Real Estate Salesperson UPDATED Exam Questions and CORRECT Answers

IN MA: Who governs licensure in the State of MA? - The Board of Registration of Real Estate Brokers and Salespersons, part of the Division of Occupational Licensure Founded in 1960 Governor appoints 5 members - 3 are licensed brokers with at least 7 years of experience and 2 are un-licensed members of the public What are the requirements of a salesperson's license? - 1. Must affiliate with a broker 2. Cannot accept direct client payments 3. IN MA: At least 18 years old, completed 40-hour class, pass the state exam, pay a licensing fee ($103-$150) What are the capabilities of a broker's license? - 1. Can do everything a salesperson can do, but also can operate independently, accept direct client payments, and handle escrow funds (note: an employing broker/broker of record typically has this authority, while an associate broker have broker's licenses but choose to work under an employing broker and cannot handle escrow funds) 2. IN MA: Must have three years of experience as a salesperson, complete an additional 40- hour class, pass an additional state exam, be bonded for $5K, and pay a licensing fee (currently $142-$200)