Agency in Mississippi

A dual agency is legal and in violation of the fiduciary duty of loyalty unless both parties give their prior consent based on full knowledge of all the facts.

true
false

A dual agency is in effect when

both the buyer and seller accept dual agency and acknowledge the dual agency agreement in writing.
the document is notarized.
the listing agent finds a buyer.
the seller sells her own home.

A licensee would be practicing law if he or she advertised that, for a fee, he or she would complete or review contracts for persons not buying through the licensee.

True
False

Agent Carol just received her third low offer on one of her listings this morning. She believes the Seller will not accept any of them. What should Agent Carol do?

Present all offers as soon as practicable.
Not present the offers.
Present the offers one at a time in the order they were received.
Tear up the offers and don't call the seller.

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

reflecting the compensation to be paid to the Mississippi licensed broker.
reflecting the relationship of the brokers.
reflecting the client(s).
any of these are acceptable.

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

even if the commission was earned.
is a false statement because the commission was earned.
is just plain wrong.
is acceptable to sue for commission.

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

Any and or all of these.
experts dealing in matters within the scope of the professional’s license or expertise
land surveyor or geologist.
licensed engineer.

A written listing agreement must have:

All of these
a definite expiration date and may not be renewed automatically.
show the price and terms the seller will accept.
indicate the amount of the broker’s commission.
a sufficient property identification'

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.

The buyer may terminate the agreement upon fifteen (15) calendar days written notice to the buyer’s exclusive agent.
The exclusive buyer agreement does not have to indicate in the document that it is such an agreement.
Copies of the exclusive buyer's agreement do not have to be given to the buyer after signing.

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

by the Mississippi broker unless both the buyer and seller agree in writing to relieve the Mississippi broker of this responsibility.
The Seller holds the earnest money deposit.
by the non-resident broker unless both buyer and seller agree otherwise.
All are correct.

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

a definite date of expiration.
a provision requiring the listing party to notify the broker of their intention to cancel the listing.
the exact dollar amount the. buyer shall pay.

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

in the amount of actual damages suffered by a transferee
and if the seller, has to take his property back uncontested.
for up to $100,000.
for up to $150,000

Agency in Mississippi

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