Massachusetts Real Estate Salesperson License; Questions and Answer 100% Solved
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Course
MA Real Estate
Institution
MA Real Estate
Massachusetts Real Estate Salesperson
License; Questions and Answer 100% Solved
RE Salesperson License requirements? 18 years old, 40 hour class, pass the
exam, must
affiliate with a broker to practice and may not accept direct client payments
Broker's License requirements? 3 years salespers...
Massachusetts Real Estate Salesperson
License; Questions and Answer 100% Solved
RE Salesperson License requirements? ✔✔18 years old, 40 hour class, pass the
exam, must
affiliate with a broker to practice and may not accept direct client payments
Broker's License requirements? ✔✔3 years salesperson experience, 40 hour
class, pass the exam,
$5,000 bond and pay a fee.
What is MLS? ✔✔Multiple Listing Service. It's a marketing tool used by
Salespeople to show
their listings.
Difference between RE Salesperson and RE Broker? ✔✔Salesperson works for a
Broker. Broker
has at least 3 years experience, $5,000 Bond, 40 Hour Class and pass the Exam.
Cannot hold
both licenses at the same time. Broker can operate independently, accept direct
client payments
, Massachusetts Real Estate Salesperson
License; Questions and Answer 100% Solved
and handle Escrow Funds.
Define Realtor? ✔✔It is National, not state and is optional. NAR (National Assoc.
of Realtors)
Largest Trade Assoc. and one of the most powerful lobbying groups in North
America. Pay a fee
to join your local chapter (MAR).
Also, if a Broker is a Realtor, all Salespeople/Agents associated with the office
must be Realtors
as well.
What is an Escrow Fund/Trust Accounts? ✔✔1. Special bank accounts for
holding Client's
deposits to be handled by Broker only. 2. Brokers may have only one Escrow
account.
3. Commingling is strictly forbidden.
4. No Salesperson Access.
, Massachusetts Real Estate Salesperson
License; Questions and Answer 100% Solved
5. Interest not mandatory but if yes the client must agree who gets it in writing.
(Statute of Fraud)
6. Brokers must maintain Escrow Records (copies of checks, dates, transaction
info) for 3 years
which the RE Board may inspect at any time.
7. Conversion of a deposit into commission requires written permission from
both parties. If not,
can result in loss of license.
8. Court order needed to remove funds if there is a dispute.
State Law -v- Federal Law? ✔✔Fed=US/State=Massachusetts State law builds on
Fed law and is
more specific. In a conflict, Fed law usually wins.
Who needs a RE License? ✔✔Anyone who does any of the following for a fee:
Advertises,
, Massachusetts Real Estate Salesperson
License; Questions and Answer 100% Solved
holds herself out as engaged in the biz of selling, renting, leasing, negotiation,
exchanging,
purchasing and dealing in RE or options for RE.
Where do licenses come from? ✔✔State Legislature creates the laws about
licenses. The Board
of Registration of RE & Salespersons deals with issuing licenses and rule
administration and
enforcement. The Board is part of the Division of Professional Licensure.
Why do we have licenses? ✔✔To protect the public, for the public good. Much
of the
Government's ability to regulate private transactions stems from Police Power
which is the right
of the Gov to enact laws to protect the public.
Who makes up the Board of Registration of RE & Salespersons? ✔✔- 5 Member
Board est. in
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