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§ 17-321. Form of business organization for real estate brokers

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 17. Real Estate Brokers (Refs & Annos)
Subtitle 3. Licensing (Refs & Annos)
MD Code, Business Occupations & Professions, § 17-321
§ 17-321. Form of business organization for real estate brokers
Currentness
Corporations, limited liability companies, or partnerships
(a) Subject to the provisions of this section, a licensed real estate broker may provide real estate brokerage services through a corporation, limited liability company, or partnership.
Qualifications for providing services through business organization
(b) To qualify to provide real estate brokerage services through a corporation, limited liability company, or partnership, the licensed real estate broker:
(1) shall be employed by or have another contractual relationship with the corporation, limited liability company, or partnership;
(2) shall have been designated by the corporation, limited liability company, or partnership as the broker of the firm, to be individually responsible for the provision of real estate brokerage services through the corporation, limited liability company, or partnership; and
(3) shall submit notice to the Commission as provided in subsection (c) of this section.
Notice of intent to provide services through corporation or partnership
(c)(1) Before a licensed real estate broker may provide real estate brokerage services through a corporation, limited liability company, or partnership, the broker shall submit to the Commission a notice that states the broker's intent to provide services through a corporation or partnership. The notice shall include:
(i) the name of the real estate broker submitting the notice;
(ii) a statement that the named individual has been designated as the broker of the firm;
(iii) the address of the firm's principal place of business and of each proposed branch office;
(iv) any trade or fictitious name that the firm intends to use while conducting the business of the firm;
(v) a list of all the licensed associate real estate brokers and licensed real estate salespersons who will be affiliated with the broker of the firm; and
(vi) any other information that the Commission may require by regulation.
(2) The Commission may set by regulation procedures for maintaining current information about any corporation, limited liability company, or partnership through which real estate brokerage services are provided.
Real estate brokerage services through firm
(d)(1) An individual may provide real estate brokerage services through a firm only if:
(i) the individual is the licensed real estate broker who has been designated as the broker of the firm; or
(ii) the individual:
1. is licensed as an associate real estate broker or real estate salesperson to provide real estate brokerage services on behalf of the broker of the firm; and
2. continues to be affiliated with the broker of the firm.
(2) This subsection applies regardless of whether the individual is associated with the firm as a partner, officer, member, or shareholder or in any other capacity.
Responsibility for real estate brokerage services through firm
(e) An individual who serves as a broker of the firm under this section shall be responsible for the provision of real estate brokerage services through the firm and is subject to all of the provisions of this title regarding those services.
Liability for acts or omissions of officers, partners, employees, or agents
(f)(1) A corporation, limited liability company, or partnership that provides real estate brokerage services under this section is not, by its compliance with this section, relieved of any responsibility that the corporation, limited liability company, or partnership may have for an act or omission of its officer, partner, member, employee, or agent.
(2) An individual who provides real estate brokerage services through a corporation, limited liability company, or partnership is not, by reason of the individual's employment or other relationship with the corporation, limited liability company, or partnership, relieved of any individual responsibility that the individual may have regarding those services.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Amended by Acts 1993, c. 459. Renumbered from Business Occupations and Professions § 16-321 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994.
Formerly Art. 56A, § 4-321.
MD Code, Business Occupations & Professions, § 17-321, MD BUS OCCUP & PROF § 17-321
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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