Contracts in Massachusetts
Area IV is 5% and two items, covering the offer to purchase, the purchase and sale agreement, leases, and listing and buyer agreements.
The offer to purchase and the inspection waiver ban
M.G.L. c.143 s.101, added by St.2024 c.150 s.45 effective 6 August 2024, directs the executive office of housing and livable communities to make regulations ensuring that no seller of a residential structure or condominium unit, or an agent of the seller, conditions acceptance of an offer on the buyer's agreement to waive, limit, or restrict the right to have the property inspected, or accepts an offer from a buyer who has signaled in advance an intent to waive. The exceptions are narrow: a sale at auction conducted by a licensed auctioneer, and sales to close relatives or, under a c.208 judgment, a former spouse.
Listing agreements
M.G.L. c.112 s.87AAA(l) makes it a ground for discipline to accept from a prospective seller a net listing, meaning an agreement to sell for a stated price that authorizes the broker to keep as commission any money received above that price. Open and exclusive listings are lawful; the net listing is prohibited because it sets the broker's interest against the seller's on every dollar of price.
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State-specific details
State exam facts
- Exam vendor
- PSI
- Prelicensing education
- 40 additional broker education hours (beyond the 40-hour salesperson course)
- Passing score
- 70%
- Scored questions
- 120
Who regulates real estate brokers in Massachusetts?
The Massachusetts Board of Registration of Real Estate Brokers and Salespersons, within the Division of Occupational Licensure, licenses brokers. The Board contracts with PSI to deliver the licensing exams.
What experience do I need before the Massachusetts broker exam?
Broker applicants generally must have worked as an affiliated salesperson under an active Massachusetts broker for at least three years (a minimum of about 25 hours per week) and complete an additional 40 hours of broker education. Confirm the current requirement with the Board.
How is the Massachusetts broker exam structured?
The Massachusetts broker exam has about 120 questions split into a general portion and a state portion, delivered by PSI, and a score of at least 70% is required to pass.
Sources: https://www.mass.gov/how-to/prepare-for-and-schedule-your-real-estate-license-exam, https://www.psiexams.com/test-takers/massachusetts-real-estate/
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