Massachusetts Real Estate Salesperson License Questions and Answers 100% Pass

Massachusetts Real Estate Salesperson License Questions and Answers 100% Pass RE Salesperson License requirements? 18 years old, 40 hour class, pass the exam, must affiliate with a broker to practice and may not accept direct client payments Broker's License requirements? 3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee. What is MLS? Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings. Difference between RE Salesperson and RE Broker? Salesperson works for a Broker. Broker has at least 3 years experience, $5,000 Bond, 40 Hour Class and pass the Exam. Cannot hold both licenses at the same time. Broker can operate independently, accept direct client payments and handle Escrow Funds. Define Realtor? It is National, not state and is optional. NAR (National Assoc. of Realtors) Largest Trade Assoc. and one of the most powerful lobbying groups in North America. Pay a fee to join your local chapter (MAR). Also, if a Broker is a Realtor, all Salespeople/Agents associated with the office must be Realtors as well. What is an Escrow Fund/Trust Accounts? 1. Special bank accounts for holding Client's deposits to be handled by Broker only. 2. Brokers may have only one Escrow account. 3. Commingling is strictly forbidden. 4. No Salesperson Access. 5. Interest not mandatory but if yes the client must agree who gets it in writing. (Statute of Fraud) 6. Brokers must maintain Escrow Records (copies of checks, dates, transaction info) for 3 years which the RE Board may inspect at any time. 7. Conversion of a deposit into commission requires written permission from both parties. If not, can result in loss of license. 8. Court order needed to remove funds if there is a dispute. State Law -v- Federal Law? Fed=US/State=Massachusetts State law builds on Fed law and is more specific. In a conflict, Fed law usually w