Mississippi Practice & REAL Exam Questions and
Answers 2023 Complete
* The management entity
The president of the timeshare association
A timeshare owner appointed by the other owners
The developer
Which of the following shall act in the capacity of fiduciary to the purchasers of the
timeshare plans?
* immediately
with one day
with three days
within five days
Real estate licensees must provide a true and correct copy of a document to any party
________ upon signing the document.
* a court
the Commission
the Board of Realtors
the Real Estate Deposit Committee
If the responsible broker is uncertain as to the proper disposition of the earnest money,
he/she may turn the money over to which of the following for disposition?
* ten days
five days
three days
twenty days
Every licensee must notify the Commission within _________ of any adverse court
decisions in which the licensee appeared as a defendant.
* in good faith
in bad faith
verbal
complex, in order to protect the buyer
Each property disclosure required to be made by the license law is required to be:
* the Governor
a U.S. Senator from Mississippi
a U.S. Representative from Mississippi
registered voters
Who appoints the members to the Mississippi Real Estate Commission?
*a certificate of renewal from the Timeshare Association
the number of purchasers enrolled in the exchange program
the percentage of confirmed reservations
the number of exchanges confirmed by the exchange program during the year
The exchange program report should report all of the following information, EXCEPT:
* twelve months
six months
, thirty days
sixty days
Any licensee who has entered active military service due to a draft or national
emergency will upon his/her return to civilian life and within ____________ after a
honorable discharge, be considered by the Commission to have been actively engaged
in the real estate business in the same capacity as when the licensee was entered into
active military service.
*a public agency
a prior property disclosure form that the listing agent found in his office
an inspection of the property by the listing agent
a neighbor who told the listing agent what to disclose
The listing agent will probably not be held liable for inaccurate property disclosure
information if the information was obtained from:
* the Real Estate Commission
the Secretary of State
the Timeshare Association
the Office of Timeshare Registrations
A developer may not sell, offer, or dispose of a timeshare interest unless all necessary
registration requirements are completed and approved by:
* timeshare instrument
timeshare interest
timeshare inventory
timeshare association
One or more documents, by whatever name denominated, creating or governing the
operation of a timeshare plan and includes the declaration or other legal instrument
dedicating the accommodations to the timeshare plan is called a(n)
* file for a trade name through the Secretary of State
submit a formal written request to the Mississippi Real Estate Commission
provide evidence acceptable to the state that all funds received by the developer will be
placed into an independent escrow account
give each purchaser the opportunity to cancel the purchase contract during the
applicable recision period
To obtain a preliminary permit, the developer must do all of the following, EXCEPT:
* 16
8
4
10
For each two-year license renewal period, how many hours of continuing education
must a licensee submit in order to renew his/her license?
* Commission in writing
Commission verbally
Secretary of State in writing
Secretary of State verbally
A licensee may transfer his/her license from the active to the inactive status by notifying
the ____________, returning license to the Commission, and paying the appropriate
fee.
Answers 2023 Complete
* The management entity
The president of the timeshare association
A timeshare owner appointed by the other owners
The developer
Which of the following shall act in the capacity of fiduciary to the purchasers of the
timeshare plans?
* immediately
with one day
with three days
within five days
Real estate licensees must provide a true and correct copy of a document to any party
________ upon signing the document.
* a court
the Commission
the Board of Realtors
the Real Estate Deposit Committee
If the responsible broker is uncertain as to the proper disposition of the earnest money,
he/she may turn the money over to which of the following for disposition?
* ten days
five days
three days
twenty days
Every licensee must notify the Commission within _________ of any adverse court
decisions in which the licensee appeared as a defendant.
* in good faith
in bad faith
verbal
complex, in order to protect the buyer
Each property disclosure required to be made by the license law is required to be:
* the Governor
a U.S. Senator from Mississippi
a U.S. Representative from Mississippi
registered voters
Who appoints the members to the Mississippi Real Estate Commission?
*a certificate of renewal from the Timeshare Association
the number of purchasers enrolled in the exchange program
the percentage of confirmed reservations
the number of exchanges confirmed by the exchange program during the year
The exchange program report should report all of the following information, EXCEPT:
* twelve months
six months
, thirty days
sixty days
Any licensee who has entered active military service due to a draft or national
emergency will upon his/her return to civilian life and within ____________ after a
honorable discharge, be considered by the Commission to have been actively engaged
in the real estate business in the same capacity as when the licensee was entered into
active military service.
*a public agency
a prior property disclosure form that the listing agent found in his office
an inspection of the property by the listing agent
a neighbor who told the listing agent what to disclose
The listing agent will probably not be held liable for inaccurate property disclosure
information if the information was obtained from:
* the Real Estate Commission
the Secretary of State
the Timeshare Association
the Office of Timeshare Registrations
A developer may not sell, offer, or dispose of a timeshare interest unless all necessary
registration requirements are completed and approved by:
* timeshare instrument
timeshare interest
timeshare inventory
timeshare association
One or more documents, by whatever name denominated, creating or governing the
operation of a timeshare plan and includes the declaration or other legal instrument
dedicating the accommodations to the timeshare plan is called a(n)
* file for a trade name through the Secretary of State
submit a formal written request to the Mississippi Real Estate Commission
provide evidence acceptable to the state that all funds received by the developer will be
placed into an independent escrow account
give each purchaser the opportunity to cancel the purchase contract during the
applicable recision period
To obtain a preliminary permit, the developer must do all of the following, EXCEPT:
* 16
8
4
10
For each two-year license renewal period, how many hours of continuing education
must a licensee submit in order to renew his/her license?
* Commission in writing
Commission verbally
Secretary of State in writing
Secretary of State verbally
A licensee may transfer his/her license from the active to the inactive status by notifying
the ____________, returning license to the Commission, and paying the appropriate
fee.
