MO State RE Exam Flashcards

MO State R/E Exam Flashcards If a civil penalty is not timely paid to the Missouri Real Estate Commission (MREC), the commission shall do what?-Notify the attorney general.-Notify the governor.-Sue the licensee directly.-Report the disparity to the real estate commissioner persecutor.Notify the attorney general."If the penalty is not timely paid, the commission shall notify the attorney general. The attorney general may commence an action to recover the amount of the penalty, including reasonable attorney fees and costs and a surcharge of fifteen percent of the penalty plus ten percent per annum on any amounts owed. In such action, the validity and appropriateness of the final order imposing the civil penalty shall not be subject to review." Any civil penalty imposed by the Missouri Real Estate Commission (MREC) must be paid within how many days?60 days in most circumstances"Payment of a civil penalty shall be made within sixty days of filing the order, or if the order is stayed pending an appeal, within ten days after the court enters a final judgment in favor of the commission." To renew a salesperson's inactive license, how often must the licensee pay?By Sept 30 of even years.A person finished pre-license school on July 31, 2012. After taking the examination on December 15, the applicant received a passing score on December 31, 2012. The person applied for a license on January 15, 2013. Could this person receive a license?Yes, because the applicant applied for a license within six (6) months after completing the school.Fees or commissions payable to a broker must be withdrawn from a property management escrow account at least once per how long (unless otherwise agreed in writing)?A month Who must comply with Missouri Fair Housing law?-Owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more-Rental agents, and real estate renters-Salespersons, brokers, and agents-Owners Owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more. Generally speaking everyone must comply How many members are there in the Missouri Real Estate Commission (MREC) in total?Seven The license fee for a non-resident broker or salesperson

applying for a Missouri license is:

$150 for a broker and $100 for a salesperson A broker had so many lawsuits that he decided to change the name of his branch offices to avoid further problems.Could he do this?No, all branch offices must have the same name as the parent office.Tina is a veteran Missouri 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?-1 year-2 years-3 years-5 years

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Can the MREC suspend a license while the salesperson is under investigation?No, a salesperson must have a hearing and be found guilty by the AHC before the MREC can suspend his license.

Salesperson Karr negotiated a purchase contract with a prospect who met the conditions of a special first time buyer bond proposal, except for the fact that the negotiated sale price was $2,000 higher than the authorized limit set in order to qualify for the bond monies fully. Karr arranged another agreement with the seller, whereby the sale contract indicated a price within the limit, and another contract covered the $2,000 excess. Which of the following statements about this situation is true?Karr is subject to disciplinary action by the MREC for violating the law against dual contracts.A licensee negotiates the sale of a home intended for his fiancée and himself. He properly identifies himself as a licensee to the seller but neglects to disclose that he is getting married to the buyer. Do the actions of the licensee violate the license law?Yes, because the licensee did not disclose his possible future interest to the seller.A person walks into Urban Realty and asks to be shown some homes in the area. Regarding agency disclosure, the agent must inform the potential buyer of specific facts.Which of the following is required by the License Law?-The agent must inform the potential buyer that the agent always represents the seller of any listed property and that agent will not represent the buyer at all.-The agent must inform the buyer that any information received from either the buyer or seller will be fairly communicated to the both sides.-The agent must inform the buyer that an agency disclosure form must be signed by the buyer prior to any property being shown.-The agent must inform the buyer that if the buyer wishes representation, he must sign a Buyer's Agency Agreement before seeing any property.The agent must inform the buyer that if the buyer wishes representation, he must sign a Buyer's Agency Agreement before seeing any property.Per Missouri License Law, every written listing agreement or other written agreement for brokerage services shall contain what?-The price-The commission to be paid-A definite beginning and expiration date of the agreement-All of the options are required All of the above Which of the following is legal advertising?-A broker who owns a building with a sign that reads, "For Sale, 555-1224."-A broker who owns a building with a sign that reads, "For rent by Owner, 555-1234."-A broker listing his own property with a sign that reads, "For Sale by Owner, 555-1234."-A broker has a listing on his own property with a sign that reads, "For Sale, call ABC Realty." A broker has a listing on his own property with a sign that reads, "For Sale, call ABC Realty." If a licensee completes a name change the Missouri Real Estate Commission (MREC) needs notice within how many days?-Seven days-Ten days-Fourteen days-Fifteen days 10 days Per Missouri Law, unless agreed to otherwise in the contract, all money belonging to others must be promptly

deposited within how many banking days after execution of a contract by all parties?10 days

Is Missouri a Community Property state?-No.-Yes, since 1983.-Yes, as long as there is written consent from the homeowners.-Yes, as long as there is written consent from the applicable brokers.no.An inactive licensee refers his brother as a buyer to an out-of-state broker. How much money can he receive for a referral fee?He will get nothing.How many broker members are there on the MREC? 6 A salesperson, licensed in another state (not in Missouri), is visiting St. Louis and helps her father sell his listed property. The agent finds a buyer through a local church group and successfully negotiates the sale of the St. Louis residence. The salesperson is entitled to which of the following considerations from the listing broker of her father's property?No commission is due to the agent because she is not licensed in MO.If a seller is aware of a termite infestation from twenty years ago and informs the agent, what must an agent do?-Nothing, since it was from twenty years ago, which means it's past the statute of limitations in Missouri.-Nothing, since termite infestations do not have to be disclosed under the -Rules of the Missouri Real Estate Commission.-Nothing, since the seller told the agent it's up to the seller to disclose information to the buyer.-Disclose the information to the buyer.Disclose the information to the buyer.**As a Missouri real estate agent, you are obligated to be honest and disclose any information related to the property. This includes issues that may damage the image of the property, like a twenty-year-old termite infestation.Auctioneer Grant is negotiating to auction off some odds and ends for a farm family. In the course of the negotiation, the farmer asks Grant if he could also auction off the farm.Which BEST describes the situation?He would NOT have to have a real estate license as he was auctioning it for the owner.If two brokers dispute the dispensation of a commission, what action will the Missouri Real Estate Commission take?The Missouri Real Estate Commission will NOT enter into any dispute over commissions between licensees.Dawn, a licensed salesperson, was at a party and a young couple expressed interest in buying a new home. Dawn mentioned that her own home was for sale and that she would be happy to show it to them. In this case, which of the following is true?The salesperson must disclose that she is licensed and the owner of the property.How long are terms for members of the Missouri Real Estate Commission (M

• years

Eager Edgar, a licensed salesperson, lists seller Sue's home. After Sue signs the listing agreement, what is the proper procedure for Edgar to take?-He must leave a copy of the listing agreement with Sue at the time of signing.-He may wait to send a copy of the listing agreement to Sue until after the broker reviews and signs the documents.-He may wait to send a copy of the listing agreement to Sue until after the property is placed in MLS.-He is not required