Ms Real Estate Mississippi Practice Exam Correct 100%(RATED A+)

A developer may not sell, offer, or dispose of a timeshare interest unless all necessary registration requirements are completed and approved by: - ANSWER the Real Estate Commission Which of the following has the duty of supervising and controlling all aspects of the offering of a timeshare plan? - ANSWER the developer If the broker finds out that a licensee licensed under that broker has been operating independently or through some other broker, the responsible broker must notify the Commission: - ANSWER immediately All amendments, supplements and changes to the public offering statement shall be filed with and approved by the: - ANSWER Commission All brokers must maintain an office and: - ANSWER his/her license must be displayed in that office All timeshare plans shall maintain a ___________ purchaser to accommodation ratio. - ANSWER one-to-one How long must an applicant who has failed the salesperson's exam twice wait before being allowed to re-take the exam again? - ANSWER 3 months from the date of the last testing A licensee who offers property in which he/she is the owner as being for sale or exchange must state in all advertising, as well as on any signs: - ANSWER that he/she is licensed in real estate, unless the licensee lists his/her property with a licensed real estate broker Who is the person to whom the agent owes a fiduciary duty? - ANSWER the client A temporary license shall be valid for ___ following the first day of the month after its issuance. - ANSWER one year How many days notice will a person be given of a Commission hearing on his/her behalf? - ANSWER 15 days Following an audit by an independent CPA, the exchange program should submit a report of the percentage of confirmed reservations: - ANSWER annually The meth