WILLIAM DONALD SCHAEFER, Governor                       Ch. 3

"Real estate broker" § 16-101
"Trust money" § 16-501

16-507. MAINTENANCE OF RECORDS.

EACH REAL ESTATE BROKER SHALL MAINTAIN ALL RECORDS OF TRUST
MONEY IN A SECURED AREA WITHIN THE OFFICE OF THE BROKER.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-507.

The only changes are in style.

Defined terms: "Real estate broker" § 16-101
"Trust money" § 16-501

16-508. DISCIPLINARY ACTION.

IN ADDITION TO BEING SUBJECT TO DISCIPLINARY ACTION UNDER §§
16-322 AND 16-328 OF THIS TITLE, A REAL ESTATE BROKER, AN
ASSOCIATE REAL ESTATE BROKER, OR A REAL ESTATE SALESPERSON WHO
VIOLATES ANY PROVISION OF THIS PART I OF THIS SUBTITLE IS SUBJECT
TO ANY OTHER CIVIL OR CRIMINAL ACTION PROVIDED BY LAW.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-508.

The only changes are in style.

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

16-509. RESERVED.

16-510. RESERVED.

PART II. GENERAL MISCELLANEOUS PROVISIONS.

16-511. LIMITATION ON INTEREST OF ASSOCIATE BROKERS AND
SALESPERSONS IN CORPORATIONS AND PARTNERSHIPS.

(A)  CORPORATIONS.

NOT MORE THAN 49% OF THE OUTSTANDING VOTING STOCK IN A
CORPORATION THROUGH WHICH REAL ESTATE BROKERAGE SERVICES ARE
PROVIDED MAY BE HELD BY ASSOCIATE REAL ESTATE BROKERS OR REAL
ESTATE SALESPERSONS OR ANY COMBINATION OF ASSOCIATE BROKERS OR
SALESPERSONS.

(B)  PARTNERSHIPS.

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