Mississippi State Real Estate Flashcards

Mississippi State Real Estate Flashcards What agencies in Mississippi are responsible for environmental activities in Mississippi?The Commission on Environmental Quality, the Department of Environmental Quality, and the Permit Board When a license is suspended or revoked and the license holder has transactions waiting to close where compensation was earned prior to the revocation, the licensee isA)not allowed to receive compensation earned on transactions that have not been completed prior to the suspension or revocation.B)allowed to receive the compensation, but only if the transaction is closed prior to the suspension or revocation.C)allowed to receive the compensation earned before the effective date of the suspension or revocation.D)allowed to receive the compensation, but it is subject to revocation by the consumer who paid the fee.allowed to receive the compensation earned before the effective date of the suspension or revocation.Every active Mississippi real estate licensee must carry errors and omissions insurance with which of the following minimum requirements?$100,000 per act and $500,000 aggregate for each licensee What is NOT considered a sufficient legal description for contracts In Mississippi?Street address An ad that includes only the broker's or agent's own name, a post office box number, or a telephone number to lead readers to believe that the advertised property is being sold by a private party is called a blind ad A licensee received a cash earnest money deposit on an offer she was working over the weekend. She used the cash to buy groceries and clothing, but replaced the cash with a personal check when the offer was fully executed the following week. The licensee can be found guilty ofA)failing to submit all written offers in a timely manner.B)failure to remit funds to the broker for deposit into the trust account in a timely manner.C)nothing, as she replaced the money and no consumer was damaged.D)making a substantial misrepresentation regarding the property.failure to remit funds to the broker for deposit into the trust account in a timely manner.What essential element of a contract requires that entering into the contract is a free and voluntary act on the part of the parties to that contract?Reality of consent how many designated brokers may there be in any office?one Which of the following is TRUE regarding assigning listings?A)It is legal to sell or assign listings with written authorization of the seller.B)It is illegal to sell or assign

listings under any condition.C)It is illegal to sell or assign listings with written authorization of the seller.D)It is legal to sell or assign listings without written authorization of the seller.It is legal to sell or assign listings with written authorization of the seller.

Which of the following is NOT a reason to dismiss a complaint without a hearing?A)Lack of jurisdictionB)Lack of clarity of the issueC)Insufficient damage to the complainantD)Lack of evidence Insufficient damage to the complainant What laws does Mississippi follow regarding the acceptance and rejection of offers?Common law Which rules prevail regarding offer presentation? Mississippi license law A broker who does not receive trust funds is not required to have a trust account How many years must members of the Mississippi Real Estate Commission be licensed as brokers before being appointed to the commission?Five The responsible brokerA)takes no responsibility for the actions of the associated licensees.B)takes ultimate responsibility for the actions of the associated licensees.C)can only associate with those with a salesperson's license with an employment agreement.D)can only associate with those with a salesperson's license with an independent contractor agreement.takes ultimate responsibility for the actions of the associated licensees.The exchange of a promise for a promise is called the _____ of the contract.consideration What essential element of a contract is something of legal value offered by one party and accepted by another as an inducement to perform or to refrain from some act?Consideration The salesperson is responsible for keeping the employing responsible broker fully informed of all activities being conducted on behalf of the broker, and any other activities that might have an impact on the broker's responsibilities.This statement isA)true, though the broker is not responsible if the associated licensee does not keep the broker informed.B)true, even if the associated licensee does not keep the broker informed.C)false, as the responsible broker is only responsible for the actions of employees.D)false, as the responsible broker cannot be held liable if he or she did not know that the actions had taken place.true, even if the associated licensee does not keep the broker informed.In order to obtain an initial salesperson's license, the applicant must be at least 18 years old and have completed a 60-hour course in real estate principles.The members of the commission meet toreview complaints regarding licensees.Within what time period from an alleged discriminatory incident must a fair housing complaint be filed with HUD?

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What essential element of a contract requires the party to a real estate transaction to be at least 21 years of age?Legally competent parties The Mississippi Cooperative Agreement is the form executed by a Mississippi broker and an out-of-state broker.

If the license of a broker is suspended, which statement is TRUE regarding the licenses of salespersons employed under that broker?A)The licensee has 30 days to close all real estate transactions.B)Each licensee has 10 days in which to find another broker.C)A licensee may continue to work through the suspension.D)Their licenses are automatically suspended on the effective date of suspension.Their licenses are automatically suspended on the effective date of suspension.A responsible broker wants to work from her home in another state, but will maintain a post office box in Mississippi to receive mail and notices. In this situation, the responsible brokerA)is allowed to use the post office box if it has been in continuous use for at least three years when she was a permanent resident of Mississippi.B)is allowed to use the post office box if she notifies the MREC that she is no longer a full time resident of Mississippi.C)must maintain a definite place of business in Mississippi in which to transact business.D)is allowed to use the post office box if she has the mail forwarded to her at least every seven days.must maintain a definite place of business in Mississippi in which to transact business.When a licensee enters into the property management agreement with his brother, he is doing so under the authority granted to him in his independent contractor/employment agreement.The Real Estate Brokers License Law authorized the establishment of the Mississippi Real Estate Commission.Basic requirements for becoming a real estate licensee in Mississippi include character, age, and residency.To disburse trust funds before the closing, the broker will need the signature of all the parties to the transaction agreeing to the release.Any exclusive buyer agency agreement used by a Mississippi brokerage must state that the buyer client has how many calendar days to terminate the agreement with written notice to the brokerage?15 A salesperson finds a buyer for a home he has listed. The buyer gives the salesperson an earnest money cashier's check for $2,000. What should the salesperson do with the check?Immediately give it to his broker A corporation can hold a real estate brokerage licenseprovided every member who actively participates in the business also holds a real estate license.Which of the following is exempt from having a real estate license?A)A person who only sells a minimum of three properties owned by others in a calendar yearB)An out-of-state person who wants to receive a referral fee from a Mississippi licenseeC)An employee of the owner of the property where such acts are performed in the regular course of businessD)A real estate salesperson who has