Exam (elaborations)
Real Estate Practice Exam (Missouri) 2024/2025 Questions With Completed & Verified Solutions.
- Course
- Institution
Real Estate Practice Exam (Missouri) 2024/2025 Questions With Completed & Verified Solutions.
[Show more]
Content preview
Real Estate Practice Exam (Missouri)An ad in the local paper was placed by Sarah, a licensed salesperson, on behalf of her seller.
The ad reads "Beautiful country lots located on Lake Ivory. Must see! With the purchase of one
gorgeous lakeside lot, you will receive a second free. Plus, all purchasers' names will be
entered into our lottery sweepstakes! Come soon while lots are still available." Which of the
following statements concerning the ad is the most accurate? - ANS The ad is in violation of the
license law since it offers fee inducements
If Henry wished to create a real estate company as a corporation, which license would be
required of the corporation itself? - ANS "The Corporation" would become "The Broker" and the
officers of the corporation would be Broker=Officers
Of the following, which would require a license? - ANS a property manager actively leasing and
selling for a real estate company
Joseph Lerner attempted to renew his license, however, he failed to complete the required
continuing education course work. After a period of three months time, Joseph wanted to
reinstate his license. What action would Joseph need to take? - ANS pay a late fee of $50 per
month past the renewal date (not to exceed $200), and retake the prescribed prelicense course
Jason Chung, a licensed salesperson for more than two years, has just passed the state broker
examination and is ready to apply for a broker-salesperson's license. What must he include with
his application to meet the requirements? - ANS A certificate from an accredited school stating
that within 6 months prior to the date of application he had successfully complete a broker's
license course offered by that school
A licensed salesperson, took 12 credit hours of continuing education course work during the
period of October 1, 2001 and September 30, 2003. Of those hours, how many credits must
represent "Core" courses? - ANS 3 hours
Peter a broker with a single salesperson, is retiring and moving to Arizona to run his own golfing
range. Can the salesperson continue to operate in the same capacity? - ANS No, because
Peter would NOT be in control of the salesperson's actions
Salesperson Lauren presents a written offer for $155,900 to seller Young. The listed price is
$160,000, Mr. Young reviews the offer and seeks further advice from his accountant.
Salesperson Lauren receives a second written offer for the property. The second offer was for
$149,500. Which of the following statements is true regarding this situation? - ANS Lauren must
present the second offer immediately
, Imran Post wants to sell his home. His daughter, Lucy Post, is an agent in a neighboring state,
but not in Missouri. Miss Post visits her father with the purpose of helping him sell his property.
Miss Post finds a buyer through a local church group and successfully negotiates the sale of Mr.
Post's residence. Since Miss Post's license is not valid in the state of Missouri, to which of the
following considerations is she entitled? - ANS no commission is due to the agent since she is
not licensed in MO
Which of the following actions are the MREC allowed to take while conducting an investigation?
- ANS The MREC may issue subpoenas for all records relevant to the complaint
Which of the following details must written authorizations, such as a listing agreement, contain
when altered? - ANS the initials of all parties
Broker Post's friend, Mr. Bauer, was divorcing his wife. Mr. Bauer asked Broker Post to complete
a quit claim for him so he could deed property to his ex-wife. Can the broker do this? - ANS No,
because the broker is not a party to the transaction, he would be practicing law if he completed
the form
What does the disbursements from an escrow account of a property manager NOT need to
show? - ANS the balance of the account to the owner
Which of the following statements regarding a broker's escrow account are true: - ANS Funds
must be in a separate bank account in a financial institution which shall be designated an
escrow or trust account
Joe who is a broker salesperson acting as a sales manager is restricted from which of the
following actions? - ANS hold all the licenses of the salespeople working under him
How must the officers of a corporation be licensed? - ANS All corporate officers involved in
brokerage business must have active broker-officer licenses.
Molly, a new agent, was anxious to find new leads. She asked her friends if she could put "For
Sale" signs in their yards. When buyers contacted Molly about the houses, she told them that
they had already sold, but she would be glad to help them find another property. Is this a
legitimate action? - ANS No, because the properties were not really "For Sale" and this is
misrepresentation
Which of the following is NOT required for the licensure of a salesperson? - ANS citizenship
Each of the following statements regarding a net listing in Missouri are false EXCEPT: - ANS It
is illegal and prohibited in Missouri
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller phylliswambui. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
