Missouri Real Estate - State Portion Only Exam Questions and Answers

Missouri Real Estate - State Portion Only Exam Questions and Answers In the event of the death or incapacity of a licensed broker: - Ans:-May issue a temporary broker license to individual approved by the commission What is the maximum fine for violations the commission my charge? - Ans:-$25,000 The commission will not here what kind of complaints? - Ans:-Commission disputes between licensees A real estate cannot work without what? - Ans:-A workers permit issued by the Real Estate Commission When do licensee's need to renew? - Ans:-Broker's license, June 30th; Salesperson license September 30th What can an applicant do if refused? - Ans:-Appeal to Administrative Hearing Commission How soon must a business notify the commission of a name or address change? - Ans:-Within 10 business Days ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 2/8 How many Continuing Education Credits do licensee's need to obtain before renewal? - Ans:-12, 3 required and 9 Elective What happens if a licensee does not finish CE credits before renewal? - Ans:-$50 fee per month not completed up to $200 then they must retake the Missouri practice class (24 hours) If a salesperson is terminated how long does a broker have to notify the commission? - Ans:-72 hours What does a licensee need to do to keep an inactive license? - Ans:-Must re-apply and pay fees every 2 years, no CE credits are needed How does an inactive licensee change to an active license? - Ans:-Take the 24 hour practice class and re-apply within 6 months What does the Missouri law say about disclosures? - Ans:-All must be in writing Where does commission appear in contracts? - Ans:-In listing agreement and HUD. NEVER in sales contract What do brokers not need to keep a record of? - Ans:-Title insurance policy How long must a broker obtain records? - Ans:-3 years What is Missouri's law on net listings? - Ans:-They are ILLEGAL When must escrow money be deposited? - Ans:-Within 10 Banking days after a contract is made ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 3/8 How much of their own money may a broker keep in an account? - Ans:-$1000 What is the hearing procedure for violations? - Ans:-MREC investigates and then sends to the administrative hearing commission who then recommends punishment and the final decision is made by MREC. MREC may issue what for records? - Ans:-May subopena for records relevant to complaint Selling real estate without a license is what level of violation? - Ans:-Class B misdemenor MREC may issue a restraining order When do we give a residential broker disclosure form? - Ans:-Before receiving any personal or financial information May a person take CE credits out of state? - Ans:-Yes, if accepted by the MR