MASSACHUSETTS PORTION OF REAL ESTATE EXAM TEST SOLVED 100%

DUTIES AND POWERS OF THE BOARD OF REGISTRATION - Answer A. Examine Records B. Conduct Investigations C. Hold Hearings D. Chp 112 Section 87AAA: (complaints, investigations, revocation or suspension, grounds and penalities). POWERS OF THE BOARD REGARDING HEARINGS - Answer A. Summon witnesses and records B. Hear testimony under oath C. Take disciplinary actions D. Reconsider any decision and reissue or reinstate a license that has been refused NOTICE OF HEARING REQUIREMENTS - Answer A. 10 day notice in writing to all parties B. Notice must contain the grounds for the complaint and a copy of the complaint or charges DECISIONS OF THE BOARD - Answer A. Must be by majority vote & contain the basis for the boards action B. Must be sent to all parties concerned C. Must be reported to the attorney general RIGHTS OF THE ACCUSED AND CONDUCTS OF HEARINGS - Answer A. Hearings are conducted in a manner similar to a legal trial B. Accused may be represented by any attorney, but the board doesn't have to furnish counsel POWERS OF THE SUPERIOR COURT ON APPEAL - Answer A. Affirm or annul the boards decision B. Make a new decision C. Assess costs if either party acted in bad faith **NOTE: Licensees are forbidden to continue practice pending outcome of appeal Suspension, Revocation, Refusal to Renew License - Answer 1. Made any Substantial Misrepresentation 2. Acting in Dual capacity (working for the other person as well as your principal) 3. Dual agency without disclosing to parties Suspension, Revocation, Refusal to Renew License - Answer 4. Failed to account for any money belonging to others 5. Paid or shared fees to unlicensed persons 6. Accepted, gave, or charged any undisclosed commission, rebate, or profit on expenditures for a principal Suspension, Revocation, Refusal to Renew License - Answer 7. Induced a party to break a contract for personal gain 8. Commingling of money or property of a principal 9. Failed to give a copy of purchase & sale agreement to buyer and seller Suspension, Revocation, Refusal to Renew License - Answer 10. Committed any act expressly prohibited by license law. 11. Found guilty of blockbusting (panic peddling) and Commission against discrimination (MCAD) 12. Accepted a NET LISTING from a prospective seller Suspension, Revocation, Refusal to Renew License - Answer 13. Advised against using an Attorney in any real estate transaction 14. Lack of good moral character resulting in conviction of a criminal offense 15. Failed to comply with the out-of-state property registration act Suspension, Revocation, Refusal to Renew License - Answer 16. Convicted of discrimination in violation of chapter 151b. (suspension 60days = 1st offense, 90days = 2nd if committed within 2 years of prior offense) 17. Obtained a license by false or fraudulent representation *** note: UPON RECEIVING NOTICE OF SUSPENSION/REVOCATION OF LICENSE, THE LICENSEE MUST FORWARD HIS/HER LICENSE TO THE BOARD ASAP FINES/ IMPRISONMENT - Answer 1. BLOCKBUSTING 2. Chapter 112: Section 87CCC: Violations; Punishment 3. Professional Standards of Practice **NOTE: The board does have the power to impose a fine. However, the board does not have the power to impose a prison sentence. In such cases, their findings must be reported to the state attorney general for appropriate action Fine/Imprisonment: Blockbusting - Answer $1,000 to $2,500, and/or six months imprisonment Fine/Imprisonment: Chapter 112: Section 87CCC - Answer "Individuals performing work without a license may be assessed a civil admin penalty not to exceed $1000 for the 1st violation and $2500 for the 2nd violation and any subsequent violations" LICENSURE: 254 CMR 2.00 - Answer 1. PURPOSE 2. APPLICATIONS 3. EXAMINATIONS 4. RE-EXAMINATIONS LICENSURE: 254 CMR 2.00 - Answer 5. LICENSE FEES 6. EXPERIENCE REQUIREMENT FOR LICENSE AS A BROKER 7. MORAL CHARACTER 8. PERSONAL APPERANCE LICENSURE: 254 CMR 2.00 - Answer 9. QUALIFICATION REPORTS 10. SURETY BONDS 11. BUSINESS ENTITIES 12. LLC,LLP INSURANCE 13. RECIPROCAL LICENSURE LICENSURE: 254 CMR 2.00 - Answer 14. LICENSE RENEWAL 15. CONTINUING EDUCATION REQUIREMENT 16. SINGLE LOCATION AUTHORIZED 17. AUTHORIZED AGENTS PROMOTIONAL SALES OF OUT OF STATE REAL PROPERTY: 254 CMR 6.00 - Answer 1. Prohibition on Broker Sales Activity 2. Filing requirement 3. Inspections 4. Advertising Notice of Registration 5. Sales by Brokers 6. Brokers notice to board Prohibition on Broker Sales Activity - Answer No broker shall offer for sale in the commonwealth an interest in real property which is located in a land development of another state unless the owner or developer of such land development registers such property with the board Filing requirement - Answer Prior to promoting for sale an interest in real property located in a land development of another jurisdiction the owner or developer of such real property shall register it with the board on the form and paying the fee prescribed by the board. Such registration shall be renewed annually. Inspections - Answer The board may inspect any out of state real property developments seeking registration or registered with it. The cost of the inspection shall be borne by owner or developer. Advertising notice of registration - Answer Once the board registers an out of state real property development the owner or developer of such development must note, in a form to be determined by the board, the fact of such registration in all its subsequent advertisements in the commonwealth Sales by Broker - Answer No interest in any real property located in an out of state real property development shall be subject to any promotional advertisement, offering for sale or sold in the commonwealth unless it is offered for sale and sold by a licensed massachusetts broker.