BUSINESS CONDUCT AND PRACTICES

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yes but only with written consent from the seller

A Missouri buyer wants to offer an expensive pearl necklace as earnest money for a real estate transaction is this permitted

only Jamison

Maura is a principal broker in Missouri she's opening a small branch office where Jamison and Nancy will work Jamison is a broker sales person and Nancy is just a regular sales person. Who can Maura appoint to supervise the branch office

$1000

Missouri brokers may deposit funds up to what amount to cover administrative service fees in a trust or escrow account

no because license is may not list any properties they own as for sale by owner

Missouri license eve gym is so owner of three houses he list one for sale on craigslist under the for sale by owner section with his name and cell number in his sponsoring broker's name and phone number is this permitted by law

yes but only if the agreement is established in the written agreement Nikki and Derek have signed

Missouri seller Derek storm agrees that his designated broker Nikki can share her compensation with the buyers agent Alexis is this legally enforceable

The listing agreement her broker tells her to use

New licensee Kayla is meeting with a potential client Harmony in an hour harmony wants to list her cabin at Lake of the Ozarks for sale which listing agreement should cut Kayla who isn't a member of any professional real estate organization use

industrial

Richard runs a brokerage he has an office in town on Main Street and one in the burbs on industrial Avenue plus a leasing office in Charleston apartment complex and a trailer office for showing custom consumers model homes in a new development at honeymoon acres which of these must be registered as branch offices in Missouri

German will have to pay Alice any compensation she earned under the contract

Sherman a Missouri broker contracted with Alice to provide brokerage services even though Sherman knew Alice was unlicensed which of the following is true about the situation

earnest money and buyers new loan

The following charges are part of a Missouri real estate transaction sale price appraisal feet earnest money buyers new loan what items would be listed as buyers credit on the closing statement

sale price only

The following charges are part of a Missouri real estate transaction sale price seller concession to buyer closing cost sellers loan payoff and buyers new loan what items would be listed as a seller credit on the closing statement

sales price and appraisal fee

The following charges are part of a Missouri real estate transaction sales price of reprisal fee earnest money and buyers new loan what items would be listed as a buyers debit on the closing statement

seller concession and seller loan payoff

The following charges are part of a Missouri real estate transaction sales price seller concession to buyers closing cost sellers loan payoff buyers new loan what items would be listed as seller debit on the closing statement

A net listing in Missouri

The seller specifies a price desired for the property and agrees to pay the broker any amount received more than the price

Linder approval is it needed for loan assumptions

The seller would like the buyer to assume his existing mortgage. Which of the following statements is false

Inter and show their property to a prospective buyer

The written authorization to show in Missouri is required from property owners to give permission for a licensee to

this is permissible provided that all parties to the transaction knew about this win or before they entered into the sales contract

art, a designated broker in Missouri, receives compensation from both the buyer and the seller when the sale goes through. Which of the following is true of the situation

develop implement and train firm members on policies and procedures

for a new Missouri real estate broker supervising 24 licenses what's the most effective way for you to protect your firm from lawsuits

Add a standard addendum using standard language.

when a sales contract doesn't cover the terms needed by the parties, which of the following actions is a licensee allowed to take

closing disclosure

when the buyer and seller both have cost to pay which form shows who pays what

explaining a listing to a client

which of the following activities requires a license in Missouri

branch offices must be operated under the same name and license as the main office

which of the following is a true statement about branch offices in Missouri

they must be disclosed in writing to all parties

which of the following is a true statement concerning controlled business arrangements in Missouri

how compensation is paid must be established in the written agreement between the licensee and his client or customer

which of the following statements about compensation in Missouri is true

Liza is ultimately responsible as the principal broker

Liza is a principal broker in Missouri one of her branch offices is supervised by broker sales person Lindsay who is ultimately responsible for the activities of the licenses at the branch office

yes because he has a personal interest in the property

Andy is representing his fiancé in a Missouri real estate transaction does he have any special disclosure requirements

Avery may charge licensee fees for affiliated with his business, providing he properly serve supervisors those licenses

Avery is setting up his business as a Missouri broker and will have several licenses working under him which of the following is an acceptable business model for Avery

yes because exclusive right to sell means but he gets paid no matter who finds a buyer

Benny is representing Oscar in the sale of Oscar's home they have signed an exclusive right to sell list in agreement if Oscar finds his own buyer does he open a commission

10 days

Carlton a qualifying broker establish a new trust account firm by Missouri law within how many days must he notify MREC that he established the account

Casey should refer her client to an attorney for questions about legal matters

Casey seller has a question about a legal consequence of backing out of a binding offer what is the best course of action

negotiating a commission with a client

Eliza is an unlicensed assistant for the in it to win a team at Best Ness Realty Thomas and associate broker on the team which of these activities must be performed by Tom and not Eliza

30 days

Goran received a written request from the Missouri real estate commission he's under investigation for a violation of law how much time does he have to provide a written response

30 days

How long does a licensee have to respond to a Missouri real estate commissions written request

Exclusive Agency

Janice wants to sell her Missouri townhome and her neighbor is considering buying it while waiting to find out if her neighbor is going to buy, Janice wants to market her home and receive the best representation possible what type of listing agreement will save Janice the cost of a commission if her neighbor does ultimately decide to buy

no she also needs to have Lacey Chuck and Yun Wa initial the part of the contract she changed

Lacey and Chuck sold their St. Louis house to Yung Wa after the contract was signed by all parties they realized they put down the wrong date for closing Yun was agent crossed out the original date to change it is that all she needs to do

Stephen Tamatha and Leo

Leo is acting under transaction brokerage agreement with sellers Stephen and Tammy the king who must sign the agreement

30 days

Leo received a written request from the Missouri real estate commission he's under investigation for a law violation how much time does he have to provide a written response

her license status and her relationship with her brother

Teresa a Missouri license he is helping her brother sell his home what must she be certain she discloses

30 days

The Missouri real estate commission determined that there was sufficient grounds to take disciplinary actions against a licensee who failed to respond to a written request how much time has passed after the license you received the commission request

notify the MREC within 10 days of opening the new office in Kansas City

broker John wants to open a new branch office in Kansas City. Until now, John's only had offices in St. Louis, which is on the other side of the state. Which of the following must John do

no

can you charge a fee for form completion

once he received a sellers counter offer and agreed to all terms

in which of these scenarios does a binding contract exist

penny accepts the seller's offer

penny made an offer on a property the seller countered pennies original offer what must happen next in order to have a binding contract

Employees

regarding their employment classification unlicensed assistants are the most often

when the broker personally handles the closing

under which of the following circumstances does a Missouri broker have to sign and date the closing statement on the closing day

The agent must present all new offers to the seller but isn't obligated to seek additional offers

what is a Missouri listing agents obligation regarding new offers that come in after the listed property is under contract

$5000

what's the maximum payment penalty per call that can be assessed for contacting somebody on the no call list in Missouri

to spell out the agreement between the listing broker and the seller

what's the purpose of a listing agreement

10 banking days

when Missouri brokers receive earnest money, they must deposit it into an escrow account how many days do they have to do this


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