Which entity requires all real estate agencies to carry errors and omissions liability insurance?

The requirement for all real estate agencies to carry errors and omissions liability insurance is implemented by the Real Estate Board. This board, which operates under the Commonwealth of Massachusetts, oversees the regulatory framework and licensing for real estate professionals. Errors and omissions insurance is a critical component of risk management for real estate agents, as it provides protection against potential claims of negligence, errors, or omissions in the professional services they provide.

The Real Estate Board establishes the standards and regulations for real estate practices in Massachusetts, making it responsible for ensuring that real estate agencies are adequately insured. This requirement helps to protect consumers and maintain accountability within the industry.

Other options reflect entities that may influence or govern aspects of real estate practice but do not enact this specific insurance requirement. The Commonwealth of Massachusetts has broader regulatory authority but delegates these specific insurance requirements to the Real Estate Board. The National Association of Realtors is a professional organization that provides resources and advocacy for real estate professionals but does not mandate insurance requirements. The Federal Government does not typically involve itself in the specifics of state real estate practices, which are generally governed at the state level.