§ 17-501
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/md/business-occupations-and-professions/17-501·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§17–501.
(a)In this Part I of this subtitle the following words have the meanings indicated.
(b)“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.
(c)“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.