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MA Real Estate Law and Regulations Questions and Answers Graded A+ 2024
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MA Real Estate Law and Regulations Questions and Answers Graded A+ 2024
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MA Real Estate Law and RegulationsQuestions and Answers Graded A+ 2024
$500 - ANSWER-An unlicensed person operating illegally can be fined up to?
1) $300,000
2) $1,000,000 - ANSWER-The requirements of 254 CMR 2.00(12) will be satisfied if the
LLC or LLP maintains insurance sufficient to provide coverage of at
least_________________ for each claim with an aggregate top limit during any year for
at least _____________?
1) $50,000
2) The number of individual licensees employed, or officers of, the LLC.
3) $150,000
4) The number of individual licensees employed, or officers of, the LLC. - ANSWER-The
insurance shall be in an amount for each claim of at least___________ multiplied by the
___________ and in an aggregate amount of at least___________ multiplied
by______________________?
1) A copy of any check, money order and written cash receipt for any fees made by the
tenant for at least 3 years - ANSWER-What else should the brokers maintain a copy of
regarding the apartment rental?
1) A person doing business for himself or his regular employee
2) A manager of real estate (salaried)
3) A licensed auctioneer - ANSWER-In accordance with the law who in the Real Estate
business does NOT require areal estate license (1-3)?
1) A ready, willing and able buyer
2) A binding contract between seller and purchaser
3) Closing of title by the purchaser - ANSWER-The 1975 "Tristram's Landing" case in
Massachusetts defined three elements that a broker must satisfy in order to claim a
commission. What are they?
1) Address Reporting
2) Broker Employee
3) Business Name
4) Display of license
5) Single license requirement - ANSWER-Which violation may result in the suspension,
revocation or discipline of a real estate license (1-5)?
1) Be employed or affiliated with a license broker for at least 3 years.
2) Be employed or affiliated with a licensed broker for a minimum of 25 hours per
calendar week
, 3) Obtain licensure as a broker within two years of the date that such employment or
affiliation as a real estate salesperson is terminated - ANSWER-A salesperson seeking
licensure as a real estate broker must?
1) By majority vote
2) In writing
3) Give reasons for action. - ANSWER-How are the Board's decision made?
1) each check deposited into and withdrawn
2) Three years - ANSWER-Each broker must also keep a copy of_________________
from the escrow account for a period of_______ from the date of issuance?
1) It can make rules which are not inconsistent with law
2) Has a seal
3) Must submit an itemized budget each year to the Governor - ANSWER-What can the
Board do and must do ?
1) Maintain records documenting the attendance of individuals - Names, the dates on
which they attended and the date on which they completed the course. - ANSWER-
What is required from the school's authorized agent (1)?
1) Misrepresentation (Knowingly)
2) Acting in Dual capacity of a broker and undisclosed principal in the same transaction
3)Acting for more then one party in the same deal without both parties knowing about it
- ANSWER-What are the grounds for punishment by the Board which can result in
suspension, revocation or refusal to renew any license
(1-3)?
1) Must hold a current Broker's license issued by the Board
2) Must have a minimum of two years of work experience as a broker involving at least
25 hours per week - ANSWER-What are the instructor qualifications for teaching at an
authorized school (1-2)?
1) Names, addresses, and license numbers
2) commencement of such association or affiliation
3) termination of such relationship - ANSWER-Notification to Board of Affiliation.
Brokers must provide the Board with ___________1________ of all brokers and
salespersons engaged by them at the ___2___________and must also notify the Board
of the _____3______________ at the time such realtionship is terminated
1) Negligence
2) Wrongful acts
3) Error and omissions - ANSWER-The insurance must cover?
1) One individual
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