{"id":131251,"date":"2024-01-09T01:51:04","date_gmt":"2024-01-09T01:51:04","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=131251"},"modified":"2024-01-09T01:51:06","modified_gmt":"2024-01-09T01:51:06","slug":"mississippi-real-estate-license-law-exam-questions-and-answers","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2024\/01\/09\/mississippi-real-estate-license-law-exam-questions-and-answers\/","title":{"rendered":"Mississippi Real Estate License Law Exam Questions And Answers"},"content":{"rendered":"\n

Mississippi Real Estate License Law Exam<\/p>\n\n\n\n

Who is required to have areal estate license? CORRECT ANSWERS Anyone
advertising, selling or leasing property on behalf of others or carrying out real estate
business on behalf of others.
Who is exempt from having a real estate license? CORRECT ANSWERS 1. Attorneys
at law in the performance of primary or incidental duties as such attorneys at law<\/p>\n\n\n\n

    \n
  1. Any person holding in good faith a duly executed power of attorney from the owner,
    authorizing the final consummation and execution for the sale, purchase, leasing or
    exchange of real estate.<\/li>\n\n\n\n
  2. The acts of any person while acting as a receiver, trustee, administrator, executor,
    guardian or under court order, or while acting under authority of a deed of trust or will<\/li>\n\n\n\n
  3. public officers while performing their duties as such<\/li>\n\n\n\n
  4. anyone dealing exclusively in oil and gas leases and mineral rights
    What are the requirements for a licensed person to prepare a broker’s price opinion and
    charge a fee? CORRECT ANSWERS 1. The license of that licensee is active and in
    good standing<\/li>\n\n\n\n
  5. The broker’s price opinion meets the requirements of subsections 3 and 4 of this
    section
    for what types of transactions can the BPO be used? CORRECT ANSWERS 1. An
    existing or potential seller for the purposes of listing and selling a parcel of real property<\/li>\n\n\n\n
  6. An existing or potential buyer of a parcel of real property<\/li>\n\n\n\n
  7. A third party making decisions or performing due diligence related to the potential
    listing, offering, sale, exchange, option, lease or acquisition price of a parcel of real
    estate.<\/li>\n\n\n\n
  8. For someone like a lien holder or relocation company for any purpose to estimate
    value but NOT to be used for any type of financing<\/li>\n\n\n\n
  9. The preparation of a BPO can be used IN CONJUNCTION WITH or IN ADDITION
    TO an appraisal<\/li>\n<\/ol>\n\n\n\n

    What things are to be included on a BPO? CORRECT ANSWERS 1. Must be in writing<\/p>\n\n\n\n

      \n
    1. Must conform to MREC’s guidelines as outlined by national standards and guidelines<\/li>\n\n\n\n
    2. statement of the purpose of the BPO<\/li>\n\n\n\n
    3. Brief description of the subject property to be priced<\/li>\n\n\n\n
    4. basic reasoning in arriving at price including market data and\/or capitalization
      computation<\/li>\n\n\n\n
    5. any assumptions or limiting conditions<\/li>\n\n\n\n
    6. disclosure of existing or contemplated interest of the broker or salesperson<\/li>\n\n\n\n
    7. Effective date of the BPO<\/li>\n\n\n\n
    8. Name and signature of broker or salesperson preparing BPO<\/li>\n\n\n\n
    9. name of the broker or salesperson’s firm<\/li>\n\n\n\n
    10. signature date<\/li>\n\n\n\n
    11. Disclaimer: “this opinion is not an appraisal of the market value of the property, and
      may not be used in lieu of an appraisal. If an appraisal is desired, the services of a
      licensed or certified appraiser must be obtained. This opinion may not be used by any
      party as the primary basis to determine the value of a parcel of real property of a
      mortgage loan origination, including first and second mortgages, refinances or equity
      lines of credit.”<\/li>\n\n\n\n
    12. Certification of agent’s errors and omissions insurance.<\/li>\n\n\n\n
    13. Licensee may not prepare a broker’s price opinion for any purpose in lieu of an
      appraisal when an appraisal is required by federal or state statute. A broker’s price
      opinion which estimates value or worth of a parcel of real estate rather than sales price
      shall be deemed to be an appraisal and may not be prepared by a licensed broker or
      sales agent under the authority of their license but may only be prepared by a duly
      licensed appraiser and must meet the regulations promulgated by the Mississippi real
      estate appraiser licensing and certification board.
      What is an agent’s responsibility and liability concerning square footage? CORRECT
      ANSWERS 1. when an agent provides the square footage or area of a property in
      connection with areal estate transaction, it shall not be considered in guarantee or
      warranty<\/li>\n<\/ol>\n\n\n\n
        \n
      1. If the licensee provides third party information concerning square footage they must
        identify the source of the information. Those sources should be one of the following:
        A. Appraisal or measurement by a licensed appraiser
        B. Survey or developer’s plan by a licensed surveyor
        C. Tax Assessor’s public record
        D. Builder’s plan<\/li>\n\n\n\n
      2. Licensee has no duty to conduct an investigation of the size or area or to verify the
        accuracy of the third party information<\/li>\n\n\n\n
      3. If a licensee has complied with this section of the law, they shall have no further
        duties to the seller or purchaser regarding disclosed or undisclosed property size or
        area. They also shall not be subject to liability for damages regarding conflicting
        opinions of size.<\/li>\n\n\n\n
      4. If a licensee has provided third party information in compliance with the stipulations in
        the statute, then a party may only recover damages in a civil action if the agent
        knowingly violates the duty to disclose or misrepresents the size of the property
        When was the Real Estate Commission created and what is its structure? CORRECT
        ANSWERS 1. Established in 1954<\/li>\n\n\n\n
      5. Made up of 5 commissioners, appointed by the Governor with advice and consent of
        the senate<\/li>\n\n\n\n
      6. At least one commissioner from each congressional district and one at large member<\/li>\n\n\n\n
      7. staggered terms
        Who has to have a broker’s license in a licensed business entity? CORRECT
        ANSWERS in the case of licensed business entities – corporations, partnership,
        companies or association, each member, owner, partner or officer who actively
        participates in the selling or leasing of real estate for a fee must hold an individual
        broker’s license
        What are the requirements for obtaining a broker’s license? CORRECT ANSWERS 1.
        21 years old<\/li>\n\n\n\n
      8. Must have legal domicile in Mississippi at time of application<\/li>\n\n\n\n
      9. Must pay taxes in Mississipp<\/li>\n<\/ol>\n\n\n\n

        Get the full exam pdf here https:\/\/learnexams.com\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

        Mississippi Real Estate License Law Exam Who is required to have areal estate license? CORRECT ANSWERS Anyoneadvertising, selling or leasing property on behalf of others or carrying out real estatebusiness on behalf of others.Who is exempt from having a real estate license? CORRECT ANSWERS 1. Attorneysat law in the performance of primary or incidental duties […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[55],"class_list":["post-131251","post","type-post","status-publish","format-standard","hentry","category-exams-certification","tag-mississippi-real-estate-license"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/131251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=131251"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/131251\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=131251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=131251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=131251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}