Mississippi License Law Ch. 1 - Questions and Answers Rated A+

Mississippi License Law Ch. 1 - Questions and Answers Rated A+ In order to prevent suspension or revocation of a license, what must a broker do with earnest money received? Deposit the money into an escrow account by the close of the next banking day. If the MREC receives a complaint against a licensee, what steps, if any, will it take? The MREC may hold a hearing of its own volition upon receiving a complaint against a licensee. Why: The Commission will initiate a hearing if it receives a complaint against a licensee, and it can also initiate a hearing of its own volition. Which of the following does the MREC NOT do? a) Administers control over the real estate industry in Mississippi. b) Annually nominates one licensee as "real estate licensee of the year". c) Sets forth the rules and regulations for licensees. d Works to assure real estate transactions are performed in an ethical and professional manner. Annually nominates one licensee as "real estate licensee of the year". How many members are there on the Mississippi Real Estate Commission? 5 Who appoints the members of the Mississippi Real Estate Commission? The Governor A licensee was aided by a non-licensee during a difficult real estate transaction. If the licensee pays the non-licensee a portion of the commission as a 'thank you' what, if any, will be the consequences? The MREC will suspend or revoke the licensee's license. All licensees must notify the Commission within ______ of any adverse court decisions against them. 10 days Which of the following are two criteria for members of the Mississippi Real Estate Commission? Lived in Mississippi for 6 years and worked as a broker for 5 years. If a broker has his license suspended by the MREC, what can the licensees working for him do? Transfer to another responsible broker. A corporation receives a commission by violating Mississippi's license law. What will the penalty be? Not less than the sum of money received and not more than four times the sum received. What must a new licensee do within 30 days of receiving his or her license? Provide proof of errors and omissions insurance to the MREC. What are the fees for changing a license from active to inactive and inactive to active? $25 for active to inactive, $50 for inactive to active. What must happen before the MREC will grant a business, partnership, or corporation a real estate license? Every member, owner, partner, or officer must already hold a real estate license. Why: In order for the MREC to grant a real estate license to a business, every member, owner, partner or officer of the partnership, company, association or corporation who actively participates in its brokerage business must already hold a real estate license. Sam is 68 years old and has held a real estate license for over 25 years. Is he exempt from the post-license education requirements to renew his license? No, to be exempt a person must 70 or over AND have held a license for at least 25 years. How can a licensee obtain errors and omissions insurance? Through the MREC's group insurance policy or through an independent provider. For how long is a temporary real estate license valid? 1 year Once an applicant has received a temporary real estate license, what must he or she do before obtaining a permanent license? Complete 30 hours of post-license course work within 1 year. Which of the following is NOT a requirement for qualifying for a salesperson's license? Holding a valid Mississippi driving license What are the requirements when applying for a broker's license? Applications must be made in writing on MREC forms, complete with