Maryland Business Occupations and Professions Section 17-404
§ 17-404.
  (a)   (1)   Subject to the provisions of this subtitle, a person may recover compensation from the Guaranty Fund for an actual loss.
    (2)   A claim shall:
      (i)   be based on an act or omission that occurs in the provision of real estate brokerage services by:
        1.   a licensed real estate broker;
        2.   a licensed associate real estate broker;
        3.   a licensed real estate salesperson; or
        4.   an unlicensed employee of a licensed real estate broker;
      (ii)   involve a transaction that relates to real estate that is located in the State; and
      (iii)   be based on an act or omission:
        1.   in which money or property is obtained from a person by theft, embezzlement, false pretenses, or forgery; or
        2.   that constitutes fraud or misrepresentation.
  (b)   The amount recovered for any claim against the Guaranty Fund may not exceed $25,000 for each claim.
  (c)   (1)   A person may not recover from the Guaranty Fund for any loss that relates to:
      (i)   the purchase of any interest in a limited partnership that is formed for the purpose of investment in real estate;
      (ii)   a joint venture that is promoted by a licensed real estate broker, a licensed associate real estate broker, or licensed real estate salesperson for the purpose of investment in real estate by 2 or more individuals; or
      (iii)   the purchase of commercial paper that is secured by real estate.
    (2)   A claim under the Guaranty Fund may not be made by:
      (i)   the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim; or
      (ii)   the personal representative of the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim.
  (d)   A claim under this subtitle shall be submitted to the Commission within 3 years after the claimant discovers or, by the exercise of ordinary diligence, should have discovered the loss or damage.