What Do You Know About Massachusetts Real Estate License Law? There are different aspects that make a house easy to sell, and safety is one of the most important aspects. Do you think you can sell any house In Massachusetts and know the rules regarding the real estate profession? The quiz below is perfect for seeing how true that is. Take it up as many times as you need.
Clients successfully represented
Attorney settling an estate
Builder of a subdivision
Employing broker only
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A smoke detector certificate from the fire department is needed
A 3 family home has a choice between hardwired or battery
A single family home must have hardwired
A single family has a choice about having detectors
An attorney
A friend who referred the listing
The appraiser in the sale
A cooperating office
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Have the seller remove the asbestos before the sale
Do not tell the buyer because it would break fiduciary duties with the seller
Tell the seller that the asbestos has to be removed before the property can be marketed
Disclose it to buyer
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Charging less than 5% commission on a sale
Failing to account for funds belonging to others
Discouraging a party from using an attorney
Giving legal advice
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Yes, because you must give at least three references to the buyer
Yes, because there is a conflict of interest
No, because the roofer did not pay you any money
No, because as a buyer's broker you are free to make recommendations
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He must be given at least 10 days written notice before a hearing
He is entitled to an attorney
In event of revocation of license, he has 20 days to appeal
His records may be subpoenaed
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Raise revenue
Control ethical conduct
Protect the public
Regulate realty selling
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Chairperson is selected annually
All members are appointed by the governor
Board consists of five members
All revenues received by the Board go to the state treasury
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Expiration of broker bond
Paying finder fee to an unlicensed person
Accepting commission from buyer and seller without the permission of both parties
Negotiating the commission
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7
10
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Temporary license is issued and is valid for one year from date of death
Party to whom license is issued must comply with state bonding requirements
The temporary license is non-renewable
All pending commissions are void
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Temporary license may be anyone approved by the Board
Temporary licensee must be related to deceased party
Temporary licensee must pass state exam within 60 days
Temporary licensee must have some prior realty experience
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Realty trade associations
Board of Registration
State Legislature
Office of Consumer Affairs
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10
20
30
40
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Board of Registration
National Association of Realtors
State Legislature
Department of Education
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Remain in effect for one year
Become part of state constitution for 5 years
Become permanent law
May be amended by the Board
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It may be interest-bearing
A separate escrow account is required for each transaction
It benefits buyer and seller
Accounts are subject to inspection by the Board or its agents
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