Lauren Bunting Associate Broker

Consumers protected from misconduct with Guaranty

Thursday, January 14, 2021, Lauren Bunting

The Maryland Real Estate Commission is the regulatory agency that provides licenses to real estate brokers and agents.

Its office receives 400-500 consumer complaints annually.

Maryland Real Estate Commission is a special funded entity in which license fees fund its operations as well as the Real Estate Guaranty Fund.

Maryland Realtors have provided a good synopsis of the Guaranty Fund and it’s function.

The Guaranty Fund is in place to cover a consumer’s losses when a real estate licensee’s conduct results in a financial loss to a consumer. The consumer may seek recovery from the Guaranty Fund up to $50,000.

The Real Estate Guaranty Fund balance has varied over the years. In 2017, the Guaranty Fund balance was at $1.679 million.

Although the Maryland Real Estate Broker’s Act requires a licensee to reimburse the Guaranty Fund when the licensee’s conduct results in an award paid by the fund, the reality is that licensees who have harmed a consumer often fail to repay the fund.

The statute requires the fund to maintain a minimum balance of $250,000. Should the fund balance drop below $250,000, the commission is required to recapitalize the fund by imposing a surcharge on real estate license renewals.

The existence of the Real Estate Guaranty provides consumers with greater confidence to engage a real estate agent and complete the transaction.

The Guaranty Fund offers consumers an administrative remedy should a licensed real estate sales professional conduct him or herself in a manner that does not comply with Maryland law or regulation.

If not for the Real Estate Guaranty Fund, consumers would have no recourse other than a lawsuit against a negligent or intentional professional action by a licensed Maryland real estate broker or agent.

To function properly, the fund must remain solvent.

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Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don’t think that I would have gotten through this house selling process without you. You certainly have done yeomen du...

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Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke & Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achie...

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

Lauren’s extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home. We were beyond impressed by her persistence, dedication and how easy she ...

Allison Shockley & Patrick Molloy

We want to say a sincere “Thank You” for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process....

Mike and Patty Locke

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

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  • Atlantic Shores Sotheby's International Realty
  • Lauren Bunting Associate Broker
  • 7510 Coastal Highway | Ocean City, MD 21842
  • Office Phone: 410-524-0919
  • Cell: 410-422-9899
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