(1) Prohibition On Broker Sales Activity. No broker shall offer for sale in the Commonwealth an interest in real property which is located in a land development of another state unless the owner or developer of such land development registers such property with the Board.
(2) Filing Requirement. Prior to promoting for sale an interest in real property located in a land development of another jurisdiction the owner or developer of such real property shall register it with the Board on the form and paying the fee prescribed by the Board. Such registration shall be renewed annually.
(3) Inspections. The Board may inspect any out of state real property developments seeking registration or registered with it. The costs of any inspection shall be borne by the owner or developer. Following an inspection of an out of state real property development the Board shall issue a written report. Such report shall be kept on file with the Board during the time that the out of state real property development is currently registered with the Board and for one year following the termination or expiration of such registration. The owner or developer of such out of state real property shall also maintain such report in its files while such registration is current and for one year following the termination or expiration of such registration.
(4) Advertising Notice of Registration. Once the Board registers an out of state real property development the owner or developer of such development must note, in a form to be determined by the Board, the fact of such registration in all its subsequent advertisements in the Commonwealth.
(5) Sales By Brokers. No interest in any real property located in an out of state real property development shall be subject to any promotional advertisement, offering for sale or sold in the Commonwealth unless it is offered for sale and sold by a licensed Massachusetts broker. Promotional advertising as used herein means any advertising material offered through any means of communication in the Commonwealth.
(6) Brokers Notice to Board. A broker acting on behalf of an owner or developer of an out of state real property development shall notify the Board in writing of such status within seven days of accepting the client.
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