MS REAL ESTATE COMPLETE SOLUTIONS

MS REAL ESTATE COMPLETE SOLUTIONS Commission Rules Can a real estate licensee appeal a hearing decision rendered by the Real Estate Commission? a. Yes, but only if the appeal is made within 30 days of the decision b. No, there is no appeal process c. Only if the license is revoked d. Only if the license is suspended Answer: a. Yes, if the appeal is made within 30 days of the notice of the commission's action Cooperating Agreements How many days does an agent have to send in the Cooperating Agreement with out-of-state real estate brokers to MREC after reaching the agreement? a. 3 days b. 5 days c. 10 days d. 30 days Answer: c. 10 License Requirements What does not require a real estate license in Mississippi? a. Selling your own property b. Renting and managing property c. Working as a property manager for a landlord d. Answer: d. License Transfers How many copies of the Cooperating Agreement with out-of-state brokers goes to the Real Estate Commission? a. 1 b. 2 c. 3 d. 4 Answer: b. 2 Real Estate Practice When must a real estate salesperson notify MREC that they plan to move their license to another broker? a. Within 1 day of making the decision b. Within 3 days of making the decision c. Within 10 days of making the decision d. Within 30 days of making the decision Answer: b. Within 3 days of making the decision In a dual agency transaction, the broker must have the buyer consent by executing A Dual Agency Confirmation ️Prior to signing an offer to purchase. A customer can be ️A buyer. A seller. A person not represented in the transaction. How many Mississippi Real Estate Commissioners are there? ️Five real estate licensee can prepare a Broker's Price Opinion and receive compensation if ️They are active and in good standing and the BPO meets the required standards and guidelines. A broker who does not complete the 30-hour broker post license course within one year of receiving their license will ️Be placed on inactive status Real estate licensee must show proof of having errors and omissions insurance if ️They are actively licensed Real estate salespeople can bring legal action against a buyer, seller or another licensee ️If it includes a violation of real estate license law Brokers can place earnest money in an interest-bearing account if ️They participate in the IREBEA program. If more than one broker is in a transaction that requires a Property who is responsible for delivering the PCDS to the buyer? ️The agent who obtained the offer When must a Working with a Real Estate Broker form be executed? ️Before obtaining information that might be confidential Which of the following can a broker NOT do with earnest money? ️Retain the amount of broker commission when refunding earnest money Which of the following must a licensee disclose in their advertising? ️Their status as a real estate licensee Any personal interest they have in a property being sold or purchased Their company name when marketing properties on social media Which of the following is TRUE about a Property Condition Disclosure Statement? ️The licensee is not liable for an error in the PCDS unless they have actual knowledge of the error In an Exclusive Buyer Agency agreement, which of the following is true? ️The buyer can terminate the agreement upon 15 days' written notice to the buyer's agent In an exclusive buyer agency agreement, the commission is usually paid ️From the commission the listing agent has already negotiated with the seller Realty contracted to co-market a listing and share the commission on a 50/50 Two brokerage firms, Baird Realty and Carr basis. Could anything reduce Baird Realty's share to less the 50%? ️No because they agreed to 50/50 Any non-resident broker or salesperson with a Mississippi license shall ️Meet Mississippi continuing education requirements. When a non-resident broker participates with a Mississippi broker ️The Mississippi broker must file a cooperative agreement with the Mississippi Real Estate Commission. Which of the following is required to provide a Property Condition Disclosure Statement? ️A builder selling a new home Must a person have a real estate license to sell a condominium or time share? ️Yes, any salesperson of a time sharing plan must be licensed according to Mississippi law. Which of the following facts about a property do NOT have to be disclosed to a purchaser? ️Site of natural death, homicide, or felony crime Which of the following sources is NOT one of approved third-party sources of square footage when provided by the licensee? ️TSeller When was the Mississippi Real Estate Commission created? ️1954 Which of the following is NOT a requirement for obtaining a broker's license in Mississippi? ️Must not have filed bankruptcy The Real Estate Commission may deny issuance of a license if the applicant ️embezzlement or Lied on his application When a Mississippi broker enters into a Cooperative Agreement with an out-of-state broker ️The Mississippi broker is responsible and liable for the acts of the cooperating broker in the agreement. The earnest money must be completed for listing referrall.