Can I operate my incorporated brokerage firm under my personal broker’s license? We’re so glad you asked! If your firm is a corporation, LLC, LLP, or partnership it must hold its own broker’s license in order to offer and accept compensation. MA Licensing Statue & Regulations: 254 CMR 2.00: Licensure – Chapter 11 states:
Business Entities. No licensee may engage in the business of real estate brokering in a corporation, limited liability company (LLC), partnership, limited liability partnership (LLP), association or society unless the entity is licensed by the Board.
This is in addition to the license held by the broker of record… The broker of record must be currently licensed at all times, otherwise the license of the entity shall cease. The broker of record shall be in responsible charge of the business entity and personally responsible for the acts of the entity and its employees and agents.
To read 254 CMR 2.00: Licensure, in full please click here.
Please read here for the process of obtaining a business entity broker’s license.
In the case of a corporation, LLC, partnership, or LLP; when completing the Mandatory Licensee-Consumer Disclosure (agency disclosure) form the license number listed must be that of the brokerage, not the broker of record.
Joe Autilio, the executive director of the Board of Registration of Real Estate Brokers & Salespersons, has written an article for the Massachusetts Association of REALTORS, which can be found here.