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Massachusetts Real Estate Salesperson License; Questions and Answer 100% Solved $27.99   Add to cart

Exam (elaborations)

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...

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  • August 26, 2024
  • 165
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MA Real Estate
  • MA Real Estate
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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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