Missouri Real Estate License Law Review Flashcards

Missouri Real Estate License Law Review Flashcards Title TheoryIn terms of financing involved for a real estate purchase, which custom is practiced in Missouri?The broker's regular business name or the name under which the broker or the broker's firm is licensed.Every advertisement of real estate by a licensee shall contain what?subagenta designated broker, together with the broker's affiliated licensees, engaged by another designated broker, together with the broker's affiliated or appointed affiliated licensees, to act as a limited agent for a client, or a designated broker's unappointed affiliated licensees engaged by the designated broker, together with the broker's appointed affiliated licensees, to act as a limited agent for a client.No, licensees may not write contracts, only fill in the blanks on standardized forms.Licensee Brent is working with buyer client Carl on the purchase of a vacation home. Carl has some unique circumstances and requests. Licensee Brent cannot find a suitable form to fit the situation. Brent decides to write a new contract from scratch to better serve his client's needs.Is this allowable under the license law?ministerial actsthose acts that a licensee may perform for a consumer that are informative or clerical in nature and do not rise to the level which requires the creation of a brokerage relationship She must disclose in the written offer that she is a licensee.Licensee Paula is having her 3rd child and needs a bigger home. She plans to represent herself and her husband in the transaction and looks through the MLS for homes that will suit their needs. She finds a home for sale by owner that is perfect for her growing family. She calls to set a time to view the property, and tells the seller she is a licensee and is interested in buying the property. She views the home, writes an offer, and is under contract to purchase.What else must Paula do?Five YearsHow long are terms for members of the MREC?Clienta seller, landlord, buyer, or tenant who has entered into a brokerage relationship with a licensee pursuant to sections 339.710 to 339.860 Incorporeal Propertyintangibles such as rents, easements, and goodwill Affiliated licenseeany broker or salesperson who works under the supervision of a designated broker By owner-broker, by owner-salesperson, or by owner-agentIf a licensee advertises to sell, buy, exchange, rent, lease or manage property in which the licensee has an interest, and if the property is not listed by a brokerage entity, the advertisement shall contain, in a prominent fashion what?

• yearsHow long does someone have to be a licensed

salesperson before they can apply for a broker license?Leasehold estatesA less-than-freehold estate that a tenant possesses in real property appraisal foundationthe organization of the same name that was incorporated as an IL not-for-profit corporation on Nov 20, 1987 whose operative boards are the appraisal standards board and the appraiser qualifications board Disclose the information to the buyerIf a seller is aware of a termite infestation from 20 years ago and informs the agent, what must an agent do?The broker may not charge a separate fee to prepare documents At closing, the buyer, Alan is reviewing the settlement statement. Under buyer's debits are fees for appraisal, inspections, home-owners insurance, loan origination, title work, and the broker's document preparation fee. Which of the following statements is true?single agenta licensee who has entered into a brokerage relationship with and therefore represents only one party in a real estate transaction.

• yearsHow long must real estate brokers keep records in MO?

6Of the total MREC members, how many must have at least 10 years experience as real estate brokers?Commercial real estateany real estate other than real estate containing one to four residential units or real estate classified as agricultural and horticultural property for assessment purposes pursuant to section 137.016.Answer phone inquiries from consumers regarding a property's list price.Terri is hired for a clerical position at Top Notch Real Estate but down not have a real estate license. Which of the following tasks would Terri NOT be permitted to perform?Brokerage relationshipthe relationship created between a designated broker, the broker's affiliated licensees, and a client relating to the performance of services of a broker as defined in section 339.010 and sections 339.710 to 339.860 The state regulator of real estate licenses established by MO legislature What is the MREC?Designated brokerany individual licensed as a broker who is operating pursuant to the definition of real estate broker as defined in section 339.010, or any individual licensed as a broker who is appointed by a partnership, limited partnership, association, LLC, professional corporation, or a corporation engaged in the real estate brokerage business to be responsible for the acts of the partnership, limited partnership, association, llc, professional corporation or corporation

The BrokerAll commission sharing between salespersons must be done by The buyer was fired from their job while under a contract to purchase.Which of the following is considered a material fact to a transaction that must be disclosed Designated Transaction BrokerA licensee named by a designated broker or deemed appointed by a designated broker as the transaction broker for a client pursuant to section 339.820.60 days in most circumstancesAny civil penalty imposed by the MREC must be paid within how many days?tenant's agenta licensee who represents the tenant in a leasing transaction The BrokerWho is responsible for the overall management of the company, escrow account, and supervision of all licensees?Dual Agencya form of agency which may result when an agent licensee or someone affiliated with the agent licensee represents another party to the same transaction Confidential informationinfo obtained by the licensee from the client and designated as confidential by the client ImmediatelyPer MO Law, salespersons must take earnest money to their broker when?seller's agenta licensee who represents the seller in a real estate transaction

• yearsTina is a veteran MO broker who has had her license for 15

years. Tina delivers the final copies of an offer to purchase contract to all the appropriate parties. For how long must Tina retain a copy of the contract per Iowa law?7How many members are there in the MREC in total?The name and telephone number of the broker or firm who holds the licensee's license.If a salesperson's name or telephone number, or both, is used in any advertisement, then the advertisement must also include what?15 daysFor the broker to notify the buyer of an escrow problem, they have how many days?Commisionthe MREC Her broker's name and phone numberLicensee Lisa has paid for advertising in a local publication in MO. Lisa had included her photo, name, address, and phone number in the ad. What else must Lisa include in her ad?buyer's agenta licensee who represents the buyer in a real estate transaction Adverse material facta fact related to the property not reasonably ascertainable or known to a party which negatively affects the value of the property.Residential Real EstateAll real property improved by a structure that is used or intended to be used primarily for residential living by human

occupants and that contains not more than four dwelling units or that contains single dwelling units owned as a condominium or in a cooperative housing association, and vacant land classified as residential property.