Questions and Answers
What does The Board a.k.a the Division of Professional Licensure (DPL) consist of?
Two unlicensed persons, three brokers of seven plus years' experience, one is a chairperson.
In order to reinstate your real estate license, you should...
Send a written request to the board and you will likely have to take a course as well.
How is The Board created?
Appointed by governor.
What does The Board do?
Signup and view all the answers
In order to obtain a Broker's license...
Signup and view all the answers
What is the main difference between a Broker and Salesperson?
Signup and view all the answers
Benefits of joining REALTORS...
Signup and view all the answers
Who is a buyer's agent?
Signup and view all the answers
Who is a seller's (listing) agent?
Signup and view all the answers
What happens during a seller consultation?
Signup and view all the answers
What does 'prep the listing' refer to?
Signup and view all the answers
Who pays for what when the listing is being prepped?
Signup and view all the answers
What is MLS (Multiple Listing Service)?
Signup and view all the answers
Once an agreement is signed, how long before the listing must go on MLS?
Signup and view all the answers
How do listings end up on other real estate websites?
Signup and view all the answers
Who usually pays for advertisements?
Signup and view all the answers
Questions to ask buyers/buyer's agents...
Signup and view all the answers
Which questions not to ask buyers?
Signup and view all the answers
What is the Due Diligence timeframe?
Signup and view all the answers
What does P & S stand for?
Signup and view all the answers
What does CTG stand for?
Signup and view all the answers
What does the title search look for?
Signup and view all the answers
What does a 6D Certificate verify?
Signup and view all the answers
What happens during a closing?
Signup and view all the answers
What are the three parties involved in a real estate transaction?
Signup and view all the answers
Who is the Principal?
Signup and view all the answers
Who is the Special Agent?
Signup and view all the answers
Who is the Subagent?
Signup and view all the answers
Who pays the Salesperson?
Signup and view all the answers
Who is responsible for the Salesperson's mistakes?
Signup and view all the answers
What does a 1099 Independent Contractor title mean?
Signup and view all the answers
Study Notes
The Board of Professional Licensure (DPL)
- Consists of two unlicensed individuals, three licensed brokers with over seven years of experience, and one chairperson.
- Appointed by the governor to ensure fairness and non-bias, maintaining checks and balances.
- Board members serve unpaid, meet at least four times a year, and decisions require at least three members present.
Licensing and Reinstatement
- To reinstate a real estate license, submit a written request to the board; additional coursework may be required.
- Obtaining a Broker's license mandates three years of experience as a salesperson, at least 25 hours of work per week, completion of a 40-hour course, and a $5,000 bond.
Roles of Brokers and Salespersons
- Brokers can handle client money (escrow accounts) and work independently, while salespeople must operate under a broker's supervision.
- Joining REALTORs offers benefits like MLS discounts, insurance savings, rental car discounts, and networking opportunities.
Agent Roles
- A buyer's agent represents the interests of the buyer.
- A seller's agent (listing agent) focuses on the seller's needs.
Seller Consultations and Listings
- A seller consultation includes discussing the listing agreement, understanding the seller’s goals, timeline, price expectations, and marketing strategies.
- "Prep the listing" involves staging, decluttering, renovating, and photography or videography.
Listing Costs
- Sellers are responsible for decluttering and renovation costs, while agents typically cover staging, photography, and videography (unless the brokerage absorbs these costs).
- The MLS (Multiple Listing Service) serves as a database for available listings in Massachusetts, with listings required to be posted within 24 hours after an agreement is signed.
Advertising and Buyer Interactions
- Agent or brokerage typically pays for property advertisements.
- Key questions for buyers include pre-approval status, timeline, availability to view properties, and payment methods, while avoiding inquiries about marital status or children.
Due Diligence and Contracts
- The due diligence period lasts 1 to 2 weeks.
- P & S stands for Purchase and Sale agreement, while CTG means under contract—indicating acceptance of an offer pending further requirements before signing.
Title and Closing
- Title search confirms ownership types and records.
- A 6D Certificate ensures all condo fees or special assessments are current, while closing finalizes the sale, records it, and manages broker and salesperson payments.
Transactional Parties
- Real estate transactions involve three parties: Principal, Special Agent, and Subagent.
- The Principal employs an agent for representation; this can include sellers, buyers, landlords, brokers, or tenants.
- A Special Agent is dedicated to assisting the Principal for a specific transaction, while a Subagent represents another agent's interests.
Responsibilities and Contracts
- Salespeople are compensated by the brokerage, which is also liable for their mistakes.
- A 1099 Independent Contractor title indicates self-employment, allowing flexibility in scheduling, work acceptance, and method use.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge with these flashcards covering key concepts related to the Board of Professional Licensure in real estate. Prepare effectively for your real estate exam by reviewing important definitions and processes for maintaining licensure.