Mississippi Real Estate Test Bundle

Can a real estate licensee appeal a hearing decision rendered by the real estate commission - Answer Yes, if the appeal is made within 30 days of the notice of the commissioner's action How many days does an agent have to send in the Cooperating Agreement with out-of-state real estate brokers ...

Included among legal requirements of taking title to real property as tenants in common is that? - Answer Each co-owner's interest may be conveyed separately. A homeowner employed a contractor to build a swimming pool. The owner did not pay, what time of lien is NOT represented by this lien? ...

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 - Answer should seek legal advice prior to entering into an agency relationship If a broker, as escrow age...

* The management entity The president of the timeshare association A timeshare owner appointed by the other owners The developer - Answer Which of the following shall act in the capacity of fiduciary to the purchasers of the timeshare plans? * immediately with one day with three days ...

A developer may not sell, offer, or dispose of a timeshare interest unless all necessary registration requirements are completed and approved by: - Answer the Real Estate Commission Which of the following has the duty of supervising and controlling all aspects of the offering of a timeshare pla...

Can the MREC issue Subpoena? - Answer • YES • Call witnesses from all over state Purpose of the MREC - Answer • Regulating real estate activities in MS • Protect the comsumer MREC Board members and requirements - Answer o 5 members - 4 year terms - no term limits o Must be act...

How many years must members of the Mississippi Real Estate Commission be licensed as brokers before being appointed to the commission? - Answer Five The responsible broker in a company is the person - Answer responsible for the daily real estate activities of the company. The temporary lic...

An applicant for a broker's license must pass National exam with _____ and state exam with ____ - Answer 75% national exam 80% state exam An applicant for a salesperson's license must pass national exam with _____ and state exam with ____ - Answer 70% national exam 75% state exam 2 poi...

Mississippi Real Estate Commission - Answer MREC 73-35-5 - Answer the Mississippi state agency which was created by ____________ to regulate the licensing of real estate brokers and salespersons, with its duties and authorities included in the law. Mississippi Real Estate Commission (MREC)...

Which of the following is NOT a requirement for qualifying for a broker's license? - Answer Having a letter of recommendation from the MREC Dave, an office assistance in a real estate company, has duties including filing, copying documents and other general office duties. Is he required to be ...

In order to prevent suspension or revocation of a license, what must a broker do with earnest money received? - Answer Deposit the money into an escrow account by the close of the next banking day. If the MREC receives a complaint against a licensee, what steps, if any, will it take? - Answer ...

Who is required to have areal estate license? - Answer Anyone advertising, selling or leasing property on behalf of others or carrying out real estate business on behalf of others. Who is exempt from having a real estate license? - Answer 1. Attorneys at law in the performance of primary or i...