Post on 18-Dec-2014
description
Massachusetts Real Estate License Law & Regulations
RE08RC08
Jody OBrien, CBR, GRI
Licensing RequirementsO Salesperson’s License
O Pre-license education – 40 hoursO Examination
O Brokers license O 3 year full time affiliation with a firmO 40 Hours of educationO Examination
Licensing Requirements
O ExceptionsO Massachusetts attorneyO Massachusetts law school studentO Reciprocity
Business EntitiesO Limited Liability Companies and Partnerships
O Insurance requirements
O General and Limited Partnerships
O Corporations
O Sole proprietorships
The Practice of Real EstateO Sale, lease, exchange of an interest in
real property – MGL Ch. 112, sec. 87PP
O Exemptions from license requirementO Property managers while acting under a contract
O Principals (buyer or seller)
O Developers selling their own property
O Check a License
Gifts and Inducements
O From brokers onlyO To principals (buyer/seller)O Agents prohibited from sharing
compensation with those who need to be licensed but are not.
DisclosuresO Agency disclosure 254 CMR 3:00 (13) a. Agency disclosure for real estate agents representing the seller or buyer.A real estate broker or salesperson shall provide to a prospective purchaser or seller of real estate a notice developed and approved by the board which clearly discloses the relationship of the broker or salesperson with the prospective purchaser or seller of the real estate. The notice, developed by the Board, shall be provided to a prospective purchaser or seller at the time of the first personal meeting between the prospective purchaser or seller and the broker or salesperson for the purpose of discussing a specific property.
Disclosures
O Agency DisclosureO TESTINGO FORMO Seller Agency Disclosure to
Buyer
Disclosures
O Dual and Designated AgencyO ConsentOUp front in ContractOStand alone before offer
O Notice
Disclosures
O RentalO Fee Disclosure to Prospective
TenantORHAOMAR
Disclosures
O Disclosure of all fees and
Commission
O Broker or salesperson personal
or familial interest
Handling Money
ODepositsO Accepted offersO Purchase and Sales agreements
Handling MoneyOEscrow funds
O Commingling prohibitedO Record keepingO Interest and non-interest bearing
accountsO Only brokers have the authority to
access funds
Handling Money
ODisputesO Purchase and sales agreement
to governO Interpleaders
Disciplinary AuthorityO MisrepresentationO Undisclosed principalO Undisclosed dual agentO Failing to account for or remit fundsO Paid commission to unlicensed personO Undisclosed commission
Disciplinary Authority
O Inducing a party to break a contractO Commingled fundsO Failed to provide purchase and salesO Discriminatory practicesO Net listingO Practicing while impaired
Disciplinary Authority
O Practicing while the license is expiredO Falsifying license applications and
license renewal applicationsO Failing to report a criminal conviction
Active/Inactive licenseO Continuing education requirementO Affiliations
O Notice to BoardO Salesperson must affiliate with BrokerO Inactive licensees prohibited from affiliating
O Referral fees O Inactive sales and brokers may collect referral fees
from Active brokersO Active salespeople may only be compensated by the
broker with whom they are affiliated
Professional StandardsOAddress reportingOBusiness NameODisplay of licenseORecord keepingOWISP
OAttorney Services
Professional Standards
O AdvertisingO Broker identificationO Salesperson prohibitedO Discrimination prohibited
Jody O’BrienThe RE/Education Company
Committed to Professionalism in Real Estate through Education
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