MASSACHUSETTS PORTION OF REAL ESTATE EXAM TEST QUESTIONS & ANSWERS VERIFIED 100% CORRECT
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Course
MASSACHUSETTS PORTION OF REAL ESTATE
Institution
MASSACHUSETTS PORTION OF REAL ESTATE
Licensing Requirement: License Term and Renewal 87XX - 1. Individual license:
A. Original: 2 yrs from licensee's next bday after issue
B. Renewal: every 2 yrs on licensee's bday
C. Business (CSAP) License: Valid for 2 yrs from date of issue and are renewable every 2 yrs
2. Business (CSAP) licen...
MASSACHUSETTS PORTION OF REAL ESTATE EXAM TEST Licensing Requirement: License Term and Renewal 87XX - 1. Individual license: A. Original: 2 yrs from licensee's next bday after issue B. Renewal: every 2 yrs on licensee's bday C. Business (CSAP) License: Valid for 2 yrs from date of issue and are renewable every 2 yrs 2. Business (CSAP) license: A. Original : 2 years B. Renewal : every 2 years A SALESPERSON LICENSE - 1. DOES HAVE TO BE DISPLAYED 2. DOES NOT HAVE TO BE HELD BY THE EMPLOYING BROKER 3. DOES NOT HAVE TO BE RETURNED TO THE BOARD WHEN THERE IS A CHANGE IN BUSINESS ADDRESS. Advertising notice of registration - Once the board registers an out of state real property development the owner or developer of such development must note, in a form to be determined by the board, the fact of such registration in all its subsequent advertisements in the commonwealth Agency disclosure requirement - Purpose: to inform prospective purchasers or buyers of real estate of the relationship of real estate brokers and sales persons with prospective purchasers or sellers of the real estate Disclosure procedure: A. Notice form must be bored approved B. Notice must be given at licensees first meeting with the prospective purchaser or seller C. Purchaser or seller must be requested by the licensee to sign the disclosure notice or to indicate a reason for refusal D. The original notice must be given to the purchaser or seller and a copy maintained by the licensee for a period of three years **NOTE = disclosure notice is not required at open house showings of real estate, provided that agency relationship is disclosed by a sign, poster or handout material 3. Disclosure of dual agency= when a broker or salesperson represents both of the purchaser and seller in the same transaction, The licensee must provide a written notice to the purchaser and seller informing them of the consensual dual agency and also com ply with the agency disclosure requirement. Apartment listing service requirement - 1. Purpose = to protect the public from being harmed as a result of the activities of rental listing services, which charge fees for providing apartment listings 2. Customer assurances= A. That the listings are legitimate B. That the listings conform to the customers requirements C. That the listings are currently available to renters Broker requirements and limitations - 1.broker may not employee or pay a fee to unlicensed person 2. Broker is responsible for sales person license law limitations 3. Broker must notify the board of the names addresses and lyses number of all brokers or sales person hired by him 4. A broker may not hire sales person while employed by another broker 5. The license of a real estate broker who is employed by another real estate broker must show as his or her business address the business address of the broker by Whom he or she is employed Broker requirements and limitations relative to hiring salespersons or brokers - 1. Broker cannot employ or pay fee to unlicensed salesperson/broker. 2. Broker employed by another broker shall not employ or be affiliated with any salesperson with the business entity 3. Broker is responsible for salespersons license law violations 4. Broker shall display a copy of their license in a conspicuous location that is readily observable to the general public 5. A broker shall not act as a salesperson and salesperson shall not act as a broker 6. Broker operating under a business or trade name must give written notice to board. 7. Broker must notify the board of the names, addresses, and license numbers of all brokers/salesperson working under him/her. 8. Broker may not employ salesperson currently working under another broker 9. The license of a real estate broker who is employed by another broker must show as his/her business address the business address of the broker by whom he/she is employed. 10. Brokers shall furnish the board with the names, addresses, and license numbers of all brokers/salesperson engaged by them at the commencement of such assoc./affiliation and shall further notify the board of the termination of such relationship at the ti me such relationship is terminated
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