MO Real Estate "Cheat Sheet" Guaranteed Success
What is Chapter 339? ️ It is the license law governing real estate activities.
What does "commission" refer to? ️ It refers to the Missouri Real Estate Commission.
Who needs a real estate license? ️ Individuals who perform, offer, or aid i...
MO Real Estate "Cheat Sheet" Guaranteed Success
What is Chapter 339? ✔️ It is the license law governing real estate activities.
What does "commission" refer to? ✔️ It refers to the Missouri Real Estate Commission.
Who needs a real estate license? ✔️ Individuals who perform, offer, or aid in various real estate
activities, and those who receive compensation for these actions, including advertising services in
Missouri.
Must salespeople be affiliated with a broker? ✔️ Yes.
Where can salespeople receive compensation? ✔️ Only from their broker.
Who doesn’t need a license? ✔️ Generally, anyone receiving compensation for real estate activities
needs a license, but exceptions include situations like a one-time FSBO sale, employees working for a
business selling property (unless they have a separate company for real estate), licensed attorneys,
auctioneers employed by the owner, people acting under a court order, banks selling their property,
workers for property management firms, government employees, and developers selling their own
property.
What must you complete before taking the license exam? ✔️ A 48-hour pre-license course.
How old must you be to obtain a license? ✔️ At least 18 years old.
How long do you have after finishing your 48-hour course to apply for a license? ✔️ 6 months.
How many questions are on the national exam, and what is the passing score? ✔️ There are 100
questions, and you must score at least 70%.
How many questions are on the state exam, and what is the passing score? ✔️ There are 40 questions,
and you must score at least 75%.
, What do you need to do to apply for a license after completing the 48-hour course? ✔️ You must pass
the national and state exams, complete the 24-hour practice course, get fingerprinted, acquire the
broker's signature, and submit the application along with the fee.
What happens if fingerprinting has not cleared on your application? ✔️ A temporary work permit is
issued.
How long must you practice real estate before applying for a broker's license? ✔️ At least 2 years.
When are licenses renewed? ✔️ In even years: Brokers on June 30; Salespersons on September 30.
What education is required for renewal? ✔️ 12 hours total (9 hours elective and 3 hours core).
What occurs when a broker dies? ✔️ A temporary broker license is issued to handle the broker's affairs.
What are the consequences of not renewing your license on time? ✔️ You will be charged $50 per
month, not exceeding $200, and you are required to take a 24-hour practice course.
When must you notify the commission about a name or address change? ✔️ Within 10 days.
What is the cost for placing your license on inactive status or reactivating it? ✔️ $50.
Can anyone be licensed under a broker-salesperson or broker-officer? ✔️ No, they may only be
licensed under a principal broker.
Do broker-salesperson licensees require supervision? ✔️ Yes.
How long does a broker have to surrender the license of a licensee who wants to transfer or has been
terminated? ✔️ 72 hours.
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