Mississippi License Law Final #2

Mississippi License Law Final

1. It is unlawful to carry out the business of a broker or salesperson without

Question 1 of 111

2. Any person taking appeal shall post a satisfactory bond in the amount of _________dollars for the payment of any costs which may be adjudged against him.

Question 2 of 111

3. When the broker is the agent for the buyer, first substantive meeting is

Question 3 of 111

4. Real Estate Commissioners

Question 4 of 111

5. All exclusive listing agreements shall be in writing, properly identify the property to be sold and contain all of the terms and conditions under which the transaction is to be consummated including the sales price, the considerations to be paid, the signatures of all parties to the agreement and

Question 5 of 111

6. 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.

Question 6 of 111

7. Peggy, a salesperson for broker Bob listed and sold a property.  Before being paid for that executed transaction, Peggy changed responsible brokers.  Broker Bob

Question 7 of 111

8. When a licensee is advertising their own property for sale, purchase or exchange which is not listed with a broker, the licensee must

Question 8 of 111

9. A salesperson has a listing with his responsible broker, Broker A.   The salesperson decided to transfer to a new broker before the listing expires.  When the agent moves to the new broker, who owns the listing?

Question 9 of 111

10. A real estate licensee shall deliver a true and correct copy of any instrument to any party or parties executing the same

Question 10 of 111

11. A non-resident may apply for a nonresident’s license in Mississippi

Question 11 of 111

12. A licensed Mississippi broker may cooperate with a broker licensed in another state who does not hold a Mississippi license

Question 12 of 111

13. “Disclosed Dual Agent” is when

Question 13 of 111

14. Monies from the “real estate license fund” are used for

Question 14 of 111

15. A non material fact which need not be disclosed is

Question 15 of 111

16. It is not the duty of the responsible broker

Question 16 of 111

17. When an agent transfers to a new broker and within 3 days gives written notice to the Commission the name of the principal broker into whose agency he is about to enter

Question 17 of 111

18. A purchaser of a time share may cancel the contract

Question 18 of 111

19. A salesperson wants to advertise on an Internet web page.

Question 19 of 111

20. 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

Question 20 of 111

21. Who are exempt from having a real estate license?

Question 21 of 111

22. Real Estate Transfer Disclosures are needed for

Question 22 of 111

23. The interest in a IREBEA account for nominal or short term deposits shall be made quarterly to

Question 23 of 111

24. A separate cooperating agreement must be filed for each property, prospective user or transaction with said writing

Question 24 of 111

25. The Commission mandated disclosure form

Question 25 of 111

26. The non-resident broker cannot place any sign on real property located in Mississippi without the written consent of the cooperating Mississippi broker.  When both brokers place signs on the property.

Question 26 of 111

27. Broker Bob received an offer this morning for a property he has listed.  Bob promptly called his client and then faxed the offer to his client.  Later that day, Bob received a second offer that was lower and had bad credit terms for financing.  What should Broker Bob do?

Question 27 of 111

28. For the buyer’s agent, the first substantial meeting shall not include

Question 28 of 111

29. The transferor shall indicate delivery of the Property Disclosure Statement on

Question 29 of 111

30. When a broker has an agreement with a non-resident broker, involving a property located in Mississippi all advertising must have the name and telephone number of the Mississippi broker.

Question 30 of 111

31. Participation in IREBEA is accomplished by

Question 31 of 111

32. The responsible broker must

Question 32 of 111

33. The determination of whether a client’s funds are nominal in amount or to be held for a short period of time

Question 33 of 111

34. Any person charged with a violation shall be given____________days notice of the hearing upon the charges filed, together with a copy of the complaint.

