The Licensing Board is greatly concerned whenever a complaint is filed against a broker or salesman, particularly disturbing are complaints which involve the improper handling of real estate funds or the failure to furnish buyers and sellers copies of properly prepared purchase agreements or closing statements.
When a client employs a licensed broker to represent him in a real estate transaction, he naturally expects the broker and his salesmen to handle his business with the highest degree of honesty and competency. The real estate licenses which have been issued by the Licensing Board and which are displayed in the broker’s office give this assurance to the client. If the broker or his salesmen fail this obligation, the client has a perfect right to complain to the Licensing Board and expect the Board to take appropriate action to protect him.
Brokers are urged to review in detail the following sections of 93A-6(a) of the Licensing Law with their personnel:
(12) Commingling the money or property of his principals with his own or failure to maintain and deposit in a trust or escrow account in an insured bank oil money received by a real estate broker acting in said capacity, or as escrow agent, or the temporary custodian of the funds of others, in a real estate transaction.
(13) Failure to deliver, within a reasonable time, a completed copy of any purchase agreement or offer to buy and sell real estate to the buyer and to the seller.
(14) Failure by a broker to deliver to the seller in every real estate transaction wherein he acts as a real estate broker, at the time such transaction is consummated, a complete detailed closing statement showing all of the receipts and disbursements handled by such broker for the seller; also failure to deliver to the buyer a complete statement showing all money received in the transaction from such buyer and how and for what the same were disbursed.
This article came from the June 1970 Vol1-2 edition of the bulletin.