(Aug. 22, 2014) The Maryland Association of Realtors released information about a new regulation regarding real estate licensee “service recommendations.”
This regulation is now final and in effect as of Aug. 18.
All Realtors will need to verify the licensing status of any service providers they may recommend during a real estate transaction.
With the new regulation now final and in effect, real estate licensees must:
• Verify that the recommended individuals are licensed to perform those services by checking their licensing status;
• Give the customer or client an electronic link to the licensing information and the date on which the service provider’s licensing status was verified. (Most licensing information can be accessed at www.dllr.state.md.us/license/ and then choose the respective industry/profession on the right. Title agents are licensed by the Maryland Insurance Administration at www.mdinsurance. state.md.us.)
The Real Estate Commission has indicated that it is reasonable for a real estate licensee to verify contractor license status at least once a year.
The rule applies to “service providers including, but not limited to,
• a mortgage lender or mortgage broker,
• a real estate appraiser,
• a home inspector,
• a home improvement contractor,
• a plumber,
• an electrician
• or a heating/ ventilation/ air condition/ cooling (HVAC) contractor.”
— Lauren Bunting is a licensed realtor with Bunting Realty, Inc. serving Worcester and Wicomico counties