Description

Course: 298-0703  Topic K  3.0 hrs    Instructor:  Brenda Kasuva, Real Estate Educator

Brief outline:

I. INTRODUCTION 

A. Effective Date of Original Law: January 1, 1999 Effective Date of Revision: October 1, 2023 Effective Date of most recent Statutory change regarding Brokerage Agreements: October 1, 2024 

B. Application of Law 

C. Definition of Terms  

II. GENERALLY APPLICABLE PROVISIONS OF LAW 

A. Required contents of a Brokerage Agreement. A Brokerage Agreement Shall:  

B. Commencement and Expiration of Brokerage Relationship  

C. Payment of Compensation DOES NOT create a brokerage relationship.  

D. Principles of Brokerage Relationships and Disclosures Requirements for Sellers S

E. Duties Owed by a Licensee to Client and Non-Client 

 F. Duties of Licensee Prior to Entering into a Brokerage Relationship and Following Expiration or Termination of the Brokerage Relationship.  

G. Specified Allowable Activities of Licensees  

III. DUAL AGENCY 

A. Single Licensee Dual Agency Prohibited  

B. Dual Agency within a Team 

C. Intra Company Agent; In Accordance with Real Property Article §17-530.1 1 

IV.NOTICE TO UNREPRESENTED PARTIES  

V. Residential Property Disclosure and Disclaimer Statement; Section §10-702 of the Real Property Article, Annotated Code of Maryland § 10-702 Summation