Real Estate CE Shop Topics exam
questions and answers
Susie has opted out of opening an escrow account with her mortgage lender,
which means she has a lower monthly payment. She still needs to save up,
though, to make sure she can pay for taxes and ______.
Inspections
Repairs
Late fees
Insurance - ANSWERS Insurance
The MREC can deny, suspend, or revoke the real estate licenses of individuals
who violate license law. A civil penalty may also be imposed of up to $2,500 for
each day the violation continues. What's the maximum cumulative penalty?
$125,000
$100,000
$50,000
$25,000 - ANSWERS $25,000
A discount point equals 1% of the ______.
Appraised value
Loan amount
Sales price
List price - ANSWERS Loan Amount
,Which of the following is a required element in a Missouri listing agreement?
The full names of the buyer and seller
The signatures of the buyer and seller
The property's complete address, legal description, or another description that
identifies the property
A statement in which the property owner either permits or prohibits the
broker/affiliated licensee from entering into a net listing for the property -
ANSWERS The property's complete address, legal description, or another
description that identifies the property
Kali's the transaction broker for seller Joshua. Joshua is buying a house from
Norman, who's represented by his agent, Marc. To whom does Kali owe fiduciary
duties in this transaction?
No one
Marc
Norman
Joshua - ANSWERS No one
If the buyer and seller both have costs to pay, how do the parties know who pays
what?
Closing statement
Loan Estimate
Home inspection report
Purchase contract - ANSWERS Closing Statement
,Richard and Adele Weber enter into a contract to purchase a second home from
Delaney and Kirk Slater. The parties reach a mutual agreement voluntarily, and
everyone walks away happy. This is known as ________.
Valuable consideration
Good consideration
Offer and acceptance
Legal purpose - ANSWERS Offer and Acceptance
If a business is allowed to remain, even after the area is zoned residential, this is
called ______.
Conforming use
Grandfathering
A zoning variance
A rebuttable presumption - ANSWERS Grandfathering
Missouri borrowers whose homes have been foreclosed on and sold at auction
may redeem their property under what conditions?
Within one year, no matter who buys the property
Within one year, if the lender repurchased the property at auction
Within two years, if the lender repurchased the property at auction
Within six months, if a third party purchased the property at auction - ANSWERS
Within one year, if the lender repurchased the property at auction
George is a broker from another state who wants to get his Missouri broker's
license. To do that, he'll have to pass the state portion of the Missouri broker's
exam and provide a license certification from his state. What educational
requirements must he also meet?
, Complete the 48-hour salesperson pre-examination course.
Complete the 24-hour broker course.
None
Complete the 24-hour salesperson practice course. - ANSWERS None
How do you become a member of the Missouri Real Estate Commission?
Submit an application to the board and submit to a public hearing at one of the
annual meetings.
Be appointed by the governor.
Be appointed by the state attorney general and get approval from the other
board members.
Run in a public election when a position becomes available. - ANSWERS Be
appointed by the governor
Which of the following elements is required in a Missouri buyer representation
agreement?
A clear description that unmistakably identifies the property being purchased
A description of the type of property the buyer seeks
The property's legal address
The property's complete address - ANSWERS A description of the type of property
the buyer seeks
Missouri buyer rep agreements must include a description of the property the
buyer seeks, as well as the commission to be paid, definite beginning and ending
dates, and the parties' signatures.
questions and answers
Susie has opted out of opening an escrow account with her mortgage lender,
which means she has a lower monthly payment. She still needs to save up,
though, to make sure she can pay for taxes and ______.
Inspections
Repairs
Late fees
Insurance - ANSWERS Insurance
The MREC can deny, suspend, or revoke the real estate licenses of individuals
who violate license law. A civil penalty may also be imposed of up to $2,500 for
each day the violation continues. What's the maximum cumulative penalty?
$125,000
$100,000
$50,000
$25,000 - ANSWERS $25,000
A discount point equals 1% of the ______.
Appraised value
Loan amount
Sales price
List price - ANSWERS Loan Amount
,Which of the following is a required element in a Missouri listing agreement?
The full names of the buyer and seller
The signatures of the buyer and seller
The property's complete address, legal description, or another description that
identifies the property
A statement in which the property owner either permits or prohibits the
broker/affiliated licensee from entering into a net listing for the property -
ANSWERS The property's complete address, legal description, or another
description that identifies the property
Kali's the transaction broker for seller Joshua. Joshua is buying a house from
Norman, who's represented by his agent, Marc. To whom does Kali owe fiduciary
duties in this transaction?
No one
Marc
Norman
Joshua - ANSWERS No one
If the buyer and seller both have costs to pay, how do the parties know who pays
what?
Closing statement
Loan Estimate
Home inspection report
Purchase contract - ANSWERS Closing Statement
,Richard and Adele Weber enter into a contract to purchase a second home from
Delaney and Kirk Slater. The parties reach a mutual agreement voluntarily, and
everyone walks away happy. This is known as ________.
Valuable consideration
Good consideration
Offer and acceptance
Legal purpose - ANSWERS Offer and Acceptance
If a business is allowed to remain, even after the area is zoned residential, this is
called ______.
Conforming use
Grandfathering
A zoning variance
A rebuttable presumption - ANSWERS Grandfathering
Missouri borrowers whose homes have been foreclosed on and sold at auction
may redeem their property under what conditions?
Within one year, no matter who buys the property
Within one year, if the lender repurchased the property at auction
Within two years, if the lender repurchased the property at auction
Within six months, if a third party purchased the property at auction - ANSWERS
Within one year, if the lender repurchased the property at auction
George is a broker from another state who wants to get his Missouri broker's
license. To do that, he'll have to pass the state portion of the Missouri broker's
exam and provide a license certification from his state. What educational
requirements must he also meet?
, Complete the 48-hour salesperson pre-examination course.
Complete the 24-hour broker course.
None
Complete the 24-hour salesperson practice course. - ANSWERS None
How do you become a member of the Missouri Real Estate Commission?
Submit an application to the board and submit to a public hearing at one of the
annual meetings.
Be appointed by the governor.
Be appointed by the state attorney general and get approval from the other
board members.
Run in a public election when a position becomes available. - ANSWERS Be
appointed by the governor
Which of the following elements is required in a Missouri buyer representation
agreement?
A clear description that unmistakably identifies the property being purchased
A description of the type of property the buyer seeks
The property's legal address
The property's complete address - ANSWERS A description of the type of property
the buyer seeks
Missouri buyer rep agreements must include a description of the property the
buyer seeks, as well as the commission to be paid, definite beginning and ending
dates, and the parties' signatures.
