensee can not promptly account for escrow funds 2. Fails to display records or account information to the Commission 3. Convicted of a crime 4. Fails to alert the Commission, within 10 days after conviction or incarceration, that they've been convicted. * Summary suspension starts immediately and continues until the licensee complies with the conditions set by the Commission. Appeals - Answer Licensees who disagree with the final decision of the Commission may _______ to the circuit court. - Upon ________, the court may not set a bond to exceed $50,000 and the stay of the suspension or revocation Broker Licensure Requirements - Answer - Good character, reputation and 18+ - Completed 135hr. course in real estate --- including 3hr. of real estate ethics. - Actively licensed salesperson for 3 years - Passed the broker pre-licensing exam. Associate Broker Licensure Requirements - Answer The same as the broker requirements. * Applicant must obtain written commitment from a licensed real estate broker to accept the applicant as an associate broker.* Salesperson Licensure Requirements - Answer - Good character and reputation - At least 18 years old - Complete 60hr. real estate course --- including 3 hours of ethics - Pass required exam - Written commitment from a broker to accept the applicant as a _________. Nonresidents Licensure Requirements - Answer - Submit Irrevocable consent to Commission - Submit additional documents that determine their professional competence, good character, and reputation