9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
Massachusetts Real Estate Salesperson License
EXAM Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026
Save
Terms in this set (559)
18 years old, 40 hour class, pass the exam, must
RE Salesperson License
affiliate with a broker to practice and may not accept
requirements?
direct client payments
Broker's License 3 years salesperson experience, 40 hour class, pass
requirements? the exam, $5,000 bond and pay a fee.
Multiple Listing Service. It's a marketing tool used by
What is MLS?
Salespeople to show their listings.
Salesperson works for a Broker. Broker has at least 3
Difference between RE years experience, $5,000 Bond, 40 Hour Class and
Salesperson and RE pass the Exam. Cannot hold both licenses at the same
Broker? time. Broker can operate independently, accept direct
client payments and handle Escrow Funds.
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.
Define Realtor?
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.
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,9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
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)
What is an Escrow
6. Brokers must maintain Escrow Records (copies of
Fund/Trust Accounts?
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.
Fed=US/State=Massachusetts State law builds on Fed
State Law -v- Federal
law and is more specific. In a conflict, Fed law usually
Law?
wins.
Anyone who does any of the following for a fee:
Advertises, holds herself out as engaged in the biz of
Who needs a RE License?
selling, renting, leasing, negotiation, exchanging,
purchasing and dealing in RE or options for RE.
State Legislature creates the laws about licenses. The
Board of Registration of RE & Salespersons deals with
Where do licenses come
issuing licenses and rule administration and
from?
enforcement. The Board is part of the Division of
Professional Licensure.
To protect the public, for the public good. Much of
the Government's ability to regulate private
Why do we have licenses?
transactions stems from Police Power which is the
right of the Gov to enact laws to protect the public.
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 2/71
,9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
- 5 Member Board est. in 1960
- Appointed by the Governor
- One is appointed Chairperson
Who makes up the Board - 3 are Brokers with at least 7 years experience
of Registration of RE & - 2 are not licensed, represent the public
Salespersons? - 5 year terms, no pay
- Meet 4 times a year with at least 3 of the Members
present. Written records of meetings are available to
the public on Division of Pro Licensure's website
1099=Independent Contractor, paid by job or
commission, set own hours, can turn down work, etc,
no taxes withheld, but may take many write-offs
(Many Residential RE Agents)
1099 -v- W2 Employee?
W2=Salaried of paid hourly, employer controls what
and how you do (Commercial RE Agents), taxes
withheld by employers
What is FSBO? For Sale by Owner
Types of RE Advertising? MLS, Open House, Trulia, Zillow, Neighbors, etc.
Define Qualified Buyer? Client who is ready, willing and able!
What is the average NONE - ALWAYS NEGOTIABLE!!!!!
commission?
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 3/71
, 9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
- Hired to list property
- Market/list on MLS, etc
- Buyer's contact you to see
- Show the property
- Offer submitted
- Inspection
What is the basic RE
- Contingencies
Transaction?
- Creation and signing of P&S, 5% of Sales Price is
Deposited in Escrow Account. Finance Contingencies
apply here as well.
- Sale takes place (settlement/closing)
- You and buyer's agent will be paid
- Approximately 3-6 months average time
Rental commissions? Up to one month's rent
How often are RE Licenses 2 years from you next birthday. 12 hours of Continuing
renewed? Ed Classes must be completed before renewal.
Professional Liability Insurance (errors and omissions
insurance)-Provides protection against mistakes made
What are the two types of
by Brokers or Salespersons providing RE Services to
Insurance carried by
their clients. Human and Innocent mistakes happen...
Brokers?
General Liability Insurance
Principal=Client, hires Special Agent
Special Agent=Broker, hired and paid by Principal
Principal, Special Agent, directly
Subagent?
Subagent(Agent's Agent)=Salesperson/Agent Broker
pays you as a subagent working on their behalf. You
will be client's subagent and the Broker's agent
The land, anything attached to the land, and all of the
various rights associated with ownership of the land.
What is Real Property?
aka: Real Estate( just the land and property attached) ,
Realty or Immovable Property.
