New Laws Effective October 1, 2016 - Real Estate Commission
House Bill 1453 and Senate Bill 824 Real Estate Licensees - Verification of Service Provider Licensing Status states that a licensee of the State Real Estate Commission need not verify that a specified service provider is currently licensed by the state to perform the services if the licensee offers the name of the service provider to a client in the provision of real estate brokerage services. It also requires that, if a licensee offers the name of a home improvement contractor to a licensee, the licensee verify annually that the home improvement contractor is licensed by the Maryland Home Improvement Commission. View the text of the bill. We are in the process of updating our regulations to conform to this new law.
House Bill 1469 Real Estate Brokers - Agency Relationships in Residential Real Estate Transactions - Disclosure and Consent Requirements makes significant changes to the laws governing agency relationships in residential real estate transactions. It removes presumed buyer’s agency and makes changes to the definitions of the terms buyer’s agent, dual agent, intra-company agent, and seller’s agent. It also specifies when, and in what form, agents must disclose who they represent. Further, it requires that a certain notice be displayed at an open house. View the text of the bill. We are in the process of updating our regulations to conform to this new law.
House Bill 747 Real Estate Brokers - Licensure Requirement - Exemption for Lawyers limits an existing licensing exemption for lawyers by requiring that the lawyer is authorized to practice law in the state and is providing real estate brokerage services while representing another person during the course of the lawyer’s regular practice of law. View the text of the bill.