Missouri Real Estate Review
Exam Questions and Answers
100% PASS
Who has to have a real estate license? - CORRECT ANSWER-Any person, co-partnership,
corporation who attempts or offers to sell, buy, rent, list, negotiate, exchange, option,
advertises as a broker, refer, or charges fee for advertising real estate in publication.
What title could a real estate salesperson hold? - CORRECT ANSWER-Employee or
Independent Contractor
Freehold Estate - CORRECT ANSWER-An estate for at least a lifetime or greater because it
can be willed to heirs
Leasehold Estate - CORRECT ANSWER-A less-than-freehold estate that a tenant possess in
real property.
Corporeal Property - CORRECT ANSWER-Buildings, fences, fixtures, etc.
Incorporeal Property - CORRECT ANSWER-Intangibles such as rents, easements, and goodwill
Who is excluded from needing a license? - CORRECT ANSWER--Owner selling or leasing their
own property
,-Regular employees selling or leasing for their employer who is not licensed
-Licensed attorney
-Auctioneer employed by owner
-Anyone performing under court order
-Property manager performing certain functions while under direction of a broker or owner
-Rent collectors or clerks in a broker's office
Gov employees performing their duties
-Reg employees of railroads/public utilities
-Banks, loan companies, insurance companies
-Newspapers or magazines
-Developers registered with HUD under the Land Sales Act -Employee acting on behalf of a
nonprofit or economic development association
How many Brokers can be in a company? - CORRECT ANSWER-One is the designated broker,
"The Broker"
If there are other broker's licenses in the company, who holds them? - CORRECT ANSWER-
"The Broker" holds all licenses
Who is responsible for all licensees, and where are the licenses kept? - CORRECT ANSWER-
"The Broker" is responsible for them and the licenses are held at the office (could also be
held at the branch office)
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
, "The Broker" is responsible for - CORRECT ANSWER-The over-all management of the
company, escrow account, and supervisor of all licensees (salespersons, broker-
salespersons)
Can a branch office operate under a different name? - CORRECT ANSWER-No, all offices must
be under the name of the main office
An unlicensed person refers business to a broker, can they be paid a referral fee? - CORRECT
ANSWER-No, an unlicensed person can not be a paid for an act that requires a real estate
license. A broker can pay another broker in Missouri or another state.
Compensation for a sale by a salesperson will come from - CORRECT ANSWER-Their broker.
You can never be paid out by another office's broker
All commissions to individuals licensed to the company and all commission sharing between
sales persons must be done by - CORRECT ANSWER-"The Broker" will handle all pay outs to
their licensees
"The Broker" must maintain an _______ account unless exempted by the MREC - CORRECT
ANSWER-Escrow
Salespersons duties include performing activities under - CORRECT ANSWER-direct
supervision of "The Broker"
Only receives compensation from "The Broker" holding his/her license - CORRECT ANSWER-
Salesperson
A salesperson may not supervise - CORRECT ANSWER-other licenses
Salesperson may form a - CORRECT ANSWER-Professional Corporation (PC)
Exam Questions and Answers
100% PASS
Who has to have a real estate license? - CORRECT ANSWER-Any person, co-partnership,
corporation who attempts or offers to sell, buy, rent, list, negotiate, exchange, option,
advertises as a broker, refer, or charges fee for advertising real estate in publication.
What title could a real estate salesperson hold? - CORRECT ANSWER-Employee or
Independent Contractor
Freehold Estate - CORRECT ANSWER-An estate for at least a lifetime or greater because it
can be willed to heirs
Leasehold Estate - CORRECT ANSWER-A less-than-freehold estate that a tenant possess in
real property.
Corporeal Property - CORRECT ANSWER-Buildings, fences, fixtures, etc.
Incorporeal Property - CORRECT ANSWER-Intangibles such as rents, easements, and goodwill
Who is excluded from needing a license? - CORRECT ANSWER--Owner selling or leasing their
own property
,-Regular employees selling or leasing for their employer who is not licensed
-Licensed attorney
-Auctioneer employed by owner
-Anyone performing under court order
-Property manager performing certain functions while under direction of a broker or owner
-Rent collectors or clerks in a broker's office
Gov employees performing their duties
-Reg employees of railroads/public utilities
-Banks, loan companies, insurance companies
-Newspapers or magazines
-Developers registered with HUD under the Land Sales Act -Employee acting on behalf of a
nonprofit or economic development association
How many Brokers can be in a company? - CORRECT ANSWER-One is the designated broker,
"The Broker"
If there are other broker's licenses in the company, who holds them? - CORRECT ANSWER-
"The Broker" holds all licenses
Who is responsible for all licensees, and where are the licenses kept? - CORRECT ANSWER-
"The Broker" is responsible for them and the licenses are held at the office (could also be
held at the branch office)
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
, "The Broker" is responsible for - CORRECT ANSWER-The over-all management of the
company, escrow account, and supervisor of all licensees (salespersons, broker-
salespersons)
Can a branch office operate under a different name? - CORRECT ANSWER-No, all offices must
be under the name of the main office
An unlicensed person refers business to a broker, can they be paid a referral fee? - CORRECT
ANSWER-No, an unlicensed person can not be a paid for an act that requires a real estate
license. A broker can pay another broker in Missouri or another state.
Compensation for a sale by a salesperson will come from - CORRECT ANSWER-Their broker.
You can never be paid out by another office's broker
All commissions to individuals licensed to the company and all commission sharing between
sales persons must be done by - CORRECT ANSWER-"The Broker" will handle all pay outs to
their licensees
"The Broker" must maintain an _______ account unless exempted by the MREC - CORRECT
ANSWER-Escrow
Salespersons duties include performing activities under - CORRECT ANSWER-direct
supervision of "The Broker"
Only receives compensation from "The Broker" holding his/her license - CORRECT ANSWER-
Salesperson
A salesperson may not supervise - CORRECT ANSWER-other licenses
Salesperson may form a - CORRECT ANSWER-Professional Corporation (PC)
