Missouri Real Estate Final Exam Q A Flashcards

Missouri Real Estate Final Exam Q & A Flashcards A licensee who transfers his license to another realty firmMay begin selling for the new broker as soon as the transfer request has been mailed by priority mail to the Missouri Real Estate Commission.A broker changed the location of his real estate office, within how many days of the move must the Broker notify the Missouri real estate commission 10 The application for a Missouri real estate license must beSubmitted to the MREC within 30 days of the receipt of a certificate from an accredited school A broker lives in a city but has many listings in a resort area 75 miles away. For the sake of convenience, she opens a small branch office in the resort area with one salesperson assigned to the new office. The broker acts as a supervising broker, she is in regular contact with the salesperson as well as visiting the new office every two weeks to handle closings. Is this arrangement permissible under Missouri license law?Yes, because the branch office is only the direct supervision of a licensed broker Missouri licensee is showing a property that is listed by another company to a perspective buyer under the presumption of transaction brokerage, whom does the licensee represent Both the buyer and seller A Missouri licensee decides to leave one realty firm and start working for a different firm. When can the licensee start work for the new firm?Once the properly completed application is postmarked and all materials required for the transfer are mailed under one cover by traceable delivery Which of the following is true about the expiration of an offer to purchase in Missouri?If the offer contains a stated time for expiration, the offer cannot be accepted after that time unless the buyer waives the time limit.One year prior to application for a Missouri real estate license, a person was found guilty on obtaining money under false Pretenses. Can a Missouri Real estate commission Refuse to issue her a license Yes because of this previous offense Which of the following is true about the expiration of an offer to purchase in Missouri?If the offer contains a time limit, the buyer cannot withdraw the offer at any time prior to acceptance.A Broker-salesperson is authorized by Missouri license law to do which of the following?Accept commissions from any broker The primary purpose of Chapter 339 of Missouri law is toProtect the public from real estate violations.The Missouri real estate commission would most likely investigate which of the following ?The accusation that a utility easement was not disclosed to the buyer Two weeks after obtaining a listing of a property at a price of 92,000 the Listing licensee discovers that a property in the same Subdivision is sold for 105,000. Should the Licensee warn the seller Yes, because this is material facts that must be disclosed to the seller

A Missouri real estate firm uses a guaranteed sales program as an incentive for homeowners who list their properties with the firm. Which of the following best describes the type of contract the firm must enter into for this transaction?A contract to purchase executed prior to the expiration of the listing agreement.A buyer decided to make an offer on a seller's property. He told the licensee who was writing up the offer that he wanted to include a promissory note to show he was making the offer in good faith. Which of the following is true of this situation A Licensee can accept the promissory note in a transaction if he has the written consent of the buyer to do so.A person planning to get a Missouri salesperson license has already referred several listings to a realtor company.She fails to get her license and pursues another career.She has made a previous agreement with the realtor company for a portion of the commission, can she be legally paid?Yes, the realty company may pay her if it wishes, but the company is under no obligation The Missouri Real Estate Commission may waive all or part of the educational requirements for a salesperson license when Proof of other acceptable educational background or experience is presented.A Missouri licensee is taking a listing under a transaction Brokerage agreement. The seller asks the licensee "at what price should I list my property" the Licensee recently conducted a sale and analysis and believe the property should sell for 175,000. Which of the following is the licensee best response I can't advise you, but I can show you some comparable prices A subdivision Developer who was not a Missouri Real estate licensee is ready to sell the properties that she owns, which of the following advertisements would be legal in Missouri?The developer places signs on the properties that read "for sale by owner developer" A broker-salesperson changing her license type to broker MUST Surrender her broker-salesperson license to the Missouri Real Estate Commission and have a broker license issued instead.In Missouri, it is NOT necessary that an executed contract for the sale of real estate contain The amount of the brokers commission.The Missouri real estate commission shall investigate a complaint considering the business practice of licensee if the complaint is Written and, on a form, provided by the commission Two brokers each own 50% of a real estate company. Due to disagreements about the business, the brokers decided to split the assets of the company. One broker forms a new company and is assigned 50% of the listings of the original company. Is there a violation of the Missouri license law or rules and regulations in such arrangement?Yes, because permission was not obtained from the Missouri Real Estate Commission to assign the listings.A broker appoints a new manager to be in charge of the office. In Missouri which of the following must be done The broker must notify the Missouri real estate commission within 10 days of management change.

