Ch. 563

LAWS OF MARYLAND

In item (2) of this subsection, new language is added
to clarify that to be an associate real estate broker,
one must hold an associate real estate license. This
differs from the terms "real estate broker" and "real
estate salesperson" which are defined solely in terms
of the functions that are performed by an individual,
without regard to whether the individual has met the
licensing requirements of this title.

The fourth clause of former Art. 56, § 212(a-l) is
deleted as erroneous. That clause indicated that
membership in a certain partnership or association or
the holding of an office in a certain corporation
could serve, in lieu of affiliation with a real estate
broker, as one of the requirements necessary to be an
associate real estate broker. In fact, one's status
in a business association has no relationship to the
licensing requirements under this title. See §
4-321(d) of this title.

Defined terms: "Affiliate" § 4-101

"License" § 4-101

"Licensed real estate broker" § 4-101

"Provide real estate brokerage services" § 4-101

"Real estate broker" § 4-101

(D)  COMMISSION.

"COMMISSION" MEANS THE STATE REAL ESTATE COMMISSION.

SUBCOMMITTEE COMMENT: This subsection is new language
derived without substantive change from former Art.
56, § 212(c).

The word "State" is added to the name of the
Commission to achieve uniformity among the names of
the business occupation boards that the proposed
Business Occupations Article will govern. The former
phrase "of Maryland" is deleted from the Commission
title to avoid use of the duplicative words "Maryland"
and "State" and to correspond with other board
designations used in the proposed Business Occupations
Article.

(E)  GUARANTY FUND.

"GUARANTY FUND" MEANS A REAL ESTATE GUARANTY FUND
ESTABLISHED BY THE COMMISSION UNDER § 4-402 OF THIS TITLE.

SUBCOMMITTEE COMMENT: This subsection is new language added
to provide an express definition of the term "Guaranty
Fund".

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