Question 34 of 111

35. Delivery of the Real Estate Transfer Disclosure is mandatory in all of the following cases except

Question 35 of 111

36. A real estate broker or salesperson in the ordinary course of his business may give an opinion as to the price of real estate for the purpose of a prospective listing or sale, however this opinion as to the listing price or sale price

Question 36 of 111

37. Neither the transferor nor any listing or selling agent shall be liable for an error, inaccuracy or omission of information delivered

Question 37 of 111

38. All (5) five commissioners appointed by the Governor with advise and consent of the Senate

Question 38 of 111

39. Licensees may obtain errors and omissions coverage independently if the coverage contained in the policy follows the minimum requirement of

Question 39 of 111

40. Every applicant for a resident license as a real estate salesperson shall be

Question 40 of 111

41. In the event the agency relationship changes between the parties to a real estate transaction

Question 41 of 111

42. Earnest money accepted by the broker or any licensee for which the broker is responsible and upon acceptance of a mutually agreeable contract is required to deposit the money

Question 42 of 111

43. The transferor of a duplex shall deliver to the prospective transferee the written property disclosure statement

Question 43 of 111

44. For the seller’s agent, the first substantive meeting does not include

Question 44 of 111

45. 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 ninety (90) days in jail, or both.  The second violation can be

Question 45 of 111

46. 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

Question 46 of 111

47. The five Commissioners appointed by the Governor with advise and consent from the Senate have the power to do all of the following except

Question 47 of 111

48. Any seller of a timeshare plan with the state of Mississippi must be a licensed Real Estate Broker or Real Estate Salesperson except

Question 48 of 111

49. 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

Question 49 of 111

50. A licensee shall not be required to comply with disclosure requirements when engaged in transactions with

Question 50 of 111

51. Brokers may give legal advice

Question 51 of 111

52. An affiliated broker cannot act independently of his employing broker

Question 52 of 111

53. Funds received by the Commission are used to

Question 53 of 111

54. The following people may be excluded from holding a real estate license except

Question 54 of 111

55. When the broker is agent for the seller and for any reason the seller fails or is unable to consummate the transaction, the broker has no right to any portion of the money deposited by the purchaser, even if the commission has been earned.  The money must be returned to the purchaser and the broker

Question 55 of 111

56. When within 3 days a salesperson notifies the Commission of a change of broker.

Question 56 of 111

57. Applicants for a real estate license

Question 57 of 111

58. How many copies of a cooperative agreement must a Mississippi broker file with the Mississippi Real Estate Commission?

Question 58 of 111

59. 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.

Question 59 of 111

60. A responsible broker must maintain an office and display the license therein.  If the broker has more than one office

Question 60 of 111

61. Every contract must reflect whom the broker represents by statement

Question 61 of 111

62. When a broker is agent for the seller and for any reason the seller fails or is unable to consummate the transaction, the broker has no right to any portion of the money deposited by the purchaser

Question 62 of 111

63. An agent without personal knowledge will not be held responsible for an error when the error was by a

Question 63 of 111

64. Commissioners are vested with power of court to issue and enforce subpoenas, levy fines and

Question 64 of 111

65. Can the Real Estate Commissioners issue subpoenas?

Question 65 of 111

66. When changing responsible brokers

Question 66 of 111

67. A broker applicant who has not held a salesperson license for a period of 12 months immediately prior to submitting an application, must

Question 67 of 111

68. An earnest money deposit pertaining to a cooperative agreement must be held in escrow

Question 68 of 111

69. A real estate broker must keep on file following it’s consummation complete records relating to any real estate transaction for

Question 69 of 111

70. The use of any copyrighted term or insignia on stationary, office signs, or in advertisement by any licensee not authorized to do so, will be considered

Question 70 of 111

71. When there is a cooperative agreement with a non-resident broker, the listing or property management agreement for the Mississippi property

Question 71 of 111

72. Monies received in a trust account on behalf of clients or customers are not assets of the broker; however, a broker may deposit and keep in each escrow account or rental account some personal funds for the express purpose

Question 72 of 111

73. Transfer Disclosures are mandatory for all of the following except

Question 73 of 111

74. Licensee following notification of action resulting from a Commissioner hearing

Question 74 of 111

75. An agent without personal knowledge will not be held responsible for an error when the error was by a

Question 75 of 111

76. If any disclosure, or any material amendment of any disclosure, required to be made is delivered after the execution of an offer to purchase

