MISSISSIPPI PRACTICE EXAM
ACTUAL QUESTIONS AND CORRECT
ANSWERS
* The m anagem ent en tity
The president of the timeshare association
A timeshare owner appointed by the other owners
The developer - ANSW-Which of the following shall act in the capacity of fiduciary to the pu rchase rs of
the timeshare plans?
* immediately
with one day
with three days
within five days - ANSW-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 - ANSW-If the responsible broker is uncertain as to the prope r
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 - ANSW-Every licensee must notify the Commission within _________ of any adve rse cou rt
decisions in which the licensee appeared as a defendant.
* in good faith
in bad faith
verbal
complex, in order to protect the buyer - ANSW-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 - ANSW-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 - ANSW-The exchange
program report should report all of the following information, EXCEPT:
* twelve months
six months
thirty days
sixty days - ANSW-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 discha rge,
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 - ANSW-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 - ANSW-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 - ANSW-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 - ANSW-To obtain a preliminary permit, the developer must do all of the following, EXCEPT:
* 16
8
4
10 - ANSW-For each two-year license renewal period, how many hours of continuing education must
a l i censee submi t i n order to renew h i s/her l i cense?
* Commission in writing
Commission verbally
Secretary of State in writing
Secretary of State verbally - ANSW-A licensee may transfer his/her license from the active to the inactive
status by notifying the ____________, returning license to the Commission, an d paying the app rop riate
fee.
*a contract registration number assigned by the Mississippi Real Estate Commission
the actual date the contract is executed by all parties
the estimated date of availability of each incomplete accommodation
the total financial obligation of the purchaser - ANSW-Each purchase contract is required to contain all
of the following, EXCEPT:
* real estate brokers
real estate appraisers
real estate home inspectors
real estate developers - ANSW-The IREBEA program is a voluntary program based upon willing
participation by:
*The Commission
The Timeshare Association
The Timeshare Licensing Committee
The Timeshare Board of Directors - ANSW-The developer shall notify which of the following of the
extent to which an accommodation may become subject to a tax or other lien arising out of claims
against other purchasers in the same timeshare plan?
*3
1
ACTUAL QUESTIONS AND CORRECT
ANSWERS
* The m anagem ent en tity
The president of the timeshare association
A timeshare owner appointed by the other owners
The developer - ANSW-Which of the following shall act in the capacity of fiduciary to the pu rchase rs of
the timeshare plans?
* immediately
with one day
with three days
within five days - ANSW-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 - ANSW-If the responsible broker is uncertain as to the prope r
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 - ANSW-Every licensee must notify the Commission within _________ of any adve rse cou rt
decisions in which the licensee appeared as a defendant.
* in good faith
in bad faith
verbal
complex, in order to protect the buyer - ANSW-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 - ANSW-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 - ANSW-The exchange
program report should report all of the following information, EXCEPT:
* twelve months
six months
thirty days
sixty days - ANSW-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 discha rge,
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 - ANSW-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 - ANSW-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 - ANSW-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 - ANSW-To obtain a preliminary permit, the developer must do all of the following, EXCEPT:
* 16
8
4
10 - ANSW-For each two-year license renewal period, how many hours of continuing education must
a l i censee submi t i n order to renew h i s/her l i cense?
* Commission in writing
Commission verbally
Secretary of State in writing
Secretary of State verbally - ANSW-A licensee may transfer his/her license from the active to the inactive
status by notifying the ____________, returning license to the Commission, an d paying the app rop riate
fee.
*a contract registration number assigned by the Mississippi Real Estate Commission
the actual date the contract is executed by all parties
the estimated date of availability of each incomplete accommodation
the total financial obligation of the purchaser - ANSW-Each purchase contract is required to contain all
of the following, EXCEPT:
* real estate brokers
real estate appraisers
real estate home inspectors
real estate developers - ANSW-The IREBEA program is a voluntary program based upon willing
participation by:
*The Commission
The Timeshare Association
The Timeshare Licensing Committee
The Timeshare Board of Directors - ANSW-The developer shall notify which of the following of the
extent to which an accommodation may become subject to a tax or other lien arising out of claims
against other purchasers in the same timeshare plan?
*3
1
