NEW
Font size
WorksheetsMississippi License Law
Total questions: 33
Worksheet time: 17mins
Each member of the Mississippi REal Estate Commission shall serve ____ years
Two
Four
Five
Six
When is a licensee required to pay over to their responsible broker any deposits or earnest money received?
Within 24 hrs
Within 48 hrs
As soon as they next see the responsible broker in person
Immediately upon receipt therof
Text messages between an agent and a prospective buyer about a property for sale are not considered to be advertisements
True
False
The broker or the brokerage firm must be identified by using the same size or larger print as that of a licensee or a team in all advertising
True
False
In order to advertise a property , the broker MUST
Have verbal permission from the owners
Have written permission from the owner
Use two signs in each yard
All of the above
The commission may, upon its own motion
Fine licensees for violations
Imprison licensees for up to one month for violations
Revoke a license without a hearing
Investigate a licensee
Renewal fee for a branch office for a two year period is
$100
$120
$140
$150
The Licence Law shall apply to any person who performs acts such as leasing and selling with reference to property owned by themselves (FSBO)
TRUE
FALSE
Application, examination, and one year's use of a license for a salesperson is
$100
$110
$135
$150
Brokers shall retain readily available and properly indexed records, including bank account records for a period of _____ years
Three
Four
Five
None of the above
Every real estate corporation or partnership MUST designate on the company license
The names of all partners or stockholders
The names of all associate brokers
The name of the sponsoring broker
The name of the sales manager
An individual broker renewal fee for a 2 year period is
$100
$135
$150
$175
The revocation or suspension of a spondering broker's license shall automaticall suspend every _______ spondored by that broker
Associate brokerks license
Sales person license
Both A and B
Neither A or B
The professional comeptency of any applicant for a real estate license shall be judged soley on the basis of :
A recommendation from the Governor
An oral exam administered by the local Board of Realtors
A written exam administered by the local Board of REaltors
A written exam administered throuh the MS Real Estate Commission
A licensee may have his license revoked for all EXCEPT
Improper, fraudulent, or dishonest dealings
Charging a lower commission than is charged by other brokers in their loclity
Failing to appear before the Commission when subpoenead
Guaranteeing a client future profits on a sale
Mixing client funds with company funds
Assemblage
Commingling
Legal
Supposition of Monies
If the buyer writes up an offer, who would present the offer to the seller
The listing agent
The buyer's agent
The buyer
The property manager
An original appicant for a salespersons license MUST
Have completed 90 hrs of approved instruction
Have lived in this state at least 6 months
Have completed 60 hrs of approved instruction
Be at least 21 years old
Social media advertisements have their own set of rules and are not subject to the same rules and regulations as physical advertisements
True
False
Social media advertisements have their own set of rules and are not subject to the same Rules and Regulations as physical advertisements
True
False
The ______is the written agreement signed by all of the owners of a property of real estate authorizing a broker to offer or advertise their real estate for sale
Purchase Agreement
Option Contract
Exclusive Listing Agreement
Exclusive Buyer's Agreement
To change a license from inactive to active status, the fee is
$25
$50
$75
None of the Above
Every sales or rental escrow account shall be non-interest bearing unless all parties to the transaction have agreed otherwise in writing
True
False
Real Estate commissioners in Mississippi are
Elected from each congressional district
Appointed by the secretary of State
Elected from each Parish on a rotating basis
Appointed by the Governor
A licensee wishing to appeal the revocation of their license
Must submit an appeal bond
Will have their case heard by the Attorney General
Will have their case heard by the First Judicial District Court
Must wait six months
Upon the seller's personal acceptance or rejection of an offer, the listing broker shall do which of the following
document and date the acceptance or rejection
provide a copy of the acceptance or rejection to the person making the offer
both A and B
The listing broker is not required to make any further action
Which of the following is NOT to be included on the Exclusive Buyer Representation Agreement
The sales price
Considerations to be paid
Definite date of expiration
Broker's license number
The commission consists of _____ members.
five
six
seven
twelve
The listing agent is only responsible for presenting offers to the seller that meet or exceed the asking price
True
False
What is the fee paid to a broker for the rendering of services called?
Compensation
Representation fee
Fiduciary Fee
None of the above
Concerning fudiciary responsibilities, the following statement "the agent agrees to obey any lawful instruction from the principal in the execution of the transaction that is the subject of the agency" refers to
Disclosure
Loyalty
Obedience
Confidentiality
A "Code of Ethics" for licensees was written by the
MS REal Estate Commission
National association of REaltors
United States Congress
MS state legislature
In the case of a licensed agent selling their own property, in addition to disclosing their licensed status in all advertisements, licensees are required to disclose their licensed status _____ in which they have an ownership interest.
on the agency disclosure form
on the property condition disclosure form
on the exclusive listing agreement
on all real estate contracts
