Massachusetts License Law
Under Massachusetts law, a real estate broker who operates a trust account must:
AUse the account for personal savings as well
BKeep funds in the trust account separate from personal or business funds✓ Correct
CEarn interest on client funds for the broker's benefit
DReport the account balance to the Board monthly
Explanation
Massachusetts regulations require brokers to maintain a separate escrow/trust account exclusively for client funds. Commingling client funds with the broker's personal or business funds is prohibited and grounds for license revocation.
People Also Study
Related Massachusetts Questions
- The Massachusetts Real Estate License Law requires brokers to maintain trust account records for a minimum of:Massachusetts License Law
- A Massachusetts property manager who handles multiple properties must maintain separate escrow accounts for each property's funds:Property Management
- A Massachusetts real estate broker who fails to keep client funds in a separate escrow account has committed:Massachusetts License Law
- A Massachusetts broker receives a $10,000 earnest money deposit from a buyer. Under regulations, the broker's trust account must be:Massachusetts License Law
- A Massachusetts broker engages in 'commingling' of trust funds. The most serious consequence could be:Massachusetts License Law
- A Massachusetts property manager receives a court order attaching (garnishing) funds from a tenant's security deposit held in escrow. The manager should:Property Management
- Massachusetts OSHA (MIOSH) regulations require that workers disturbing asbestos-containing materials in a building renovation must:Environmental
- Massachusetts Title 5 septic system regulations require a system to be inspected by a licensed inspector and the report filed with the local Board of Health within how many days before a property transfer?Environmental
Key Terms to Know
State-Specific Concepts
Trust Account Rules
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →