Missouri Real Estate - State Portion Only
A feature found in a comparable property that is not found in subject property will result in a... -
ANS-reduction adjustment to comparable selling price
\A real estate cannot work without what? - ANS-A workers permit issued by the Real Estate
Commission
\Adverse Material Fact - ANS-A fact related to the property not reasonably ascertainable or
known to a party which negatively affects the value of a property
\Affiliated Licensee: - ANS-any broker or salesperson who works under supervision of
designated broker
\After agreement is signed how long does buyer have to rescind the loan? - ANS-3 business
days
\After obtaining a license how often must you take continuing education classes? - ANS-Every 2
years
\Are oral property management agreements enforceable? - ANS-Yes
\buyer bought a property without telling sender intended use for property. No contingency
clauses, after closing buyer cannot obtain zoning for project. What is the contract at this stage?
- ANS-Enforceable
\Can an unlicensed assistant prepare and deliver closing documents? - ANS-Yes but cannot,
market cold calls, create advertisement without review, host an open house
\Does Missouri allow holographic wills? - ANS-No
\Does Missouri have dower laws? - ANS-No
\Does Missouri have homestead laws? - ANS-Yes
\Examples of Adverse Material Facts: - ANS-Enviromental Hazards, Physical Condition, Material
Defects to property and title, Limitation of parties ability to perform,
\Exclusive Right to Sell Agency - ANS-broker has exclusive right to market and receive
commission regardless of who procures they buyer, exclusive agency they would not
\Finance charges on Truth and lending statement do not include? - ANS-recording fees and title
insurance premiums
\How are the commission members appointed? - ANS-All appointed by governor with advice
and consent of senate
\How does an inactive licensee change to an active license? - ANS-Take the 24 hour practice
class and re-apply within 6 months
\How long are terms for commission members? - ANS-5 years or until their successors are
appointed and qualified
\How long does a broker have to deliver documents to commission after a community
association management contract is terminated? - ANS-30 days
\How long does a licensee have to remove signs after a listing expires? - ANS-Ten Days
\How long does a person have to initiate a claim? - ANS-2 years from date of damages
\How long must a broker obtain records? - ANS-3 years
\How many Continuing Education Credits do licensee's need to obtain before renewal? -
ANS-12, 3 required and 9 Elective
A feature found in a comparable property that is not found in subject property will result in a... -
ANS-reduction adjustment to comparable selling price
\A real estate cannot work without what? - ANS-A workers permit issued by the Real Estate
Commission
\Adverse Material Fact - ANS-A fact related to the property not reasonably ascertainable or
known to a party which negatively affects the value of a property
\Affiliated Licensee: - ANS-any broker or salesperson who works under supervision of
designated broker
\After agreement is signed how long does buyer have to rescind the loan? - ANS-3 business
days
\After obtaining a license how often must you take continuing education classes? - ANS-Every 2
years
\Are oral property management agreements enforceable? - ANS-Yes
\buyer bought a property without telling sender intended use for property. No contingency
clauses, after closing buyer cannot obtain zoning for project. What is the contract at this stage?
- ANS-Enforceable
\Can an unlicensed assistant prepare and deliver closing documents? - ANS-Yes but cannot,
market cold calls, create advertisement without review, host an open house
\Does Missouri allow holographic wills? - ANS-No
\Does Missouri have dower laws? - ANS-No
\Does Missouri have homestead laws? - ANS-Yes
\Examples of Adverse Material Facts: - ANS-Enviromental Hazards, Physical Condition, Material
Defects to property and title, Limitation of parties ability to perform,
\Exclusive Right to Sell Agency - ANS-broker has exclusive right to market and receive
commission regardless of who procures they buyer, exclusive agency they would not
\Finance charges on Truth and lending statement do not include? - ANS-recording fees and title
insurance premiums
\How are the commission members appointed? - ANS-All appointed by governor with advice
and consent of senate
\How does an inactive licensee change to an active license? - ANS-Take the 24 hour practice
class and re-apply within 6 months
\How long are terms for commission members? - ANS-5 years or until their successors are
appointed and qualified
\How long does a broker have to deliver documents to commission after a community
association management contract is terminated? - ANS-30 days
\How long does a licensee have to remove signs after a listing expires? - ANS-Ten Days
\How long does a person have to initiate a claim? - ANS-2 years from date of damages
\How long must a broker obtain records? - ANS-3 years
\How many Continuing Education Credits do licensee's need to obtain before renewal? -
ANS-12, 3 required and 9 Elective
