Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
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1. Who is required Anyone advertising, selling or leasing property on behalf of others or carrying out
to have areal es- real estate business on behalf of others.
tate license?
2. Who is exempt 1. Attorneys at law in the performance of primary or incidental duties as such
from having a attorneys at law
real estate li-
cense? 2. Any person holding in good faith a duly executed power of attorney from the
owner, authorizing the final consummation and execution for the sale, purchase,
leasing or exchange of real estate.
3. The acts of any person while acting as a receiver, trustee, administrator, executor,
guardian or under court order, or while acting under authority of a deed of trust
or will
4. public officers while performing their duties as such
5. anyone dealing exclusively in oil and gas leases and mineral rights
3. What are the re- 1. The license of that licensee is active and in good standing
quirements for a
licensed person 2. The broker's price opinion meets the requirements of subsections 3 and 4 of
to prepare a bro- this section
ker's price opin-
ion and charge a
fee?
4. for what types of 1. An existing or potential seller for the purposes of listing and selling a parcel of
transactions can real property
the BPO be used?
2. An existing or potential buyer of a parcel of real property
3. A third party making decisions or performing due diligence related to the
Mississippi Real Estate License Law ? Verified Questions and Answers
, Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
potential listing, offering, sale, exchange, option, lease or acquisition price of a
parcel of real estate.
4. For someone like a lien holder or relocation company for any purpose to
estimate value but NOT to be used for any type of financing
5. The preparation of a BPO can be used IN CONJUNCTION WITH or IN ADDITION
TO an appraisal
5. What things are 1. Must be in writing
to be included on
a BPO? 2. Must conform to MREC's guidelines as outlined by national standards and
guidelines
3. statement of the purpose of the BPO
4. Brief description of the subject property to be priced
5. basic reasoning in arriving at price including market data and/or capitalization
computation
6. any assumptions or limiting conditions
7. disclosure of existing or contemplated interest of the broker or salesperson
8. Effective date of the BPO
9. Name and signature of broker or salesperson preparing BPO
10. name of the broker or salesperson's firm
11. signature date
12. Disclaimer: "this opinion is not an appraisal of the market value of the property,
Mississippi Real Estate License Law ? Verified Questions and Answers
, Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
and may not be used in lieu of an appraisal. If an appraisal is desired, the services
of a licensed or certified appraiser must be obtained. This opinion may not be
used by any party as the primary basis to determine the value of a parcel of real
property of a mortgage loan origination, including first and second mortgages,
refinances or equity lines of credit."
13. Certification of agent's errors and omissions insurance.
14. Licensee may not prepare a broker's price opinion for any purpose in lieu of an
appraisal when an appraisal is required by federal or state statute. A broker's price
opinion which estimates value or worth of a parcel of real estate rather than sales
price shall be deemed to be an appraisal and may not be prepared by a licensed
broker or sales agent under the authority of their license but may only be prepared
by a duly licensed appraiser and must meet the regulations promulgated by the
Mississippi real estate appraiser licensing and certification board.
6. What is an 1. when an agent provides the square footage or area of a property in connection
agent's respon- with areal estate transaction, it shall not be considered in guarantee or warranty
sibility and lia-
bility concerning 2. If the licensee provides third party information concerning square footage they
square footage? must identify the source of the information. Those sources should be one of the
following:
A. Appraisal or measurement by a licensed appraiser
B. Survey or developer's plan by a licensed surveyor
C. Tax Assessor's public record
D. Builder's plan
3. Licensee has no duty to conduct an investigation of the size or area or to verify
the accuracy of the third party information
Mississippi Real Estate License Law ? Verified Questions and Answers
, Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
4. If a licensee has complied with this section of the law, they shall have no further
duties to the seller or purchaser regarding disclosed or undisclosed property size
or area. They also shall not be subject to liability for damages regarding conflicting
opinions of size.
5. If a licensee has provided third party information in compliance with the
stipulations in the statute, then a party may only recover damages in a civil action
if the agent knowingly violates the duty to disclose or misrepresents the size of
the property
7. When was the 1. Established in 1954
Real Estate Com-
mission created 2. Made up of 5 commissioners, appointed by the Governor with advice and
and what is its consent of the senate
structure?
3. At least one commissioner from each congressional district and one at large
member
4. staggered terms
8. Who has to have in the case of licensed business entities - corporations, partnership, companies
a broker's license or association, each member, owner, partner or officer who actively participates
in a licensed busi- in the selling or leasing of real estate for a fee must hold an individual broker's
ness entity? license
9. What are the 1. 21 years old
requirements for
obtaining a bro- 2. Must have legal domicile in Mississippi at time of application
ker's license?
3. Must pay taxes in Mississippi
4. Shall not be a registered voter in another state
5. Shall hold a real estate salesperson's license for 12 months immediately prior
Mississippi Real Estate License Law ? Verified Questions and Answers
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
1. Who is required Anyone advertising, selling or leasing property on behalf of others or carrying out
to have areal es- real estate business on behalf of others.
tate license?