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 4/71
Massachusetts Real Estate Salesperson License
EXAM Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026
Save
Terms in this set (559)
18 years old, 40 hour class, pass the exam, must
RE Salesperson License
affiliate with a broker to practice and may not accept
requirements?
direct client payments
Broker's License 3 years salesperson experience, 40 hour class, pass
requirements? the exam, $5,000 bond and pay a fee.
Multiple Listing Service. It's a marketing tool used by
What is MLS?
Salespeople to show their listings.
Salesperson works for a Broker. Broker has at least 3
Difference between RE years experience, $5,000 Bond, 40 Hour Class and
Salesperson and RE pass the Exam. Cannot hold both licenses at the same
Broker? time. Broker can operate independently, accept direct
client payments and handle Escrow Funds.
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.
Define Realtor?
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.
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 1/71
,9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
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)
What is an Escrow
6. Brokers must maintain Escrow Records (copies of
Fund/Trust Accounts?
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.
Fed=US/State=Massachusetts State law builds on Fed
State Law -v- Federal
law and is more specific. In a conflict, Fed law usually
Law?
wins.
Anyone who does any of the following for a fee:
Advertises, holds herself out as engaged in the biz of
Who needs a RE License?
selling, renting, leasing, negotiation, exchanging,
purchasing and dealing in RE or options for RE.
State Legislature creates the laws about licenses. The
Board of Registration of RE & Salespersons deals with
Where do licenses come
issuing licenses and rule administration and
from?
enforcement. The Board is part of the Division of
Professional Licensure.
To protect the public, for the public good. Much of
the Government's ability to regulate private
Why do we have licenses?
transactions stems from Police Power which is the
right of the Gov to enact laws to protect the public.
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 2/71
,9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
- 5 Member Board est. in 1960
- Appointed by the Governor
- One is appointed Chairperson
Who makes up the Board - 3 are Brokers with at least 7 years experience
of Registration of RE & - 2 are not licensed, represent the public
Salespersons? - 5 year terms, no pay
- Meet 4 times a year with at least 3 of the Members
present. Written records of meetings are available to
the public on Division of Pro Licensure's website
1099=Independent Contractor, paid by job or
commission, set own hours, can turn down work, etc,
no taxes withheld, but may take many write-offs
(Many Residential RE Agents)
1099 -v- W2 Employee?
W2=Salaried of paid hourly, employer controls what
and how you do (Commercial RE Agents), taxes
withheld by employers
What is FSBO? For Sale by Owner
Types of RE Advertising? MLS, Open House, Trulia, Zillow, Neighbors, etc.
Define Qualified Buyer? Client who is ready, willing and able!
What is the average NONE - ALWAYS NEGOTIABLE!!!!!
commission?
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 3/71
, 9/8/25, 10:16 AM Massachusetts Real Estate Salesperson License EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flas…
- Hired to list property
- Market/list on MLS, etc
- Buyer's contact you to see
- Show the property
- Offer submitted
- Inspection
What is the basic RE
- Contingencies
Transaction?
- Creation and signing of P&S, 5% of Sales Price is
Deposited in Escrow Account. Finance Contingencies
apply here as well.
- Sale takes place (settlement/closing)
- You and buyer's agent will be paid
- Approximately 3-6 months average time
Rental commissions? Up to one month's rent
How often are RE Licenses 2 years from you next birthday. 12 hours of Continuing
renewed? Ed Classes must be completed before renewal.
Professional Liability Insurance (errors and omissions
insurance)-Provides protection against mistakes made
What are the two types of
by Brokers or Salespersons providing RE Services to
Insurance carried by
their clients. Human and Innocent mistakes happen...
Brokers?
General Liability Insurance
Principal=Client, hires Special Agent
Special Agent=Broker, hired and paid by Principal
Principal, Special Agent, directly
Subagent?
Subagent(Agent's Agent)=Salesperson/Agent Broker
pays you as a subagent working on their behalf. You
will be client's subagent and the Broker's agent
The land, anything attached to the land, and all of the
various rights associated with ownership of the land.
What is Real Property?
aka: Real Estate( just the land and property attached) ,
Realty or Immovable Property.
https://quizlet.com/1073012991/massachusetts-real-estate-salesperson-license-exam-questions-answers-latest-already-graded-a-update-20252026-f… 4/71
