WITH 100% CORRECT AND VERIFIED
The MREC is made up of - ANSWER 7 Members. Have to have been a us citizen for 1
year at least. Appointed by the governor with consent of the Missouri senate. 6 members
must have been licensed brokers for 10 years. 1 member from general public.
The MREC allows - ANSWER All members to vote. Members may hold an inactive
license during employment. Cannot be actively involved in the real estate business. $75 a
day when meeting. Plus expenses.
Purpose of MREC - ANSWER Protect the public. Established by state legislature.
Someone that is not licensed by MREC is not subject to rules or regulations other than
person practicing without a license. "Court of competent jurisdiction" to make party stop.
True or False - ANSWER True. Any person, corporation, partnership or association
licensed by the MREC could be accused of a license law violation. Which is a class B
misdemeanor. Anyone not licensed is not subject to MREC rules besides practicing without a
license.
Who makes the final decision to suspend, revoke or place a license on probation? -
ANSWER THE MREC.
What makes up the MAHC? - ANSWER •3 attorney generals employed by the state.
Work directly for the attorney general. Admitted to practice before the Missouri Supreme
Court.
•must send case to the MAHC to determine whether or not they are charging the licensee.
• if the MAHC feels the MREC is not correct the case is dismissed.
• if they feel that they are correct, the case is sent back to the MREC so the license can be
revoked, suspended, or put on probation.
What does MAHC do? - ANSWER • stops practicing real estate without a license.
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,• holds hearing when requested by the MREC.
• determine guilt or innocence. Case dismissed if innocent.
• a person who is refused a license by the MREC has a right to appeal that decision to the
MAHC.
What can MAHC NOT do? - ANSWER They cannot:
• can NEVER fine a licensee
• will NEVER be involved in disputes between licensees or companies.
• deal with someone who commits a crime outside of license law. They will turn it over to
the attorney generals office.
What does a broker do? - ANSWER Performs real estate activities for another and
collects commission.
Supervises licenses under them.
Maintains escrow accounts.
Manages company and responsible for all licensed to him/her.
Pays ALL fees and commissions to individuals licensed under her and cooperating brokers.
All arrangements belong to the broker and stay with the broker upon transfer of the license.
If broker changes the company office the MREC needs notice within - ANSWER 10 days
License renewal for brokers are - ANSWER June 30th every 2 years
License renewal for salespersons - ANSWER September 30th every 2 years.
Independent contractors - ANSWER Broker cannot tell them HOW to do something.
They can tell them what to do. They also get tax form 1099.
How many brokers are allowed per company? - ANSWER Only one
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, How does a broker become a broker-salesperson - ANSWER Sends brokers license to
the MREC for safe keeping and operates as a broker-salesperson. Can act as a branch sales
manager and can continue to sell property. They DO NOT hold licenses. All licenses are held
by the principal broker.
All licenses are held by - ANSWER The broker
For broker officers of a Corp to happen - ANSWER The MREC requires name,
residence, and business address of each partner in partnership licensed or unlicensed.
The corporation must be in good standing with the Secretary of State. Must be notified of
any changes and must be registered with the sec of state.
***A salesperson can be an officer of a corporation but CANNOT be involved in
management.
A professional corporation must have - ANSWER A designated broker.- any individual
licensed as a broker who is operating pursuant to the definition of real estate broker. The
MREC only communicates with the designated broker!
A salesperson: - ANSWER Must be licensed to a broker who is responsible for all real
estate related activities.
• can not manage other licensee without a type of broker license.
• must pass the 48 hour course, the AMP exam, and the 24 hour Missouri Real Estate
practices course before applying for a license. Must be a high school graduate or equivalent
and be at least 18 years of age.
• must have submitted finger prints to the mo highway patrol and background check.
• must receive all earned fees from broker and cannot be paid to others for referrals or any
other reason. Another broker cannot pay a salesperson not licensed with him or her.
