MO State Law for Real Estate Salesperson Exam
License Renewal - ️ Even years, every 2 years (biennially)
Brokers: June 30, Salespersons: September 30
Continuing Education - ️ Both brokers and salespersons: 9 hours of electives + 3 hours of core education.
Death or Incapacity of Broker...
- ✔️ Both brokers and salespersons: 9 hours of electives + 3 hours of core education.
Death or Incapacity of Broker in Charge
- ✔️ Process: Business ceases; MREC assigns a temporary broker license to manage winding up the
affairs; pending agency agreements are canceled; licenses mailed to MREC; parties to pending sales
contracts are notified of the closing arrangements.
License Denial Appeal
- ✔️ If applicant's license is denied: 30 days to appeal to the Administrative Hearing Commission (AHC).
License Revocation Appeal
- ✔️ If applicant's license is revoked: 90 days to appeal to the AHC.
Escrow Account
- ✔️ Deposit Requirement: Broker must deposit funds within 10 banking days after acceptance of an
offer, unless otherwise agreed in writing.
Escrow Account Management
- ✔️ Responsibility: Salesperson or Broker/Salesperson must promptly deliver any checks received to
the broker in charge.
Commingling Funds
, - ✔️ Policy: Illegal, except for $1,000 of personal funds for bank fees.
Use of Escrow Funds
- ✔️ Fund Management: Brokers cannot use escrow funds for personal purposes; funds remain in the
account until the transaction concludes or as otherwise agreed in writing.
MREC Commissioners
- ✔️ Composition: 7 members; all may vote; appointed by the GOVERNOR; 1 must be a public member
without a license; 6 must have been licensed brokers for 10 years prior; serve 5-year terms; convene for
discussions (not regular staff).
Penalties for License Violations
- ✔️ Violation Consequence: Class B Misdemeanor; MREC may escalate through the Attorney General if
further action is needed.
Complaints
- ✔️ Process: Pending complaints are kept confidential; formal complaints must use an MREC form;
MREC may conduct investigations independently; complainants may remain uninformed if they do not
sign the complaint; MREC can dismiss complaints and may hold investigatory hearings for evidence.
Complaints Continues
- ✔️ Judgment: Probable cause is sent to AHC for a judgment of guilty or not guilty, which is then
forwarded to the MREC to determine penalties.
MREC Dispute Resolution
- ✔️ Authority: MREC does not resolve disputes related to commissions or compensation.
Correspondence with MREC
- ✔️ Response Time: Must respond within 30 days to avoid disciplinary action.
Inactive Licenses
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