100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
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

 3 views  0 purchase
  • 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...

[Show more]

Preview 4 out of 165  pages

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TheeGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $27.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$27.99
  • (0)
  Add to cart