§ 17-530. Disclosure of representation
West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: April 11, 2017
Effective: April 11, 2017
MD Code, Business Occupations & Professions, § 17-530
§ 17-530. Disclosure of representation
(a)(1) Except as provided in paragraphs (2) and (3) of this subsection, a licensee who participates in a residential real estate transaction as a seller's agent, buyer's agent, or a subagent shall disclose in writing that the licensee represents the seller or lessor or the buyer or lessee as provided in this section.
(b)(1) Except as provided in paragraph (2) of this subsection, the disclosure shall occur not later than the first scheduled face-to-face contact with the seller or lessor or the buyer or lessee.
(2)(i) If a licensee is holding a property open to the public, the licensee complies with the disclosure requirements of this section if the licensee displays, in a conspicuous manner, a notice to prospective buyers or lessees that the licensee present on the property represents the seller or lessor.
(c) In any residential real estate transaction involving a subagent, the subagent shall disclose in writing to the buyer or lessee as required under this section that the subagent represents the seller or lessor.
(d) In any residential real estate transaction that does not involve a subagent or buyer's agent, the seller's agent shall make the written disclosure to the buyer or lessee required under this section that the seller's agent represents the seller or lessor.
(e) In any residential real estate transaction that does not involve a seller's agent, the buyer's agent shall make the written disclosure to the seller or lessor required under this section that the buyer's agent represents the buyer or lessee.
(f) The written disclosure shall explain:
(3) that regardless of whom a licensee represents in a real estate transaction, the licensee has a duty to treat each party fairly and honestly, promptly present each written offer and counteroffer, respond truthfully to each question, disclose all material facts that are known or should be known relating to a property, and offer each property without discrimination;
Credits
Added by Acts 1989, c. 575, § 2. Amended by Acts 1990 c. 495; Acts 1990 c. 637. Renumbered from Business Occupations and Professions § 16-528 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 1994, c. 719, § 1, eff. Jan. 1, 1995. Renumbered from Business Occupations and Professions § 17-528 and amended by Acts 1998, c. 628, § 1, eff. Jan. 1, 1999. Amended by Acts 1999, c. 34, § 1, eff. April 13, 1999; Acts 2008, c. 282, § 1, eff. Oct. 1, 2008; Acts 2016, c. 311, § 1, eff. Oct. 1, 2016; Acts 2017, c. 62, § 1, eff. April 11, 2017.
MD Code, Business Occupations & Professions, § 17-530, MD BUS OCCUP & PROF § 17-530
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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