Missouri real estate practice and law: unit 1: Missouri general rules

Missouri real estate practice and law: unit 1: Missouri general rules Flashcards The definition of real estate broker in the Missouri statutes does not apply to a person employed by the owner of the property toA) advertise the sale of the property and accept offers.B) auction the property.C) negotiate the sale of the property.D) list the property for sale.

• auction the property.

In general, residential real estate is defined as 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 thanA) 3 dwelling units.B) 10 dwelling units.C) 6 dwelling units.D) 4 dwelling units.

• 4 dwelling units.

Which of the following activities would be considered a ministerial act under Missouri statute?A) Negotiating the sale, exchange, purchase, rental, or leasing of real estateB) Listing or offering to list real estate for sale, lease, rental, or exchangeC) Accompanying an appraiser, inspector, contractor, or similar third party on a visit to a propertyD) Advertising as a licensed real estate broker while engaging in the business of buying, selling, exchanging, renting, or leasing real estate

• Accompanying an appraiser, inspector, contractor, or

similar third party on a visit to a property A transaction broker is any licensee whoA) assists the parties to a transaction with a fiduciary relationship to either party.B) has entered into a specific written agency agreement to represent one or more of the parties to a transaction.C) assists all parties to a transaction and has entered into a specific written dual agency agreement with them.D) assists the parties to a transaction without an agency or fiduciary relationship to either party and is, therefore, neutral.

• assists the parties to a transaction without an agency or

fiduciary relationship to either party and is, therefore, neutral.A form of agency that may result when an agent licensee, or someone affiliated with the agent licensee, represents another party to the same transaction is calledA) a dual agency.B) an open agency.C) a designated agency.D) an exclusive agency.

• a dual agency

A seller, landlord, buyer, or tenant who has entered into a brokerage relationship with a licensee is consideredA) a subagent.B) a customer.C) a consumer.D) a client.

• a client.

As defined in the Missouri statutes, advertising includesA) business cards.B) websites.C) signs.D) all of these.

• all of these.

A person with a real estate broker license who, for compensation, becomes associated, either as an

independent contractor or employee, with a real estate broker isA) a salesperson.B) an administrative assistant.C) a designated broker.D) a broker-salesperson.

• a broker-salesperson.

Commercial real estate, as defined by Missouri real estate commission general rules, includes real estateA) containing one to four residential units.B) with stores or office buildings.C) classified as agricultural property for assessment purposes.D) on which no buildings or structures are located.

• with stores or office buildings.

An actual or potential seller, landlord, buyer, or tenant in a real estate transaction in which a licensee is involved, but has not entered into a brokerage relationship with the licensee, is consideredA) a client.B) a consumer.C) a subagent.D) a customer.

• a customer.