Real Estate Exam- Missouri Portion only (with Complete Solutions)

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. correct answers 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. correct answers The MREC allows Protect the public. Established by state legislature. correct answers 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. correct answers 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. correct answers 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. correct answers 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. correct answers 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. correct answers 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.