BUSINESS CONDUCT AND PRACTICES
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