WILLIAM DONALD SCHAEFER, Governor                       Ch. 3

COMMISSION ONLY MAY CHARGE THE INDIVIDUAL ONCE FOR THE FEE
REQUIRED UNDER THIS SUBSECTION.

(B) ASSESSMENTS.

IF THE AMOUNT IN THE GUARANTY FUND FALLS BELOW $250,000, THE
COMMISSION SHALL ASSESS EACH REAL ESTATE BROKER, EACH ASSOCIATE
REAL ESTATE BROKER, AND EACH REAL ESTATE SALESPERSON A FEE IN AN
AMOUNT THAT WILL RETURN THE GUARANTY FUND TO A LEVEL OF AT LEAST
$250,000.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-403.

There are no changes.

Defined terms: "Associate real estate broker" § 16-101
"Commission" § 16-101 "Guaranty Fund" § 16-101
"License" § 16-101 "Real estate broker" § 16-101
"Real estate salesperson" § 16-101

16-404. CLAIMS AGAINST GUARANTY FUND.

(A) IN GENERAL.

(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;

REAL ESTATE BROKER;

3.  A LICENSED REAL ESTATE SALESPERSON; OR

4.  AN UNLICENSED EMPLOYEE OF A LICENSED

(II)  INVOLVE A TRANSACTION THAT RELATES TO REAL
ESTATE THAT IS LOCATED IN THE STATE; AND

(III)  BE BASED ON AN ACT OR OMISSION:

1. IN WHICH MONEY OR PROPERTY IS OBTAINED
FROM A PERSON BY THEFT, EMBEZZLEMENT, FALSE PRETENSES, OR
FORGERY; OR

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