Missouri Real Estate Exam
Chapter 339 of the MO Statutes Covers: - ️ License Law - Code of Ethics - MLS Rules - For commercial agents only
Susie's Employment Situation
Susie is employed by broker Joe to show rental properties he manages, collects security deposits made
out to the ...
Susie is employed by broker Joe to show rental properties he manages, collects security deposits made
out to the owner, and delivers leases. Based on these actions, Susie:
- Must be a real estate licensee
- Is violating MREC rules
- Is creating a criminal offense
- ✔️ Is not required to be a MO real estate licensee
Purpose of MO License Law
The purpose of MO License Law is to:
- Fine licensees for complaints filed
- Protect licensees from being sued
- ✔️ Protect the public
- Collect dues
Broker Joe's Commission Dispute
Broker Joe believes he deserves a commission from Broker Susie for a buyer she procured for a closed
listing. After filing a complaint with the MREC, the commission will:
- ✔️ Dismiss the case. They won't get involved.
Real Estate Definition under Chapter 339
,Real estate, according to Chapter 339 of Missouri Statutes, includes:
- Freehold but not leasehold estates located in MO
- Leasehold but not freehold
- Leasehold and Freehold only located in MO
- ✔️ Leaseholds and any other interest in freehold or nonfreehold estate of land located in MO
Auctioneer Definition
An auctioneer employed by a homeowner is classified as:
- ✔️ Someone who is not required to hold a MO real estate license
- Someone required to have a valid license
- Someone required to complete 2 hours of CE
- Someone who can sell real estate for a broker
Handling Buyer’s Earnest Money
A seller disputes the return of a buyer's earnest money held in the broker's escrow account after the
buyer backed out 65 days ago. The broker should:
- The broker can choose to immediately pay the opposite party
- The broker can keep the money in the account indefinitely
- ✔️ The broker can, based on a good faith decision, pay the escrow money to the opposite party after
notifying all parties 15 days by certified mail
- The broker must insist the seller sue the buyer for non-performance
MREC Composition
The MREC consists of:
- ✔️ 6 brokers and 1 public member
Mary’s Background Check
Mary, a police officer, completed a background check with her police department 30 days ago. Must she
apply for fingerprint background checks for her license?
, - ✔️ Yes, Mary is required to complete an application for a fingerprint background check.
- No, Mary is exempt because she is a police officer.
- Mary is exempt for the MO Highway Patrol, but not the FBI background checks.
- No, Mary is exempt because her police background check falls within the 90-day licensing period.
Mark’s License Application Denial
Mark received his certificate of completion for the 48-hour pre-exam course on February 15th and
passed his salesperson exam on March 28. After applying for his license on August 28, why was his
application denied?
- Mark was not a high school graduate
- Mark did not apply for a license within 90 days of passing the exam
- ✔️ Mark failed to apply for the license within 6 months of completing the 48-hour course
Education Waiver for Masters Degree Holder
An applicant with a master’s degree in real estate from an accredited university will:
- ✔️ No, the MREC may waive all or part of the education requirements.
- No, the MREC will never waive any education requirements.
- Yes, an applicant with a master’s in real estate is automatically exempt.
- Yes, however, the applicant is only exempt from the national curriculum, not the state curriculum.
Sandy’s Temporary Work Permit
Sandy applied for her salesperson license and received a temporary work permit. The best reason for
this is:
- Sandy didn't send payment
- Sandy didn't sign her application
- ✔️ Sandy's fingerprint background check was not yet complete.
- Sandy's broker didn't sign her application.
Unlicensed Partner’s Potential License Denial
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