Mississippi Practice & REAL Exam Questions
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1. * The management entity Which of the following
The president of the timeshare association shall act in the capacity of
A timeshare owner appointed by the other owners fiduciary to the purchasers
The developer of the timeshare plans?
2. * immediately Real estate licensees must
with one day provide a true and cor-
with three days rect copy of a document to
within five days any party ________ upon
signing the document.
3. * a court If the responsible broker is
the Commission uncertain as to the proper
the Board of Realtors disposition of the earnest
the Real Estate Deposit Committee money, he/she may turn
the money over to which of
the following for disposi-
tion?
4. * ten days Every licensee must noti-
five days fy the Commission within
three days _________ of any adverse
twenty days court decisions in which
the licensee appeared as a
defendant.
5. * in good faith Each property disclosure
in bad faith required to be made by
verbal the license law is required
complex, in order to protect the buyer to be:
6. * the Governor
a U.S. Senator from Mississippi
, Mississippi Practice & REAL Exam Questions
Study online at https://quizlet.com/_1ttvsn
a U.S. Representative from Mississippi Who appoints the mem-
registered voters bers to the Mississippi
Real Estate Commission?
7. *a certificate of renewal from the Timeshare Associa- The exchange program re-
tion port should report all of
the number of purchasers enrolled in the exchange the following information,
program EXCEPT:
the percentage of confirmed reservations
the number of exchanges confirmed by the exchange
program during the year
8. * twelve months Any licensee who has en-
six months tered active military ser-
thirty days vice due to a draft or
sixty days national emergency will
upon his/her return to
civilian life and with-
in ____________ after a
honorable discharge, be
considered by the Com-
mission to have been ac-
tively engaged in the real
estate business in the
same capacity as when the
licensee was entered into
active military service.
9. *a public agency The listing agent will prob-
a prior property disclosure form that the listing agent ably not be held liable for
found in his office inaccurate property dis-
closure information if the
, Mississippi Practice & REAL Exam Questions
Study online at https://quizlet.com/_1ttvsn
an inspection of the property by the listing agent information was obtained
a neighbor who told the listing agent what to disclose from:
10. * the Real Estate Commission A developer may not sell,
the Secretary of State offer, or dispose of a time-
the Timeshare Association share interest unless all
the Office of Timeshare Registrations necessary registration re-
quirements are completed
and approved by:
11. * timeshare instrument One or more documents,
timeshare interest by whatever name de-
timeshare inventory nominated, creating or
timeshare association governing the operation
of a timeshare plan and
includes the declaration
or other legal instrument
dedicating the accommo-
dations to the timeshare
plan is called a(n)
12. * file for a trade name through the Secretary of State To obtain a prelimi-
submit a formal written request to the Mississippi Real nary permit, the developer
Estate Commission must do all of the follow-
provide evidence acceptable to the state that all funds ing, EXCEPT:
received by the developer will be placed into an inde-
pendent escrow account
give each purchaser the opportunity to cancel the pur-
chase contract during the applicable recision period
13. * 16 For each two-year license
8 renewal period, how many
hours of continuing ed-
Study online at https://quizlet.com/_1ttvsn
1. * The management entity Which of the following
The president of the timeshare association shall act in the capacity of
A timeshare owner appointed by the other owners fiduciary to the purchasers
The developer of the timeshare plans?
2. * immediately Real estate licensees must
with one day provide a true and cor-
with three days rect copy of a document to
within five days any party ________ upon
signing the document.
3. * a court If the responsible broker is
the Commission uncertain as to the proper
the Board of Realtors disposition of the earnest
the Real Estate Deposit Committee money, he/she may turn
the money over to which of
the following for disposi-
tion?
4. * ten days Every licensee must noti-
five days fy the Commission within
three days _________ of any adverse
twenty days court decisions in which
the licensee appeared as a
defendant.
5. * in good faith Each property disclosure
in bad faith required to be made by
verbal the license law is required
complex, in order to protect the buyer to be:
6. * the Governor
a U.S. Senator from Mississippi
, Mississippi Practice & REAL Exam Questions
Study online at https://quizlet.com/_1ttvsn
a U.S. Representative from Mississippi Who appoints the mem-
registered voters bers to the Mississippi
Real Estate Commission?
7. *a certificate of renewal from the Timeshare Associa- The exchange program re-
tion port should report all of
the number of purchasers enrolled in the exchange the following information,
program EXCEPT:
the percentage of confirmed reservations
the number of exchanges confirmed by the exchange
program during the year
8. * twelve months Any licensee who has en-
six months tered active military ser-
thirty days vice due to a draft or
sixty days national emergency will
upon his/her return to
civilian life and with-
in ____________ after a
honorable discharge, be
considered by the Com-
mission to have been ac-
tively engaged in the real
estate business in the
same capacity as when the
licensee was entered into
active military service.
9. *a public agency The listing agent will prob-
a prior property disclosure form that the listing agent ably not be held liable for
found in his office inaccurate property dis-
closure information if the
, Mississippi Practice & REAL Exam Questions
Study online at https://quizlet.com/_1ttvsn
an inspection of the property by the listing agent information was obtained
a neighbor who told the listing agent what to disclose from:
10. * the Real Estate Commission A developer may not sell,
the Secretary of State offer, or dispose of a time-
the Timeshare Association share interest unless all
the Office of Timeshare Registrations necessary registration re-
quirements are completed
and approved by:
11. * timeshare instrument One or more documents,
timeshare interest by whatever name de-
timeshare inventory nominated, creating or
timeshare association governing the operation
of a timeshare plan and
includes the declaration
or other legal instrument
dedicating the accommo-
dations to the timeshare
plan is called a(n)
12. * file for a trade name through the Secretary of State To obtain a prelimi-
submit a formal written request to the Mississippi Real nary permit, the developer
Estate Commission must do all of the follow-
provide evidence acceptable to the state that all funds ing, EXCEPT:
received by the developer will be placed into an inde-
pendent escrow account
give each purchaser the opportunity to cancel the pur-
chase contract during the applicable recision period
13. * 16 For each two-year license
8 renewal period, how many
hours of continuing ed-
