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MO Real Estate Exam Practice Exam Study Guide Solutions

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MO Real Estate Exam Practice Exam Study Guide Solutions Mo Statute 339 - ANSWER-License Law RSMO 1986 License Law - ANSWER-Any person who performs a RE service on behalf of another party for CONSIDERATION must be licensed; i.e. broker transactions, managing property, appraising, counseling, sy...

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  • October 30, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
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  • Practice Tests 2024
  • Practice Tests 2024
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MO Real Estate Exam Practice Exam

Study Guide Solutions


Mo Statute 339 - ANSWER✔✔-License Law RSMO 1986


License Law - ANSWER✔✔-Any person who performs a RE service on behalf of another party for

CONSIDERATION must be licensed; i.e. broker transactions, managing property, appraising, counseling,

syndicating, auctioning


Consideration - ANSWER✔✔-Includes $ compensation, exchange of free services, or any other valuable

good or service that a person expects to be paid (Vital in license law requirement)


MO Real Estate Commission (MREC) - ANSWER✔✔--authority is:


1. Regulatory


2. Judicial


3. Administrative




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State level gov't entity that regulates and administers license law by passing rules and making known in

license law


- violate MO license law and guilty= Class B Misdemeanor




MREC - State regulator of RE licenses, established by legislature, 7 members 5 years, protect the public:

suspend, revoke, or probation


- can never fine a licensee and will not involve in a commission $ dispute


-subpoenas


-civil penalty $2,500 fine/occurrence


- can investigate without complaint


- can file complaint in ANY COURT OF COMPETENT JURISDICTION




MREC CAUSES COMPLAINT FILED WITH ADMIN HEARING COMMISSION;




The Missouri Real Estate Commission was created by an act of the 61st General Assembly and approved

by the governor on July 31, 1941.

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The Commission consists of seven voting members. Six of those members must have at least 10 years

experience as real estate brokers. A public member serves as the seventh member. Each commissioner is

appointed for a five-year term.




Under the provisions of the real estate act, no real estate broker or salesperson may act as such without

first procuring a license from the Commission. Other responsibilities include investigating complaints

generated by consumers against the acts of a real estate licensee and auditing real estate escrow

accounts to verify proper handling of buyers' earnest money. The Commission also approves all real

estate prelicensing and continuing education courses.




The Commission meets regularly to review complaints, investigations and audits and to take up other

matters. The Missouri Real Estate Commission performs duties necessary to carry out the provisions of

the real estate license law.


MO Admin Hearing Commission (MAHC) - ANSWER✔✔-Determines guilt/innocence; if guilty, sent to

MREC for punishment or dismissal.


- 3 attorneys, work for attorney general


- public crimes (other than license laws) sent to attorney general for disposition
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Brokers License Types - ANSWER✔✔-- Individual: active or inactive


- corporation


- LLC


- Partnership


- Non resident




VOIDED: expiration, suspension, revocation


Salesperson's License Types - ANSWER✔✔-Individual: active or inactive


Broker Salesperson: Active or Inactive


Branch Offices - ANSWER✔✔-- Broker salesperson office (NOT salesperson) can manage branch office


- branch office under a principal broker would operate under principal broker's license


Licensing - Renewals/ Termination Etc - ANSWER✔✔-Brokers license renews by 6/30 of even years ($50)


Salesp must renew by 9/30 of even years ($40)


-2 yrs salesperson before broker



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