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                                                                Exhibit 10.15

                              EMPLOYMENT AGREEMENT

This agreement is made between The DeWolfe Companies, Inc. ("DeWolfe") and
Charles A. Ferraro ("Employee"). DeWolfe agrees to associate with Employee upon
the terms contained in this agreement, and Employee agrees to work in the best
interests of DeWolfe at all times, upon the terms contained in this agreement.

TERM: The employment shall commence on November 26, 2001, and will continue
until canceled, amended or terminated as described in this agreement.

TITLE: The Employee will be appointed as President of DeWolfe Mortgage Services,
Inc and Vice President of The DeWolfe Companies, Inc.

ASSIGNMENT: The Employee's assignment and responsibilities will be defined by
DeWolfe, and may be changed at any time. In general, the Employee is responsible
for managing the operations and activities of DeWolfe Mortgage Services,
including, but not limited to, (i) managing all employees hired or assigned,
(ii) planning, budgeting, and implementing DeWolfe's strategies toward achieving
service and financial goals, and (iii) in general, directing a service-oriented
Mortgage Company toward achieving the business goals established by senior
management of DeWolfe. The Employee will keep informed about the company's
business in general, and shall participate in all training, meetings and
functions required by DeWolfe.

COMPENSATION: Compensation will be established by DeWolfe from time to time, and
initially will be paid in accordance with the Compensation Schedule attached as
Exhibit A. The Employee shall be entitled to all benefits generally provided by
DeWolfe to its senior executives. The Employee shall be entitled to 4 weeks
vacation time, mutually agreed upon and submitted in writing, to accrue at a
rate of two days every month of employment. (Vacation time accrues ten months
per year, according to the Company's accrual policy).

TERMINATION: This Agreement and the employment created thereby may be terminated
at any time without cause by either party upon sixty (60) days written notice.
If employee is terminated by DeWolfe without cause, employee will be paid a
minimum of six months base pay. DeWolfe may terminate this agreement and the
employment created herein without notice for cause, including fraud, criminal
activity, dereliction of duties or failure to comply with the terms of this
agreement or DeWolfe policies and procedures. After termination, the Employee
will not solicit any employee, sales associate, manager, or other person
associated with DeWolfe or its affiliated Companies for the purpose of inducing
that person(s) to terminate employment or association with DeWolfe.

CONFIDENTIALITY: It is understood that the Employee may from time to time have
knowledge of information which is confidential in nature, including, but not
limited to customer and client lists, agent and management information, training
and procedures, manuals, sales tactics, strategies, financial results and other
trade secrets. The Employee will not, at any time during employment or after
termination, disclose any confidential information, nor trade in the stock of
The DeWolfe Companies, Inc. based upon confidential information, nor use such
confidential information in any other manner.



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NOTICES: Any notice required under this agreement will be deemed sufficient if
mailed or delivered to the parties at the following addresses:

         Employee:    Charles A. Ferraro
                      43 Spencer Brook Lane
                      Carlisle, MA  01741

         DeWolfe:     The DeWolfe Companies, Inc.
                      80 Hayden Avenue
                      Lexington, MA  02173
                      Attn: Paul J. Harrington, President

GOVERNING LAW: This agreement shall be governed by the laws of the Commonwealth
of Massachusetts.

Signed this 26th day of November, 2001.





Employee:                                          The DeWolfe Companies, Inc.

/S/ CHARLES A. FERRARO                             By: /S/ PAUL J. HARRINGTON
----------------------                                 -------------------------
Charles A. Ferraro                                 Paul J. Harrington, President














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