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MO Real Estate Exam Practice Questions & Answers Verified 100% Correct!!

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Licensing - Renewals/ Termination Etc - ️️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 ina...

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MO Real Estate Exam Practice
Licensing - Renewals/ Termination Etc - ✔️✔️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
- Listings belong to broker (transfer req written consent)
- "Dual Contracts" to deceive lender = federal offense

MO Admin Hearing Commission (MAHC) - ✔️✔️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

License Law - ✔️✔️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 - ✔️✔️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) - ✔️✔️-authority is:
1. Regulatory
2. Judicial
3. Administrative

Mo Statute 339 - ✔️✔️License Law RSMO 1986

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

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.

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.

Brokers License Types - ✔️✔️- Individual: active or inactive
- corporation
- LLC
- Partnership
- Non resident

VOIDED: expiration, suspension, revocation

Salesperson's License Types - ✔️✔️Individual: active or inactive
Broker Salesperson: Active or Inactive

Branch Offices - ✔️✔️- Broker salesperson office (NOT salesperson) can manage
branch office
- branch office under a principal broker would operate under principal broker's license

Broker Requirements - Place of Biz - ✔️✔️Sufficient size sign est RE office, maintain pl
of biz in state during biz hrs, supervise all salesp, same name at branch off

Broker Reqs - Deposits / $ - ✔️✔️Brokers must have Escrow or Trust accts unless
exempted by MREC
Deposits - broker must deposit $ w/in 10 days of accepting purchase offer
- unless other agrmt, cobroker transfer funds deposit into listing brokers escrow acct

Accounts must be NON int bearing unless otherwise agreed in writing; must clarify who
receives interest

, - only negotiable items can be placed in escrow (check, cash, or money order); Seller
must agree to other items as earnest deposit (i.e. ring, boat, note, etc)
-salesperson must deliver earnest $ to broker IMMEDIATELY
-if dispute over earnest $, broker should hold $ until all parties sign a release, or within
365 days, if no agrmt, release and to state treasury
- Contract failed: AFTER 60 days broker sent registered letter saying would give earnest
$ to seller; lacking response from either party could release $ AFTER 15 DAYS

Broker has 15 days to notify buyer and seller of escrow problem

Net Listing - ✔️✔️Illegal in MO; An owner sets a minimum amount that he wants to
receiver from the sale of the property and lets the broker have as commission any
amount above the set minimum.

Commingling/ Conversion - ✔️✔️=doing something wrong with someone's money; i.e.
depositing late, taking out too soon, or using $ without permission

Advertising Laws (sec 6)**** - ✔️✔️Discrimin. Adv - illegal and violation of Federal Fair
Housing Law
- NO inducements: valuable consideration for secure customer to lease, purchase, list,
sell
- Guaranteed profit: guaranteeing future profits if resale not allowed
- Co name must always appear
- Salesp contact info, equivalent brokerage info
- Blind Advertising: must include broker's reg biz name

Institutional Advertising: Advertise company or individual, not specific property

Listing Agreements must include: - ✔️✔️Price, commission (incl any bonuses),
beginning & expiration date, seller & listing broker signature, type of listing (exclusive
agency, exclusive right to sell, or open)

Any changes initialed and sig of all parties

Dual Agency - ✔️✔️Must disclose, commission source must be wirtten, sig/date of all
parties, copies
Listing broker FIRST disclose to buyer the broker agency relationship with the seller
BEFORE buyer gives personal or financial info

Listing licensee = transaction broker unless otherwise specified in writing

Dual Agents = Transaction Brokers

Broker Record Keeping - ✔️✔️Must retain true copies of records for minimum of 3
years, if not class B misdemeanor

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