REAL ESTATE LICENSE MISSOURI PORTION
Licensee must respond to a request from the commission ️ thirty days
Notice given of the final disposition of a complaint ️ ten days
Direction by the court to secure documentation or witnesses ️ subpoena
Investigates complaints ️ Missouri R...
Licensee must respond to a request from the commission ✔️ thirty days
Notice given of the final disposition of a complaint ✔️ ten days
Direction by the court to secure documentation or witnesses ✔️ subpoena
Investigates complaints ✔️ Missouri Real Estate Commission
Complaint ✔️ a detailed form detailing a licensee's alleged violation
Administrative Hearing Commission ✔️ holds formal proceedings to determine the possibility of
disciplinary action
Accrued items ✔️ expense has been used but not paid
Proration ✔️ dividing expenses between buyers and sellers
Bankers or statutory year ✔️ assumes every month has 30 days
Prepaid items ✔️ expense has been paid but not used
Length x width x height ✔️ the volume of a cube or rectangle
Width x depth ✔️ the area of a square or rectangle
, 1/2 (base x height) ✔️ Area of a triangle
Closing statement ✔️ shows all material financial aspects of the real estate transaction
Salesperson may not conduct closing of any transaction without supervision of manager or broker
associated with
Closing costs ✔️ expenses that buyers and sellers must pay
Buyers and sellers split
Good funds ✔️ escrow account funds fully available for withdrawal
Seller concessions ✔️ seller contributes toward the buyer's closing costs
Certified funds ✔️ type of funds settlement agents require from the buyer and seller to convey
True/False: When the seller gives money to the buyer for an expense that is not yet due, it is a prepaid
item. ✔️ false — this is an accrued item, and the seller is debited
Prepaid item — buyer gives money to the seller for items that the seller has paid in advance
Which of the following complaints by a seller would probably NOT be considered worthy of
investigation by the MO Real Estate Commission?
a) the licensee advertised the property in a deceptive way
b) the licensee placed for sale signs on the property without the owner's consent
c) the licensee did not appear neatly dressed at the open house
d) the licensee withheld some offers from buyers ✔️ C
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