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09.11.01.00.htm 09.11.01.00. Title 09 MARYLAND DEPARTMENT OF LABOR Subtitle 11 REAL ESTATE COMMISSION Chapter 01 General Regulations Authority: Business Occupations and Professions Article, §17-208, 17-303, 17-306, 17-315, and 17-528, Annotated Code of Maryland
09.11.01.01.htm 09.11.01.01. 01 Amount of Brokerage Agreed Upon.. A. Each listing contract or sales contract shall state the amount of brokerage agreed upon, in either a specific amount or a specific percentage.B. The licensee may not accept a listing contract to sell real property that provides for a net return to the seller, leaving the licensee free to sell the real property at a price higher than the net price.
09.11.01.02.htm 09.11.01.02. 02 Broker as Principal and Agent.. A broker may not act as principal and agent in the same transaction without consent of all parties concerned.
09.11.01.03.htm 09.11.01.03. 03 Prior Acts or Conduct.. For administrative efficiency, renewal applications which are filed properly shall be processed automatically. Renewal of a license therefore may not affect the power of the Commission to bring charges for prior acts or conduct.
09.11.01.04.htm 09.11.01.04. 04 Failure to Renew License ― Repealed..
09.11.01.05.htm 09.11.01.05. 05 Submission of Credit Report.. An applicant for an original real estate broker's license shall submit a credit report from an approved credit reporting agency. The credit report shall include any judgments and local, state or federal tax liens of the applicant.
09.11.01.06.htm 09.11.01.06. 06 Records of Transactions.. If a licensee has custody or possession of money belonging to others, in the absence of proper written instructions from the parties involved in the transaction to the contrary, they shall be deposited and retained in a non-interest-bearing escrow account clearly designated as containing funds held for others.
09.11.01.07.htm 09.11.01.07. 07 Establishing an Escrow or Special Account.. A. A real estate broker shall maintain a non-interest-bearing escrow or special account and report the bank's name and account number to the Commission as soon as trust monies are received. If a licensee establishes another non-interest-bearing or special escrow account, changes the escrow account number, or transfers the account to another bank, the licensee shall notify the Commission in writing within 10 days after the action.
09.11.01.08.htm 09.11.01.08. 08 Change of Business Location.. When a licensed broker changes business location, the licensed broker shall notify the Commission in writing within 10 days.
09.11.01.09.htm 09.11.01.09. 09 Instruction in Real Estate Principles and Practices for Salespersons.. A. Course of Instruction.. 1) Every applicant for licensure as a real estate salesperson 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 Salespersons.2) This course of instruction shall be one of the following:. a) The Realtors Institute of Maryland (G. R. I. Co
09.11.01.10.htm 09.11.01.10. 10 Residential Listing Contracts to be in Writing and Signed.. All residential listing contracts, listing real property for sale, rental, lease, or exchange, either exclusive or open, shall be in writing and signed, and a copy of the contract shall be given to the seller or owner before the licensee advertises, shows, or offers the property.
09.11.01.11.htm 09.11.01.11. 11 Place of Business for Real Estate Broker.. The definite place of business required by Business Occupations and Professions Article, §17-507, Annotated Code of Maryland, shall be an office or headquarters where the real estate broker and the real estate broker’s employees regularly transact the business of a real estate broker. The records of the brokerage business, including the records of the escrow account, shall be kept in this office or headquarters. The Real
09.11.01.12.htm 09.11.01.12. 12 Instruction in Real Estate Principles and Practice for Brokers.. A. Course of Instruction.. 1) 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.2) This course of instruction shall be one of the following:. a) The Realtors Institute of Maryland (G. R. I. Courses "I" "II" "III" and
09.11.01.13.htm 09.11.01.13. 13 Failure to Respond.. A. If an applicant or licensee receives from the Commission a written communication requesting a response, the applicant or licensee shall respond in writing within 30 days of the date of the mailing.B. The Commission shall send a written communication by first-class mail to the last known address furnished to the Commission by the applicant or licensee.C. It is a responsibility of an applicant or licensee to notify the Commission in writing if there h
