MA CEU Massachusetts real estate license law & regulations

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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.

Published in: Real Estate, Education, Business
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MA CEU Massachusetts real estate license law & regulations

  1. 1. Massachusetts Real Estate  License Law & Regulations RE08RC08 Jody OBrien, CBR, GRI
  2. 2. Massachusetts Real Estate  License Law & Regulations www.mass.gov
  3. 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. 4. Licensing Requirements O Exceptions O Massachusetts attorney O Massachusetts law school student O Reciprocity
  5. 5. Business Entities O Limited Liability Companies and Partnerships O Insurance requirements O General and Limited Partnerships O Corporations O Sole proprietorships
  6. 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. 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. 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. 9. Disclosures O Agency Disclosure O TESTING O FORM O Seller Agency Disclosure to Buyer
  10. 10. Disclosures O Dual and Designated Agency O Consent O Up front in Contract O Stand alone before offer O Notice
  11. 11. Disclosures O Rental O Fee Disclosure to Prospective Tenant O RHA O MAR
  12. 12. Disclosures O Disclosure of all fees and Commission O Broker or salesperson personal or familial interest
  13. 13. Handling Money O Deposits O Accepted offers O Purchase and Sales agreements
  14. 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. 15. Handling Money O Disputes O Purchase and sales agreement to govern O Interpleaders
  16. 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. 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. 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. 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. 20. Professional Standards O Address reporting O Business Name O Display of license O Record keeping O WISP O Attorney Services
  21. 21. Professional Standards O Advertising O Broker identification O Salesperson prohibited O Discrimination prohibited
  22. 22. Thank you for Attending  Jody O’Brien The RE/Education Company Committed to Professionalism in Real Estate through Education Blog www.reeducator.wordpress.com Presentation www.slideshare.net/ReEducationCompany Social Media www.twitter.com/reeducator www.youtube.com/msreeducator www.facebook.com/reeducator www.linkedin.com/in/reeductor

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