Ch. 3                                           LAWS OF MARYLAND

"BENEFICIAL OWNER" MEANS A PERSON, OTHER THAN THE OWNER OF
THE TRUST MONEY, FOR WHOSE BENEFIT A REAL ESTATE BROKER OR, ON
BEHALF OF A REAL ESTATE BROKER, AN ASSOCIATE REAL ESTATE BROKER
OR A REAL ESTATE SALESPERSON IS ENTRUSTED TO HOLD TRUST MONEY.

REVISOR'S NOTE: This subsection formerly appeared as Art.
56A, § 5-101(b).

There are no changes.

Defined terms: "Associate real estate broker" § 16-101
"Person" § 1-101 "Real estate broker" § 16-101
"Real estate salesperson" § 16-101
"Trust money" § 16-501

(C) TRUST MONEY.

"TRUST MONEY" MEANS A DEPOSIT, PAYMENT,   OR OTHER MONEY THAT

A PERSON ENTRUSTS TO A REAL ESTATE BROKER OR,   ON BEHALF OF A REAL

ESTATE BROKER, TO AN ASSOCIATE REAL ESTATE     BROKER OR A REAL
ESTATE SALESPERSON TO HOLD FOR:

(1)  THE BENEFIT OF THE OWNER OR BENEFICIAL OWNER OF
THE TRUST MONEY; AND

(2)  A PURPOSE THAT RELATES TO A REAL ESTATE
TRANSACTION INVOLVING REAL ESTATE IN THE STATE.

REVISOR'S NOTE: This subsection formerly appeared as Art.
56A, § 5-101(c).

The only changes are in style.

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

"Beneficial owner" § 16-501

"Person" § 1-101 "Real estate" § 16-101

"Real estate broker" § 16-101

"Real estate salesperson" § 16-101

16-502. HANDLING OF TRUST MONEY.

(A)  SUBMISSION TO BROKERS BY ASSOCIATE BROKERS AND
SALESPERSONS.

AN ASSOCIATE REAL ESTATE BROKER OR A REAL ESTATE SALESPERSON
WHO OBTAINS TRUST MONEY WHILE PROVIDING REAL ESTATE BROKERAGE
SERVICES PROMPTLY SHALL SUBMIT THE TRUST MONEY TO THE REAL ESTATE
BROKER ON WHOSE BEHALF THE ASSOCIATE REAL ESTATE BROKER OR THE
REAL ESTATE SALESPERSON PROVIDED THE REAL ESTATE BROKERAGE
SERVICES.

(B)  DEPOSITS BY BROKERS; RESTRICTED USE.

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