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What industry is considered to be the largest in the US? The Real Estate Industry Which category of real estate related tasks do real estate salespersons spend the bulk of their time and effort in? Sale or transfer What are property sales at the mercy of? The local economy An overabundance of lower-priced homes with many more buyers than homes available is called? A seller's market A number of higher-priced homes for sale with only a few buyers in that price range would make...

How many members make up the Missouri Real Estate Commission board? Seven; six brokers and one unlicensed consumer. Members are nominated by the MREC president and appointed by the governor. How many years' experience do brokers need to have to qualify for MREC board membership? 10; commission members serve five-year terms. What does the MREC do? Carries out Section 339 of the Missouri Revised Statutes, including the examination, licensing, and regulation of real estate professio...

A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? A license. Legal descriptions using the government survey system are NOT generally used in : the original 13 states. Real property can be converted to personal property by Severance A landowner wishes to build a neighborhood grocery store on a busy street in an...

RE Salesperson License requirements? 18 years old, 40 hour class, pass the exam, must affiliate with a broker to practice and may not accept direct client payments Broker's License requirements? 3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee. What is MLS? Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings. Difference between RE Salesperson and RE Broker? Master01 | November, 2024/2025 | Latest ...

Law of Agency governs the relationship between clients and agents Principal -person hiring the agents -could be client or broker -vicarious liability vicarious liability if you are a client who has hired a real estate agent, anything they do on your behalf within the authority you've given them is as if you have done it yourself universal agent may represent their principal on any matter Master01 | November, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 ...

Consumer Protection Act, MGL 93A § Allow for private right of action o Law is designed to protect consumers from unfair and deceptive practice employed by some businesses o Empower consumer who feel like they have be unfairly deceived by a business with their ability to easily bring a claim against a business and receive compensation for any monetary loss they suffered o All a consumer has to do to bring a claim is send the business a letter, and give them 30 days to respond MG...

conventional loans not apart of government financing programs government financing programs encourage home ownership by making loans affordable. Allow borrowers to use more leverage than a bank would normally allow loan to value ratio banks typically prefer 80% Federal Housing Administration Master01 | November, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ -insures lenders to make loans with more than 80% LTV (usually up to 96.5%) -puts in limitati...

secondary mortgage market -banks have the option to sell off the loan investors -After the loan is sold (either at a discount for less that its worth or at a premium for more than it's worth) the mortgagor may either make payments directly to the loan's new owner, or they might keep paying the original lender who will forward their payments. Helping Families Save Their Homes Act The mortgagor does not need to consent to the sale of the loan, but they must be informed (part o...

financing receiving, or providing, money for the purchase of real estate debt to income ratio A standard tool that calculates whether a borrower will have difficulty meeting his or her loan repayment obligation. judicial foreclosure foreclosure that is under the supervision of a court and initiated by a lawsuit non-judicial foreclosure foreclosure that does not require court proceedings or a judgment of foreclosure - the result of the power of sale clause in a deed of trust sho...

Board of registration of Real Estate Brokers and Salespersons enforces the license law o Part of the Division of Professional Licensure o Made up on 5 members appointed by the governor § each member has a 5-year term. § one member's term expires each year § 3 of the members are brokers with at least 5 years of experience § 2 of the members represent the public § One member is appointed chair § Meet at least 4 times a year · With a quorum of at least 3 members presen...