Which of the following is a true statement about investigations into licensees once a complaint has been filed with the MREC?
A. Licensees are required
... [Show More] to respond to the complaint in writing and make records available to the MREC.
B. The Administrative Hearing Commission is responsible for investigating the matter to determine whether it's likely that the licensee violated license law.
C. The MREC has the authority to conduct a formal hearing to determine whether the licensee has violated license law.
D. The MREC may take the licensee into custody if it determines that the licensee is guilty of violating certain provisions of the license law. - ANSWER-Licensees are required to respond to the complaint in writing and make records available to the MREC
Which of the following is a requirement for all Missouri real estate licensees?
A. Age 21
B. Credit Score above 750
C. Good Moral Character
D. Real estate experience - ANSWER-Good Moral Character
Dominic terminated affiliation with his broker 9 months ago. He's now ready to affiliate with a new broker and begin performing real estate activities. What must he do to reinstate his license with his new broker?
A. Submit a new license application.
B. Submit a reinstatement application.
C. Submit a transfer application.
D. Submit a transfer application and proof that the Missouri Real Estate Practice course was completed within the last six months. - ANSWER-Submit a transfer application and proof that the Missouri Real Estate Practice course was completed within the last 6 months
Lonnie accepted an offer to purchase from a married couple, Josie and Franz. After the contract was signed, Josie realized she meant to ask Lonnie if they could keep the lovely wicker patio set she saw near the pool. Lonnie agreed she could have it, and Lonnie's agent, Gaston, wrote it into the contract. Who needs to initial this contract change in order for it to be valid?
A. Josie and Frank
B. Lonnie
C. Lonnie, Josie, and Frank
D. Lonnie, Josie, Frank and Gaston - ANSWER-Lonnie, Josie, and Frank
The following charges are part of a Missouri real estate transaction: sales price, seller concession to buyer's closing costs, seller's loan payoff, buyer's new loan. What item(s) would be listed as a seller's debit on the closing statement?
A. Buyers new loan
B. Sales price
C. Seller concession and seller's loan payoff
D. Seller's loan payoff - ANSWER-Sellers concession and seller's loan payoff
Unlicensed consumers may only perform real estate activities in certain situations. In which of these scenarios would the consumer need a Missouri real estate license?
A. Jessie is searching for a new home for a friend moving into town. Jessie will be compensated 2% of the sale price for her time and effort.
B. Mickey is selling his own home and isn't using the services of a listing agent.
C. Peter is helping his sister, Kristen, find a new apartment. He will not be compensated in any way.
D. Ronald is acting as executor of his uncle's estate, which includes selling the property his uncle owned. - ANSWER-Jessie is searching for a new home for a friend moving into town. Jessie will be compensated 2% of the sale price for her time and effort.
Once an offer or counter-offer is accepted, the Missouri licensee must promptly deliver __________.
A. Copies of that offer to purchase, signed by the licensee, to the licensee's designated broker
B. Copies of the fully signed offer to purchase to each party to the transaction
C. The original offer to purchase, signed by all parties to the contract, to the Missouri Real Estate Commission to be recorded
D. The original offer to purchase, signed by both the buyer and the seller, to the licensee's designated broker for safekeeping - ANSWER-Copies of the fully signed offer to purchase to each party to the transaction
Missouri licensees who fail to respond to the commisison's written request or inquiry within ____ days may face disciplinary action.
A. 14
B. 30
C. 365
D. 60 - ANSWER-30
Randy, a licensee, is in a seller agency relationship with Brent, a seller. The buyer is Tim. Who is Randy's client?
A. Both the seller (Brent) and the buyer (Tim)
B. Randy's broker
C. The buyer (Tim)
D. The seller (Brent) - ANSWER-The seller (Brent)
A person who facilitates the paperwork, but doesn't actually represent either party to a Missouri real estate transaction, may be a ______.
A. Designated agent
B. Dual agent
C. Sub-agent
D. Transactional broker - ANSWER-Transactional Broker
When licensee Frank has a disagreement about his commission check with his broker, Amy, he wants to appeal to the MREC to solve it. Which of the following applies in this situation?
A. He must file a complaint on an official MREC form.
B. He must file an appeal with the MREC for them to appoint a mediator to handle the issue.
C. The MREC doesn't handle commission disputes between licensees.
D. While the MREC usually doesn't handle commission disputes, they do get involved in disputes between licensees and their brokers. - ANSWER-The MREC doesn't handle commission disputes between licensees.
What types of advertising fall under the real estate commission's rules and regulations?
A. Advertising by any means
B. Only print advertising
C. Only radio advertising
D. Only TV advertising - ANSWER-Advertising by any means
Regarding their employment classification, unlicensed assistants are most often ______.
A. Dependent contractors
B. Employees
C. Independent contractors
D. Unpaid interns - ANSWER-Employees
When the buyer and seller both have costs to pay, which form shows who pays what?
