Course of Instruction. Every applicant for licensure as a real estate broker shall furnish, at the time of filing an application for licensure, evidence of having satisfactorily completed a course of instruction in Real Estate Principles and Practices for Brokers. This course of instruction shall be one of the following: The Realtors Institute of Maryland (G. R. I.) Courses “I”, “II”, “III”, and “IV”, consisting of a minimum of 135 clock-hours or 9 semester credit hours of instruction as described under §D, of this regulation, sponsored by the Maryland Association of Realtors; or A course approved by the Maryland Real Estate Commission consisting of 135 clock-hours or 9 semester credit hours of instruction. A semester credit hour is defined as not less than 15 standard 50-minute classroom hours of instruction. The current 135 clock-hour or 9 semester credit hour minimum educational requirement effective January 1, 1979, for broker, shall substantially embrace the following areas of study: The concept of private property in relation to the constitutional powers of the federal and State governments, such as their powers of eminent domain, taxation, police powers, and escheat; Types of Property; Types of Property Interests and Restrictions; Methods of Transferring Real Property Interests; Transfer Instruments, such as Deeds, Leases, Contracts of Sale, Assignments; Financing of Real Estate Transactions; The Mortgaging Process; Settlements, including the Mathematics of Real Estate Transactions; The Role of the Real Estate Agent, including Principles of Agency, Licensing Laws, and Ethics; Real Estate Development, including Governmental Assistance Programs, Zoning, and other Governmental Restrictions on Land Development; Real Estate Appraisal; Real Estate Management; Human Relations Aspects, including study of Fair Housing Laws and effect of undesirable practices such as Exploitation, Steering, Blockbusting, Prejudicial Solicitation and related activities; Basic mathematics pertaining to the real estate industry; Real Estate Securities and Syndication; Advanced Commercial Property; Legal and License Law Update; Advanced Commercial Real Estate Financing; Creative Real Estate Financing; Advanced Sales and Leasing of Industrial Property; Relations to the Public and Proper and Ethical Advertising; Advanced Real Estate Office Management and Administration; Real Estate Exchanging; State and Federal Tax Laws; Condominium Sales, Resales and Time-Sharing Programs; Advanced Real Property Management; New Home Subdivision Marketing. Any subjects other than those set out in §C of this regulation shall be in addition to, not substituted for, the minimum 135 clock-hour requirement. Courses required by this regulation are not interchangeable with the requirements for salesman established in Regulation .11 of this chapter. Also, the separate course for salesman required by Regulation .11 will not be accepted as satisfactory completion of the education requirements for broker as set forth in this regulation. Experience Requirement for Broker. An individual who demonstrates by evidence satisfactory to the Commission active, regular, and lawful engagement in real estate practice as a licensed salesperson or broker in good standing for at least the 3 years immediately preceding submission of the application in Maryland or any other jurisdiction of the United States, District of Columbia, or United States territories may be deemed to have satisfied the 3 years experience as a salesperson required for licensure as a broker. Waiver of Educational Requirement for Broker. An individual who demonstrates by evidence satisfactory to the Commission active, regular, and lawful engagement in real estate practice as a licensed real estate broker in good standing in a jurisdiction other than Maryland for at least 3 years immediately preceding submission of the application may be deemed to have satisfied the educational requirement for broker. Licensing Examination. An applicant for a broker’s license shall have 1 year from full completion of prelicensing education requirements to pass both portions of the broker licensing examination. An applicant who does not pass both portions of the licensing examination within 1 year of completion of the requirements shall complete a new set of prelicensing education requirements in order to be eligible to take or retake the examination. Application for Licensure. An applicant who has successfully completed both portions of the licensing exam shall apply for licensure within 1 year of successfully completing the exam in order for the applicant's test results to remain valid.