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Real Estate Exam- Missouri Portion only Questions and Answers 100% Correct
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7 Members. Have to have been a us citizen for 1 year at least. Appointed by the governor with consent of the Missouri senate. 6 members must have been licensed brokers for 10 years. 1 member from general public. - ANSWER-The MREC is made up of All members to vote. Members may hold an inactive li...

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  • May 20, 2024
  • 23
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • real estate exam missouri portion only questions
  • real estate exam missouri portion only stuvia
  • 7 members have to have been a us citizen for 1 ye

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  • Real EstateMissouri Portion
  • Real EstateMissouri Portion

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Real Estate Exam- Missouri Portion only
Questions and Answers 100% Correct


7 Members. Have to have been a us citizen for 1 year at least. Appointed by the
governor with consent of the Missouri senate. 6 members must have been licensed
brokers for 10 years. 1 member from general public. - ANSWER-The MREC is made up
of



All members to vote. Members may hold an inactive license during employment. Cannot
be actively involved in the real estate business. $75 a day when meeting. Plus
expenses. - ANSWER-The MREC allows



Protect the public. Established by state legislature. - ANSWER-Purpose of MREC



True. Any person, corporation, partnership or association licensed by the MREC could
be accused of a license law violation. Which is a class B misdemeanor. Anyone not
licensed is not subject to MREC rules besides practicing without a license. - ANSWER-
Someone that is not licensed by MREC is not subject to rules or regulations other than
person practicing without a license. "Court of competent jurisdiction" to make party stop.
True or False



THE MREC. - ANSWER-Who makes the final decision to suspend, revoke or place a
license on probation?



•3 attorney generals employed by the state. Work directly for the attorney general.
Admitted to practice before the Missouri Supreme Court.

•must send case to the MAHC to determine whether or not they are charging the
licensee.

• if the MAHC feels the MREC is not correct the case is dismissed.

• if they feel that they are correct, the case is sent back to the MREC so the license can
be revoked, suspended, or put on probation. - ANSWER-What makes up the MAHC?



• stops practicing real estate without a license.

,• holds hearing when requested by the MREC.

• determine guilt or innocence. Case dismissed if innocent.

• a person who is refused a license by the MREC has a right to appeal that decision to
the MAHC. - ANSWER-What does MAHC do?



They cannot:

• can NEVER fine a licensee

• will NEVER be involved in disputes between licensees or companies.

• deal with someone who commits a crime outside of license law. They will turn it over
to the attorney generals office. - ANSWER-What can MAHC NOT do?



Performs real estate activities for another and collects commission.

Supervises licenses under them.

Maintains escrow accounts.

Manages company and responsible for all licensed to him/her.

Pays ALL fees and commissions to individuals licensed under her and cooperating
brokers.

All arrangements belong to the broker and stay with the broker upon transfer of the
license. - ANSWER-What does a broker do?



10 days - ANSWER-If broker changes the company office the MREC needs notice
within



June 30th every 2 years - ANSWER-License renewal for brokers are



September 30th every 2 years. - ANSWER-License renewal for salespersons



Broker cannot tell them HOW to do something. They can tell them what to do. They also
get tax form 1099. - ANSWER-Independent contractors



Only one - ANSWER-How many brokers are allowed per company?

, Sends brokers license to the MREC for safe keeping and operates as a broker-
salesperson. Can act as a branch sales manager and can continue to sell property.
They DO NOT hold licenses. All licenses are held by the principal broker. - ANSWER-
How does a broker become a broker-salesperson



The broker - ANSWER-All licenses are held by



The MREC requires name, residence, and business address of each partner in
partnership licensed or unlicensed.

The corporation must be in good standing with the Secretary of State. Must be notified
of any changes and must be registered with the sec of state.

***A salesperson can be an officer of a corporation but CANNOT be involved in
management. - ANSWER-For broker officers of a Corp to happen



A designated broker.- any individual licensed as a broker who is operating pursuant to
the definition of real estate broker. The MREC only communicates with the designated
broker! - ANSWER-A professional corporation must have



Must be licensed to a broker who is responsible for all real estate related activities.

• can not manage other licensee without a type of broker license.

• must pass the 48 hour course, the AMP exam, and the 24 hour Missouri Real Estate
practices course before applying for a license. Must be a high school graduate or
equivalent and be at least 18 years of age.

• must have submitted finger prints to the mo highway patrol and background check.

• must receive all earned fees from broker and cannot be paid to others for referrals or
any other reason. Another broker cannot pay a salesperson not licensed with him or
her. - ANSWER-A salesperson:



If you're licensed and transfer to another broker, with a transaction waiting to close, to
your written agreement with your original broker will determine if you are entitled to
commission when the transaction closes. If so, the PREVIOUS broker will pay you
directly. - ANSWER-Another broker cannot pay a salesperson not licensed with him or
her EXCEPT when

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