Missouri Real Estate Exam Flashcards

Missouri Real Estate Exam Flashcards When working with a client in the purchase of a home, a broker discovers an error of a former owner has claimed ownership interest in the home. What is the best answer for the action the broker should take?-The broker should refer the client to an attorney to obtain a quitclaim deed-The broker should contact the person claiming ownership and convince them to revoke interest-The broker should have the client contact the claimant to resolve the issue-The broker should get a colleague to rescind the claim a A licensed Missouri Broker allows a licensed Arizona salesperson to pay him a fee to assist a client one time in purchasing a home in MO. Is this permissible?Yes, if the salesperson has a valid Arizona licenseYes, if the Arizona sales person pays the broker the feeNo, because the Arizona sales person doesn't belong to the Missouri broker's companyNo, because the broker can't receive a fee for the use of the broker's license by others.d

Chapter 339 of the MO Statutes is:Code of EthicsLicense

LawMLS RulesFor commercial agents only b The MAHC has ruled the acts of a licensee are against license law. The MREC shallImmediately revoke the licenseImmediately suspend the licensePetition the MAHC for recommended punishmentProceed to revoke or suspend or however seemed appropriate d Susie is employed by broker Joe to show rental properties that he manages. She shows rental units, collects security deposit checks made payable to the owner, and delivers

leases. Based on these actions, Susie:Must be a real

estate licenseeIs violating MREC rulesIs creating a criminal offenseIs not required to be a MO Real estate licensee d Seller John hears about his friend Clayton becoming a newly licensed salesperson. John contacts Clayton and asks him to list his home.Clayton should tell John he can take his listing after his current listing expires.Tells John he cannot take the listing unless he fires his current agent.Take the listing and explain to the current agent the situation.Inform the current agent's broker that he's friends with the client.a A licensee candidate has passed his exam, has completed requirements for application, and is waiting for the MREC to send the license to his broker. He posts on his social

media page he will be licensed within 2 weeks, and everyone should wait for him to represent them.The candidate has violated the MO statutes because he's advertising his business before the license is approved.

After holding an investigation, the MREC has determined a

licensee is guilty. The MREC would:immediately impose

penaltyimmediately suspend their licensesend case to MAHC for another hearingSend case to MAHC to impose punishment c After an investigation, the MREC determines someone is performing real estate actions without a license. In this situation,the MREC will send a letter to cease and assistthe MREC can file a restraining order in a court of general jurisdictionThe MREC will have the person arrestedThe MREC can sue the person for damages b Robert works the front desk at Mark One Real Estate Company. Robert answers phones, makes flyers, assists callers with pricing and amenities on listings, and takes

messages for agents. Robert is:Not required to have a real

estate licenseIs required to have a real estate licenseIs considered an employeeIs considered an assistant b If after a hearing the MAHC recommends punishment, the MREC mayImpose a civil penalty not to exceed $2500 per offenseImpose a minimum fine of $2500 per offenesWill immediately suspend the licensee and impose a civil fineWill impose a penalty equal the amount of the monetary value of the offense not to exceed $2500 a Broker Sam lists a property where is commission is over

94% of the listing price. This type of listing is:an open

listingnet listingflat rate listingexclusive agent listing b If a person is found to be practicing real estate without a

valid license:the MREC can file an injunction to discontinue

the actionthe attorney general can force the person to cease and assistthe MAHC will file an injunction with the county courtThe person is guilty of a felony a Auctioneer Dan is paid by property owners to auction a

property. Auctioneer Dan is required to:Hold a MO Broker's

licenseHold a MO salesperson licenseWork under a licensed brokerIs exempt from licensing requirements d The requirement to take the MO Real estate exam

is:Completion of 72 hours of approved pre license

courseCompletion of 24 hour courseCompletion of 12 hours CECompletion of approved 48 hours MO pre course d Disciplinary proceedings exist for the benefit ofThe licensees and their brokersBrokers whose licensees have broken MO statutesMembers of the public who submit complaintsBoard of realtors c A broker, after her license was revoked for misrepresentation of client funds, wants to petition the

MREC to have her license reinstated.The MREC:Will never

reinstate a revoked license.Could reinstate the license but only as a salesperson.Would reinstate the license after the restitution of funds to the client.May require the licensee to meet certain conditions before reinstating the license.d