J. Fisher [3] initiated the study of maximal quotient rings of semiprime PI-rings by noting that the singular ideal of any semiprime Pi-ring R is 0; hence there is a von Neumann regular maximal quotient ring $Q(R)$ of R. In this paper we characterize $Q(R)$ in terms of essential ideals of C = cent R. This permits immediate reduction of many facets of $Q(R)$ to the commutative case, yielding some new results and some rapid proofs of known results. Direct product decompositions of $Q(R)$ are given, and $Q(R)$ turns out to have an involution when R has an involution.