MS Rules & Regulations

What fiduciary duty entails obeying any lawful instruction from the client in the execution of the transaction subject of the agency?

obedience

If a responsible broker's license is suspended, what happens to the licensees currently under his/her supervision?

Their licenses are automatically suspended.

What should a broker do if a check accepted as escrow has not been honored by the bank?

Notify all parties involved in the transaction.

An applicant for a broker's license must pass the state specific portion of the broker's exam with a grade of at least:

80%

If a licensee has an ownership interest in the subject property, what must he disclose on all real estate contracts?

That he is licensed.

What is true regarding deposits in escrow accounts?

The broker may deposit and keep in each escrow account some personal funds for the express purpose of covering service charges and other bank debits.

The buyer may terminate the Exclusive Buyer Representation agreement upon _____ written notice to the buyer's exclusive agent.

15 calendar days

____ shall mean one who is authorized to act on behalf of and represent another.

agent

What must a salesperson do to transfer their license status from inactive to active?

He/she must file a transfer application to the Commission.

Upon acceptance of a contract, any earnest money accepted by the broker or any licensee in which the broker is responsible must be deposited into a trust account prior to the close of business of:

the next banking day

When applying for a license, what must be included with the application submission?

An application fee.

When a written listing agreement is taken, it must properly identify the property, and contain all the terms and conditions under which the property is to be sold, including all of the following EXCEPT:

Within what period of time after having his/her application approved with the Commission, will the candidate have to take the licensing examination?

two months

In a single agency, what must the broker who is an agent of a client in a transaction do?

He/she must disclose in writing that he/she is the agent of the party.

If a licensee from a different state wants to obtain a license from Mississippi, does he/she have to take the licensing exam administered in Mississippi?

Not if the Commission believes the out of state exam is equivalent to the one provided in Mississippi.

If an owner has not accepted an offer made yet, what must the licensee do with other offers obtained?

The licensee must present to the owner all other offers accepted.

A licensee may transfer his/her license from the active to the inactive status by notifying the ____________, returning license to the Commission, and paying the appropriate fee.

Commission in writing

Real estate brokers are required to maintain copies of all documents pertaining to a real estate transaction for:

three years

A person not represented in a real estate transaction would be:

a customer

All brokers must maintain an office and:

his/her license must be displayed in that office

A licensee will be required to comply with the agency disclosure requirements when engaged in real estate transactions with the principal of the real estate transaction.

All brokers are responsible for disclosing:

their agency relationship in a real estate transaction

Any licensee who has entered active military service due to a draft or national emergency will upon his/her return to civilian life and within ____________ after a honorable discharge, be considered by the Commission to have been actively engaged in the real estate business in the same capacity as when the licensee was entered into active military service.

12 months

Which of the following is most accurate regarding "teams" within a brokerage?

All teams must appoint a Team Leader. This Team Leader must have how many years of real estate experience?

1 year

Real estate licensees must provide a true and correct copy of a document to any party ________ upon signing the document.

immediately

All requests for course accreditation for providers of continuing education courses must be submitted on forms provided by:

MREC ( Mississippi Real Estate Commission)

Every licensee must notify the Commission within _________ of any adverse court decisions in which the licensee appeared as a defendant.

ten days

If a licensee's supervising responsible broker's license is revoked, what can the licensee do to keep working?

The licensee can transfer to another responsible broker.

What is true regarding a situation where the agency relationship changes between the parties to a real estate transaction?

New disclosure forms must be acknowledged by all parties involved.

A real estate education provider is about to finish teaching a group of applicants for licensing. The owner of the company has given each student a job offer for when they obtain their license. Does Mississippi law enable the owner to recruit students in this way?

No, real estate education providers cannot solicit students for employment.

When is a licensee not required to comply with agency disclosures?

When the licensee is involved in a transaction with a professional corporation.

What must a licensee do if a party receiving a disclosure form does not sign the form in acknowledgement of receipt?

The licensee must annotate a statement regarding the fact and date in which the party refused to sign the form.

Aside from disclosing to the represented party in a single agency that the broker is his/her agent, who else must he disclose this to?

The broker must also disclose in writing that he/she represents another party to the other party in the transaction.