Sarah is a licensed Maryland real estate broker who has been found guilty of commingling client funds with her personal account. Under the Maryland Real Estate Brokers Act, which of the following sanctions can MREC impose on Sarah?
Correct Answer
D) Suspend or revoke her license and impose a civil monetary penalty
Under Md. Code Ann., Bus. Occ. & Prof. § 17-322, MREC may reprimand a licensee, suspend or revoke a license, impose a civil penalty of up to $5,000 per violation, and require completion of additional education. Commingling is a serious violation that commonly results in suspension or revocation plus civil monetary penalties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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