Another broker cannot pay a salesperson not licensed with him or her EXCEPT when -
ANSWER If you're licensed and transfer to another broker, with a transaction waiting
to close, to your written agreement with your original broker will determine if you are
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Wicky
The MREC is made up of - ANSWER 7 Members. Have to have been a us citizen for 1
year at least. Appointed by the governor with consent of the Missouri senate. 6 members
must have been licensed brokers for 10 years. 1 member from general public.
The MREC allows - ANSWER All members to vote. Members may hold an inactive
license during employment. Cannot be actively involved in the real estate business. $75 a
day when meeting. Plus expenses.
Purpose of MREC - ANSWER Protect the public. Established by state legislature.
Someone that is not licensed by MREC is not subject to rules or regulations other than
person practicing without a license. "Court of competent jurisdiction" to make party stop.
True or False - ANSWER True. Any person, corporation, partnership or association
licensed by the MREC could be accused of a license law violation. Which is a class B
misdemeanor. Anyone not licensed is not subject to MREC rules besides practicing without a
license.
Who makes the final decision to suspend, revoke or place a license on probation? -
ANSWER THE MREC.
What makes up the MAHC? - ANSWER •3 attorney generals employed by the state.
Work directly for the attorney general. Admitted to practice before the Missouri Supreme
Court.
•must send case to the MAHC to determine whether or not they are charging the licensee.
• if the MAHC feels the MREC is not correct the case is dismissed.
• if they feel that they are correct, the case is sent back to the MREC so the license can be
revoked, suspended, or put on probation.
What does MAHC do? - ANSWER • stops practicing real estate without a license.
1
Wicky
,• holds hearing when requested by the MREC.
• determine guilt or innocence. Case dismissed if innocent.
• a person who is refused a license by the MREC has a right to appeal that decision to the
MAHC.
What can MAHC NOT do? - ANSWER They cannot:
• can NEVER fine a licensee
• will NEVER be involved in disputes between licensees or companies.
• deal with someone who commits a crime outside of license law. They will turn it over to
the attorney generals office.
What does a broker do? - ANSWER Performs real estate activities for another and
collects commission.
Supervises licenses under them.
Maintains escrow accounts.
Manages company and responsible for all licensed to him/her.
Pays ALL fees and commissions to individuals licensed under her and cooperating brokers.
All arrangements belong to the broker and stay with the broker upon transfer of the license.
If broker changes the company office the MREC needs notice within - ANSWER 10 days
License renewal for brokers are - ANSWER June 30th every 2 years
License renewal for salespersons - ANSWER September 30th every 2 years.
Independent contractors - ANSWER Broker cannot tell them HOW to do something.
They can tell them what to do. They also get tax form 1099.
How many brokers are allowed per company? - ANSWER Only one
2
Wicky
, How does a broker become a broker-salesperson - ANSWER Sends brokers license to
the MREC for safe keeping and operates as a broker-salesperson. Can act as a branch sales
manager and can continue to sell property. They DO NOT hold licenses. All licenses are held
by the principal broker.
All licenses are held by - ANSWER The broker
For broker officers of a Corp to happen - ANSWER The MREC requires name,
residence, and business address of each partner in partnership licensed or unlicensed.
The corporation must be in good standing with the Secretary of State. Must be notified of
any changes and must be registered with the sec of state.
***A salesperson can be an officer of a corporation but CANNOT be involved in
management.
A professional corporation must have - ANSWER A designated broker.- any individual
licensed as a broker who is operating pursuant to the definition of real estate broker. The
MREC only communicates with the designated broker!
A salesperson: - ANSWER Must be licensed to a broker who is responsible for all real
estate related activities.
• can not manage other licensee without a type of broker license.
• must pass the 48 hour course, the AMP exam, and the 24 hour Missouri Real Estate
practices course before applying for a license. Must be a high school graduate or equivalent
and be at least 18 years of age.
• must have submitted finger prints to the mo highway patrol and background check.
• must receive all earned fees from broker and cannot be paid to others for referrals or any
other reason. Another broker cannot pay a salesperson not licensed with him or her.
Another broker cannot pay a salesperson not licensed with him or her EXCEPT when -
ANSWER If you're licensed and transfer to another broker, with a transaction waiting
to close, to your written agreement with your original broker will determine if you are
3
Wicky
