MS License Law

How long must an applicant who has failed the salesperson's exam twice wait before being allowed to re-take the exam again?

3 months from the date of the last testing

How many days notice will a person be given of a Commission hearing on his/her behalf?

15 days

What kinds of files kept by the Commission are not open for public inspection?

Pending investigative files.

For each two-year license renewal period, how many hours of continuing education must a licensee submit in order to renew his/her license?

16

All of the following are requirements for the preparation of a broker's price opinion, except

be submitted electronically.

having an active license.

be in writing.

contain a signature date.

be submitted electronically.

Which of the following statements is true regarding IREBEA accounts:

No earnings on the IREBEA accounts may be made available to or utilized by a broker.

Who decides whether a client or customer's funds are nominal or should be held for a short period of time, making them eligible for participation in the IREBEA program?

Broker

In the case of a sale, when must the property condition disclosure be provided?

As soon as possible before transfer of title.

What is true regarding the records kept by the Commission?

They are open to the public.

Which of the following would NOT be considered a cause for refusal, suspension, or revocation of a license?

If an attorney is also a licensed real estate broker, the attorney may charge legal fees to a consumer in a real estate transaction for performing legal services in addition to brokerage services

Any applicant or licensee has the right to appeal a decision rendered by the Commission, as long as the appeal is made within how many days of the Commission's notification of the decision?

30 days

Which of the following is NOT true regarding Errors and Omissions Insurance?

All inactive licensees are required to maintain Errors and Omissions Insurance

All active licensees are required to maintain Errors and Omissions Insurance

Licensees required to carry Errors and Omissions Insurance may procure coverage through an individual policy

The Commission is responsible for sending notice of deficiency to those licensees who have not submitted proof of insurance.

All inactive licensees are required to maintain Errors and Omissions Insurance

Each appointee to the Commission shall have been a resident and citizen of Mississippi for at least ___ years prior to being appointed.

6

How many of the hours required for continuing education are to be in subjects specified by the Commission for each renewal period?

8

How many hours of pre-licensing education is required in order to procure a real estate sales license?

60

If a non resident applies for a broker's license, what must be true?

They will maintain an office in Mississippi.

Whenever a Mississippi broker enters into a cooperative agreement with an out of state broker, the Mississippi broker shall file a copy of this written agreement with the Commission within ____ days of the existence of such agreement.

10

If a licensee delivers a disclosure to the prospective transferee's spouse, does the delivery constitute a violation of the law?

No, delivery to the transferee's spouse counts as delivery to the transferee.

Every nonresident applicant shall file a(n) _____________ with the Real Estate Commission that legal actions may be commenced against him in the proper court of any county in Mississippi.

statement of irrevocable consent

If there are more than one licensed real estate brokers acting as an agent in a real estate transfer, who is obligated to deliver disclosures?

The broker that obtained the offer made by the transferee.

Mary and Tom moved into their new house 30 days ago. While doing some research they realize that a 10 years ago, the owner of the property committed suicide. They are upset that their real estate agent did not notify them of the suicide and want to move out because of this event. Is their real estate agent liable?

The real estate agent is not held liable because the suicide is a nonmaterial fact.

Any nonmaterial facts do not need to be disclosed by the licensee. A suicide that did not affect the physical condition of the property is a nonmaterial fact.  T or F

T

If the property condition disclosure statement or any amendment to the property condition disclosure statement is delivered after the execution of an offer to purchase, the buyer will have ______ after the delivery in person to terminate his/her offer by delivery of a written notice to the seller or the agent of the seller.

3 days

What does a broker price opinion NOT include?

an estimate of sales price

an automated valuation model

information on comparable sales

information about the property's condition

an automated valuation model

Each property disclosure required to be made by the license law is required to be:

in good faith

If the selling agent provides information that is erroneous, but he did not know that it was erroneous when he provided the information, is he liable for having done so?

No, the selling agent is not held liable

In order to procure a broker license, a broker candidate must be at least:

21

When must the property condition disclosure be provided to the prospective transferee in the case of a transfer by real estate property sales contract in Mississippi?