09.11.01.14.htm 09.11.01.14. 14 Instruction in Human Relations Aspect of Real Estate.. The basic course of instruction required of salesmen by Business Occupations and Professions Article, §17-303(d) Annotated Code of Maryland, shall include instruction in the human relations aspect of the practice of real estate, including study of fair housing laws and effect of undesirable practices, such as exploitation, steering, blockbusting, prejudicial solicitation, discriminatory practices, misleading advertising,
09.11.01.15.htm 09.11.01.15. 15 Amount of Compensation Recoverable from Real Estate Guaranty Fund.. The amount of compensation recoverable by a claimant from the Real Estate Guaranty Fund, pursuant to Business Occupations and Professions Article, Title 17, Subtitle 4, Real Estate Guaranty Fund, Annotated Code of Maryland, shall be restricted to the actual monetary loss incurred by the claimant, but may not include monetary losses other than the monetary loss from the originating transaction. Act
09.11.01.16.htm 09.11.01.16. 16 Use of Trade Names.. A. For the purpose of this regulation, the following terms have the meanings indicated.. B. Definitions.. 1) "Advertising" means all oral, written , and visual advertising done by the licensee or by others on behalf of the licensee including telephone solicitation by individuals or by machine.2) "Licensee" means a real estate broker, associate broker, or salesperson licensed by the Real Estate Commission.3) "Trade name" means trademark or service mark, c
09.11.01.17.htm 09.11.01.17. 17 Escrow Account Signators.. A real estate broker shall be a signator or at least one of the signators on checks which may be drawn on escrow accounts which, under Business Occupations and Professions Article, Title 17, Subtitle 5, Part I, Annotated Code of Maryland, this real estate broker is required to maintain at all times. This real estate broker may designate an alternate signator to sign checks, and this designated alternate signator shall be a licensee. A nonlicensed
09.11.01.18.htm 09.11.01.18. 18 Disposition of Deposit Monies Held by Licensees.. In any transaction in which a licensee has custody or possession of funds which belong to others, in the absence of a provision to the contrary, in the contract of sale, rental lease, option agreement, or other similar type of document, and a dispute arises as to the disposition of these funds by and between the parties to the transaction, the licensee shall:A. Hold these funds until he or she has releases s
09.11.01.19.htm 09.11.01.19. 19 Time Limitation for Filing Complaints.. The Commission may summarily dismiss any complaint brought against a licensee after 3 years from the date of the written listing contract, contract of sale, lease agreement, option, or actions upon which the complaint is based, unless the Commission finds that the complainant's delay in bringing the complaint was justified and that the delay does not result in an undue burden for the licensee.
09.11.01.20.htm 09.11.01.20. 20 Interest on Guaranty Fund Reimbursements.. A. Unless revoked by a final order of the Commission, a licensee is suspended by operation of law under Business Occupations and Professions Article, §17-412, Annotated Code of Maryland, upon payment from the Guaranty Fund due to the conduct of a licensee. The Commission may not consider any application for reinstatement until the amount paid from the Fund because of that conduct is repaid in full, plus 12 percent interes
09.11.01.21.htm 09.11.01.21. 21 Repealed..
09.11.01.22.htm 09.11.01.22. 20 Ownership Disclosure.. A. A licensee shall furnish to the Commission full information regarding an ownership interest held by the licensee in entities providing real estate brokerage services, together with the licensee's renewal application.B. A licensee acquiring or disposing of ownership interest in an entity providing real estate brokerage services during the licensing period shall furnish to the Commission full information regarding the resulting ownership i
09.11.01.23.htm 09.11.01.23. 23 Broker Supervision Course.. A licensee who is designated as a broker, branch office manager, or team leader shall complete a 3 clock-hour course that includes the requirements of broker supervision under COMAR 09.11.06.01B(8)i) within 90 days of the effective date of the designation if the licensee has not completed that course during the previous four years.
09.11.01.9999.htm 09.11.01.9999. Administrative History Effective dates:. Regulations .01―03 effective March 16, 1967. Regulation .04 amended effective May 12, 1976 (3:10 Md. R. 529). Regulations .05―07 effective March 16, 1967. Regulation .06 amended effective February 19, 1975 (2:4 Md. R. 227) repealed effective October 26, 1981 (8:21 Md. R. 1706)Regulation .06 adopted effective October 7, 1985 (12:20 Md. R. 1925). Regulation .07 amended effective June 15, 1987 (14:12 Md. R. 1349).
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