Missouri Real Estate - State Portion Only Questions And Answers | 2025 ,2026 Updated Solutions | 100% Correct Answers

In the event of the death or incapacity of a licensed broker: May issue a temporary broker license to individual approved by the commission What is the maximum fine for violations the commission my charge? $25,000 The commission will not here what kind of complaints? Commission disputes between licensees A real estate cannot work without what? A workers permit issued by the Real Estate Commission When do licensee's need to renew? Broker's license, June 30th; Salesperson license September 30th What can an applicant do if refused? Appeal to Administrative Hearing Commission How soon must a business notify the commission of a name or address change? Within 10 business Days How many Continuing Education Credits do licensee's need to obtain before renewal? 12, 3 required and 9 Elective 8/7/25, 3:55 PM Missouri Real Estate - State Portion Only Flashcards | Quizlet licensee does not finish CE credits before renewal? $50 fee per month not completed up to $200 then they must retake the Missouri practice class (24 hours) If a salesperson is terminated how long does a broker have to notify the commission? 72 hours What does a licensee need to do to keep an inactive license? Must re-apply and pay fees every 2 years, no CE credits are needed How does an inactive licensee change to an active license? Take the 24 hour practice class and re-apply within 6 months What does the Missouri law say about disclosures? All must be in writing Where does commission appear in contracts? In listing agreement and HUD. NEVER in sales contract What do brokers not need to keep a record of? Title insurance policy How long must a broker obtain records? 3 years What is Missouri's law on net listings? They are ILLEGAL When must escrow money be deposited? Within 10 Banking days after a contract is made How much of their own money may a broker keep in an account? $1000 8/7/25, 3:55 PM Missouri Real Estate - State Portion Only Flashcards | Quizlet procedure for violations? MREC investigates and then sends to the administrative hearing commission who then recommends punishment and the final decision is made by MREC. MREC may issue what for records? May subopena for records relevant to complaint Selling real estate without a license is what level of violation? Class B misdemenor MREC may issue a restraining order When do we give a residential broker disclosure form? Before receiving any personal or financial information May a person take CE credits out of state? Yes, if accepted by the MREC What can the commission do if they believe a person is getting ready to act in violation? institute suit to enjoin any act or acts in violation How many members are there in the commission? 7 US citizens residents of Missouri for at least 10 years. All must have at least 10 years real estate experience except for one public voting member How are the commission members appointed? All appointed by governor with advice and consent of senate How long are terms for commission members? 5 years or until their successors are appointed and qualified Maximum amount for civil penalties? Not to exceed $2500 for each offense, each day constitutes a separate offense, maximum penalty of $25,000 Payment of a civil penalty: Should be made within 60 days of filing order, or if order is pending appeal then within 10 days after court enters final judgement