As soon as possible and before the execution of the contract.

How many hours of post licensing education must a new sales or broker licensee successfully complete?

30

What happens if there is a vacancy in the Commission?

The Governor appoints a member to fill the vacancy for the unexpired term.

All fees collected under the license law are credited to the:

Real Estate License Fund

How many days would the buyer have to terminate his/her offer to purchase, if the property condition disclosure statement, or any amendment to the statement, is delivered to the seller or the seller's agent by mail after the execution of the offer?

5 days

If a licensee violates license law for the first time, the maximum jail time legally required is —— days.

90

The listing agent will probably not be held liable for inaccurate property disclosure information if the information was obtained from:

a public agency

Transfers by installment land sale contract are transfers that are not applicable to License Law disclosure requirements. T or F

T

What is true of any real estate transaction where a licensee provides information about the size of a subject property?

It shall not be considered a guarantee of the size of the property.

When the term "third party information" is used in the context of information concerning the size and area of a subject property, all of the following fits the term, except:

broker's price opinion

A temporary license shall be valid for ___ following the first day of the month after its issuance.

one year

How often are the funds received from the IREBEA program deposited?

quarterly

The Mississippi license law does not apply to the activities of all of the following

Licensees under the Small Loan Regulatory Law and the Small Loan Privilege Tax Law

Mortgagees approved by the Federal Housing Administration

Banks chartered under the laws of Mississippi or the United States

Prompt notice, in writing, must be given to the Commission by any real estate salesperson of a change of responsible broker within:

3 days

If the Commission is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the insurance program at a premium of no more than $250 _______, the requirement of insurance coverage will be void during that policy period.

per year

Each purchase contract is required to contain all of the following, EXCEPT:

a contract registration number assigned by the Mississippi Real Estate Commission

the actual date the contract is executed by all parties

the estimated date of availability of each incomplete accommodation

the total financial obligation of the purchaser

a contract registration number assigned by the Mississippi Real Estate Commission

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

three years

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

An application fee.

A real estate broker is the agent of the:

principal

An applicant for a salesperson's license must pass the national portion of the exam with a grade of at least ____% and must pass the state specific portion of the exam with a grade of at least ___%.

70, 75

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

obedience

Which best describes the term assessment?

The share of funds required for the payment of common expenses that is assessed by the managing entity.

All of the following transfers are NOT applicable to the disclosure requirements of the license law, EXCEPT:

Transfers by installment land sale contract

Transfers from one co-owner to one or more other co-owners

Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship or trust

Transfers between spouses resulting from a divorce or a legal separation

Transfers by installment land sale contract

Funds received from the IREBEA program will be deposited with the chair of real estate, local affiliate of Habitat for Humanity International, Inc., or local affiliate of the:

Fuller Center for Housing, Inc.

According to the rules and regulations regarding timeshares, if a developer prepares a public offering statement and wants to place it on a CD ROM to deliver it, what does he or she need?

Approval from the Commission.

What is the maximum jail sentence for a first time violation of the license law?

90 days

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:

the selling price

the listed price

the negotiated commission

a fixed expiration date

If the broker finds out that a licensee licensed under that broker has been operating independently or through some other broker, the responsible broker must notify the Commission:

immediately

All amendments, supplements and changes to the public offering statement shall be filed with and approved by the:

Commission

How many hours of post licensing education must a new sales or broker licensee successfully complete?

30

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

10 days

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.

Which of the following needs a license to sell real estate?

A person assisting in the sale of multiple properties in a subdivision

The IREBEA program is a voluntary program based upon willing participation by:

real estate brokers

When is a comprehensive registration effective?

Within 60 calendar days after actual receipt by the state agency of the properly completed application.

An individual who has been licensed for ________ or less is not required to complete the continuing education requirement for first renewal of his/her license.

1 year

To whom does the public offering statement go before the execution of a purchase contract?

the purchaser

Which of the following is true regarding compensation:

Compensation, when considered alone, is not the determining factor in an agency relationship.

What is necessary for a broker to act in the capacity of a disclosed dual agent?

Informed written consent from all parties.