(a) A broker appointed under § 14-711(b) of this subtitle to offer property for open-market sale shall file a report with the court not later than 7 days after receiving an offer to purchase the property for at least the value determined under § 14-707 or § 14-711 of this subtitle.

(b) A report required under subsection (a) of this section shall contain the following information:

(1) A description of the property to be sold to each buyer;

(2) The name of each buyer;

(3) The proposed purchase price;

(4) The terms and conditions of the proposed sale, including the terms of any owner financing;

(5) The amounts to be paid to lienholders;

(6) A statement of contractual or other arrangements or conditions of the broker’s commission; and

(7) Other material facts relevant to the sale.