Real Estate Training Institute

Qualifications for License

• §73-35-7. Qualifications for license
• Qualifications for a Mississippi Real Estate Broker License
• Qualifications for a Mississippi Real Estate Salesperson's License
• §73-35-10. Background investigation required of applicants for real estate broker's, real estate salesperson's, or nonresident's license
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Application for License

• §73-35-9. Application for license
• Resident Salesperson License Application
• Resident Broker Application
• §73-35-6. Licenses for business entities
• §73-35-8. Nonresident's license; application
• Degree Courses in Real Estate
• License Exemptions
• §73-35-8. Nonresident's license; application
• §73-35-9. Application for license
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License Exam Information

• Written Examination for Mississippi Real Estate License
• Exam for Partnership, Association or Corporation
• Upon Passing the Exam
• Exam Exemption
• Broker Exam Retakes
• Salesperson Exam Retakes
• 73-35-13. Written examination requirement; exemption for licensee of another state; reciprocity
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License

• §73-35-14.5. Temporary licenses; post-license education
• §73-35-18. License renewal; continuing education requirements; exemptions; rules and regulations; reinstatement of expired license.
• §73-35-21. Grounds for refusing to issue or suspending or revoking license; hearing
• §73-35-6. Licenses for business entities
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License Course Requirements

• Pre License Exam Course Content
• Post License Course for Salesperson
• Post License Course for Brokers
• §73-35-18. License renewal; continuing education requirements; exemptions; rules and regulations; reinstatement of expired license.
• §73-35-14.4. Distance learning courses
• ARELLO for Pre-License Courses
• Course Day Hour Limits
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Mississippi Real Estate Commission

• Real Estate Brokers License Law of 1954
• §73-35-19. Real estate license fund
• §73-35-23. Powers of commission as to violations; hearings upon revocation; subpoena
• §73-35-25. Appeals
• §73-35-27. Duties of commission
• §73-35-29. Administrator to give bond
• §73-35-35. Commission to adopt rules and regulations
• §73-35-5. Real estate commission created; organization; seal; records
• §89-1-515. Amendment of disclosure
• §89-1-525. Enforcement by Mississippi Real Estate Commission
• Interest on Real Estate Brokers' Escrow Accounts Act. (IREBEA)
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Property Condition Disclosure

• §89-1-501. Applicability of real estate transfer disclosure requirement provisions
• §89-1-503. Delivery of written statement required; indication of compliance; right of transferee to terminate for late delivery
• §89-1-505. Limit on duties and liabilities with respect to information required or delivered
• §89-1-507. Approximation of certain information required to be disclosed; information subsequently rendered inaccurate
• §89-1-509. Form of seller's disclosure statement
• §89-1-511. Disclosures to be made in good faith
• §89-1-513. Provisions not exhaustive of items to be disclosed
• §89-1-517. Delivery of disclosure
• §89-1-521. Delivery of disclosure where more than one agent; inability of delivering broker to obtain disclosure document; notification to transferee of right to disclosure
• §89-1-523. Noncompliance with disclosure requirements not to invalidate transfer; liability for actual damages
• §89-1-525. Enforcement by Mississippi Real Estate Commission
• §89-1-527. Failure to disclose nonmaterial fact
• Disclosure of information concerning size or area of property involved in real estate transaction; liability; remedy for violation of section
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Brokerage and Agency

• §73-35-11. Nonresident may not act except in cooperation with licensed broker of state
• §73-35-15. Location of business and responsible broker to be designated
• §73-35-16. Real estate licensees required to obtain errors and omissions insurance coverage
• §89-1-519. Agent; extent of agency
• Broker's price opinion; preparation, contents, and use of opinion
• §73-35-17. Fees
• §73-35-31. Penalties for violations of chapter
• §73-35-33. License required to sue for compensation; suit by salesperson in own name
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Definitions

• Automated Valuation Method
• Broker Price Opinion
• Real Estate
• Real Estate Broker
• Real Estate Salesperson
• I. "Single Agency"
• A. A “Team or Group”…
• A. "Advertising" means…
• H. "First Substantive Meeting"
• G. "Fiduciary Responsibilities"
• F. "Disclosed Dual Agent"
• E. "Customer"
• D. "Compensation"
• C. "Client"
• B. "Agent"
• A. "Agency"
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Chapter 1: Licensing Rule 1.1 Applying for a License

• A. An applicant for a broker’s license
• B. An applicant for a salesperson's license
• C. An application fee
• E. When an applicant is approved
• F. If a corporation has been chartered by the state of Mississippi
• D. The approved Examination Testing Provider
• G. A real estate licensee of another state
• Real estate education courses
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Rule 1.2 Changing the Status of a License

• B. When a licensee wishes to transfer from one broker to another
• A. To change a license from active to inactive status
• C. Any licensee who has entered active duty military service

Part 1601 Chapter 2: Fees Rule 2.1

• Part 1601 Chapter 2: Fees
• Part 1601 Chapter 2: Fees Rule 2.2 All fees are the same for both Resident and Nonresident Licenses.

