Massachusetts Continuing Education Course – 2 Credits. This course will review the rules, regulations and laws that apply to the practice of real estate in Massachusetts. Recently changed, updated and new laws will be discussed. We will review hazards and good business practices as well as risks and liabilities real estate agents should pay particular attention.

1. Massachusetts Real Estate
License Law & Regulations
RE08RC08
Jody OBrien, CBR, GRI

2. Massachusetts Real Estate
License Law & Regulations
www.mass.gov

3. Licensing Requirements
O Salesperson’s License
O Pre-license education – 40 hours
O Examination
O Brokers license
O 3 year full time affiliation with a firm
O 40 Hours of education
O Examination

4. Licensing Requirements
O Exceptions
O Massachusetts attorney
O Massachusetts law school student
O Reciprocity

5. Business Entities
O Limited Liability Companies and Partnerships
O Insurance requirements
O General and Limited Partnerships
O Corporations
O Sole proprietorships

6. The Practice of Real Estate
O Sale, lease, exchange of an interest in
real property – MGL Ch. 112, sec. 87PP
O Exemptions from license requirement
O Property managers while acting under a contract
O Principals (buyer or seller)
O Developers selling their own property
O Check a License

7. Gifts and Inducements
O From brokers only
O To principals (buyer/seller)
O Agents prohibited from sharing
compensation with those who
need to be licensed but are not.

8. Disclosures
O 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.

9. Disclosures
O Agency Disclosure
O TESTING
O FORM
O Seller Agency Disclosure to
Buyer

10. Disclosures
O Dual and Designated Agency
O Consent
O Up front in Contract
O Stand alone before offer
O Notice

11. Disclosures
O Rental
O Fee Disclosure to Prospective
Tenant
O RHA
O MAR

12. Disclosures
O Disclosure of all fees and
Commission
O Broker or salesperson personal
or familial interest

13. Handling Money
O Deposits
O Accepted offers
O Purchase and Sales agreements

14. Handling Money
O Escrow funds
O Commingling prohibited
O Record keeping
O Interest and non-interest bearing
accounts
O Only brokers have the authority to
access funds

15. Handling Money
O Disputes
O Purchase and sales agreement
to govern
O Interpleaders

16. Disciplinary Authority
O Misrepresentation
O Undisclosed principal
O Undisclosed dual agent
O Failing to account for or remit funds
O Paid commission to unlicensed person
O Undisclosed commission

17. Disciplinary Authority
O Inducing a party to break a contract
O Commingled funds
O Failed to provide purchase and sales
O Discriminatory practices
O Net listing
O Practicing while impaired

18. Disciplinary Authority
O Practicing while the license is expired
O Falsifying license applications and
license renewal applications
O Failing to report a criminal conviction

19. Active/Inactive license
O Continuing education requirement
O Affiliations
O Notice to Board
O Salesperson must affiliate with Broker
O Inactive licensees prohibited from affiliating
O Referral fees
O Inactive sales and brokers may collect referral fees
from Active brokers
O Active salespeople may only be compensated by the
broker with whom they are affiliated

20. Professional Standards
O Address reporting
O Business Name
O Display of license
O Record keeping
O WISP
O Attorney Services

21. Professional Standards
O Advertising
O Broker identification
O Salesperson prohibited
O Discrimination prohibited

22. Thank you for Attending
Jody O’Brien
The RE/Education Company
Committed to Professionalism in Real Estate through Education
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