PSI Real Estate Exam (MD State Portion) Latest 2023 Graded A+
86 views 2 purchases
Course
PSI Real Estate
Institution
PSI Real Estate
PSI Real Estate Exam (MD State Portion) Latest 2023 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 co...
PSI Real Estate Exam (MD State Portion) Latest 2023 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 e state - *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 licens e, 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 thei r 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 representative s, 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 licen sed 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 lot s 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,
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R216,38. You're not tied to anything after your purchase.