Miss. Code Ann. §73-35-35 Part 1601 Chapter 3: Administration/Conducting Business Rule 3.1 General Rules

• A. It shall be the duty of the responsible broker to instruct the licensees
• B. A real estate broker who operates under the supervision of a responsible broker
• B. A broker shall advertise in the name…
• C. A licensed Mississippi broker may cooperate with a broker licensed in another state
• D. A responsible broker must maintain an office and display the license therein.
• E. No licensee shall pay any part of a fee, commission…
• F. Any licensee who fails in a timely manner to respond…
• G. A real estate broker or salesperson in the ordinary course of business…
• H. When an offer is made…
• I. A real estate licensee shall not be exempt …
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Miss. Code Ann. §73-35-35 Rule 3.2 Documents

• A. A real estate licensee shall immediately (at the time of signing)…
• B. All exclusive listing agreements…
• C. All exclusive buyer representation agreements…
• D. In the event that more than one written offer…
• E. Every real estate contract…
• F. No licensee shall represent to a lender…
• G. A real estate broker must keep on file for three years…
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Miss. Code Ann. §73-35-35 Rule 3.3 Advertising

• A. "Advertising" means…
• C. No Principal Broker or licensee…
• D. When a licensee is advertising…

Miss. Code Ann. §73-35-35 Rule 3.4 Earnest Money

• A. The responsible broker is responsible at all times for earnest money…
• B. When the broker is the agent for the seller…
• C. Accurate records…
• D. If a broker, as escrow agent,…
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Miss. Code Ann. §73-35-35 Rule 3.5 Real Estate Teams or Groups

• A. A “Team or Group”…
• B. All Principal Brokers must…
• C. All teams must appoint…
• D. A Team Name…
• E. Neither team names nor team advertising …
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Part 1601 Chapter 4: Agency Relationship Disclosure Rule 4.1 Purpose

• C. "Client"
• D. "Compensation"
• E. "Customer"
• F. "Disclosed Dual Agent"
• G. "Fiduciary Responsibilities"
• H. "First Substantive Meeting"
• Consumers shall be fully informed…
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Part 1601 Chapter 4: Agency Relationship Disclosure Rule 4.2 Definitions

• A. "Agency"
• B. "Agent"
• I. "Single Agency"

Miss. Code Ann. §73-35-3 Rule 4.3 Disclosure Requirements

• A. In a single agency,…
• B. In a single agency,…
• C. Brokers operating in the capacity of disclosed dual agents…
• D. In the event the agency relationship changes…
• E. In the event one or more parties are not available…
• F. In the event any party receiving a disclosure form requests…
• G. The terms of the agency relationship…
• H. The Commission mandated disclosure form…
• I. Completed Agency Disclosure Forms…
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Miss. Code Ann. §73-35-3 Rule 4.4 Disclosure Exception

• A licensee shall not be required to comply with the provisions…

Part 1601 Chapter 5: Complaint Procedure Rule 5.1

• Notifications of Complaints to the Commission

Miss. Code Ann. §73-35-35 Part 1601 Chapter 8: Time Shares Rule 8.1 Licensing

• Rule 8.2 Definitions
• Rule 8.3 Registration
• Rule 8.4 Public Offering Statement
• Rule 8.5 Amendment to Registration Information and Public Offering Statement:
• Rule 8.6 Registration Review Time Frames
• Rule 8.7 Purchase Contracts
• Rule 8.8 Exchange Program
• Rule 8.9 Escrows and Alternatives Assurances
• Rule 8.10 Insurance
• Rule 8.11 Advertising and Marketing:
• Rule 8.13 Liens
• Rule 8.14 Owner Referrals
• Rule 8.12 Management
• Any seller, other than the developer and its regular employees…
• Part 1601 Chapter 9: Errors and Omissions Insurance Coverage Rule 9.1 Administration
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Oral Proceedings & Declaratory Opinions

• Chapter 1: Oral Proceedings
• Chapter 2: Declaratory Opinions

PART 1603: Board Organization and Members

• Rule 1.1 Members.