Real Estate Brokers - Residential Real Estate Transactions - Transaction Brokers

SB 384 allows licensed real estate brokers, associate brokers, or salespersons in Maryland to act as "transaction brokers" in residential transactions - meaning they represent neither the buyer nor seller - only after obtaining written consent from all parties. The bill requires a standardized consent form explaining that the broker has no fiduciary duty to either party, may not disclose confidential information without permission, and that parties may seek separate representation. It applies to sales or leases of 1-4 family homes or residential-zoned land (excluding short-term leases under 125 days). The State Real Estate Commission must create and provide this plain-language consent form to all licensees.