Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 17-102
Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 17-102
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal representative: includes an administrator and an executor. See
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(1) a person while acting under a judgment or order of a court;
(2) a public officer while performing the duties of office;
(3) a person while engaging in a single transaction that involves the sale or lease of any real estate under a power of attorney executed by the owner of the real estate;
(4) a licensed auctioneer while selling any real estate at public auction;
(5) an owner or lessor of any real estate while managing, leasing, or selling the real estate, unless the primary business of the owner or lessor is providing real estate brokerage services; or
(6) a person while acting in the capacity of:
(i) a receiver;
(ii) a trustee;
(iii) a personal representative; or
(iv) a guardian.