Real Estate Exam- Missouri Portion only Questions and Answers Solved 100%

1 section = - 640 acres— 1 square mile = - 640 acres 1 township = - 6mi x 6 mi. 36 square miles. 36 sections. 3 types of buyer agency agreements - Exclusive buyer agency agreement Exclusive-agency buyer agency agreement Open buyer agency agreement A broker cannot - Hold licensees license if they are not going to be actively involved in the business. One referall activates a license. A broker is still entitled to compensations if the transaction - Does not complete due to the sellers default. A broker shall: (property management) - Maintain a separate escrow account to be designated as a property management escrow account for the deposit of current rents, and money received from the owners or on the owners behalf for payment expenses related to property management. A civil penalty should not exceed - $2,500 for each offense. Each day of continued violation is a separate offense. (Unlicensed persons) no civil penalty is assessed until they vote. A contract between the listing agent and all other agents who show or participate in the marketing of that listing - Subagency. Sub agents must represent the best interest of the SELLER. when they are working with a buyer with whom they do not have an agency relationship. A deed held in trust by a third party until the obligation is paid but is used to mortgage real estate or to place a lien on it. - Trust deed/ deed of trustA legible copy of every written agreement tag all be given to the owner of the property at the time that signature is obtained. T or f? - True. A license __________________________ to perform property management activities or represent a tenant - Is required A licensee attended 3 continuing education courses for the elective hours. Each course was 6 hours long. How can she apply these to her renewal requirement? - Use 9 hours for electives. A licensee representing a buyer or tenant as a buyers or tenants agent shall be a - Limited agent with the specific duties and obligations A MO court decision that exactly determined what real estate licensees are or are not allowed to do in a real estate transaction. - Hulse vs. Criger A new broker is considering opening his office in his home. Which is true? - It must be open to the public during regular business hours if he has a salesperson licensed under him.