A. Closing disclosure
B. Home inspection report
C. Loan Estimate
D. Purchase contract - ANSWER-Closing disclosure
Jan hired Anita to assist her with finding a new home, and found out that her Missouri real estate license was revoked. Where can Jan go to file a complaint against Anita?
A. Missouri Attorney General website
B. Missouri Broker's Act website
C. Missouri Real Estate Commission website
D. U.S. Board of Real Estate Licensees website - ANSWER-Missouri Real Estate Commission website
What's dual agency?
A. An agent from one firm and an agent from another firm both represent the same client.
B. An agent from one firm represents the seller and an agent from another firm represents the buyer.
C. An agent works for another agent.
D. One or more agents from the same firm represent both the buyer and seller in a single transaction. - ANSWER-One or more agents from the same firm represent both the buyer and seller in a single transaction
Which of the following is a true statement about real estate licensees in Missouri?
A. A broker may work independently.
B. A broker-salesperson and a broker may work independently.
C. A salesperson may work independently.
D. Brokers, broker-salespersons, and salespersons may work independently. - ANSWER-A broker may work independently.
Missouri real estate professionals handle many documents related to real estate transactions. Which one of the items listed below is one of the most important in detecting mortgage fraud?
A. Agency disclosures
B. Buyer representation agreement
C. The original sales agreement and any addenda
D. The title - ANSWER-The original sales agreement and any addenda
Tyler is a licensed Missouri real estate salesperson. He's selling his condo on his own, without the services of a real estate brokerage. What information must he include on any advertising for the property?
A. His broker's name and phone number
B. His name and phone number, along with his broker's name and phone number
C. The phrase "by owner-salesperson"
D. There aren't any advertising requirements as to what an individual (licensed or otherwise) selling his own property must include - ANSWER-The phrase "by owner-salesperson"
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?
A. Tell him that Janet's house is okay, but you have an even better house a few blocks away (where the seller has consented to dual agency).
B. Tell him that you can represent him, too, if he promises not to tell Janet or anyone else.
C. Tell him that you're representing the seller, and because of that, he shouldn't divulge any confidential information to you.
D. Tell him that you're representing the seller, and that you'll offer him a break on your commission if he lets you represent him, too. - ANSWER-Tell him that you're representing the seller, and because of that, he shouldn't divulge any confidential information to you
What is the original license fee Missouri salesperson applicant Jin-Yo must pay?
A. $10
B. $40
C. $50
D. $80 - ANSWER-$40
Missouri real estate salesperson Aaron owns 1% of the title company that he refers all of his clients to. What must he do when referring this title company?
A. Complete a referral slip for the title company
B. Disclose his ownership interest verbally
C. Disclose his ownership interest verbally and obtain his client's signature on the disclosure.
D. Obtain a compensation agreement from the title company - ANSWER-Disclose his ownership interest verbally and obtain his client's signature on the disclosure
Licensee Henrietta had a big week. She got married on Friday and moved to a new home on Sunday. What must she notify the MREC of within the next 10 days?
A. Her home address change
B. Her marital status change
C. Her name change
D. The MREC doesn't need to be notified of any changes. - ANSWER-Her home address change
Ferdinand is selling his house in Missouri after living in it for 70 years. He insists it's worth $250,000, but frankly, it's seen better days. He does have some priceless antiques, and if he tossed a few of those in with the deal, you know you could earn him an extra $75,000. You're sure he wouldn't notice if you just sold a few things from the basement, where he hasn't stepped foot since the early '90s. What should you do?
A. Do what's best for him financially—that's part of the reason he hired you.
B. Follow his instructions. Only sell the house and whatever furnishings he authorizes you to sell.
C. Pretend you don't realize it when he gets offers requesting that some of the antiques be sold with the house, and feign ignorance if he notices.
D. Tell him if he won't let you do it your way, he'll need to find a new agent. - ANSWER-Follow his instructions. Only sell the house and whatever furnishings he authorizes you to sell.
Broker Kelsie just signed a Missouri buyer agency agreement with Gunther. Which of the following elements must be in that agreement?
A. Kelsie's duties to the buyer
B. Kelsie's duties to the seller
C. The final purchase price on the property
D. The sellers signature - ANSWER-Kelsie's duties to the buyer
Missouri licensee Sylvia just signed a brokerage agreement with buyer Milton. Even though she's not his agent, she agrees to help him with the paperwork for writing property offers, and submitting/receiving offers and counter-offers in exchange for commission. What kind of agreement did Sylvia and Milton sign?
A. Buyer representation agreement
B. Designated agency agreement
C. Dual agency agreement
D. Transaction brokerage agreement - ANSWER-Transaction brokerage agreement
You represent a Missouri buyer in one transaction and a Missouri seller in a different transaction. What type of agency relationship do you have with the buyer?
A. Buyer agency
B. Dual agency
C. Seller agency
D. Transaction brokerage - ANSWER-Buyer agency
Which of the following is an example of single agency in Missouri?
A. A broker acts as a dual agent to one party only
B. An agent from one firm acts as the agent for the buyer
C. Two agents from different firms, where one acts as a sub-agent for the other [Show Less]