PSI Real Estate Exam (MD State Portion)
Real Estate brokerage is governed by: - ANS- 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: - ANS- 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 - ANS- - *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 - ANS- 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
The Commission issues three levels of license for individuals and... - ANS- Broker,
associate broker and salesperson
It issues certificates for branch managers and registers time-share developers.
,Commission has subtypes of each level - ANS- Resident, non-resident, reciprocal or
temporary, for commercial,
Associate Broker and salesperson license include from subtypes - ANS- Resident,
non-resident and reciprocal
Maryland has reciprocal license with - ANS- Pennsylvania and Oklahoma
General agents - ANS- Are sales persons and associate brokers
Special Agents - ANS- Brokers are special agents to their clients
Persons not subject to the Brokers act when performing acts of RE Brokerage title 17 -
ANS- 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 - ANS- - *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 - ANS- 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 - ANS- the *governor* with the advice of the
Secretary of the DLLR and consent of the Senate.
What are the terms of the board - ANS- 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 - ANS- 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? - ANS- 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 - ANS- 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 - ANS- 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
Real Estate brokerage is governed by: - ANS- 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: - ANS- 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 - ANS- - *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 - ANS- 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
The Commission issues three levels of license for individuals and... - ANS- Broker,
associate broker and salesperson
It issues certificates for branch managers and registers time-share developers.
,Commission has subtypes of each level - ANS- Resident, non-resident, reciprocal or
temporary, for commercial,
Associate Broker and salesperson license include from subtypes - ANS- Resident,
non-resident and reciprocal
Maryland has reciprocal license with - ANS- Pennsylvania and Oklahoma
General agents - ANS- Are sales persons and associate brokers
Special Agents - ANS- Brokers are special agents to their clients
Persons not subject to the Brokers act when performing acts of RE Brokerage title 17 -
ANS- 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 - ANS- - *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 - ANS- 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 - ANS- the *governor* with the advice of the
Secretary of the DLLR and consent of the Senate.
What are the terms of the board - ANS- 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 - ANS- 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? - ANS- 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 - ANS- 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 - ANS- 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
