Tom is a licensed Maryland salesperson affiliated with Bay Area Realty. His broker, Lisa, is going on medical leave for four months and has temporarily closed the brokerage. Tom wants to continue working in real estate during this period. Which of the following options is available to Tom under Maryland law?
Correct Answer
A) Tom may transfer his license to another licensed Maryland broker and continue practicing under that broker's supervision
Under Md. Code Ann., Bus. Occ. & Prof. § 17-314 et seq., a Maryland salesperson must be affiliated with a licensed broker to engage in real estate brokerage activities. When a salesperson's supervising broker ceases operations or is unavailable, the salesperson's license becomes inactive. Tom's proper remedy is to transfer his license to another licensed Maryland broker through the MREC transfer process, at which point he may resume active practice under the new broker's supervision.
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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.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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