Missouri Real Estate - State Portion Only Flashcards

Missouri Real Estate - State Portion Only Flashcards What can the commission do if they believe a person is getting ready to act in violation?institute suit to enjoin any act or acts in violation When do we give a residential broker disclosure form?Before receiving any personal or financial information What does a listing agreement or any other agreement for brokerage services need to contain?price, commission to be paid, beginning and expiration date, licensee's duties and responsibilities, statement prohibiting or permitting designated broker from offering subagency, Statement permitting or prohibiting dual agency, specification on compensating other brokers, statement confirming disclosure form, signatures, type of listing, legal description, any other terms and conditions Finance charges on Truth and lending statement do not include?recording fees and title insurance premiums Which is not necessary for a valid contract? Due Date Exclusive Right to Sell Agencybroker has exclusive right to market and receive commission regardless of who procures they buyer, exclusive agency they would not What does the Missouri law say about disclosures? All must be in writing How many members are there in the commission? 7 US citizens residents of Missouri for at least 10 years. All must have at least 10 years real estate experience except for one public voting member Does Missouri allow holographic wills?No After agreement is signed how long does buyer have to rescind the loan?

• business days

When should money received by the licensee from a client be given to the broker?Immediately When must escrow money be deposited?Within 10 Banking days after a contract is made Examples of Adverse Material Facts:Enviromental Hazards, Physical Condition, Material Defects to property and title, Limitation of parties ability to perform, May a person take CE credits out of state? Yes, if accepted by the MREC How are the commission members appointed? All appointed by governor with advice and consent of senate How long are terms for commission members? 5 years or until their successors are appointed and qualified What is the hearing procedure for violations? MREC investigates and then sends to the administrative hearing commission who then recommends punishment and the final decision is made by MREC.Maximum amount for civil penalties?Not to exceed $2500 for each offense, each day constitutes a separate offense, maximum penalty of $25,000 Seller under land contract is?vendor

How does an inactive licensee change to an active license?Take the 24 hour practice class and re-apply within 6 months MREC may issue what for records?May subopena for records relevant to complaint New construction must comply to specific type of architecture is what type of zoning?aesthetic In terms of sources from which victims may receive damages, which is not considered when determining payouts from the fund?Amounts recovered from trust accounts of firm buyer bought a property without telling sender intended use for property. No contingency clauses, after closing buyer cannot obtain zoning for project. What is the contract at this stage?Enforceable What are the maximum fines commission may impose? $1000 for a single violation, $5000 for multiple How much of their own money may a broker keep in an account?$1000 When the lender under a deed of trust requires title insurance, who pays for it?Trustor Can an unlicensed assistant prepare and deliver closing documents?Yes but cannot, market cold calls, create advertisement without review, host an open house What happens if a licensee does not finish CE credits before renewal?$50 fee per month not completed up to $200 then they must retake the Missouri practice class (24 hours) Selling real estate without a license is what level of violation?Class B misdemenorMREC may issue a restraining order Are oral property management agreements enforceable?Yes What action does the commission not have authority to take?imposing jail time How long does a broker have to deliver documents to commission after a community association management contract is terminated?30 days Does Missouri have homestead laws?Yes Adverse Material FactA fact related to the property not reasonably ascertainable or known to a party which negatively affects the value of a property What does a licensee need to do to keep an inactive license?Must re-apply and pay fees every 2 years, no CE credits are needed How soon must a business notify the commission of a name or address change?Within 10 business Days

Ministerial Acts:acts that a licensee may perform for a person are entity

that are informative in nature and does not rise to the level of representation Who is responsible for maintaining a habitable property and complying with local housing and building codes?Lessor What do brokers not need to keep a record of? Title insurance policy Does Missouri have dower laws?No

How much does every licensee pay into the real estate recovery fund?$20 Required minimum balance of the recovery fund? $1,000,000 In the event of the death or incapacity of a licensed broker:May issue a temporary broker license to individual approved by the commission The commission will not here what kind of complaints?Commission disputes between licensees What is the maximum fine for violations the commission my charge?

$25,000

What is true about restrictive covenants? Placed by private parties in a deed When do licensee's need to renew?Broker's license, June 30th; Salesperson license September 30th After obtaining a license how often must you take continuing education classes?Every 2 years How long does a person have to initiate a claim? 2 years from date of damages How long does a licensee have to remove signs after a listing expires?Ten Days If a salesperson is terminated how long does a broker have to notify the commission?72 hours

Affiliated Licensee:any broker or salesperson who works under supervision of

designated broker A feature found in a comparable property that is not found in subject property will result in a...reduction adjustment to comparable selling price Who is responsible for maintaining the escrow account?Designated broker and branch office manager In order to avoid being held liable for violations committed by licensees, brokers must review all contracts. How long after signing must review take place?Within 30 days What is the maximum the fund can pay out per licensee regardless of the number of claims?

$45,000

What term describes homeowners within subdivisions?community associations Where does commission appear in contracts? In listing agreement and HUD. NEVER in sales contract How long must a broker obtain records?3 years What can an applicant do if refused?Appeal to Administrative Hearing Commission What is Missouri's law on net listings?They are ILLEGAL What is the maximum amount the fund may pay out as an award?

$15,000

How many Continuing Education Credits do licensee's need to obtain before renewal?12, 3 required and 9 Elective When must the commission publish names of a licensee found guilty of a violation on their website?After 60 days When may a party appeal to the court for an order directing payment from the fund?Within 10 days of obtaining a judgement A real estate cannot work without what?A workers permit issued by the Real Estate Commission Payment of a civil penalty:Should be made within 60 days of filing order, or if order is pending appeal then within 10 days after court enters final judgement

What happens if money deposited from funds is insufficient to meet all claims?Funds replenished, claims paid in order filed, in appropriate amount plus 4% interest per year