Lesson 3: Real Estate Teams in Maryland

General Rules 

Certain rules apply to the formation and operation of real estate teams in the state of Maryland. These include:

• Teams may not have a team member who is also a licensed broker.
• Teams must conduct their brokerage activities from the brokerage office or branch which displays their licenses. 
• Teams may not select a name that includes terms that imply that the team offers brokerage services independent of their broker. Among others, such nonpermissible terms include "Real Estate Brokerage," and "Realty.”

Advertising Rules

Advertisements of a real estate team must contain the following elements:

1. The brokerage’s title—displayed in a way that is both clear and easy to see,
2. The name of one or more licensee on the team,
3. The broker or branch manager’s phone number.

Team Leaders

The leader of a real estate team must have at least three years of qualifying real estate experience. They must be either an associate broker or a salesperson. (An associate broker is a person who qualifies to be a broker but chooses to work under another brokerage.)

Team Supervision 

Real estate teams are required to actively maintain lists of the information of all licensees and employees working on their team. Team leaders are responsible for supervising the other members of their team. 

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Check for understanding!

Who is forbidden from being on a real estate team? Why?