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MO Real Estate Exam Practice Exam Question And Answers 2024
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MO Real Estate Exam Practice Exam Question And Answers 2024
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MO Real Estate Exam Practice ExamQuestion And Answers 2024
Mo Statute 339 - correct answers✅License Law RSMO
1986
License Law - correct answers✅Any person who
performs a RE service on behalf of another party for
CONSIDERATION must be licensed; i.e. broker
transactions, managing property, appraising, counseling,
syndicating, auctioning
Consideration - correct answers✅Includes $
compensation, exchange of free services, or any other
valuable good or service that a person expects to be paid
(Vital in license law requirement)
MO Real Estate Commission (MREC) - correct
answers✅-authority is:
1. Regulatory
2. Judicial
3. Administrative
State level gov't entity that regulates and administers
license law by passing rules and making known in license
law
- violate MO license law and guilty= Class B Misdemeanor
,MO Real Estate Exam Practice Exam
Question And Answers 2024
MREC - State regulator of RE licenses, established by
legislature, 7 members 5 years, protect the public:
suspend, revoke, or probation
- can never fine a licensee and will not involve in a
commission $ dispute
-subpoenas
-civil penalty $2,500 fine/occurrence
- can investigate without complaint
- can file complaint in ANY COURT OF COMPETENT
JURISDICTION
MREC CAUSES COMPLAINT FILED WITH ADMIN HEARING
COMMISSION;
The Missouri Real Estate Commission was created by an
act of the 61st General Assembly and approved by the
governor on July 31, 1941.
The Commission consists of seven voting members. Six of
those members must have at least 10 years experience
as real estate brokers. A public member serves as the
seventh member. Each commissioner is appointed for a
five-year term.
,MO Real Estate Exam Practice Exam
Question And Answers 2024
Under the provisions of the real estate act, no real estate
broker or salesperson may act as such without first
procuring a license from the Commission. Other
responsibilities include investigating complaints
generated by consumers against the acts of a real estate
licensee and auditing real estate escrow accounts to
verify proper handling of buyers' earnest money. The
Commission also approves all real estate prelicensing and
continuing education courses.
The Commission meets regularly to review complaints,
investigations and audits and to take up other matters.
The Missouri Real Estate Commission performs duties
necessary to carry out the provisions of the real estate
license law.
MO Admin Hearing Commission (MAHC) - correct
answers✅Determines guilt/innocence; if guilty, sent to
MREC for punishment or dismissal.
- 3 attorneys, work for attorney general
- public crimes (other than license laws) sent to attorney
general for disposition
Brokers License Types - correct answers✅- Individual:
active or inactive
- corporation
, MO Real Estate Exam Practice Exam
Question And Answers 2024
- LLC
- Partnership
- Non resident
VOIDED: expiration, suspension, revocation
Salesperson's License Types - correct
answers✅Individual: active or inactive
Broker Salesperson: Active or Inactive
Branch Offices - correct answers✅- Broker salesperson
office (NOT salesperson) can manage branch office
- branch office under a principal broker would operate
under principal broker's license
Licensing - Renewals/ Termination Etc - correct
answers✅Brokers license renews by 6/30 of even years
($50)
Salesp must renew by 9/30 of even years ($40)
-2 yrs salesperson before broker
- broker must notify MREC within 72 hours of termination
- Salesperson has 6 months to find new broker or place on
inactive
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