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Contents Preface XX Acknowledgments XX chapter 1 Maryland Real Estate License Law and Related Regulations 1 Overview 1 History and Sources of Maryland License Law xx Definitions of Terms xx Licenses Issued by the Commission (Title 17, Subtitle III) xx The Maryland Real Estate Commission [??17-201-17214] xx Requirements for Licensure [?17-305) xx License Term, Transfer, and Renewal [?17-314] xx Processing Complaints xx Real Estate Guaranty Fund (Title 17, Subtitle IV) xx Prohibited Acts [?17-322]) xx Prohibited Acts Punishable by Imprisonment xx Real Estate Brokerage Practice in Baltimore City xx Maryland Securities Act xx Real Estate Appraisers Act xx Building Inspections xx Changes in the License Law and Regulations xx chapter 2 Real Estate Agency XX Overview xx Brokerage and Agency: Not Always the Same xx Agency xx The Challenge of Dual Agency xx A Firm's Agency Options in Representation xx Categories of Representation [?17-530] xx Pesumed Buyer's Agency Relationship [?17-533] Agency Disclosure: Understanding Whom Real Estate Agents Represent xx The Client's Right of Confidentiality [?17-532] xx Agency Relationship Not Determined by Which Party Pays [?17-534] xx Disclosure and Fairness [COMAR 09.11.02.02 A] xx chapter 3 Real Estate Brokerage XX Overview xx Brokerage [?17-101] xx Organization of Brokerage Firms [?17-321] xx Supervision [?17-320 and COMAR 09.11.05] xx Personal Assistants xx Sales of Commission Disputes xx Places of Business-Offices [?17-517] xx Disclosure of Licensee Status and of Team Relationships xx Advertising xx Funds of Others Held in Trust (Title 17, Subtitle V, Part I) xx chapter 4 Licensing Agreements and Buyer Representation Agreements XX Overview xx Residential Brokerage Agreeements xx Other Provisions xx Listing Agreement Property Information xx Residential Property and Disclosure and Disclaimer Form [Real Property Article 10-702] xx Termination of Agreement [?17-322(10), ?7-534] xx Determining Amount and Distribution of Brokerage Fees xx Local Requirements xx Out-of-State Listings xx chapter 5 Interests in Real Estate XX Overview xx Agricultural Land Preservtion Easement xx chapter 6 How Ownership is Held XX Overview xx Forms of Concurrent Ownership (Co-ownership) xx Condominiums [Real Property Article, Title 11] Time-Share Ownership xx Maryland Cooperative Housing Corporation Act [Corporations and Associations Article, Titles 5-6B] Maryland Homeowners Association Act [Real Property Article ?11B] xx Cancellation Periods xx chapter 7 Legal Descriptions XX Overview xx Examples of Legal Descriptions Used in Contracts xx Location Drawings and Boundary Surveys xx Subdivision Plats xx chapter 8 Rea; Estate Taxes and Other Liens XX Overview xx Assessment xx Payment xx Property Tax Relief xx Transfer and Recordation Taxes xx Corporate Franchise Tax xx Property Tax Assessments, Agricultural Use xx Ad Valorem Tax Delinquency and Redemption xx Mechanic's Liens xx chapter 9 Real Estate Contracts XX Overview xx General Contract Rules: Competency, Statute of Frauds, Limitation of Actions xx Contracts for the Sale of Real Estate xx Option Agreements xx Construction Contracts xx New HOme Warranties and Deposits xx Installment Contracts xx Disclosure Requirements of Initial Sales of Condomminiums xx Residential Property Disclosure and Disclaimer Statement xx Powers of Attorney xx Duties and Obligations of Licensees xx Equitable Title and Risk Loss xx Residential Sales Contract Provided for Maryland Realtors? xx chapter 10 Transfer of Title XX Overview xx Trasnfer of Title by Descent xx Transfer of Title by Action of Law xx Transfer of Title by Will xx Transfer of Title by Deed xx Taxes on Conveyances xx Agricultural Transfer Tax xx Maryland Uniform Transfers (Gifts) to Minors Act xx chapter 11 Title Records XX Overview xx Details of Redordation xx Title Evidence xx Prerequisites to Recording xx Uniform Commercial Code xx chapter 12 Real Estate Financing XX Overview xx Note to Student xx Mortgage and Deed of Trust Loans xx Default, Foreclosure and Deficiency xx Mortgage Interest Rateas Limits; Prepayment xx Mortgage Expense Accounts xx Discrimination xx Ground Rent-FHA/VA Loans xx Release of Mortage Lien xx Mortgage Presumed Paid xx Foreclosures and Trustee Sales xx Land Installment Contracts xx Junior Financing xx Residential Property Loan Notices xx chapter 13 Leases XX Overview xx Maryland Ground Rents xx Maryland Residential Leases xx Miscelleaneous Requirements xx Sales of Leases Premises xx Termination of Periodic Tenancies xx Prohibited Residential Lease Provisions xx Withholding Rent xx Lease Agreement Forms xx Retaliatory Evictions xx Peaceable and Quiet Entry xx Safety Requirements xx chapter 14 Environment Issues and Real Estate Transactions XX Overview xx Multiple Challenges xx Meeting the Challenges xx Multilevel Approaches xx Enforcement xx The Chesapeake Bay xx Filling of Wetlands Resisted xx Impact on Residential Real Estate xx Maryland Department of the Environment xx Lead Paint Poinsoning Reduction Act xx Federal Law Also Applies xx chapter 15 Fair Housing XX Overview xx Commission on Human Realtions xx Fair Housing Laws xx Discrimination in Housing xx Commercial Property xx The Real Estate Brokers Act xx Enforcement xx Discrimination in Financing xx HUD Fair Housing Advertising Guidelines xx The Maryland Statute xx Education Requirements xx chapter 16 Closing the Real Estate Transaction XX Overview xx Evidence of Title xx Settlements xx Closing and Tax Statements xx Evidence of Release xx appendix A Maryland Real Estate License Examinations XX appendix B Practice Exam XX appendix C Complaint Procedure XX appendix D Maryland Real Estate-Related Web Sites XX appendix E Documentation Required in Maryland Residential Real Estate Sales Transactions XX Answer Key xx Index xx
Library of Congress Subject Headings for this publication:
Real estate business -- Law and legislation -- Maryland.
Vendors and purchasers -- Maryland.
Real property -- Maryland.