WILLIAM DONALD SCHAEFER, Governor                        Ch. 3

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-301.

The only changes are in style.

Defined terms: "Associate real estate broker" § 16-101

"Commission" § 16-101 "License" § 16-101

"Licensed real estate broker" § 16-101

"Person" § 1-101

"Provide real estate brokerage services" § 16-101

"Real estate" § 16-101 "Real estate broker" § 16-101

"Real estate salesperson" § 16-101 "State" § 1-101

16-302. SALE OF PROPERTY BY OWNER.

(A)  IN GENERAL.

AN INDIVIDUAL IS NOT REQUIRED TO HOLD A LICENSE UNDER THIS
SUBTITLE TO:

(1)  SELL, IN A CALENDAR YEAR, 6 OR FEWER UNIMPROVED
LOTS THAT THE INDIVIDUAL OWNS; OR

(2)  SUBDIVIDE AND SELL UNIMPROVED PROPERTY THAT THE
INDIVIDUAL OWNS FOR 10 YEARS OR MORE.

(B)  MEASUREMENT OF TIME.

TO MEASURE TIME UNDER SUBSECTION (A)(2) OF THIS SECTION, IF
THE OWNERSHIP OF PROPERTY PASSES BY INHERITANCE TO SUCCESSIVE
INDIVIDUALS, AN INDIVIDUAL WHO INHERITS THE PROPERTY MAY ADD THE
TIME THAT THE PROPERTY WAS OWNED BY PRECEDING INDIVIDUALS IN THE
LINE OF INHERITANCE TO THE TIME THAT THE PROPERTY IS OWNED BY
THAT INDIVIDUAL.

(C)  OWNERSHIP OF PROPERTY.

TO DETERMINE OWNERSHIP UNDER SUBSECTION (A)(2) OF THIS
SECTION, AN INDIVIDUAL SHALL BE CONSIDERED THE OWNER OF PROPERTY
THAT IS TITLED TO A CORPORATION IF:

(1)  DURING THE PERIOD IN QUESTION:

(I)  THE CORPORATION WAS WHOLLY OWNED BY THE
INDIVIDUAL OR THE HEIRS OF THE INDIVIDUAL; AND

(II)  THE INDIVIDUAL OR THE HEIRS OF THE
INDIVIDUAL WERE PERSONALLY LIABLE FOR ALL INDEBTEDNESS OR CLAIMS
RELATING TO THE PROPERTY; AND

(2)  THE INDIVIDUAL OR THE HEIRS OF THE INDIVIDUAL
REMAIN PERSONALLY LIABLE FOR ALL INDEBTEDNESS OR CLAIMS RELATING
TO THE PROPERTY THAT AROSE DURING THE PERIOD IN QUESTION.

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