Mississippi Real Estate State Exam

What agency regulates Mississippi real estate licensees?

Mississippi Real Estate Commission (MREC)

What is the minimum age for a Mississippi Resident salesperson applicant?

18 years old

How many hours of approved pre-license education does a Mississippi resident salesperson applicant need?

60 hours

What score is required to pass the Mississippi state-specific portion under MREC's published exam rule?

75%

Can an inactive Mississippi licensee perform licensed real estate activity?

No

Who supervises a Mississippi salesperson's licensed activities?

The responsible broker

Can a salesperson operate independently as a real estate brokerage?

No. A salesperson performs licensed activity under a responsible broker.

Through whom should a salesperson receive compensation for licensed real estate activity?

Through the salesperson's broker/brokerage relationship.

What Mississippi form is used to disclose brokerage relationships?

Working with a real estate broker

Is the working with the real estate broker disclosure from itself a representation contract?

No. It is an agency disclosure/acknowledgment not the representation contract itself

Q.) When should agency relation ships be disclosed?

A.) Before confidential information that could affect a party’s bargaining position is exchanged.

Q.) What is a Client?

A.) A person represented by the brokerage/licensee

Q.) What is a Customer?

A.) A person in the transaction who is not represented by the brokerage/licensee

Q.) What is disclosed dual agency?

A.) Representation of parties with adverse or potentially adverse interests after required disclosure and consent.

Q.) what should you immediately remember when you see ‘dual agency’ on the exam?

A.) Disclosure and informed consent.

Q.) What Mississippi form is associated with offers/contracts in a dual agency transation

A.) Dual Agency Confirmation Form

Q.) Should an agent automatically disclose a clients confidential bargaining information?

A.) No. protect the confidential information unless disclosure is authorized or legally required

Q.) what is an example of confidential bargaining information?

A.) A seller’s willingness to accept less or a buyers willingness to pay more.

Q.) What does PCDS Stand for?

A.) Property Condition Disclosure Statement.

Q.) What type of property does Mississippi’s current PCDS generally identify?

A.) Residential Property to 1 to 4 dwelling units

Q.) Who completes the Mississippi PCDS?

A.) The Seller(s)

Q.) What knowledge is the PCDS based on?

A.) The sellers actual/personal knowledge.

Q.) Is the PCDS a warranty of the property’s condition?

A.) No.

Q.) Does the PCDS replace a professional home inspection?

A.) No.

Q.) Are the Statements on the PCDS thereal estate licensee’s representation

A.) No. They are the sellers representations.