Section 17-501 - Definitions

(a) In this Part I of this subtitle the following words have the meanings indicated. (b) 'Beneficial owner' means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money. (c) 'Trust money' means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for: (1) the benefit of the owner or beneficial owner of the trust money; and (2) a purpose that relates to a real estate transaction involving real estate in the State.