MS Real Estate State Portion Guaranteed Success

MS Real Estate State Portion Guaranteed Success Agency and Escrow What should a broker do if they accept a check that is later found to be dishonored? a. Immediately notify the parties involved b. Wait 30 days before notifying the parties c. Do nothing, as it's not a big deal d. Keep the check and try to use it again Answer: a. Immediately notify the parties involved Trust Funds What should a broker do with earned money received from a client or customer? a. Keep it in their own account b. Deposit it in a trust account c. Use it for personal expenses d. Give it to another broker Answer: b. Deposit it in a trust account Real Estate Law What happens if a seller fails to consummate a transaction and has already paid an earnest money deposit? a. The broker keeps the deposit as payment for services rendered b. The broker returns the deposit to the buyer c. The seller is responsible for compensating the broker d. The buyer and seller share the deposit Answer: b. The broker returns the deposit to the buyer Advertising and Marketing What is considered a "blind ad" in real estate advertising? a. An ad with the name of the responsible broker or real estate firm b. An ad with only the name of the property owner c. An ad with only the name of the salesperson d. An ad with no name or contact information Answer: d. An ad with no name or contact information When advertising a property shared by an out-of-state broker ️the name of the Mississippi broker must be listed When there is a Cooperative agreement with a non-resident broker, the listing or Property Management agreement for the Mississippi property ️must remain in the name of the Mississippi broker When an agent transfers to a new broker and within 3 days gives written notice to the commission the name of the principal broker into whose agency he is about to enter, he ️mails his license to the commission and a new license will be issued for the unexpired term of the original license Applicants for a real estate license ️may take the exam but has 10 days to find a responsible broker It's not the duty of the responsible broker ️to make sure each agent has completed their post licensing education and keep their license current A salesperson has a listing with his responsible broker, broker A. The salesperson decided to transfer to a new broker before the listing expires. When the agent moves to the new broker, who owns the listing? ️Broker A Any person who willfully and negligently does not deliver the needed disclosures shall be liable ️in the amount of actual damages suffered by a transferee Who are exempt from having a real estate license? ️A public official holding an auction The five Commissioners appointed by the governor with advise and consent from the Senate have the power to do all of the following except ️appoint a commissioner Can the real estate Commissioners issue subpoenas? ️yes because it is within the authority of the commission power Licensee following notification of action resulting from a commissioner hearing ️has 30 days to appeal any ruling and post a required $500 Bond An earnest money deposit pertaining to a cooperative agreement must be held in escrow ️by the Mississippi broker unless both the buyer and seller agree in writing to relieve the Mississippi broker of this responsibility Notice in writing shall be given to the commission by any real estate salesperson with a change of responsible broker within ️3 days When changing responsible brokers ️a new license shall thereupon be issued by the commission to such salesperson for the unexpired term of the original license upon the return to the commission of the license previously issued Brokers may give legal advice ️never Licensees May obtain errors and omissions coverage independently if the coverage contained in the policy of follows the minimum requirement of ️a per claim limit is not less than $100,000 Commissioners are vested with power of court to issue and enforce subpoenas, Levy fines and ️Levy jail terms All license fee funds must be submitted to the state treasury with detailed explanation ️on a weekly basis