MO Real Estate Exam Study Guide |Graded A+|

MO Real Estate Exam Study Guide |Graded A+| Mo Statute 339 *Ans* License Law RSMO 1986 License Law *Ans* 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 *Ans* 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) *Ans* -authority is: 1. Regulatory 2. Judicial 3. Administrative 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. 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 licen