The Massachusetts Department of Professional Licensure/Board of Registration of Real Estate Brokers and Salespersons recently released long-awaited FAQs regarding real estate teams. Details are shared below, or you may view/download the DPL document.
This spells out important matters about what requirements you must meet if you are running a team including:
- Acceptable team names
- Teams cannot pay their team members directly.
- LAER cannot pay a corporate entity or LLC unless the team has a broker license
- Team disclosure requirements under the laws of Agency
There are fines and penalties involved for not running a team properly in Massachusetts. Please read all of the guidelines at the link below:
https://www.mass.gov/info-details/frequently-asked-questions-real-estate-teams
Aug 3, 2024