A missouri broker - Study guides, Class notes & Summaries

MO Real Estate Exam Practice Questions and Answers Mo Statute 339 - Correct Answer ️️ -License Law RSMO 1986 License Law - Correct Answer ️️ -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 Answer ️️ -Includes $ compensation, exchange of free services, or any other valuable good or service that a person expects...

Real Estate Practice Exam (Missouri) Questions and Answers An ad in the local paper was placed by Sarah, a licensed salesperson, on behalf of her seller. The ad reads "Beautiful country lots located on Lake Ivory. Must see! With the purchase of one gorgeous lakeside lot, you will receive a second free. Plus, all purchasers' names will be entered into our lottery sweepstakes! Come soon while lots are still available." Which of the following statements concerning the ad is the most accur...

The MREC requires the brokers for the buyer and seller to retain legible copies of both buyer's and seller's signed closing statements - 3 years By what title is Chapter 339 of the Missouri State Statutes also known? - The license law If the buyer and seller are represented by different brokers, it is the responsibility of ________ to deliver, or cause to have delivered, the closing statements. - listing broker Broker Kelley took a listing from seller Smith. Which of the following stateme...

Missouri Real Estate Exam Questions and Answers Chapter 339 of the MO Statutes is: Code of Ethics License Law MLS Rules For commercial agents only - Correct Answer ️️ -b Susie is employed by broker Joe to show rental properties that he manages. She shows rental units, collects security deposit checks made payable to the owner, and delivers leases. Based on these actions, Susie: Must be a real estate licensee Is violating MREC rules Is creating a criminal offense Is not required t...

Missouri Real Estate Exam Chapter 339 of the MO Statutes Covers: - ️ License Law - Code of Ethics - MLS Rules - For commercial agents only Susie's Employment Situation Susie is employed by broker Joe to show rental properties he manages, collects security deposits made out to the owner, and delivers leases. Based on these actions, Susie: - Must be a real estate licensee - Is violating MREC rules - Is creating a criminal offense - ️ Is not required to be a MO real estat...

If a licensee violates a provision of the Missouri License Law, the licensee: - Shall be guilty of a class B misdemeanor and may be liable for criminal prosecution A broker takes a listing, which one is illegal in Missouri? - Seller collects 94% of list price and broker is to get all above that If a licensee breaches his fiduciary responsibilities to the principal, which of the following actions could not be taken against the licensee? - The state may rescind all contracts negotiated by the...

Real Estate- Missouri Law Verified A+ - An unlicensed secretary is the only one in a residential real estate office when Broker Carr from another company calls requesting information on a property. The secretary may: ️ Take his name and have a licensee return the call - Chapter 339 of the Missouri Statutes is also known as: ️ License law - A salesperson licensed in another state but NOT in Missouri comes into Missouri and refers her brother to a real estate company in Missouri to assis...

Missouri Real Estate Review Guaranteed Success Who has to have a real estate license? ️ Any person, co-partnership, or corporation who attempts or offers to sell, buy, rent, list, negotiate, exchange, option, advertise as a broker, refer, or charge a fee for advertising real estate. What title could a real estate salesperson hold? ️ Employee or Independent Contractor. Freehold Estate: ️ An estate for at least a lifetime or greater because it can be willed to heirs. Leasehold Es...

Missouri Real Estate - State Portion Only Broker License in Case of Death or Incapacity In the event that a licensed broker passes away or becomes incapacitated, the commission: - ️ May issue a temporary broker license to an individual approved by the commission. Maximum Commission Fines The highest penalty the commission can impose for violations is: - ️ $25,000. Complaints Not Heard by the Commission The commission will not address complaints regarding: - ️ Commission dispute...

Karen and David Carpenter are a team. They have one employee and four sales agents; they also enjoy flipping properties. David asks one of the sales agents to write an offer for him but to use the company name instead of his first and last name. David's offer is accepted, he puts a fresh coat of paint on the property, and then sells it for considerably more. What has David done? - Self-Dealing. Alice forgot to lock the windows that she opened to let in fresh air at her open house and the ho...