Ch. 563

LAWS OF MARYLAND

(4)  AN AGENT OF A LICENSED REAL ESTATE BROKER OR OF
AN OWNER OF REAL ESTATE WHILE MANAGING OR LEASING THAT REAL
ESTATE FOR THE REAL ESTATE BROKER OR OWNER;

(5)  ANY PERSON IN NEGOTIATING THE SALE, LEASE, OR
OTHER TRANSFER OF A BUSINESS ENTERPRISE IF THE PROPOSED TRANSFER
DOES NOT INCLUDE ANY INTEREST IN REAL PROPERTY OTHER THAN A LEASE
UNDER WHICH THE BUSINESS ENTERPRISE OPERATES; OR

(6)  ANY PERSON TO SUBDIVIDE AND SELL UNIMPROVED
PROPERTY OWNED BY THAT PERSON IF THE PERSON MEETS THE
REQUIREMENTS OF § 4-302 OF THIS SUBTITLE.

SUBCOMMITTEE COMMENT: Subsection (a) of this section is new
language derived without substantive change from the
first clause of former Art. 56, § 217(a), which
prohibited an individual from providing real estate
brokerage services without a license. It is rephrased
in standard language used to state affirmatively that
an individual must be licensed to provide real estate
brokerage services.

Subsection (b)(1) of this section is new language
derived in part without substantive change from former
Art. 56, § 212(f)(3). The reference to a "financial
institution, as defined in Title 1 of the Financial
Institutions Article, or mortgage loan institution
incorporated under the laws of any state or of the
United States" is substituted for the former phrase
"[a]ny bank, trust company or mortgage loan
institution organized under the laws of this State or
the United States" to encompass all types of lenders
that may manage or sell property acquired in
connection with a mortgage foreclosure.

Subsection (b)(2) of this section is new language
derived without substantive change from former Art.
56, § 212(f)(6).

Subsection (b)(3) of this section is new language
derived without substantive change from former Art.
56, § 212(f)(5).

Subsection (b)(4) of this section is new language
derived in part without substantive change from the
first clause of former Art. 56, § 212(f)(9).

Subsection (b)(5) of this section is new language
added, at the request of the Commission, the
Department, and the Office of the Attorney General, to
provide an exception to the licensing requirement for
business opportunities brokers.

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