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§ 17-528. Definitions

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: October 1, 2019

West's Annotated Code of Maryland
Business Occupations and Professions
Title 17. Real Estate Brokers (Refs & Annos)
Subtitle 5. Miscellaneous Provisions (Refs & Annos)
Part III. Duties of Licensees
Effective: October 1, 2019
MD Code, Business Occupations & Professions, § 17-528
§ 17-528. Definitions
Currentness
In general
(a) In this Part III of this subtitle the following words have the meanings indicated.
Broker
(b) “Broker” means a licensed real estate broker, including a corporation, limited liability company, partnership, or sole proprietorship through which a licensed real estate broker provides real estate brokerage services under § 17-321 of this title.
Brokerage agreement
(c) “Brokerage agreement” means a written agreement between a broker and a client to provide real estate brokerage services under a brokerage relationship.
Brokerage relationship
(d) “Brokerage relationship” means a relationship under a brokerage agreement between a client and a broker who has been authorized by the client to provide real estate brokerage services in a residential real estate transaction.
Buyer’s agent
(e) “Buyer's agent” means a licensed real estate broker, licensed associate real estate broker, or licensed real estate salesperson who, in accordance with a written brokerage agreement, represents a prospective buyer or lessee in the acquisition of real estate for sale or for lease.
Client
(f) “Client” means a person who has entered into a brokerage agreement with a broker under a brokerage relationship.
Common source information company
(g)(1) “Common source information company” means any person that is a source, compiler, or supplier of information regarding residential real estate for sale or lease or other data.
(2) “Common source information company” includes a multiple listing service.
Confidential information
(h) “Confidential information” includes information that:
(1) the seller or lessor will accept a price or rent less than the price or rent as set forth in the brokerage agreement or will accept terms other than those contained in the brokerage agreement;
(2) the buyer or lessee is willing to pay a price or rent higher than the price or rent the buyer or lessee offered or will accept terms other than those contained in the offer of the buyer or lessee;
(3) discloses the motivation of a buyer, lessee, seller, or lessor or the need or urgency of a seller to sell, a buyer to buy, a lessee to lease, or a lessor to lease;
(4) discloses any facts that led the seller to sell, the buyer to buy, the lessee to lease, or the lessor to lease; or
(5) relates to the negotiating strategy of a client.
Dual agency
(i) “Dual agency” means each relationship in which a licensed real estate broker or branch office manager acts as a dual agent.
Dual agent
(j) “Dual agent” means a licensed real estate broker who acts as, or a branch office manager described in § 17-518(d) of this subtitle who has been designated by the licensed real estate broker to act as, an agent for both the seller and the buyer or the lessor and the lessee in the same real estate transaction.
Intra-company agent
(k) “Intra-company agent” means a licensed associate real estate broker or licensed real estate salesperson who has been designated by a dual agent to act on behalf of a seller or lessor or buyer or lessee in the purchase, sale, or lease of real estate.
Ministerial act
(l) “Ministerial act” means an act that:
(1) a licensee performs on behalf of a client before and after the execution of a contract of sale or lease;
(2) assists another person to complete or fulfill a contract of sale or lease with the client of the licensee; and
(3) does not involve discretion or the exercise of the licensee's own judgment.
Seller's agent
(m) “Seller's agent” means a licensed real estate broker who, in accordance with a written brokerage agreement, acts as the listing broker for real estate, or a licensed associate real estate broker or licensed real estate salesperson who is affiliated with the listing broker.
Subagent
(n) “Subagent” means a licensed real estate broker, licensed associate real estate broker, or licensed real estate salesperson who:
(1) is not affiliated with or acting as the listing real estate broker for a property;
(2) is not a buyer's agent;
(3) has a brokerage relationship with the seller or lessor; and
(4) assists a prospective buyer or lessee in the acquisition of real estate for sale or for lease in a nonagency capacity.
Timely
(o) “Timely” means a reasonable time under the particular facts and circumstances.

Credits

Added by Acts 1998, c. 628, § 1, eff. Jan. 1, 1999. Amended by Acts 2016, c. 311, § 1, eff. Oct. 1, 2016; Acts 2019, c. 381, § 1, eff. Oct. 1, 2019.
MD Code, Business Occupations & Professions, § 17-528, MD BUS OCCUP & PROF § 17-528
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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