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MS REAL ESTATE STATE PORTION EXAM
QUESTIONS WITH VERIFIED ANSWERS
Special situations, where unusual facts exist or where one or more parties
involved are especially vulnerable, could require additional disclosures not
contemplated. in such cases, brokers-correct-answer-should seek legal advice
prior to entering into an agency relationship
If a broker, as escrow agent, accepts a check and later finds that such check has
not been honored by the bank on which it was drawn, the broker shall-correct-
answer-immediately notify all parties involved in the transaction
Monies received in a trust account on behalf of clients or customers are not assets
of the broker, however, a broker May deposit and keep in each escrow account or
rental account some personal funds for the express purpose-correct-answer-of
covering service charges and other bank debits related to each account
The five Commissioners appointed by the governor with advise and consent from
the Senate have the power to do all of the following except-correct-answer-
appoint a commissioner
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Can the real estate Commissioners issue subpoenas?-correct-answer-yes because
it is within the authority of the commission power
Licensee following notification of action resulting from a commissioner hearing-
correct-answer-has 30 days to appeal any ruling and post a required $500 Bond
An earnest money deposit pertaining to a cooperative agreement must be held in
escrow-correct-answer-by the Mississippi broker unless both the buyer and seller
agree in writing to relieve the Mississippi broker of this responsibility
Notice in writing shall be given to the commission by any real estate salesperson
with a change of responsible broker within-correct-answer-3 days
When changing responsible brokers-correct-answer-a new license shall thereupon
be issued by the commission to such salesperson for the unexpired term of the
original license upon the return to the commission of the license previously issued
Brokers may give legal advice-correct-answer-never
MS REAL ESTATE STATE PORTION EXAM
QUESTIONS WITH VERIFIED ANSWERS
Special situations, where unusual facts exist or where one or more parties
involved are especially vulnerable, could require additional disclosures not
contemplated. in such cases, brokers-correct-answer-should seek legal advice
prior to entering into an agency relationship
If a broker, as escrow agent, accepts a check and later finds that such check has
not been honored by the bank on which it was drawn, the broker shall-correct-
answer-immediately notify all parties involved in the transaction
Monies received in a trust account on behalf of clients or customers are not assets
of the broker, however, a broker May deposit and keep in each escrow account or
rental account some personal funds for the express purpose-correct-answer-of
covering service charges and other bank debits related to each account
The five Commissioners appointed by the governor with advise and consent from
the Senate have the power to do all of the following except-correct-answer-
appoint a commissioner
, 2|Page
Can the real estate Commissioners issue subpoenas?-correct-answer-yes because
it is within the authority of the commission power
Licensee following notification of action resulting from a commissioner hearing-
correct-answer-has 30 days to appeal any ruling and post a required $500 Bond
An earnest money deposit pertaining to a cooperative agreement must be held in
escrow-correct-answer-by the Mississippi broker unless both the buyer and seller
agree in writing to relieve the Mississippi broker of this responsibility
Notice in writing shall be given to the commission by any real estate salesperson
with a change of responsible broker within-correct-answer-3 days
When changing responsible brokers-correct-answer-a new license shall thereupon
be issued by the commission to such salesperson for the unexpired term of the
original license upon the return to the commission of the license previously issued
Brokers may give legal advice-correct-answer-never
