Mississippi State Real Estate Complete Answers

Mississippi State Real Estate Complete Answers Commission Members How many years must a broker be licensed before being appointed to the Mississippi Real Estate Commission? a. Three b. Five c. Seven d. Ten Answer: b. Five Broker Responsibilities Who is responsible for the daily real estate activities of a company? a. The salesperson b. The responsible broker c. The commission d. The company owner Answer: b. The responsible broker License Status What happens to a licensee whose errors and omissions insurance has lapsed? a. They are suspended from practice b. They are placed on inactive status c. They are fined $500 d. They are revoked from practice Answer: b. They are placed on inactive status Which of the following entities needs a license in order to receive a fee for bringing parties together in a real estate transaction? A) Consumers and purchasers B) Sellers and buyers C) Landlords and tenants D) Corporations, partnerships, and associations ️Corporations, partnerships, and associations Agreements that exist between Mississippi and other states that have licensing requirements similar and that apply to licensing requirements are called ️reciprocity agreements. How many days does the commission allow a licensee to answer a complaint relating to an investigation? ️15 Within how many days of revocation of a responsible broker's license must all advertising be canceled? ️7 A salesperson is found guilty of violating the license act. The Mississippi Real Estate Commission may discipline the salesperson's employing broker if the broker ️was culpable in the violation. If the license of a broker is suspended, which statement is TRUE regarding the licenses of salespersons employed under that broker? A) The licensee has 30 days to close all real estate transactions. B) Each licensee has 10 days in which to find another broker. C) A licensee may continue to work through the suspension. D) Their licenses are automatically suspended on the effective date of suspension. ️Their licenses are automatically suspended on the effective date of suspension. Which of the following is NOT a violation of the license law? A) Undisclosed dual agency B) Disclosing information about property conditions that stops a sale C) False or misleading advertising D) Paying a finder's fee to a nonlicensed person ️Disclosing information about property conditions that stops a sale The licensee at a hearing has all of the following rights EXCEPT A) to examine witnesses. B) to be heard in person. C) representation by MREC. D) to offer testimony. ️representation by MREC. A licensee received a cash earnest money deposit on an offer she was working over the weekend. She used the cash to buy groceries and clothing, but replaced the cash with a personal check when the offer was fully executed the following week. The licensee can be found guilty of A) failing to submit all written offers in a timely manner. B) failure to remit funds to the broker for deposit into the trust account in a timely manner. C) nothing, as she replaced the money and no consumer was damaged.