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17 terms

Maryland Real Estate Practice & Law

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MD Real Estate Brokers Act
Title 17 of the Business Occupations and Professions Article of the Annotated Code of Maryland, a statutory law that governs real estate brokerages.
Code of MD Regulations (COMAR)
Administrative law that includes regulations that govern the practive of real estate brokerages and implement the Brokers Act.
Common Law
Unwritten law founded by judges from the courts of appeal.
Statues
Laws established by legislative bodies, such as the Maryland General Assembly
Administrative Law
Regulations adopted by 1 of 18 Maryland's licensing boards, including the MD Real Estate Commission, that apply statues to particular situations, including real estate brokerages.
Maryland Real Estate Commission
The Maryland licensing board consisting of 5 licensed members and 4 consumer members that adopts and enforces the Code of Ethics and General Regulations in COMAR to implement the Brokers Act.
Real Estate Brokerage Services
Any service relating to selling, buying, exchanging, or leasing real estate, including collecting rent on its use and the business of subdividing land and selling the subdivided lots
Broker's designated name
The name under which the broker is operating, typically a company name.
Natural persons
Individuals who may hold Maryland real estate licenses.
3 Levels of MD Real Estate License
Broker, Associated Broker, Salesperson
4 Subtypes of MD Real Estate License
Resident, Nonresident, Reciprocal, Temporary/For Commercial Only (Broker only)
Associate Brokers
Individuals who have met the educational experience and testing requirements for becoming real estate brokers but who request licenses that authorize them to provide real estate brokerage services only under a broker with whom they affiliate as associate brokers.
Code of Ethics
Addresses licensees' relations with the client, the public, and with other licensees.
Nonresidential Property
Real property improved by 5+ single-family units, real property zoned for commercial, industrial, or nonresidential use, unimproved real property zoned for improvement as multifamily units other than single-family, condominiums, co-ops, or agricultural.
Intra-company agents
A subtype under dual agents in which pairs of licensees affiliated with and appointed by a broker to deliver client-level service in a real estate transaction listed with their company in a dual agency relationship.
Cooperating agents
A subtype of a seller's agent, serving as a subagents of the seller, representing the seller through and under the seller's listing broker.
Dual Agents
Firms that represent sellers and prospective purchasers in teh same property transaction.