§ 17–501
Statutes in effect as of October 1, 2026.
Md. Code Ann., Bus. Occ. & Prof. § 17-501 (2026)
Title 17. Real Estate Brokers
Subtitle 5. Miscellaneous Provisions
§ 17–501LinkCopy Citation
(a)
In this Part I of this subtitle the following words have the meanings indicated.
(b)
“Beneficial owner” means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.
(c)
“Trust money” means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:
(1)
the benefit of the owner or beneficial owner of the trust money; and
(2)
a purpose that relates to a real estate transaction involving real estate in the State.