Practice Quiz B

State Quiz B

1. 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 1 of 40

2. 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 2 of 40

3. 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 3 of 40

4. 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 4 of 40

5. 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 5 of 40

6. 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 6 of 40

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

Question 7 of 40

8. 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 8 of 40

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

Question 9 of 40

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

Question 10 of 40

11. 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 11 of 40

12. 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, the nature of all parties to the agreement and a definite date of expiration.

Question 12 of 40

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

Question 13 of 40

14. 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 14 of 40

15. 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 15 of 40

16. 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 16 of 40

17. 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 17 of 40

18. 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 18 of 40

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

Question 19 of 40

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

Question 20 of 40

21. 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 21 of 40

22. Applicants for a real estate license

Question 22 of 40

23. It is not the duty of the responsible broker

Question 23 of 40

24. 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 24 of 40

25. Any person who willfully and negligently does not deliver the needed disclosures shall be liable

Question 25 of 40

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

Question 26 of 40

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

Question 27 of 40

28. Can the Real Estate Commissioners issue subpoenas?

Question 28 of 40

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

Question 29 of 40

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

Question 30 of 40

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

Question 31 of 40

32. When changing responsible brokers

Question 32 of 40

33. Brokers may give legal advice

Question 33 of 40

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

Question 34 of 40

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

Question 35 of 40

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

Question 36 of 40

37. 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 37 of 40

38. 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 38 of 40

39. Funds received by the Commission are used to

Question 39 of 40

40. 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 40 of 40


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