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1. Who is paying the money is a completely separate issue from who is being represented. Being PAID by both parties does NOT create a dual agency. Dual agency is created when both parties are being represented, whether the commission or fee is being paid by the buyer, seller or both. A broker can only be paid by both with full written disclosure and written permission of both parties.
2. A salesperson cannot even show his or her own listing to a buyer that they are REPRESENTING. They would have to find another salesperson to work with the buyer on THAT TRANSACTION. Also, a licensee could still sell their own listing to a buyer customer, where the buyer has NOT yet signed a buyer agency contract.
4. Salespeople are no longer dual agents in Maryland. In a transaction where both the buyer and seller are being REPRESENTED by the same company, the broker or company would be the dual agent. The salespeople would be Intra-Company Agents (ICAs), and could still fully represent the buyer or seller. The license law requires different salespeople if both parties are being represented. A licensee can NOT show properties listed with his own company as a presumed buyer’s agent.
5. OK, if you’re stuck on the wording, Peck is buying the house on Pepper Street. Since Peter Piper works for a DIFFERENT Real Estate Company, he can SHOW the house as a presumed buyer’s agent without getting the agency disclosure signed. An agent can NOT write up an offer, or help someone negotiate as a presumed buyer’s agent, whether the house is listed with the same or different company, therefore, Peter Piper must get a written agency disclosure signed before writing the offer. And, just in case you didn’t know, the law doesn’t change, just because you are working with a friend.
8. A salesperson does an act of brokerage in the name of the broker, so if the broker can’t do an act of brokerage, the salesperson can’t do it in their name. The salesperson could, however, transfer to another company and work there.
9. The Maryland Real Estate Commission consists of nine members, FIVE of which are licensed in the real estate industry, and FOUR are from the consumers or public at large. All of the members are appointed by the governor. Licensees may join the BOARD, which is the trade association.
10. An Intra-Company Agent (ICA) can fully represent their buyer or seller in a transaction where both the buyer and seller are represented by the same company. There must be a different salesperson working with each party. The broker or company is a dual agent. Salespeople are no longer dual agents (not legally anyway).
11. A licensee selling a house must disclose any material fact that they know or SHOULD know about the property. Material facts would include anything physically wrong with a property, any structural problem, any environmental problem on the property or in the vicinity of the property, liens or pending liens, and legal items such as taxes or zoning concerns. Material facts would NOT include murder, suicide, natural death, felony, AIDS or HIV, the type of people that live in a neighborhood or crime in a neighborhood.
12. A licensee must complete ALL of their continuing education BEFORE renewing their license. If they cannot, they should put their license on inactive status until they can complete the requirement. If the license expires, they will have to pay a $100 fee to reinstate it. If the license is expired for more than four years, then they would have to take the state exam again. A licensee cannot carry continuing education credits from one term to the next.
13. An agent is obligated to deal fairly and honestly with ALL parties, even if a party is NOT being represented. An agent may NOT keep material facts about a property confidential, even if the seller asks the agent to do that. A seller is not always represented. It is possible for a buyer that is being represented to get help from the agent in buying a house that is not listed with a real estate company.
14. This is a double negative. “NONE are true...EXCEPT” means ‘Which one is true?’ Even if the seller fills out the Disclaimer statement, the agent is still obligated to disclose material facts that they know or should know about a residential property. The buyer must receive the Disclosure or Disclaimer Statement BEFORE they submit an offer. If they don’t receive it until after the contract is ratified, they have 5 days to rescind the contract. If 3 days go by and they still haven’t received the form, or if they don’t receive it at all, the contract is voidable by the buyer until they apply for a loan. This is still true, even if the seller does not use a real estate agent.
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