Maryland SB384 regulates the role of transaction brokers in residential real estate transactions, detailing their duties and limitations.

Maryland SB384 establishes guidelines for transaction brokers in residential real estate transactions, clarifying their duties and limitations. The bill defines a transaction broker as someone who provides brokerage services without representing either party in an agency relationship. It outlines the broker's duties, including acting honestly and fairly, accounting for trust money, exercising reasonable care, and complying with laws. The bill also mandates that transaction brokers cannot disclose confidential information without written consent from the parties involved.

Maryland SB384 regulates the role of transaction brokers in residential real estate transactions, detailing their duties and limitations.

Maryland SB384 establishes guidelines for transaction brokers in residential real estate transactions, clarifying their duties and limitations. The bill defines a transaction broker as someone who provides brokerage services without representing either party in an agency relationship. It outlines the broker's duties, including acting honestly and fairly, accounting for trust money, exercising reasonable care, and complying with laws. The bill also mandates that transaction brokers cannot disclose confidential information without written consent from the parties involved.