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is there anything in the user agreement against making money by using mybb?
Quote:MyBB is FREE software

MyBB is distributed as "FREE" software granting you the right to download MyBB for FREE and installing a working physical copy at no extra charge.

You may charge a fee for the physical act of transferring a copy.
Reproduction and Distribution

You may produce re-distributable copies of MyBB as long as the following terms are met:

* You may not remove, alter or otherwise attempt to hide the MyBB copyright notice in any of the files within the original MyBB package.
* Any additional files you add must not bare the copyright of the MyBB Group.
* You agree that no support will be given to those who use the distributed modified copies.
* The modified and re-distributed copies of MyBB must also be distributed with this exact license and licensed as FREE software. You may not charge for the software or distribution of the software.

Separation of Components

The MyBB software is licensed as a single product. Components, parts or any code may not be separated from the original MyBB package for either personal use or inclusion in other applications.
Termination

Without prejudice to any other rights, the MyBB Group may terminate this EULA if you fail to comply with the terms and conditions of this EULA. In such event, you must destroy all copies of the MyBB software and all of its component parts. The MyBB Group also reserve the right to revoke redistribution rights of MyBB from any corporation or entity for any specified reason.
Copyright

All title and copyrights in and to the MyBB software (including but not limited to any images, text, javascript and code incorporated in to the MyBB software), the accompanying materials and any copies of the MyBB software are owned by the MyBB Group.

MyBB is protected by copyright laws and international treaty provisions. Therefore, you must treat MyBB like any other copyrighted material.

The MyBB Group has several copyright notices and "powered by" lines embedded within the product. You must not remove, alter or hinder the visibility of any of these statements (including but not limited to the copyright notice at the top of files and the copyright/powered by lines found in publicly visible "templates").
Product Warranty and Liability for Damages

The MyBB Group expressly disclaims any warranty for MyBB. The MyBB software and any related documentation is provided "as is" without warranty of any kind, either express or implied, including, without limitation, the implied warranties or merchant-ability, fitness for a particular purpose, or non-infringement. The entire risk arising out of use or performance of MyBB remains with you.

In no event shall the MyBB Group be liable for any damages whatsoever (including, without limitation, damages for loss of business profits, business interruption, loss of business information, or any other pecuniary loss) arising out of the use of or inability to use this product, even if the MyBB Group has been advised of the possibility of such damages. Because some states/jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to you.
is advertising ok?
Yes. What the agreement says is that you cannot sell your copy of MyBB to anyone, but that doesn't mean you can't charge people to register to your site, or put adverts up.