MO State Law for Real Estate
Salesperson Exam Questions
and Answers 100% PASS
License renewal - CORRECT ANSWER-Even years, every 2 years (biennially)
Brokers June 30, Salespersons September 30
Continuing Ed - CORRECT ANSWER-Both brokers and salespersons: 9 hrs. electives + 3 hrs.
core
Death or incapacity of broker in charge - CORRECT ANSWER-Business ceases; temporary
broker license assigned by MREC to someone for "winding up the affairs of the business";
pending agency agreements canceled; licenses mailed to MREC; parties to pending sales
contracts will be notified as to where closing will take place
If applicant license denied - CORRECT ANSWER-30 days to complain/appeal to AHC
(Administrative Hearing Commission)
If applicant license revoked - CORRECT ANSWER-90 days to complain/appeal to AHC
Escrow Account - CORRECT ANSWER-Broker to deposit within 10 banking days of acceptance
of offer (unless otherwise agreed to in writing)
, Escrow Account Management - CORRECT ANSWER-Salesperson or Broker/Salesperson must
deliver any check received immediately to broker in charge
Commingling - CORRECT ANSWER-Illegal! Except for $1,000 of own money for bank fees
Broker may not use escrow funds for own use - CORRECT ANSWER-Funds remain in account
until transaction closed or otherwise agreed to in writing
MREC Commissioners - CORRECT ANSWER-7; all 7 may vote; appointed by the GOVERNOR; 1
unlicensed public member; 6 other members must have been a broker for 10 yrs. prior to
appt.; serve 5 yr. terms; convene to discuss, not regular employees
Penalty for Violation of License Laws (339) and/or Rules & Regulations (2250) - CORRECT
ANSWER-Class B Misdemeanor; MREC may go through Attorney General if more is needed
Complaints - CORRECT ANSWER-Pending ones are closed to the public; formal complaints
are on an MREC form; MREC may investigate on their own regardless of whether a complaint
has been filed; if complainant does not sign - he/she will not be informed of outcome; MREC
can dismiss a complaint; MREC may hold investigatory hearing to gather probable cause or
evidence
Complaints part 2 - CORRECT ANSWER-Probable cause forwarded to Administrative Hearing
Commission which makes a JUDGMENT - guilty or not guilty; judgment forwarded to MREC
which determines penalty
MREC - CORRECT ANSWER-Does not settle disputes re commissions/compensation
Correspondence from MREC - CORRECT ANSWER-Respond within 30 days or face disciplinary
action
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
Salesperson Exam Questions
and Answers 100% PASS
License renewal - CORRECT ANSWER-Even years, every 2 years (biennially)
Brokers June 30, Salespersons September 30
Continuing Ed - CORRECT ANSWER-Both brokers and salespersons: 9 hrs. electives + 3 hrs.
core
Death or incapacity of broker in charge - CORRECT ANSWER-Business ceases; temporary
broker license assigned by MREC to someone for "winding up the affairs of the business";
pending agency agreements canceled; licenses mailed to MREC; parties to pending sales
contracts will be notified as to where closing will take place
If applicant license denied - CORRECT ANSWER-30 days to complain/appeal to AHC
(Administrative Hearing Commission)
If applicant license revoked - CORRECT ANSWER-90 days to complain/appeal to AHC
Escrow Account - CORRECT ANSWER-Broker to deposit within 10 banking days of acceptance
of offer (unless otherwise agreed to in writing)
, Escrow Account Management - CORRECT ANSWER-Salesperson or Broker/Salesperson must
deliver any check received immediately to broker in charge
Commingling - CORRECT ANSWER-Illegal! Except for $1,000 of own money for bank fees
Broker may not use escrow funds for own use - CORRECT ANSWER-Funds remain in account
until transaction closed or otherwise agreed to in writing
MREC Commissioners - CORRECT ANSWER-7; all 7 may vote; appointed by the GOVERNOR; 1
unlicensed public member; 6 other members must have been a broker for 10 yrs. prior to
appt.; serve 5 yr. terms; convene to discuss, not regular employees
Penalty for Violation of License Laws (339) and/or Rules & Regulations (2250) - CORRECT
ANSWER-Class B Misdemeanor; MREC may go through Attorney General if more is needed
Complaints - CORRECT ANSWER-Pending ones are closed to the public; formal complaints
are on an MREC form; MREC may investigate on their own regardless of whether a complaint
has been filed; if complainant does not sign - he/she will not be informed of outcome; MREC
can dismiss a complaint; MREC may hold investigatory hearing to gather probable cause or
evidence
Complaints part 2 - CORRECT ANSWER-Probable cause forwarded to Administrative Hearing
Commission which makes a JUDGMENT - guilty or not guilty; judgment forwarded to MREC
which determines penalty
MREC - CORRECT ANSWER-Does not settle disputes re commissions/compensation
Correspondence from MREC - CORRECT ANSWER-Respond within 30 days or face disciplinary
action
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
