Important Regulatory Reminder-Service Recommendations

The Maryland Association of REALTORS (MAR) is disseminating the following information:

As reported in the Maryland Association of REALTORS Hot Sheet and the June Maryland REALTOR Magazine, the Maryland Real Estate Commission has adopted a new regulation that will require agents who recommend service providers to verify that the service provider is licensed by the State of Maryland.  The new regulation is now final and will take effect August 18, 2014.

Under the rule, if an agent chooses to recommend service providers in conjunction with the real estate transaction, the real estate licensee 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 checked.

The licensing status should be verified at least once a year.  The rule applies to “service providers, 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.”

Most licensing information can be accessed at http://www.dllr.state.md.us/license/ (Choose the respective Industry/Profession on Right).  Title agents are licensed by the Maryland Insurance Administration at http://www.mdinsurance.state.md.us.

Village Settlements, Inc. is proud to be your recommended service provider.