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Real Estate Exam- Missouri Portion only 2024/2025 ( 100% verified) A+ grade assured
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Real Estate Exam- Missouri Portion only 2024/2025 ( 100% verified) A+ grade assured
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Real Estate Exam- Missouri Portiononly
7 Members. Have to have been a us citizen for 1 year at least. Appointed by the governor
with consent of the Missouri senate. 6 members must have been licensed brokers for 10
years. 1 member from general public. - ANSThe MREC is made up of
All members to vote. Members may hold an inactive license during employment. Cannot be
actively involved in the real estate business. $75 a day when meeting. Plus expenses. -
ANSThe MREC allows
Protect the public. Established by state legislature. - ANSPurpose of MREC
True. Any person, corporation, partnership or association licensed by the MREC could be
accused of a license law violation. Which is a class B misdemeanor. Anyone not licensed is
not subject to MREC rules besides practicing without a license. - ANSSomeone that is not
licensed by MREC is not subject to rules or regulations other than person practicing without
a license. "Court of competent jurisdiction" to make party stop. True or False
THE MREC. - ANSWho makes the final decision to suspend, revoke or place a license on
probation?
•3 attorney generals employed by the state. Work directly for the attorney general. Admitted
to practice before the Missouri Supreme Court.
•must send case to the MAHC to determine whether or not they are charging the licensee.
• if the MAHC feels the MREC is not correct the case is dismissed.
• if they feel that they are correct, the case is sent back to the MREC so the license can be
revoked, suspended, or put on probation. - ANSWhat makes up the MAHC?
• stops practicing real estate without a license.
• holds hearing when requested by the MREC.
• determine guilt or innocence. Case dismissed if innocent.
• a person who is refused a license by the MREC has a right to appeal that decision to the
MAHC. - ANSWhat does MAHC do?
They cannot:
• can NEVER fine a licensee
• will NEVER be involved in disputes between licensees or companies.
• deal with someone who commits a crime outside of license law. They will turn it over to the
attorney generals office. - ANSWhat can MAHC NOT do?
Performs real estate activities for another and collects commission.
Supervises licenses under them.
Maintains escrow accounts.
, Manages company and responsible for all licensed to him/her.
Pays ALL fees and commissions to individuals licensed under her and cooperating brokers.
All arrangements belong to the broker and stay with the broker upon transfer of the license. -
ANSWhat does a broker do?
10 days - ANSIf broker changes the company office the MREC needs notice within
June 30th every 2 years - ANSLicense renewal for brokers are
September 30th every 2 years. - ANSLicense renewal for salespersons
Broker cannot tell them HOW to do something. They can tell them what to do. They also get
tax form 1099. - ANSIndependent contractors
Only one - ANSHow many brokers are allowed per company?
Sends brokers license to the MREC for safe keeping and operates as a broker-salesperson.
Can act as a branch sales manager and can continue to sell property. They DO NOT hold
licenses. All licenses are held by the principal broker. - ANSHow does a broker become a
broker-salesperson
The broker - ANSAll licenses are held by
The MREC requires name, residence, and business address of each partner in partnership
licensed or unlicensed.
The corporation must be in good standing with the Secretary of State. Must be notified of
any changes and must be registered with the sec of state.
***A salesperson can be an officer of a corporation but CANNOT be involved in
management. - ANSFor broker officers of a Corp to happen
A designated broker.- any individual licensed as a broker who is operating pursuant to the
definition of real estate broker. The MREC only communicates with the designated broker! -
ANSA professional corporation must have
Must be licensed to a broker who is responsible for all real estate related activities.
• can not manage other licensee without a type of broker license.
• must pass the 48 hour course, the AMP exam, and the 24 hour Missouri Real Estate
practices course before applying for a license. Must be a high school graduate or equivalent
and be at least 18 years of age.
• must have submitted finger prints to the mo highway patrol and background check.
• must receive all earned fees from broker and cannot be paid to others for referrals or any
other reason. Another broker cannot pay a salesperson not licensed with him or her. - ANSA
salesperson:
If you're licensed and transfer to another broker, with a transaction waiting to close, to your
written agreement with your original broker will determine if you are entitled to commission
when the transaction closes. If so, the PREVIOUS broker will pay you directly. - ANSAnother
broker cannot pay a salesperson not licensed with him or her EXCEPT when
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