This subtitle does not limit the authority of the Commission to take: (1) any action against a licensee under the disciplinary provisions of Subtitle 3 of this title; or (2) any other action authorized under this title.
(a) The Commission shall: (1) establish a Real Estate Guaranty Fund; and (2) maintain the Guaranty Fund at a level of at least $250,000. (b) (1) The Commission shall deposit all money collected to the credit of the Guaranty Fund with the State Treasurer for placement into a special account. (2) (i) The State Treasurer may invest or reinvest money in the […]
(a) (1) Subject to paragraph (2) of this subsection, before the Commission issues a real estate broker license, an associate real estate broker license, or a real estate salesperson license to any individual, the individual shall pay a fee of $20 to be credited to the Guaranty Fund. (2) Regardless of how many times an individual applies to […]
(a) (1) Subject to the provisions of this subtitle, a person may recover compensation from the Guaranty Fund for an actual loss. (2) A claim shall: (i) be based on an act or omission that occurs in the provision of real estate brokerage services by: 1. a licensed real estate broker; 2. a licensed associate real estate broker; 3. a licensed real […]
A real estate broker shall include in each sales contract that is provided by the real estate broker a written notice to the buyer that the buyer is protected by the Guaranty Fund in an amount not exceeding $50,000.
(a) Each claim against the Guaranty Fund shall be made in accordance with this section. (b) Each claim shall: (1) be in writing; (2) be made under oath; (3) state the amount of loss claimed; (4) state the facts on which the claim is based; and (5) be accompanied by any documentation or other evidence that supports the claim.
(a) The Commission shall act promptly on a claim made under this subtitle. (b) Upon receipt of a claim, the Commission shall: (1) forward a copy of the claim: (i) to each licensee alleged to be responsible for the act or omission giving rise to the claim; (ii) to each unlicensed employee alleged to be responsible for the act or […]
(a) The Commission shall give the claimant and the licensee or unlicensed employee alleged to be responsible for the act or omission giving rise to the claim an opportunity to participate in the hearing before the Commission. (b) The Commission shall give notice of the hearing to: (1) the claimant; (2) each licensee alleged to be responsible for the […]
(a) If a claim against the Guaranty Fund alleges that the act or omission giving rise to the claim was performed by a licensed real estate broker, a licensed associate real estate broker, or a licensed real estate salesperson, the Commission shall join the proceeding on the claim with any disciplinary proceeding against the licensee under […]
(a) The Commission shall order payment of a claim by the Guaranty Fund if, on the hearing, the claimant: (1) proves that the claimant has a valid claim under this subtitle; and (2) presents evidence, satisfactory to the Commission, that the claimant is not: (i) the spouse of the licensee or the unlicensed employee alleged to be responsible for […]
(a) After payment of a claim by the Guaranty Fund, a licensee who the Commission finds responsible for the act or omission that gave rise to the claim shall reimburse the Guaranty Fund in full for: (1) the amount paid by the Guaranty Fund; and (2) interest on the amount paid by the Guaranty Fund at an annual […]
(a) If the Commission orders payment by the Guaranty Fund of a claim based on an act or omission for which a licensee is responsible, the Commission immediately and without further proceedings shall suspend the license of the licensee. (b) The Commission may not reinstate a license that is suspended under this section until the individual whose […]
