Brokerage
Relationships
Relationships
This type of agency allows a brokerage to represent both buyer and seller in the same transaction with proper written consent.
What is dual agency?
This Maryland state agency regulates real estate licensees.
What is the Maryland Real Estate Commission?
This document establishes a broker’s right to earn a commission when a property sells.
What is a listing agreement?
In Maryland, this relationship requires written consent from both parties before one brokerage can represent both sides.
What is dual agency?
This broker has overall responsibility for supervision of affiliated licensees.
What is the principal broker?
This brokerage relationship is created automatically when a licensee gives advice to a buyer without a written agreement.
What is implied agency?
In Maryland, this age is the minimum requirement to obtain a real estate salesperson license.
What is 18 years old
Earnest money must be placed into this type of account
What is a trust (escrow) account
This duty requires licensees to keep client information confidential even after the agency ends.
What is confidentiality?
A written office policy manual primarily serves this purpose.
What is to establish procedures and ensure compliance with law?
In Maryland, this required form explains brokerage relationships before a client shares confidential information.
What is the Understanding Whom Real Estate Agents Represent form?
A Maryland salesperson must be affiliated with this type of broker to practice real estate.
What is a licensed real estate broker (principal broker)?
This type of listing guarantees the broker a commission regardless of who sells the property.
What is an exclusive right to sell listing?
This is required before a licensee may act as a dual agent in Maryland.
What is informed written consent?
This policy helps prevent discriminatory practices in brokerage operations.
What is fair housing policy?
This type of broker supervises licensees and is legally responsible for brokerage activities.
Who is the principal broker?
This Maryland law requires licensees to deposit trust money promptly into an escrow account.
What is the Maryland Real Estate Brokers Act?
Commingling occurs when a broker mixes client funds with this.
What are personal or business operating funds?
This type of agent assists a buyer without representing them as a client.
What is a non-agent (facilitator)?
In Maryland, trust (escrow) account records must typically be retained for this minimum number of years.
What is 5 years?
When one brokerage represents the seller and another represents the buyer, this relationship exists.
What is designated agency?
The commission may impose this maximum penalty per violation for certain licensing law breaches (subject to statutory limits).
What is a civil fine (up to $5,000 per violation)?
This occurs when a broker converts escrow funds for personal use.
What is conversion (or misappropriation)?
Maryland law requires this disclosure if a licensee has an ownership interest in a property being sold.
What is disclosure of licensee interest?
This person may manage a branch office under the authority of the principal broker.
What is the branch office manager?