Maryland License Law
In Maryland, referral fees paid between licensees must be:
AKept confidential between the brokers
BDisclosed to all parties to the transaction✓ Correct
CApproved by MREC before payment
DSplit equally with the client
Explanation
Maryland law requires disclosure of any referral fees paid between licensees. Clients have the right to know about financial arrangements among their agents.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Community PropertyIn community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
State-Specific Concepts
License Law
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