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09.11.02 - Maryland Real Estate Commission - Pending Regulations

 

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 40, ISSUE 1,
FRIDAY, JANUARY 11, 2013

Subtitle 11 REAL ESTATE COMMISSION

09.11.02 Code of Ethics

Authority: Business Occupations and Professions Article, §17-207, Annotated Code of Maryland

Notice of Proposed Action
[13-004-P]

The Real Estate Commission proposes to amend Regulation .02 under COMAR 09.11.02 Code of Ethics. This action was considered by the Commission at a public meeting held on October 17, 2012, notice of which was given in accordance with State Government Article, §10-506(c), Annotated Code of Maryland.

Statement of Purpose

The purpose of this action is to clarify the licensure disclosure requirements in situations where a licensee buys, sells, or leases property on behalf of the licensee or of a family member or an employee of the brokerage with which the licensee is affiliated.

Comparison to Federal Standards

There is no corresponding federal standard to this proposed action.

Estimate of Economic Impact

The proposed action has no economic impact.

Economic Impact on Small Businesses

The proposed action has minimal or no economic impact on small businesses.

Impact on Individuals with Disabilities

The proposed action has no impact on individuals with disabilities.

Opportunity for Public Comment

Comments may be sent to Katherine Connelly, Executive Director, Real Estate Commission, 500 N. Calvert Street, 3rd Floor, Baltimore, MD 21202, or call 410-230-6227, or email to kconnelly@dllr.state.md.us, or fax to 410-333-0023. Comments will be accepted through February 11, 2013. A public hearing has not been scheduled.

Open Meeting

Final action on the proposal will be considered by the Real Estate Commission during a public meeting to be held on Wednesday, February 20, 2013, at 10:30 a.m., at 500 N. Calvert Street, 3rd Floor, Baltimore, MD 21202.

.02 Relations to the Client.

  A. — C. (text unchanged)
  D. Disclosure Requirement for Licensees and Employees Buying, Selling, Leasing, and Renting Property.
    (1) (text unchanged)
    (2) The disclosure requirement of §D(1) of this regulation also applies when the licensee is acting on behalf of or representing:
      (a) A member of the licensee’s immediate family; [or]
      (b) An entity in which the licensee has an ownership interest[.];
      (c) An employee of the real estate brokerage with which the licensee is affiliated; or
      (d) An employee of a team or group of which the licensee is a member.

    [(3) An employee of a real estate brokerage or of a licensee shall disclose that employment to the seller or lessor of the property in accordance with §D(1) of this regulation.]
    [(4)] (3) (text unchanged)
    [(5)] (4) The disclosure requirement of [§D(4)] §D(3) of this regulation also applies when the licensee is acting on behalf of or representing:
      (a) A member of the licensee’s immediate family; [or]
      (b) An entity in which the licensee has an ownership interest[.];
      (c) An employee of the real estate brokerage with which the licensee is affiliated; or
      (d) An employee of a team or group of which the licensee is a member.

    [(6) An employee of a real estate brokerage or of a licensee shall disclose that employment in accordance with §D(4) of this regulation.]
    [(7)] (5) Written notice required by [§§D(4), (5), and (6)] §§D(3) and (4) of this regulation may be given through the multiple list service and through any other written means effective in bringing the information to the attention of prospective buyers or lessees.
    [(8)] (6) (text unchanged)
  E. — I. (text unchanged)

J. NICHOLAS D’AMBROSIA
Chairman
Real Estate Commission