Broker Michael holds an active Massachusetts broker's license. He is also a licensed attorney in Massachusetts. A client asks Michael to represent her in both the legal aspects of a real estate transaction (as her attorney) and in the brokerage aspects (as her listing broker), and the client provides written, informed consent to this dual role. Michael intends to charge both a legal fee and a real estate commission. Under Massachusetts law and Board regulations, which of the following most accurately describes Michael's situation?
Correct Answer
A) Michael may act in both capacities with the client's written informed consent, but must clearly disclose both roles, the fees for each, and any potential conflicts, and must comply with both Massachusetts bar rules and Board regulations
When a licensee holds both a broker license and an attorney license, both sets of professional obligations apply simultaneously — they do not cancel each other out. Michael may serve in both capacities if the client provides written, informed consent after full disclosure of both roles, the compensation structure for each role, and any potential conflicts of interest. He must comply with Massachusetts Rules of Professional Conduct (bar rules) governing attorney conflicts and dual roles, AND with the Massachusetts Board's regulations governing broker conduct. Full transparency and documented consent are essential.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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