MO Real Estate Salesperson Exam - State Portion - PSI QUESTIONS

MO Real Estate Salesperson Exam - State Portion - PSI QUESTIONS Flashcards 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?

$10,475/$8,475

Which of the following is true about the Missouri license law?It Prohibits an unlicensed person from engaging in real estate transaction for another for compensation/protects the public 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 promissory note can be included as earnest money, but it must be agreed upon by the seller, and the form and terms of the note must be disclosed and properly documented in the offer.) The Missouri real estate commission receives an anonymous letter Stating that a Licensee is in violation of the license law. Three days later the commission receives an anonymous telephone call regarding the same licensee but a different violation. Is the commission required to investigate these accusations?Yes, because at least one of the concerns was in writing Which of the following listing agreements states that if anyone other than the owner sells the property the listing broker is due a commission?exclusive agency listing 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?Yes, because he knew that the sellers had a written exclusive right-to-sell listing with another firm when he initiated negotiations with them 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 In Missouri which of the following people is required to have a Real estate license?a professional assistant to a salesperson whose job includes telemarketing to salesperson services

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 offers a monthly three-hour seminar for licensees covering financing changes in license law, new techniques in sales promotion and telephone skills. Would the Missouri real estate commission be likely to approve this brokers seminar for continuing education credit?No, because the seminar does not meet continuing education requirements A buyer pays a broker to find a business property in Missouri. The seller agrees to allow the broker to list the property. The broker sells the property and collects a fee from both buyer and seller. The seller does not know that the broker has received a fee from the buyer. Which of the following is true in this situation?The broker has violated Missouri Real Estate License Law by failing to identify in writing the sources of all compensation to the principals in the transaction.A prospective licensee completes the required 48-hour Salesperson Pre-Examination course on January 29. He Passes examination on May 30 and completes the 24-hour Missouri Real Estate course on June 29th. Assuming he meets all of the other qualifications for licensure, what is the last date he can make an application for?July 29 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 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. (Refer to your broker) To obtain a Missouri real estate salesperson license, an applicant must do which of the following?Complete the required 48-hour pre-examination course, take the 24-hour practice course, and pass the examination within 6 months of completion of the pre-examination course.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 as there is no broker relationship. (unless the seller is willing to pay commission?) Chapter 339 of the Revised Statutes of Missouri is also called the License Law 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 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.