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Missouri Exam Prep Business Conduct Questions and Answers

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  • Module
  • Missouri Business Conduct
  • Institution
  • Missouri Business Conduct

Through Superstar salesperson Sam's efforts at closing, a commission from the seller is paid and a 5,000 bonus from the buyer is also paid. Which of the following statements best applies to the situation? A. Receiving compensation from more then one party at closing is a violation of Missouri lice...

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  • May 20, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri exam prep business conduct questions and
  • missouri exam prep business conduct stuvia
  • through superstar salesperson sams efforts at clo

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  • Missouri Business Conduct
  • Missouri Business Conduct

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Missouri Exam Prep Business Conduct
Questions and Answers

Through Superstar salesperson Sam's efforts at closing, a commission from the seller is
paid and a 5,000 bonus from the buyer is also paid. Which of the following statements
best applies to the situation?

A. Receiving compensation from more then one party at closing is a violation of
Missouri license law.

B. Commissions are split with Sam's broker; bonuses are earned directly by the sales
person.

C. The listing agreement must contain specific statements regarding compensation
including any buyer paid, fees, or bonuses.

D. The buyer and seller must be notified of the commission and bonus prior to entering
into a contract. - ANSWER-D.The buyer and seller must be notified of the commission
and bonus prior to entering into a contract.



Which is true of a license application?

A. It must include an application fee of $80 if the applicant is a nonresident.

B. If the commission does not process the application within 60 days, it must refund the
application fee.

C. The application fee may be paid by Visa or Mastercard.

D. The MREC may hold the application for any reasonable length of time to process and
investigate the applicant. - ANSWER-D. The MREC may hold the application for any
reasonable length of time to process and investigate the applicant.



The seller of another local broker contacts broker James about listing her home with
James. What must James do in this situation?

A. James must respect the exclusive listing of the other broker and refuse to talk to the
seller.

B. James can provide advice and counsel the seller on how she can end the
relationship with his current broker.

C. James must contact the current broker and notify him of the sellers interest in
changing brokers.

, D. James can talk to the seller about listing the property after the current listing
agreement has expired. - ANSWER-D.James can talk to the seller about listing the
property after the current listing agreement has expired.



Fung, a licensee with ABC Realty Group notices a new listing by XYZ properties in the
subdivision where she resides. Fung may advertise this listing:

A. Anytime she wishes

B. With permission of ABC Realty Group

C. If she discloses XYZ properties as the listing broker

D. If given the authority from the properties owners duty licensed agent. - ANSWER-D.
If given the authority from the properties owners duty licensed agent.



A fictitious name used by a brokerage:

A. Required by the MREC if the brokerage operates as a LLC

B. Must be filed and in good standing with the state attorney general office

C. Must be filed with the Missouri Secretary of States Office

D. Once filled, with the state of Missouri, is perpetual - ANSWER-C. Must be filed with
the Missouri Secretary of States Office



Which of the following would be a voluntary reason a brokerage firm would close?

A. Death

B. Revocation

C. Suspension

D. Broker option - ANSWER-D. Broker option



Earnest money must be deposited:

A. immediately upon acceptance of the contract

B. Immediately upon receipt of the money

C. Within 10 days of the final acceptance of the contract

D. Within 10 banking days of the receipt of the money. - ANSWER-C. Within 10 days of
the final acceptance of the contract

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