Module 8 Ma Licensing Law Flashcards
Who is the appointing authority for the members of the Ma Real Estate board?
The Governor
How many people are on the Real Estate board and how long does there term last?
There are 5 People on the board for a term of 5 Years
3 of those people are full time real estate professionals who have been active for at least 7 years. The other two are members of the general public and don’t have to be agents.
They must have at least 4 meetings
Powers of the Board
- Control the make up of the test questions
- Review of the licensing candidates
- Examination of records
- Conduct hearings and appeals
- Suspend Revoke, Refuse to Renew Licenses and reinstate
If your license is suspended how long do you have to turn in your license?
7 Days
The relationship between a buyer or a seller is with the broker and not the sales person or agent. True or False?
True the relationship is with the broker you are an agent of the broker working for the broker to assist the buyer or the seller.
Are you allowed to have both your sales persons license and your brokers license at the same time (Yes or No)
No you can only hold one or the other if you have your sales persons license when you pass your brokers license you will be forced to surrender you sales persons license at that time.
How long is a Real Estate license valid for?
2 years from your birthday
Does a corporation need to have a brokers license?
At least one of the Partners of the corporation needs to hold a brokers license and that license must be in there own name not the name of the corporation.
Eligibility for Licensing
- Paid all taxes
- Good moral standing
- Have you ever been arrested
- 18 Years old
- 40 Hours of Licensing
- Brokers Surety bond $5,000.00
- Working minimum number of 20 hours a week.
If an owner broker passes away how long can someone run the company before having to get there brokers license
If the owner broker passes away a one year temporary license will be granted to give someone time to get a license or for the company to finish all transactions before closing the business.
Can a trustee sell real estate that is in the trust that they are the trustee of with out the need of a real estate license (Yes or No)
Yes a trustee can sell any real estate that is in the trust that they are managing with out having to obtain a real estate license.
Can a public officer (employee) sell real estate with out having a license (Yes or No)
Yes as long as they are not obtaining a commission.
Can a power of attorney sell real estate with out a license (Yes or No)
Yes a power of attorney can sell real estate with out a license but can not Sign the deed.
Can an attorney sell real estate with out obtaining a real estate license (Yes or No)
Yes an attorney can sell real estate with out a license as long as they are not accepting a commission in addition to their fee. If they are looking for a commission they must obtain a brokers license
Can a bank or credit union how is acting as a fudusary sell real estate with out obtaining a license (Yes or No)
Yes a bank or credit union can sell real estate with out a license
Statutory requirements governing activities of licensees
- Advertising
- Salesperson Ads
- Discriminatory Ads
- Broker Salesperson relationship
- Independent Contractor VS. Employee
- Disclosure/ Conflict of Interest
- Commissions
- Agreement between the Principle and the Broker
- Handling of Documents
- Present all Offers
- Distribute contracts to all parties
- Handling of Moneys
- Return of Deposits along with interest
- Net Listings - Define = illegal
- Maintenance of place of business
- Public display of all licenses
- Record Keeping
- Board inspections
- Legal Advice - Its illegal to recommend against use of attorney
- Out of State Property - Has to register the property with the state & there is a fee
- Registration and disclosure
- ## Apartment listing services requirements - The state no longer monitors these services but still monitors agents and brokers but not services like apartments.com
What does the Sherman anti trust act govern?
Price fixing
Define: Procuring Cause
The effect that brings about the desired result. Under an open listing the real estate professional who is the procuring cause of the sale receives the commission
What 3 things changed as a result of Tristam’s landing vs Wait?
When a commission is due.
- broker brings a ready willing and able buyer
- A signed a contract to purchase which is signed by both parties
- A closing must occur.
Unless a wrongful act is committed by the seller.
Define: Designated agency
A process that accommodates an in house sale in which two different agents are involved. The broker designates one agent to represents the seller and one agent to represent the buyer.
Define: Attachment
When a broker is entitled to a commission and the seller refuses to pay. A writ of attachment may be filed against the seller’s property.
Masssachusetts Privacy and Security Laws:
Written information security program (wisp) in place to protect any personal information collected.
