Section 87TT: Application for licenses; forms; fees; evidence of applicant; bonds; action on bond; temporary license
Section 87TT. Applications for licenses, signed and sworn to by the applicant, shall be made on forms furnished by the board and shall be accompanied by an examination fee to be determined annually by the commissioner of administration under the provision of section three B of chapter seven. A fee for the issuance of the license shall be determined under the aforementioned provision and shall be payable upon receipt of notice of passing the examination. Each applicant shall furnish evidence of good moral character. If an application for a broker's license is made by a corporation, society, association or partnership, evidence of the good moral character of all the officers and directors, or holders of similar positions, or of all the partners, as the case may be, shall also be furnished. No license shall be issued unless evidence of good moral character, as required by this section, is found.
No license shall be issued unless the application has been on file with the board at least ten days. No broker's license shall be issued to any individual under eighteen years of age. Every applicant for a license shall furnish evidence that he is a citizen of the United States or shall present to the board a copy of his declaration of intention to become a citizen of the United States, certified by the clerk of the court in which it was filed, or a certificate from the Immigration and Naturalization Service of the United States, showing that, in accordance with law, he has declared his intention to become such citizen, and no license shall be issued to an applicant who fails to comply with these provisions. Unless an applicant who is an alien and who is subsequently licensed presents to the board his completed naturalization papers showing that he is a citizen of the United States within five years following the filing of the copy or certificate hereinbefore referred to his license shall be revoked.
No broker's license shall be issued or renewed until the applicant gives to the board a bond in the form approved by said board in the sum of five thousand dollars, executed by the applicant and by a surety company authorized to do business within the commonwealth, or by the applicant and by two good and sufficient sureties approved by the board. Said bond shall be payable to the commonwealth, for the benefit of any person aggrieved, and shall be conditioned upon the faithful accounting by the broker for all funds entrusted to him in his capacity as such. Any person so aggrieved may bring suit on the bond in his own name; provided, however, that the aggregate liability of the surety to all such persons shall, in no event, exceed the sum of such bond. The board may revoke the license of any broker whenever the bond filed by him ceases to be in full force and effect.
In the event of the death of a licensed broker, who is the sole proprietor of a real estate business, the board shall, upon application by his legal representative, issue, without examination, a temporary license to such legal representative, or to an individual designated by him and approved by the board, upon the filing of a bond as aforesaid and the payment of the prescribed fee, which shall authorize such temporary licensee to continue to transact said business for a period not to exceed one year from the date of death subject to all other provisions of sections eighty-seven PP to eighty-seven DDD applicable to a licensed broker except that such temporary license shall not be renewed.