The Board of Registration has finally released information about how real estate teams may operate in the Commonwealth of Massachusetts. A few important take-a-ways include:
- Advertising must make it clear to consumers that they are dealing with group that is part of a readily identifiable licensed brokerage.
- Team names cannot include the words “realty” or “real estate” in name, and the board has a list of terms to avoid in the team name
- Principal Broker must adhere to all requirements regarding supervision, money handling and payment of commissions as if each licensee in the firm is working individually.
Here is the full FAQ released by the Board of Registration regarding teams.