Contracts
Under Massachusetts law, an unlicensed buyer who misrepresents themselves as a licensee to obtain access to a property:
AHas committed a civil matter only
BHas potentially committed both a civil and criminal violation of the license law✓ Correct
CCannot be prosecuted without a complaint from the property owner
DIs subject only to a fine from the Board
Explanation
Falsely representing oneself as a licensed real estate professional in Massachusetts to gain access to property or induce a transaction is a serious violation that may constitute both unlicensed practice (civil) and fraud (potentially criminal).
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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.
Math Concepts
State-Specific Concepts
License Law
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