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Code · Maryland · Business Occupations and Professions

§ 17-404

329 words·~1 min read·/md/business-occupations-and-professions/17-404·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§17–404.
(1)Subject to the provisions of this subtitle, a person may recover compensation from the Guaranty Fund for an actual loss.
(2)A claim shall:
(i)be based on an act or omission that occurs in the provision of real estate brokerage services by:
1. a licensed real estate broker;
2. a licensed associate real estate broker;
3. a licensed real estate salesperson; or
4. an unlicensed employee of a licensed real estate broker;
(ii)involve a transaction that relates to real estate that is located in the State; and
(iii)be based on an act or omission:
1. in which money or property is obtained from a person by theft, embezzlement, false pretenses, or forgery; or
2. that constitutes fraud or misrepresentation.
(b)The amount recovered for any claim against the Guaranty Fund may not exceed $50,000 for each claim.
(1)A person may not recover from the Guaranty Fund for any loss that relates to:
(i)the purchase of any interest in a limited partnership that is formed for the purpose of investment in real estate;
(ii)a joint venture that is promoted by a licensed real estate broker, a licensed associate real estate broker, or licensed real estate salesperson for the purpose of investment in real estate by 2 or more individuals; or
(iii)the purchase of commercial paper that is secured by real estate.
(2)A claim under the Guaranty Fund may not be made by:
(i)the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim; or
(ii)the personal representative of the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim.
(d)A claim under this subtitle shall be submitted to the Commission within 3 years after the claimant discovers or, by the exercise of ordinary diligence, should have discovered the loss or damage.
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