Real Estate brokerage is govern by: ✔✔1. Satutory Law – Brokers Act “Title 17”
- 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 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 ✔✔- 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 license, 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 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 ✔✔-
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 Realestate commission consists of ✔✔9 members