Contracts
Massachusetts 'Chapter 93A' (Consumer Protection Act) applies to real estate when:
AOnly to commercial real estate transactions
BA real estate broker or professional engages in unfair or deceptive acts in trade or commerce affecting consumers✓ Correct
COnly when damages exceed $1,000
DOnly when the broker has fewer than 5 years of experience
Explanation
Chapter 93A applies broadly to all business dealings, including real estate transactions. Unfair or deceptive practices by real estate professionals (agents, brokers, sellers acting in a business capacity) give consumers the right to seek double or triple damages plus attorney's fees.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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