Missouri Real Estate - State Portion Only (A+ Graded Already)

In the event of the death or incapacity of a licensed broker: correct answers May issue a temporary broker license to individual approved by the commission What is the maximum fine for violations the commission my charge? correct answers $25,000 The commission will not here what kind of complaints? correct answers Commission disputes between licensees A real estate cannot work without what? correct answers A workers permit issued by the Real Estate Commission When do licensee's need to renew? correct answers Broker's license, June 30th; Salesperson license September 30th What can an applicant do if refused? correct answers Appeal to Administrative Hearing Commission How soon must a business notify the commission of a name or address change? correct answers Within 10 business Days How many Continuing Education Credits do licensee's need to obtain before renewal? correct answers 12, 3 required and 9 Elective What happens if a licensee does not finish CE credits before renewal? correct answers $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? correct answers 72 hours What does a licensee need to do to keep an inactive license? correct answers Must re-apply and pay fees every 2 years, no CE credits are needed How does an inactive licensee change to an active license? correct answers Take the 24 hour practice class and re-apply within 6 months What does the Missouri law say about disclosures? correct answers All must be in writing Where does commission appear in contracts? correct answers In listing agreement and HUD. NEVER in sales contract What do brokers not need to keep a record of? correct answers Title insurance policy