2. Who is exempt 1. Attorneys at law in the performance of primary or incidental duties as such
from having a attorneys at law
real estate li-
cense? 2. Any person holding in good faith a duly executed power of attorney from the
owner, authorizing the final consummation and execution for the sale, purchase,
leasing or exchange of real estate.
3. The acts of any person while acting as a receiver, trustee, administrator, executor,
guardian or under court order, or while acting under authority of a deed of trust
or will
4. public officers while performing their duties as such
5. anyone dealing exclusively in oil and gas leases and mineral rights
3. What are the re- 1. The license of that licensee is active and in good standing
quirements for a
licensed person 2. The broker's price opinion meets the requirements of subsections 3 and 4 of
to prepare a bro- this section
ker's price opin-
ion and charge a
fee?
4. for what types of 1. An existing or potential seller for the purposes of listing and selling a parcel of
transactions can real property
the BPO be used?
2. An existing or potential buyer of a parcel of real property
3. A third party making decisions or performing due diligence related to the
Mississippi Real Estate License Law ? Verified Questions and Answers
, Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
potential listing, offering, sale, exchange, option, lease or acquisition price of a
parcel of real estate.
4. For someone like a lien holder or relocation company for any purpose to
estimate value but NOT to be used for any type of financing
5. The preparation of a BPO can be used IN CONJUNCTION WITH or IN ADDITION
TO an appraisal
5. What things are 1. Must be in writing
to be included on
a BPO? 2. Must conform to MREC's guidelines as outlined by national standards and
guidelines
3. statement of the purpose of the BPO
4. Brief description of the subject property to be priced
5. basic reasoning in arriving at price including market data and/or capitalization
computation
6. any assumptions or limiting conditions
7. disclosure of existing or contemplated interest of the broker or salesperson
8. Effective date of the BPO
9. Name and signature of broker or salesperson preparing BPO
10. name of the broker or salesperson's firm
11. signature date
12. Disclaimer: "this opinion is not an appraisal of the market value of the property,
Mississippi Real Estate License Law ? Verified Questions and Answers
, Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
and may not be used in lieu of an appraisal. If an appraisal is desired, the services
of a licensed or certified appraiser must be obtained. This opinion may not be
used by any party as the primary basis to determine the value of a parcel of real
property of a mortgage loan origination, including first and second mortgages,
refinances or equity lines of credit."
13. Certification of agent's errors and omissions insurance.
14. Licensee may not prepare a broker's price opinion for any purpose in lieu of an
appraisal when an appraisal is required by federal or state statute. A broker's price
opinion which estimates value or worth of a parcel of real estate rather than sales
price shall be deemed to be an appraisal and may not be prepared by a licensed
broker or sales agent under the authority of their license but may only be prepared
by a duly licensed appraiser and must meet the regulations promulgated by the
Mississippi real estate appraiser licensing and certification board.
6. What is an 1. when an agent provides the square footage or area of a property in connection
agent's respon- with areal estate transaction, it shall not be considered in guarantee or warranty
sibility and lia-
bility concerning 2. If the licensee provides third party information concerning square footage they
square footage? must identify the source of the information. Those sources should be one of the
following:
A. Appraisal or measurement by a licensed appraiser
B. Survey or developer's plan by a licensed surveyor
C. Tax Assessor's public record
D. Builder's plan
3. Licensee has no duty to conduct an investigation of the size or area or to verify
the accuracy of the third party information
Mississippi Real Estate License Law ? Verified Questions and Answers
, Mississippi Real Estate License Law
Mississippi Real Estate License
Mississippi Law
Real ? Verified
Estate License LawQuestions and Answers
Study online at https://quizlet.com/_fdq2fa
4. If a licensee has complied with this section of the law, they shall have no further
duties to the seller or purchaser regarding disclosed or undisclosed property size
or area. They also shall not be subject to liability for damages regarding conflicting
opinions of size.
5. If a licensee has provided third party information in compliance with the
stipulations in the statute, then a party may only recover damages in a civil action
if the agent knowingly violates the duty to disclose or misrepresents the size of
the property
7. When was the 1. Established in 1954
Real Estate Com-
mission created 2. Made up of 5 commissioners, appointed by the Governor with advice and
and what is its consent of the senate
structure?
3. At least one commissioner from each congressional district and one at large
member
4. staggered terms
8. Who has to have in the case of licensed business entities - corporations, partnership, companies
a broker's license or association, each member, owner, partner or officer who actively participates
in a licensed busi- in the selling or leasing of real estate for a fee must hold an individual broker's
ness entity? license
9. What are the 1. 21 years old
requirements for
obtaining a bro- 2. Must have legal domicile in Mississippi at time of application
ker's license?
3. Must pay taxes in Mississippi
4. Shall not be a registered voter in another state
5. Shall hold a real estate salesperson's license for 12 months immediately prior
Mississippi Real Estate License Law ? Verified Questions and Answers
