Section 17-528 - Definitions.
§ 17-528. Definitions.
(a) In general.- In this Part III of this subtitle the following words have the meanings indicated.
(b) Agency relationship.- "Agency relationship" means each relationship in which a licensee acts for or represents another person with the person's authority in a residential real estate transaction.
(c) Broker.- "Broker" means a licensed real estate broker, including a corporation, limited liability company, partnership, or sole proprietorship through which a licensed real estate broker provides real estate brokerage services under § 17-321 of this title.
(d) Brokerage agreement.- "Brokerage agreement" means a written agreement between a broker and a client to provide real estate brokerage services under a brokerage relationship.
(e) Brokerage relationship.- "Brokerage relationship" means an agency relationship under a brokerage agreement between a client and a broker who has been engaged by the client to provide real estate brokerage services in a residential real estate transaction.
(f) Client.- "Client" means a person who has entered into a brokerage agreement with a broker under a brokerage relationship.
(g) Common source information company.-
(1) "Common source information company" means any person that is a source, compiler, or supplier of information regarding residential real estate for sale or lease or other data.
(2) "Common source information company" includes a multiple listing service.
(h) Confidential information.- "Confidential information" includes information that:
(1) the seller or lessor will accept a price or rent less than the price or rent as set forth in the brokerage agreement or will accept terms other than those contained in the brokerage agreement;
(2) the buyer or lessee is willing to pay a price or rent higher than the price or rent the buyer or lessee offered or will accept terms other than those contained in the offer of the buyer or lessee;
(3) discloses the motivation of a buyer, lessee, seller, or lessor or the need or urgency of a seller to sell, a buyer to buy, a lessee to lease, or a lessor to lease;
(4) discloses any facts that led the seller to sell, the buyer to buy, the lessee to lease, or the lessor to lease; or
(5) relates to the negotiating strategy of a client.
(i) Ministerial act.- "Ministerial act" means an act that:
(1) a licensee performs on behalf of a client before and after the execution of a contract of sale or lease;
(2) assists another person to complete or fulfill a contract of sale or lease with the client of the licensee; and
(3) does not involve discretion or the exercise of the licensee's own judgment.
(j) Subagent.- "Subagent" includes a cooperating agent who acts on behalf of a client of another broker.
(k) Timely.- "Timely" means a reasonable time under the particular facts and circumstances.
[1998, ch. 628.]