Mississippi Practice & REAL Exam Questions & Answers. 100% Accurate.

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Mississippi Practice & REAL Exam Questions & Answers. 100% Accurate. * The management entity The president of the timeshare association A timeshare owner appointed by the other owners The develo... per -✔✔-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. *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 -✔✔-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 -✔✔-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 -✔✔-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 2 5 -✔✔-As part of his application for licensure, a broker candidate must submit recommendation from how many Mississippi citizens? * his/her license must be displayed in that office have all records digitally stored and conveyed to the Commission on a monthly basis all licensees affiliated with that broker must sign in whenever they enter the office have one desk per every two licensees affiliated with that broker -✔✔-All brokers must maintain an office and: *the next banking day the same day the same week the next day -✔✔-Upon acceptance of a contract, any earnest money accepted by the broker or any licensee in which the broker is responsible must be deposited into a trust account prior to the close of business of: * If an attorney is also a licensed real estate broker, the attorney may charge legal fees to a consumer in a real estate transaction for performing legal services in addition to brokerage services A real estate broker giving an opinion as to the condition of title of a parcel of real estate Displaying a в A salesperson accepting a commission or valuable consideration from any person other than the broker holding his/her license -✔✔-Which of the following would NOT be considered a cause for refusal, suspension, or revocation of a license? * 3 days 5 days 7 days 10 days -✔✔-Prompt notice, in writing, must be given to the Commission by any real estate salesperson of a change of responsible broker within * $0 $100 $25 $50 -✔✔-If a candidate does not pass the licensing exam the first time, what will be the retake fee for a second try? * annually quarterly semi-annually monthly -✔✔-Following an audit by an independent CPA, the exchange program should submit a report of the percentage of confirmed reservations: *that he/she is licensed in real estate, unless the licensee lists his/her property with a licensed real estate broker his/her responsible broker his/her personal address his/her license number -✔✔-A licensee who offers property in which he/she is the owner as being for sale or exchange must state in all advertising, as well as on any signs: *the developer the Office of Timeshare Registrations the Timeshare Association the registrar of the timeshare plan -✔✔-Which of the following has the duty of supervising and controlling all aspects of the offering of a timeshare plan? *Fuller Center for Housing, Inc. IREBEA Operations Fund Mississippi Citizens' Enhancement Fund Mississippi Real Estate Commission -✔✔-Funds received from the IREBEA program will be deposited with the chair of real estate, local affiliate of Habitat for Humanity International, Inc., or local affiliate of the: * 21 years of age 18 years of age 25 years of age 20 years of age -✔✔-In order to procure a broker license, a broker candidate must be at least: * Making predictions of increases in the price or value of timeshare periods Preparing an itemized annual operating and reserve budget The assessment and collection of funds for common expenses Maintaining appropriate insurance -✔✔-Duties of the timeshare management entity include all of the following, EXCEPT: *a public offering statement a preliminary permit a timeshare disclosure form a developer background history statement -✔✔-Which of the following must a developer prepare that shall fully and accurately disclose the facts concerning the timeshare developer and timeshare plan? *8 4 2 6 -✔✔-How many of the hours required for continuing education are to be in subjects specified by the Commission for each renewal period? * 3 days 1 day 7 days 10 days -✔✔-If the property condition disclosure statement or any amendment to the property condition disclosure statement is delivered after the execution of an offer to purchase, the buyer will have ______ after the delivery in person to terminate his/her offer by delivery of a written notice to the seller or the agent of the seller. * the client the customer the consumer the office secretary -✔✔-Who is the person to whom the agent owes a fiduciary duty? * the principal of the real estate transaction a professional association a governmental entity a corporation -✔✔-A licensee will not be required to comply with the agency disclosure requirements when engaged in real estate transactions with all of the following EXCEPT: *their agency relationship in a real estate transaction their experience in real estate prior to entering into a real estate transaction their level of education prior to entering into a real estate transaction the number of complaints filed against them prior to entering into a real estate transaction -✔✔-All brokers are responsible for disclosing: * one-to-one two-to-one three-to-two three-to-one -✔✔-All timeshare plans shall maintain a ___________ purchaser to accommodation ratio. * a customer a client a seller a lessor -✔✔-A person not represented in a real estate transaction would be: * per year per month per quarter semi-annually -✔✔-If the Commission is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the insurance program at a premium of no more than $250 _______, the requirement of insurance coverage will be void during that policy period. * Commission Timeshare Associatio [Show More]

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