MO Real Estate State Portion Guaranteed A+
If a licensee violates a provision of the Missouri License Law, the licensee: ️ Shall be guilty of a class B
misdemeanor and may be subject to criminal prosecution.
A broker takes a listing; which situation is illegal in Missouri? ️ The seller re...
MO Real Estate State Portion Guaranteed A+
If a licensee violates a provision of the Missouri License Law, the licensee: ✔️ Shall be guilty of a class B
misdemeanor and may be subject to criminal prosecution.
A broker takes a listing; which situation is illegal in Missouri? ✔️ The seller receives 94% of the list
price, and the broker is to receive all amounts above that.
If a licensee breaches fiduciary duties to the principal, which action could not be taken against the
licensee? ✔️ The state cannot rescind all contracts negotiated by the licensee with other principals
during the past year.
Broker Carr advertises her home and only includes her name and phone number. Is this allowed? ✔️
No, she must include that she is a licensed agent in the advertisement.
The commission may suspend or revoke a license for all reasons except? ✔️ If a broker deposits a
commission in his business account.
A person in Missouri completed a pre-license class, passed the exam, and earned a license. After a few
months, the licensee opts to place their license on inactive status. Two years later, they want to
reactivate it. What must they do? ✔️ Complete a 24-hour Missouri Real Estate Practice Course for their
license type and apply to the MREC within 6 months.
A broker must conduct business only under the name listed on their license. If a broker operates as a
sole proprietor, they will use the name: ✔️ As indicated on their licensure application.
A seller's listing has expired, but the licensee did not remove the sign for two days. Did the licensee
violate Missouri License Law? ✔️ Yes, because they no longer had a contract to advertise the property.
Which of the following usually appears only on the seller's closing statement? ✔️ Earnest Money.
The seller's loan balance as of May 1 is $60,000, with an interest rate of 8%, and the closing is on May
20. What is the prorated interest at closing? ✔️ Debit Seller $267.
, Taxes of $1320 were paid for the previous year. The property sold, and closing took place on August 16.
The seller is responsible for the day of closing. How would taxes be prorated? ✔️ $828 debit to the
seller and $828 credit to the buyer.
A $10,000 insurance policy, valid for 3 years, cost $180. If the policy was issued on June 1, 1994, what
would the approximate value of the unused portion be after closing on December 8, 1994? ✔️ $150.
Interest is always categorized as: ✔️ A debit to the seller.
All statements about the settlement statement are true except? ✔️ It provides a good faith breakdown
of the buyer's monthly payment.
A closing statement would have all the following except: ✔️ Sale of personal property.
Rent of $600 was collected on August 1. The closing occurs on August 20. What is the best prorating
method? ✔️ Debit the seller $200 and credit the buyer $200.
A home sold for $118,500 under an Exclusive Right to Sell listing with a 7% commission. The seller's
remaining loan balance of $61,200 was subject to an Alienation Clause. Closing expenses were $1500 for
the seller and $2800 for the buyer, who also paid $60 for a termite inspection. What amount did the
seller receive at closing? ✔️ $47,505.
On a closing statement, how would the seller's loan balance appear? ✔️ As a debit to the seller.
Salesperson Roberts intends to buy a property he has listed. What must he do before presenting the
contract? ✔️ Disclose in the contract that he is a licensed real estate salesperson.
Mr. Baird, sole proprietor of a commercial real estate company, passed away. His daughter, Kay Baird,
executor of the estate without a real estate license, can: ✔️ Be appointed by the MREC to complete
only ongoing business transactions.
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