Missouri Real Estate Flashcards

Missouri Real Estate Flashcards Which of the following would be in violation of the Missouri License Law?A. A licensed broker signing a buyer to a buyer agency agreementB. An unlicensed secretary assisting a licensed salesperson in marketing a listed propertyC. A savings and loan officer auditing bank accounts of a brokerD. A licensed salesperson listing a property for sale B A salesperson terminates their working relationship with a broker. How long does the broker have in which to submit the salesperson's license to the MREC?A. 4 daysB. 24 hoursC. 72 hoursD. 6 weeks C A person in applying for a broker's or salesperson's license must do which of the following?A. Submit the license application of forms provided by the Missouri Real Estate Commission (MREC)B. Submit proof of completion of the 24-hour practice class and proof of passing the test onlyC.Have at least two years of real estate activity prior to licensureD. Submit proof of completion of the 48-hour pre-exam class and proof of passing the test only A A broker was retaining interest earned on the escrow

account to be used for party funds. The broker:A. must

transfer out within 10 days any interest money earned on the escrow accountB. Cannot keep more than $100 or personal money in the escrow accountC. Cannot keep person funds for a party in the escrow account, only funds to cover service chargesD. Must obtain consent of all the parties to the contract to do this C A broker with XYZ Realty personally owned a building. The broker decided to list the property for sale with XYZ Realty.How could the property be legally advertised?A. For sale - call 55-1212B. For sale by ownerC. For sale - call XYZ RealtyD. For sale by broker/owner C A broker told the MREC that another broker was commingling. The MRECA. May investigate the complaint on its own motionB. Can do nothing as the complaint came from another broker and NOT the publicC. Would automatically put the broker on probationD. Would determine if a law violation has occurred A A salesperson had been licensed for the last three years.The salesperson then received her broker's license in Missouri in August of an odd numbered year. When she

renews her license the following years, what continuing education requirements would she have to satisfy?A. 12 core hoursB. 3 hours of core and 9 hours of electivesC. 6 hours of core and 6 hours of electivesD. 24 hours of the Missouri Practice Course B An unlicensed clerical employee of a real estate brokerage is showing listed property to a buyer. Is this legal?A. Yes,

this is allowed as the person is an employeeB. No, this would be a violation of Missouri License law as only real estate licensees can show propertyC. Yes, but only if the person had signed an independent contractor agreement with the brokerageD. No, as only buyer agents can show buyers listed property that is for sale B

A buyer wanted to buy a property using first time buyer bond financing. The buyer's income, however, exceeded the maximum limits by $2,000. The salesperson wrote another contract that showed the buyer made $2,000 less

than the buyer's actual income. This is:A. Permissible as

long as the seller has agreed to the contractB. Permissible as it is common in the real estate business to write several contracts on a propertyC. Illegal to write such an agreementD. Illegal to write first time buyer bond financing in Missouri C Which of the following is NOT required to be in a sales contract in Missouri?A. Signatures of all partiesB. Broker's commissionC. Date of final agreementD. Legal description or address B An unlicensed secretary is the only one in the office as all the licensees are out to lunch. Broker Carr from another company calls requesting information on a property. The

secretary may:A. Give any information necessary since it is

another broker and not a member of the general publicB.Give him the sale price and addressC. Mail the broker informationD. Take his name and number to have a licensee return the call D A sole owner of a real estate company died. What options does his daughter, who was named executor of the estate, have in regard to the business?A. Obtain an order from the court to complete the real estate transactions waiting to closeB. Continue to run the real estate company as she is the sole heirC. Continue to run the real estate company while waiting to receive a broker's licenseD. Petition to MREC to complete the real estate transactions waiting to close D A salesperson wanted to get a broker's license. What conditions must be satisfied?A. Two years' experience and a college degreeB. Two years' experience or 30 transactionsC. one years' experienceD. Two years' experience D A buyer wrote an offer to purchase for $130,000 house.The buyer asked the salesperson if they could use the title to a speed boat as an earnest deposit. Would this be acceptable as an earnest deposit?A. Yes, as long as the boat is worth 5% of the value of the houseB. No, a boat can never be used as earnest depositC. Yes, as long as it is agreeable with the sellerD. No, earnest money must be in the form of cash or check C