MS Real Estate State Portion. Broker Exam Questions with accurate answers, graded A+.

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MS Real Estate State Portion. Broker Exam Questions with accurate answers, graded A+. Special situations, where unusual facts exist or where one or more parties involved are especially vulnerab... le, could require additional disclosures not contemplated. in such cases, brokers -✔✔- should seek legal advice prior to entering into an agency relationship If a broker, as escrow agent, accepts a check and later finds that such check has not been honored by the bank on which it was drawn, the broker shall -✔✔-immediately notify all parties involved in the transaction Monies received in a trust account on behalf of clients or customers are not assets of the broker, however, a broker May deposit and keep in each escrow account or rental account some personal funds for the express purpose -✔✔-of covering service charges and other bank debits related to each account When the broker is Agent for the seller and for any reason the seller fails or is unable to consummate the transaction, the broker has no right to any portion of the money deposited by the purchaser, even if the commission has been earned. The money must be returned to the purchaser and the broker - ✔✔-should look to the seller for compensation Earnest money accepted by the broker or any licensee for which the broker is responsible and upon acceptance of a mutually agreeable contract is required to deposit the money -✔✔-into a trust account prior to the close of business of the next banking day An agent Made Real Estate signs to put in the front yard of his clients home. He did not put the name of is responsible broker or name of his real estate firm on the side. -✔✔-this is a "Blind Ad" and is in violation When an licensee is advertising their own property for sale, purchase or exchange which is not listed with a broker, the licensee must -✔✔-the licensee must indicate he or she is licensed The use of any copyrighted term or Insignia on stationary, office signs, or in an advertisement by any licensee not authorized to do so, will be considered -✔✔-as "substantial misrepresentation" and cause for refusal, suspension, or revocation of the license A real estate broker must keep on file following its consummation complete records relating to any real estate transaction for -✔✔-3 years Every contract must reflect whom the broker represents by statement -✔✔-over the signatures of the parties to the contract Broker Bob received an offer this morning for a property he has listed. Bob promptly called his client and then faxed the offer to his client. Later that day Bob received a second offer that was lower and had bad credit terms for financing. What should broker Bob do? -✔✔-present the second offer because the seller has not accepted the first offer and any other All exclusive buyer representation agreements shall be in writing and properly identify the terms and conditions under which the buyer will rely on the broker for the purchase of the real estate including the sales price, the considerations to be paid, and the nature of all parties to the agreement and a definite date of expiration -✔✔-the buyer may terminate the agreement upon 15 calendar days written notice to the buyers exclusive agent A real estate licensee shall deliver a true and correct copy of any instrument to any party or parties executing the same -✔✔-immediately (at the time of signing) When an offer is made on a property owned by a party with whom the broker has entered into a listing agreement, such broker shall document and date an acceptance or rejection of the offer and -✔✔- upon written request, shall provide a copy of such document to the person making the offer A real estate broker or salesperson in the ordinary course of his business may give an opinion as to the price of real estate for the purpose of a prospective listing or sale, however this opinion as to the listing price or sale price -✔✔-must not refer to this as an appraisal Any licensee who fails in a timely manner to respond to official Mississippi Real Estate Commission written communication or who fails or neglects to abide by Mississippi Real Estate Commission rules and regulations shall be deemed -✔✔-prima facie, to be guilty of improper dealing Peggy, A salesperson for broker Bob listed and sold a property. Before being paid for that executed transaction, Peggy changed responsible Brokers. Broker Bob -✔✔-can pay Peggy her commission directly No licensees shall pay any part of a fee, commission or other compensation received by such licensee in buying, selling, exchanging, leasing, auctioning or renting any real estate -✔✔-except to a licensee through the licensees responsible broker When advertising a property shared by an out-of-state broker -✔✔-the name of the Mississippi broker must be listed When there is a Cooperative agreement with a non-resident broker, the listing or Property Management agreement for the Mississippi property -✔✔-must remain in the name of the Mississippi broker When an agent transfers to a new broker and within 3 days gives written notice to the commission the name of the principal broker into whose agency he is about to enter, he -✔✔-mails his license to the commission and a new license will be issued for the unexpired term of the original license Applicants for a real estate license -✔✔-may take the exam but has 10 days to find a responsible broker It's not the duty of the responsible broker -✔✔-to make sure each agent has completed their post licensing education and keep their license current A salesperson has a listing with his responsible broker, broker A. The salesperson decided to transfer to a new broker before the listing expires. When the agent moves to the new broker, who owns the listing? -✔✔-Broker A Any person who willfully and negligently does not deliver the needed disclosures shall be liable -✔✔- in the amount of actual damages suffered by a transferee Who are exempt from having a real estate license? -✔✔-A public official holding an auction The five Commissioners appointed by the governor with advise and consent from the Senate have the power to do all of the following except -✔✔-appoint a commissioner Can the real estate Commissioners issue subpoenas? -✔✔-yes because it is within the authority of the commission power Licensee following notification of action resulting from a c [Show More]

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