Missouri State Practice Exam - Real Estate | Questions with 100% Correct Answers | Verified | Latest Update 2024

After submitting a salesperson application and applicable fee to the Missouri Real Estate Commission, Jethro decided he no longer wishes to pursue a career in real estate. What's the process for having his application fee refunded? - License fees paid to the MREC are nonrefundable. Missouri licensees who fail to respond to the commisison's written request or inquiry within ____ days may face disciplinary action. - 30 In Missouri, providing the Broker Disclosure form to a seller ______. - Is required by law Closing statements are usually prepared by the _________. - Closing agent Liza is a principal broker in Missouri. One of her branch offices is supervised by broker-salesperson Lindsay. Who is ultimately responsible for the activities of the licensees at that branch office? - Liza is ultimately responsible as the principal broker. Andy is representing his fiancée in a Missouri real estate transaction. Does he have any special disclosure requirements? - Yes, because he has a personal interest in the property. In your exclusive agency agreement with seller Janet, she prohibited you from acting as a dual agent or as the buyer's transaction broker. An interested buyer, Frank, drops by your office, asking questions about the property. He's not working with another licensee, so you provide him with the Missouri Broker Disclosure Form. What should you do next? - Tell him that you're representing the seller, and because of that, he shouldn't divulge any confidential information to you. Which of the following tasks must Missouri licensees perform for seller clients? - Ensure the collection of the earnest money deposit from the buyer.