MO State Law for Real Estate Salesperson Exam with correct answers 2024

License renewal correct answers Even years, every 2 years (biennially) Brokers June 30, Salespersons September 30 Continuing Ed correct answers Both brokers and salespersons: 9 hrs. electives + 3 hrs. core Death or incapacity of broker in charge correct answers Business ceases; temporary broker license assigned by MREC to someone for "winding up the affairs of the business"; pending agency agreements canceled; licenses mailed to MREC; parties to pending sales contracts will be notified as to where closing will take place If applicant license denied correct answers 30 days to complain/appeal to AHC (Administrative Hearing Commission) If applicant license revoked correct answers 90 days to complain/appeal to AHC Escrow Account correct answers Broker to deposit within 10 banking days of acceptance of offer (unless otherwise agreed to in writing) Escrow Account Management correct answers Salesperson or Broker/Salesperson must deliver any check received immediately to broker in charge Commingling correct answers Illegal! Except for $1,000 of own money for bank fees Broker may not use escrow funds for own use correct answers Funds remain in account until transaction closed or otherwise agreed to in writing MREC Commissioners correct answers 7; all 7 may vote; appointed by the GOVERNOR; 1 unlicensed public member; 6 other members must have been a broker for 10 yrs. prior to appt.; serve 5 yr. terms; convene to discuss, not regular employees Penalty for Violation of License Laws (339) and/or Rules & Regulations (2250) correct answers Class B Misdemeanor; MREC may go through Attorney General if more is needed Complaints correct answers Pending ones are closed to the public; formal complaints are on an MREC form; MREC may investigate on their own regardless of whether a complaint has been filed; if complainant does not sign - he/she will not be informed of outcome; MREC can dismiss a complaint; MREC may hold investigatory hearing to gather probable cause or evidence