Duties and Powers of the Maryland Real Estate Commission Graded A+

Duties and Powers of the Maryland Real Estate Commission Graded A+ What does the Maryland Real Estate Commission do? Enforces License Law, maintains and enforces the General Regulations and a Code of Ethics What are the Powers of the Real Estate Commission? Depending on the severity of the violation, commission can deny suspend or revoke a license -Penalties for Unlicensed real estate activity can be as high as $5,000 for the first offense -Specific acts can result in prison sentences What is the process of Complaints & Investigations? 1) Complaint Filed and forwarded to hearing panel 2) Licensee and sponsoring broker are notified of complaint 3) Hearing panel determines if its worth investigating 4) Investigate Services reports findings to the hearing panel 5) Hearing panel decides if hearing is necessary What is the Real Estate Guaranty Fund? Reimburses consumers for actual monetary losses associated with the actions of a real estate licensee Maintained by a one time fee from all new licensees Claims Against the Guaranty Fund? 1) Must be submitted in writing and sworn to under oath 2) 3 Year Time Limit to File 3) Max award is $50k for a single transaction 4) Consumers must try other remedies to collect damages before filing 5) Claimant must establish claim's validity 6) Payments made on licensee's behalf results in automatic license suspension 7) Licensee must reimburse funds plus interest and apply for reinstatement Hearings? -Licensee and sponsoring broker are given 10 days notice, and informed of possible penalties -Hearings are public and presided over by a judge -Hearing panel reviews judges recommendations and votes whether to accept -Hearing panel sends decision to both parties,