Question 76 of 111

77. An agent without personal knowledge will not be held responsible for an error when the error was by a

Question 77 of 111

78. In the case of transfer by a real property sales contract, or by a lease together with an option to purchase, or a ground lease coupled with improvements, delivery of the Transfer Disclosure Statement is delivered

Question 78 of 111

79. No fee, commission or other valuable consideration may be paid to a person for real estate brokerage activities unless the person provides evidence of

Question 79 of 111

80. A person who offers a timeshare plan located outside of Mississippi in a national publication or by electronic media, which is not directed to or targeted to any individual located in Mississippi and contains appropriate disclaimers

Question 80 of 111

81. An agent made real estate signs to put in the front yard of his client’s home.  He did not put the name of his responsible broker or name of his real estate firm on the sign.

Question 81 of 111

82. IREBEA (Interest on Real Estate Broker’s Escrow Accounts) is

Question 82 of 111

83. Dual Agency is not practiced by some brokers because

Question 83 of 111

84. All monies which shall be paid into the state treasury are credited

Question 84 of 111

85. Any licensee who fails in a timely manner to respond to official Mississippi Real Estate Commission written communication or who fails or neglects to abide by Mississippi Real Estate Commission Rules and Regulations shall be deemed

Question 85 of 111

86. No licensee shall pay any part of a fee, commission or other compensation received by such licensee in buying, selling, exchanging, leasing, auctioning or renting any real estate

Question 86 of 111

87. All license fee funds must be submitted to the State Treasury with detailed explanation

Question 87 of 111

88. A broker wants to pay his neighbor a referral fee for sending the broker the neighbor’s sister who purchased a home through that broker.

Question 88 of 111

89. When both the non-resident broker and the Mississippi broker have their company signs on a property listed together, the signs

Question 89 of 111

90. The following may be exempt from having a license

Question 90 of 111

91. Licensees who do not show proof of E and O Insurance have 30 days to correct the deficiency.  If the deficiency is not corrected within the 30 days

Question 91 of 111

92. The extent of cooperation of reciprocity with other states.

Question 92 of 111

93. Every licensee shall notify the Real Estate Commission of any adverse court decisions in which the licensee appeared as a defendant

Question 93 of 111

94. When advertising a property shared by an out of state broker

Question 94 of 111

95. Whenever a Mississippi broker enters into a cooperating agreement with a non-resident broker, the Mississippi broker

Question 95 of 111

96. The responsible broker must report any licensee for whom that broker is responsible to the commission if

Question 96 of 111

97. Notice in writing shall be given to the Commission by any real estate salesperson with a change of responsible broker within

Question 97 of 111

98. If a broker, as escrow agent, accepts a check and later finds that such check has not been honored by the bank on which it was drawn, the broker shall

Question 98 of 111

99. When the broker is the agent for the seller, “first substantive meeting” shall be before or just immediately prior to the first of any of the following

Question 99 of 111

100. A change of responsible broker requires the salesperson

Question 100 of 111

101. All exclusive buyer representation agreements shall be in writing and properly identify the terms and conditions under which the buyer will rely on the broker for the purchase of real estate including the sales price, the considerations to be paid, and the nature of all parties to the agreement and a definite date of expiration.

Question 101 of 111

102. A developer with a timeshare must return all payments made under the contract within

Question 102 of 111

103. Failure to renew your license on time will result in a penalty of double fee.  30 days late, will result

Question 103 of 111

104. All licenses issued to a real estate salesperson or broker salesperson

Question 104 of 111

105. The MREC will issue a (timeshare) preliminary permit in 20 days

Question 105 of 111

106. Developers of timeshares and any of his agents cannot practice timeshare

Question 106 of 111

107. The Mississippi broker in a non-resident cooperating broker agreement

Question 107 of 111

108. “Fiduciary Responsibility” are those duties due the principal (client) in a real estate transaction are

Question 108 of 111

109. In dual agency

Question 109 of 111

110. In addition to disclosing their licensed status on all advertisements, licensees are required to disclose their license status

Question 110 of 111

111. Brokers who practice disclosed dual agency

Question 111 of 111