Exam (elaborations)
MISSISSIPPI REAL ESTATE STUDY GUIDE QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATE STUDY GUIDE QUESTIONS AND ANSWERS
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1-125 of 125What should a broker do if they have reason to believe that a licensee whom that
broker is responsible for has violated Real Estate License Law or Rules & Regulations
of the Commission?
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It is MANDATORY that broker notifies the commission.
,Should a licensee disclose their licensed status on all contracts in which they have an
ownership interest?
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YES, they are required to.
When applicant is approved for either exam, how long does she have to take and
pass both national and state exam?
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2 months
What is ARELLO
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Association of Real Estate License Law Officials
Under what conditions may one become a disclosed dual agent?
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, 1-With the informed consent of both parties
2-With written understanding of specific duties and representation to be
afford each party
Is a licensee allowed to represent to a lender or any other interested party... an
amount in excess of the true & actual selling price (either verbally or through the
preparation of a false sales contract)
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NO!
An applicant for a salesperson's license must pass national exam with _____ and state
exam with ____
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70% national exam
75% state exam
Can a relationship be created if agent doesn't receive fee?
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Yes... it can be created regardless of whether seller pays fee, buyer pays
fee, both pay fee, or neither pay fee
, All exclusive listing agreements:
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1-Must be in Writing
2-Must properly identify the property to be sold
3-& contain all of the terms and conditions under which the transaction is
to be consummated.
4- must clearly indicate in listing that it is "exclusive agency" or "exclusive
right to sell"
If applicant fails to pass first exam... What happens?
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Applicant will be allowed to take next exam with payment of additional fee
to the testing provider.
What is one who is authorized to act on behalf of and represent another?
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Agent
If the responsible broker agrees that a broker under his supervision may perform
certain real estate services outside the responsible broker's supervision ... What must
take place?
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