Exam (elaborations)
MISSISSIPPI REAL ESTATE LICENSE LAW QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATE LICENSE LAW QUESTIONS AND ANSWERS
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1-114 of 114Who is responsible for compensating a broker who is an agent for the seller which
fails or is unable to consummate the transaction?
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the Seller
,___________________ is the fee paid to a broker for the rendering of services.
This is not the determining factor in an agency relationship
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Compensation
for what types of transactions can the BPO be used?
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1. An existing or potential seller for the purposes of listing and selling a
parcel of real property
2. An existing or potential buyer of a parcel of real property
3. A third party making decisions or performing due diligence related to
the potential listing, offering, sale, exchange, option, lease or acquisition
price of a parcel of real estate.
4. For someone like a lien holder or relocation company for any purpose
to estimate value but NOT to be used for any type of financing
5. The preparation of a BPO can be used IN CONJUNCTION WITH or IN
ADDITION TO an appraisal
When is a licensee not required to comply with the provisions of section 3 of
disclosure exception?
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, When engaged in transaction with any
1. corporation
2. non profit corporation
3. professional corporation
4. professional association
5. limited liability company
6. partnership
7. real estate investment trust
8. business trust
9. charitable trust
10. family trust
11. any governmental entity
When the agent must keep private information provided by the principal and
information which would give a customer an advantage over the principal strictly
confidential, unless the agent has the principal's permission to disclose the
information. This duty lives on after the agency relationship is terminated.
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Confidentiality
What are the continuing education requirements?
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, 1. each individual applicant for renewal of their license must submit proof
on or before the expiration date of their license of 16 hours of approved
course work in addition to paying their renewal fee
2. the 16-hour CE requirement applies to each 2 year renewal period
3. any approved CE in excess of 16 hours may be carried over to the next
renewal if it was earned in the last 3 months of the previous renewal
period. however, only 6 hours may be carried over
4. any member of the MS legislature who has a real estate license shall be
credited with 8 hours of Ce credit for attendance each year of a legislative
session
5. no licensee can receive continuing education credit for pre license
education except when a licensee has been on inactive status and their Ce
credits are at least 30 hour sin arrears
6. Those who have held a brokers or salespersons license for at least 25
years and who are over 70 years old are exempt from the CE requirement
Can a real estate broker who operates under the supervision of a responsible broker
act independently as a broker?
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NO
How is a broker required to disclose in a single agency?
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