Broker License

Successful agents use every competitive advantage they possess, especially in the battle for listings. The broker license identifies that you are a real estate professional with at least one year of experience. A licensed broker may open up there own office and work for themselves.

State law requires broker candidates to have been actively licensed as a salesperson and have been associated with a broker for at least one year within the past two year period.

ONLY BROKER CANDIDATES ARE ALLOWED IN THIS COURSE. WE DO NOT MIX BROKER AND NEW SALESPERSON STUDENTS IN THE SAME LECTURE CLASS.

The flexible audio course may be completed in Waltham at your own pace and scheduled with no reservation needed Mondays 9 a.m. to 4:30 p.m. An instructor is always present to answer your questions.

Registration

All courses include the course textbook. We accept MasterCard, Visa, American Express and Discover, cash and personal checks. We offer the convenience of online registration, you may pre-register by calling us at 800.462.0044 or by coming into our Waltham Main Office during normal business hours. You may also register at the door on the first day of the course.

Surety Bond

Massachusetts requires all licensed brokers to file a $5,000.00 surety bond with The Board of Registration of Real Estate Brokers & Salespeople. Broker Exam Candidates are required to bring the bond to their exam appointment. You may purchase a bond at our office. The price of a bond is $50.00 and is renewed ever five years. We are agents for Western Surety/CNA Surety bonding company. Broker Exam Candidates will be issued Professional Id # from the testing service at the time they call to make their appointment. The Professional Id# is needed to process a bond for all broker exam candidates. To purchase the bond you may come into our Waltham office Monday - Friday 9am-5pm. IF you already have a bond through our school and have questions about a bond renewal or have a change of address you may call the office at 1-800-462-0044 or come into the office during office hours.

State Exam

State exams are given in Boston, Woburn, and North Dartmouth Tuesday through Saturday and also in Worcester and West Springfield Thursday through Saturday every week. Upon course completion, we will provide an 800 number to call when you wish to take the state exam. Exam results and licenses are issued on the spot!

Our own comprehensive material and presentation is focused upon broker candidates passing the state exam the first time. Students are welcome to review at no charge before taking the state exam.

COURSE OUTLINE

DAY 1

OWNERSHIP

• Personal Property/Real Property/Freehold/Less-than-Freehold/Severalty
• Co-ownership Estates/Condominiums/Cooperatives/Syndications

ENCUMBRANCES

• Money Liens/Easements/Private and Public Restrictions
• Zoning and Land Use/Ad Valorem Taxes/Encroachments

BROKERAGE

• Law of Agency/Seller, Buyer and Disclosed Dual Agents
• Offers/Escrow/Commissions/Fair Housing Laws

DAY 2

CONTRACTS

• Breach of Contract/Types and Characteristics/Listing and Assignments
• Purchase and Sale Agreements/Options/Property Management
• Effective Gross Income/Net Operating Income/Cash Flow Schedule/Leases

FINANCING

• Economic Cycles/Federal Reserve System/Sources of Financing
• Instruments of Financing/FHA and VA/Truth-in-Lending (TIL)
• Secondary Mortgage Market/Exchanges/Nonrecourse and Recourse Loans
• ARM/Buy-Downs/Wraparounds, ect./Disintermediation

DEEDS

• The Deed/Wills/Transfer of Title/Property Descriptions/Title Insurance
• RESPA/Proration at Settlement/Settlement Procedures

DAY 3

APPRAISING

• Principles of Residential Valuation/The Valuation Process
• Three Approaches to Value/Uniform Residential Appraisal Report (URAR)
• Principles of Income Property Valuation/Tax Topics

MASSACHUSETTS LICENSE LAW

• Comprehensive Coverage of State License Law

Take Home Final Course Examination and Answers

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