Practice Quiz A

1. Failure to renew your license on time will result in a penalty of double fee.  30 days late , will result
2. The extent of cooperation of reciprocity with other states
3. Legal action by the Commission for a violation may take the form of a fine of not more than $1,000 and or up to 90 days in jail, or both.  The second violation can be
4. Every applicant for a resident license as a real estate salesperson shall be
5. A licensee shall not be required to comply with disclosure requirements when engaged in transactions with
6. The responsible broker must report any licensee for whom that broker is responsible to the commission if
7. Developers of timeshares and any of his agents cannot practice timeshare
8. The MREC will issue a (timeshare) preliminary permit in 20 days
9. A developer with a timeshare must return all payments made under the contract within
10. A real estate broker must keep on file following it’s consummation complete records relating to any real estate transaction for
11. In addition to disclosing their licensed status on all advertisements, licensees are required to disclose their license status
12. When a licensee is advertising their own property for sale, purchase or exchange which is not listed with a broker, the licensee must
13. The expiration, suspension or revocation of a responsible broker’s license shall automatically suspend the license of every real estate licensee currently under the supervision of that broker.  In such cases
14. Every licensee shall notify the Real Estate Commission of any adverse court decisions in which the licensee appeared as a defendant
15. The Commission mandated disclosure form
16. In the event one or more parties are not available to sign one or more disclosures forms, the disclosure will be accomplished orally.  The applicable form will be so noted by the broker and said forms will be forwarded for signatures as soon as possible.
17. In the event the agency relationship changes between the parties to a real estate transaction
18. In dual agency
19. For the buyer’s agent, the first substantial meeting shall not include
20. When the broker is the agent for the buyer, first substantive meeting is
21. For the seller’s agent, the first substantive meeting does not include
22. When an offer is made on a property owned by a party with whom the broker has entered into a listing agreement, such broker shall document and date an acceptance or rejection of the offer and
23. “Fiduciary Responsibility” are those duties due the principal (client) in a real estate transaction are
24. Brokers who practice disclosed dual agency
25. Special situations, where unusual facts exist or where one or more parties involved are especially vulnerable, could require additional disclosures not contemplated.  In such cases, brokers
26. who are exempt from having a real estate license?
27. The five Commissioners appointed by the Governor with advise and consent from the Senate have the power to do all of the following except
28. Can the Real Estate Commissioners issue subpoenas?
29. A broker applicant who has not held a salesperson license for a period of 12 months immediately prior to submitting an application, must
30. It is unlawful to carry out the business of a broker or salesperson without
31. A Licensee following notification of action resulting from a Commissioner hearing
32. Whenever a Mississippi broker enters into a cooperating agreement with a non resident broker, the Mississippi broker
33. When changing responsible brokers
34. Brokers may give legal advice
35. Licensees may obtain errors and omissions coverage independently if the coverage contained in the policy follows the minimum requirement of
36. Commissioners are vested with power of court to issue and enforce subpoenas, levy fines and
37. Any applicant or licensee or person aggrieved shall have the right of appeal from any adverse or order or decision the Commission to the circuit court of the county of the residence of the applicant, licensee or person or of the First Judicial District of Hinds County within ___________days from the service of notice of the action of the Commission.
38. Funds received by the Commission are used to
39. All monies which shall be paid into the state treasury are credited
40. No fee, commission or other valuable consideration may be paid to a person for real estate brokerage activities unless the person provides evidence of