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Missouri Exam Prep-Licenses Exam 2024/2025 Questions With Completed & Verified Solutions.
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Missouri Exam Prep-Licenses Exam 2024/2025 Questions With Completed & Verified Solutions.
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Missouri Exam Prep-LicensesMary Beth, a motel clerk at the Seaside Inn, refers potential buyers to her friend Jane. Mary
Beth can:
A. Receive a thank you from Jane
B. Receive a referral fee from Jane
C. Receive a commission from Jane - ANS A. Receive a thank you from Jane
A corporation recently opened a real estate office in the state of Missouri. Which of the following
is true regarding the licensing of the corporation?
A. If the corporation is already licensed in another state, the MREC will require a license
certification from that state.
B. The corporation must pay $550 application fee if it does not maintain a Missouri license
C. If the corporation is licensed in good standing with an adjoining Missouri state, a Missouri
license is not required. - ANS A. If the corporation is already licensed in another state, the
MREC will require a license certification from that state.
Matt Bates is a salesperson. His CPA has advised Matt to form an LLC for tax purposes. Which
of the following statements is true regarding this situation?
A. Matt may form an LLC with his broker's written permission
B. Matt must file a fictitious name with the state
C. Matt may become a Professional Corporation (PC) - ANS C. Matt may become a
Professional Corporation (PC)
What must be included with the license transfer application?
A. signature of the new broker, signature of the current broker, a $50 transfer fee, and a $50
termination fee
B. Signatures of both the new broker and current broker, a $50 fee and the licensees original
wall license
C. Notarized signatures of both the new broker and the current broker, a $50 fee and the wall
license all sent certified, overnight or registered mall - ANS B. Signatures of both the new broker
and current broker, a $50 fee and the licensees original wall license
Johnnie, who is 18 year's old and not a Missouri resident, successfully completed his licensing
course on July 1st, 2018 and he passed the test December 14th, 2018 and submitted his
license application with the proper fees on February 3rd, 2019. Will Johnnies license application
be accepted?
A. No, Johnnie did not submit his license application in a timely manner
B. No, Johnnie is not at least 21 years old
C. Yes, Johnnie passed his test within 6 months of completing the license course - ANS A. No,
Johnnie did not submit his license application in a timely manner
, For a licensee to be deemed transferred, which is a satisfactory method of delivering the
transfer application to the MREC?
A. email
B. regular postal mail
C. overnight delivery - ANS C. overnight delivery
Bar, an independent contractor, is selling right of way easements for several utility companies.
Must Barb be licensed?
A. No, because easements are not considered to be real estate.
B. Yes, because she is an independent contractor and not an employee of the utility
C. Yes, as long as she is paid as if she is an employee of the utility companies - ANS B. Yes,
because she is an independent contractor and not an employee of the utility
A licensee may be granted to which of the following?
A. An applicant 17 years or older
B. an applicant who filed for bankruptcy in the last 5 years
C. an applicant who is deemed incompetents' to transact business - ANS B. an applicant who
filed for bankruptcy in the last 5 years
Karen, Michele, Chen, and Pedro want to form a corporation to operate a real estate business.
Each of these individuals will be officers of the corporation. Which of the following is true
regarding a corporation receiving a brokers license?
A. All officers in the corporation must have a real estate license
B. Each officer who actively participates in the supervision of real estate brokerage must have a
license
C. only the corporation is required to have a license - ANS B. Each officer who actively
participates in the supervision of real estate brokerage must have a license
Salesperson Dorothy just got divorced and as part of the divorce the judge restored her maiden
name. What must Dorothy provide to the MREC to have the name on her license changed?
A. a copy of her drivers license
B. a notarized statement
C. a sworn statement and a fee - ANS A. a copy of her drivers license
To be considered transferred, a license application:
A. must be complete and sent to the MREC through standard mall
B. must include a check for $50 for a license transfer fee and $50 for a status fee
C. must be complete. If received incomplete by the MREC, the license is not considered
transferred. - ANS C. must be complete. If received incomplete by the MREC, the license is not
considered transferred.
James is a broker who lives in the State of Illinois. Which of the following is acceptable for his
original license insurance?
A. James paid $200 by personal check
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