An owner selling his house himself goes with a buyer to a Missouri real estate office to ask the broker to prepare their sales contract. In this situation the broker should?Refused to handle the transaction unless the seller is willing to pay commission A Seller accepts her offer on her home for 60,000. At the time of the offer, a 2,000 earnest money check is deposited. Previously, the seller to pay 6% commission to the listing broker. As of the date of closing she owes her lender 49,350. Assuming no additional closings costs and a 360-day year, approximately how much money will she receive at closing?

Answer: 10,475

A Missouri license is taking a listing under a Transaction Brokerage Agreement. The seller asks the licensee" At what price should I list my property" l the License recently Conducted a sale and analysis and believe the property should sell for 175,000. Which of the following is the licensee's best response I can't advise you, but I can show you some comparable prices ABC Realty Company has a very limited advertising budget. A licensee affiliated with the company wants more exposure and decides to pay the expenses to run his own advertisements. The licensee wrote the following

advertisement for one of his listings: "For sale by ABC

Realty Company, a beautiful three-bedroom split level, near an elementary school. Call me at home this weekend to set up an appointment. Call John at 123-5555."With regard to Missouri license law, this advertisement is In violation, because it does not include the phone number of the brokerage Which of the following statements by a licensee could cause a Missouri real estate commission to file a complaint against the licensee You will be able to sell This house at a good profit A part time salesperson owns a piece of rental property that she wishes to advertise for rent. In Missouri which of the following is a permissible way to advertise without listing the property with her broker For rent 327 South Maple, two bedroom $850 a month call owner at 555-1234 A Missouri real estate broker starts a computerized loan servicing company and delegates the operation of her real estate brokerage to her top salesperson. The broker would probably be found to be in violation of the license law For allowing a salesperson to operate the brokerage business A Licensee is holding an open house in Jefferson City. A married couple viewing the house told licensee that this house is just what they are looking for. But that they signed an offer for a house down the street the day before and it was accepted. The licensee tells them that they can sign an offer to purchase this house and simply not Complete the purchase of the other house. In this situation the Licensee is Properly representing the seller

Which of the following is true of license renewal in Missouri?All licenses must be renewed by June 30 in every even-numbered year.Knowing that the sellers had a written exclusive right-to-sell listing with their broker that would expire on July 5, a broker from a different real estate firm contacted the sellers on April 20. At that time, this broker proposed that his firm list the property with the listing period to begin July 6. The broker had been contacted by someone who was arriving on July 6 to look for housing. Was this broker in violation of the rules and regulations of the Missouri Real Estate Commission?No, because his proposed listing would not begin until after the other listing expired An owner selling his house himself goes with a buyer to a Missouri real estate office to ask the broker to prepare their sales contract. In this situation the broker should? - Brokerage relationships Refused to handle the transaction unless the seller is willing to pay commission The Missouri Real Estate Commission received a complaint regarding the distribution of a commission between licensees. Which of the following will the Commission do?

• Investigate the complaint

If the Missouri real estate commission Denies a license to an applicant, the commission must?Inform the applicant in writing of the right to file a complaint with the administrative hearing commission.Which of the following listing agreements states that if anyone other than the owner sells the property the listing broker is doing commission?exclusive agency listing A licensee discloses to a prospective buyer that she is a subagent of the listing broker. The buyer wants to submit an offer, but refuses to sign a written confirmation of the disclosure. What should the licensee do in this situation?Provide a written statement of facts of the buyer's refusal to her broker.Which of the following statements is true if Continuing education requirements in Missouri The core curriculum shall compose at least 6 hours of approved instruction A Missouri licensee to a listing on a property. The seller told him that the lot size 50 x 150 ft. The licensee arranged the sale of the property. Two weeks after the sale closed, the buyers measured the property and discovered it to be only 50 x 130 ft. The buyers confronted the licensee and demanded compensation. which of the following is true concerning this situation?The buyers may sue the licensee and his broker for redress Which of the following must be stated with a dual agency agreement Has been authorized by the licensee's buyer and seller in Missouri?Terms of any commission to be paid to the Licensee What must a licensee do to act legally as a dual agent in Missouri Disclose dual agency immediately upon occurrence and confirm prior to signing contract A licensee is preparing a lease for a parcel of real estate owned by a client. The property is to be leased to the licensee's daughter. Which of the following information