Questions & Answers MSBR has been receiving from agents:
How will agents communicate commission splits with the title companies? Agents can e-mail the information. The Settlement companies do not require written documentation, an e-mail is just fine.
Foreclosures: Agent deals mostly with banks and asset managers- do they still need to get the Listing agreement addendum signed before Aug. 14th? Yes, they would still need to get the amendment signed.
Are commissions negotiable up to and including at the settlement table? Yes
Why hasn’t the Maryland Real Estate Commission come out and made comments or suggestions about these changes?
MREC is in charge of enforcing Maryland law – not the terms of the settlement agreement. Thus, the settlement agreement changes are not of their concern.
Are licensees required to have written agreements before showing a home or is this just a REALTOR requirement?
The settlement only applies to Realtors. However, in Maryland, a licensee has had to have a written brokerage agreement in place before providing brokerage services which includes touring a home since 2017. So, yes, the licensee needs to have a written agreement in place before touring a home.
Answers from Taylor Kitzmiller, Esq. with Maryland REALTORS