Purpose of mrec - Study guides, Class notes & Summaries

7 Members. Have to have been a us citizen for 1 year at least. Appointed by the governor with consent of the Missouri senate. 6 members must have been licensed brokers for 10 years. 1 member from general public. correct answers The MREC is made up of All members to vote. Members may hold an inactive license during employment. Cannot be actively involved in the real estate business. $75 a day when meeting. Plus expenses. correct answers The MREC allows Protect the public. Established by sta...

Mississippi State Agency which was created by 73-35-5 to regulate the licensing of real estate brokers and salespersons, which it's duties and authorities are included in the law. - ANSWER Mississippi Real Estate Commission MREC Any leasehold, interest, or estate in land, including timeshares and condominiums, whether corporal or incorporal, freehold or non-freehold, located in MS or elsewhere. Does NOT include: oil, gas, minerals, leases, leaseholds, estates, or interest of any nature. - AN...

Can the MREC issue Subpoena? - Answer • YES • Call witnesses from all over state Purpose of the MREC - Answer • Regulating real estate activities in MS • Protect the comsumer MREC Board members and requirements - Answer o 5 members - 4 year terms - no term limits o Must be actively licensed brokers for 5 years o Resident of the state for 6 years o Meet monthly to discuss Complaints Conduct investigations regarding rule violations Monitor real estate commerce betwee...

MREC - ANSWER State agency To regulate licensing of brokers in sales person Broker - ANSWER Anyone who sells, buys, leases, etc. property for a fee Responsible non-resident broker - ANSWER Licensed in another state but no Mississippi license sales person - ANSWER Licensee employed by broker to act on behalf of broker for compensation Unlicensed Assistant - ANSWER Employee not allowed to perform activities requiring license. Purpose of the MREC - ANSWER Protect consumers via licens...

Chapter 339 of the MO Statutes is: Code of Ethics License Law MLS Rules For commercial agents only correct answers 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 to be a MO Real estate licensee correct answers d Th...

MS Real Estate Exam Correct 100% MREC - ANSWER State agency To regulate licensing of brokers in sales person Broker - ANSWER Anyone who sells, buys, leases, etc. property for a fee Responsible non-resident broker - ANSWER Licensed in another state but no Mississippi license sales person - ANSWER Licensee employed by broker to act on behalf of broker for compensation Unlicensed Assistant - ANSWER Employee not allowed to perform activities requiring license. Purpose of the MREC...

Can the MREC issue Subpoena? - Answer • YES • Call witnesses from all over state Purpose of the MREC - Answer • Regulating real estate activities in MS • Protect the comsumer MREC Board members and requirements - Answer o 5 members - 4 year terms - no term limits o Must be actively licensed brokers for 5 years o Resident of the state for 6 years o Meet monthly to discuss Complaints Conduct investigations regarding rule violations Monitor real estate commerce betwee...

MREC - ANSWER State agency To regulate licensing of brokers in sales person Broker - ANSWER Anyone who sells, buys, leases, etc. property for a fee Responsible non-resident broker - ANSWER Licensed in another state but no Mississippi license sales person - ANSWER Licensee employed by broker to act on behalf of broker for compensation Unlicensed Assistant - ANSWER Employee not allowed to perform activities requiring license. Purpose of the MREC - ANSWER Protect consumers via licens...

FINAL EXAM (Bob Brooks) Questions and Answers 100% Pass When must earnest money and/or deposits accepted by the broker be put into the escrow account? a. Earnest money does not have to be put into an escrow account. b. By the close of business of the next banking day c. Within 24 hours d. Within 48 hours - Answer- b. By the close of business of the next banking day In order to record a deed, it MUST be in writing and: a. signed by grantee b. recite the actual purchase price c. acknowl...

Missouri Portion Of Real Estate Exam What is the purpose of Chapter 339? Protect the public from salespersons and brokers. Chapter 339 is also called what? License law. Missouri Real Estate Commission (MREC) can fine how much for violations? $2,500 per violation with a maximum of $25,000 for continued violations. MO will not hear what kind of complaints? Commission complaints. A real estate __(?)__ cannot work without? Workers permit from MREC. When do real estate agents and b...