Exegesis:

apokritheis … legei (cf. 3.33) ‘answering … says,’ ‘he answered.’

rabbi (11.21; 14.45) ‘Rabbi,’ ‘Teacher’: cf. rabbouni ‘Rabbi’ 10.51 (cf. didaskale ‘Teacher’ 4.38).

kalon estin (cf. 4.8) ‘it is good,’ ‘fitting,’ ‘advantageous.’

hōde (cf. 8.4) ‘here.’

poiēsōmen treis skēnas ‘let us make three booths’: we are to understand by ‘us’ the three disciples, not Peter and Jesus.

skēnē (only here in Mark) ‘tent,’ ‘booth’: a temporary construction like those built during the celebration of the Feast of Tabernacles (or, Booths).

Translation:

The Greek term apokritheis, often translated ‘answered,’ may also designate the action of a person who breaks into a conversation or who introduces something new into the discourse – this is its use here, for Peter had not been asked any questions.

Master is probably better taken in the sense of ‘teacher’ or ‘my teacher’ (in languages which may demand a possessive in such a construction). However, if there is a title of respect which also designates one’s ‘boss,’ ‘leader,’ and/or ‘respected guide,’ this can certainly be used, for the term rabbi implied more than merely ‘teacher.’

For languages employing contrasts between inclusive and exclusive first person plurals, this verse presents certain complications. When Peter says to Jesus ‘It is well that we are here’ does he mean that it is good (1) that all six persons are present (or that at least the disciples and Jesus are there) or (2) that the three disciples are on hand to make some shelters for the three important personages: Jesus, Elijah, and Moses. In other words, is Peter describing the blessedness of the experience for all those present or only saying that it is fortunate that the three disciples are present to help provide shelter. The first alternative has been preferred by many, and accordingly the inclusive first person plural should be used. However, in the next clause let us make three booths can scarcely be taken as ‘inclusive,’ for it would seem out of place for Peter to be asking Jesus to assist in the preparation of the three shelters. In this instance the exclusive first person plural is no doubt better.

The booths are ‘leaf shades’ (Shipibo-Conibo), ‘lean-tos’ or ‘thatch shelters.’ What is implied is a very temporary type of construction designed primarily to protect one from the sun or rain. Some translators have resorted to borrowings at this point, e.g. pabellón, borrowed from Spanish, but more often than not such borrowings have had wrong denotations. For example, in the case of several Indian languages in Latin America the Spanish word pabellón meant only a ‘mosquito net.’

Quoted with permission from Bratcher, Robert G. and Nida, Eugene A. A Handbook on the Gospel of Mark. (UBS Handbook Series). New York: UBS, 1961. For this and other handbooks for translators see here .