Mississippi Real Estate License Law
Changing the Status of a License
A. licensee shall notify the commission in writing, shall insure that the license is returned to the commission, and shall pay the appropriate fee of $25. $50 for going inactive to active B. When a licensee wishes to transfer from one broker to another, the transferring licensee must file a transfer application signed by the new broker accompanied by the transfer fee of $50 C. Any licensee who has entered active duty military service due to draft laws or national emergency shall, upon his return to civilian life and within 12 months after honorable discharge, be considered, so far as this commission is concerned, to have been continuously engaged in the real estate business in the same capacity as when the licensee entered military service
What power does the real estate commission have towards violators?
1. MREC is authorized and directed to take legal action against any violator of these license laws 2. The licensee charged by MREC must be given a 15 day notice of a hearing along with the charges filed and a copy of the complaint 3. The licensee must have the opportunity to be heard in person or by counsel, to offer testimony and to examine the question the witnesses involved with the complaint 4. Hearings are held at the offices of the MREC or at the placed determined 5. all parties and witnesses are sworn and written recording of the proceedings is taken 6. MREC shall make a decision and notify the parties immediately in writing as to the ruling 7. MREC has the authority to bring injunctive proceedings. (judicial authority to handle a problem and is not a judgement for money) 8. MREC is authorized to issue subpoenas for attendance of witnesses and the production of evidence 9. MREC can seek judicial enforcement if the parties or witnesses fail to attend or testify at the hearing or to produce evidence after a subpoena
What are the requirements for a licensed person to prepare a broker's price opinion and charge a fee?
1. The license of that licensee is active and in good standing 2. The broker's price opinion meets the requirements of subsections 3 and 4 of this section
What are the requirements for post-licensing education?
1. Upon passing the MS broker's or salesperson's exam and meeting all of the other requirements, a temporary license is issued to the applicant which is valid for ONE YEAR FOLLOWING THE FIRST DAY OF THE MONTH AFTER ISSUANCE 2. the holder of the broker's or salesperson's temporary license must complete a 30 hour post licensing course within the twelve months of his temporary license. 3. If the 30-hour course is not completed and sent to MREC within that twelve month, MREC will automatically place the temporary license on inactive status 4. if the holder of a temporary license does not complete the course and have a permanent license issued within one year, the temporary license shall automatically expire and lapse. A temporary license cannot be renewed 5. Active licensees who have satisfactorily completed the post-license course and have been issued a permanent license shall not be subject to the 16-hour continuing requirement for the first renewal of their permanent license
Continued....
1. Whenever a Mississippi broker enters into a cooperative agreement with a broker outside of Mississippi who will receive a fee, the Mississippi Broker is to have the non-Mississippi broker sign the form "cooperating Agreement with Non-Resident Principal Broker" 2. the Mississippi broker gets 4 copies signed. 2 copies go to the parties and the MS broker must send 2 COPIES TO MREC WITHIN 10 DAYS. MREC stamps the copies as received, files one and then returns the other to the MS broker. 3. By signing the agreement, the out of state broker agrees to abide by MS law and the rules and regulations of MREC. 4. the Showing of property located in MS and any negotiations shall be supervised by the MS broker. Advertising to include the name and telephone number of the MS broker shall be given equal prominence to that of the out-of-state broker 5. The MS broker is responsible and liable for the acts of the cooperating broker in regards to the agreement. 6. All earnest money must be retained by the MS broker unless the buyer and seller agree in writing
All exclusive listing agreements shall be in.....
1. Writing 2. Properly identify the property to be sold 3. Contain all of the terms and conditions under which the transaction is to be consummated
What is NOT a First Substantive Meeting for the sellers agent?
1. a bona fide "open house" or model home showing which encompasses showing the property to a prospective buyer however, when eliciting confidential info or execution of any agreement occurs, disclosure must be made 2. preliminary conversations or "small talk" concerning price range, location and property styles 3. Responding to general factual questions from a prospective buyer concerning properties that have been advertised for sale or lease
Do i have the right to appeal an MREC decision?
1. a licensee has the right of appeal of an adverse ruling, order or decision by MREC. They appeal to the circuit court of the county of residence of the application or the First Judicial District of Hinds County within 30 days from the notification of MREC's ruling to the parties 2. any ruling, order or decision by MREC shall not take effect until after the time for appeal to the court has passed 3. any licensee making appeal has to post a $500 bond for any costs 4. if MREC suspends a license, the appeal process falls under different statutes
What do i need to know about errors and omissions insurance?
1. any active broker, broker salesperson or sales person must submit proof of insurance 2. individuals whose licenses are on inactive status are not required to carry errors and omissions insurance 3. licensees can obtain errors and omissions insurance from the approved group policy provider approved by MREC or by an independent policy provider approved by MREC or by an independent policy provider on MREC's approved list IF THAT POLICY MEETS MINIMUM REQUIREMENTS 4. the maximum contract period between MREC and the insurance carrier is 5 years. at the end of the bid period, MREC puts it out for bid again. 5. MREC has to provide an insurance policy for no more than $250 annual premium and the policy cannot fall below the minimum standards outlined in 73-35-16 6. MREC must receive proof of errors and omissions insurance from new licensees with 30 days of receiving their license 7. For active licensees not submitting proof of insurance renewal, MREC provides 30 days to correct the deficiency and then their license is put on inactive status
What are the continuing education requirements?
1. each individual applicant for renewal of their license must submit proof on or before the expiration date of their license of 16 hours of approved course work in addition to paying their renewal fee 2. the 16-hour CE requirement applies to each 2 year renewal period 3. any approved CE in excess of 16 hours may be carried over to the next renewal if it was earned in the last 3 months of the previous renewal period. however, only 6 hours may be carried over 4. any member of the MS legislature who has a real estate license shall be credited with 8 hours of Ce credit for attendance each year of a legislative session 5. no licensee can receive continuing education credit for pre license education except when a licensee has been on inactive status and their Ce credits are at least 30 hour sin arrears 6. Those who have held a brokers or salespersons license for at least 25 years and who are over 70 years old are exempt from the CE requirement
Who is required to have areal estate license?
Anyone advertising, selling or leasing property on behalf of others or carrying out real estate business on behalf of others.
What are the requirements concerning the location of my real estate business and my designated broker?
1. every person, partnership, association or corporation must maintain a definite place of business - a room in his home or an office to be used to transact real estate business 2. the certificate of registration as broker and the certificates of each sales person and broker/salesperson working under that broker shall be prominently displayed in the office with the place of business designated on the license. 3. if a licensee moves to a new location, they have 10 days to notify the commission who will issue a new license for the new address for the remaining unexpired period 4. all salesperson or broker/salesperson licenses shall designate the responsible broker 5. if the salesperson or broker/salesperson changes responsible brokers, they have have 3 days to notify MREC of the change in brokers and a new license will be issued by MREC with the change 6. Change of responsible broker without notification to MREC shall automatically cancel a license 7. If a salesperson is terminated by a broker, the responsible broker shall have 3 days to return the license to MREC for cancellation 8. It is unlawful for a licensee to perform direct or indirect real estate business after his license has been returned to MREC for termination until the license has been reissued by the commission.
No real estate broker shall practice law or give legal advice directly or indirectly unless said broker be a duly licensed attorney under the laws of this states. explain.
1. he shall not give advice or opinions as to the legal effect of instruments nor give opinions concerning the validity of title to real estate. 2. He shall not prevent or discourage any party to a real estate transaction from employing the services of an attorney 3. he shall not undertake to prepare documents fixing and defining the legal rights of parties to a transaction 4. he can, however, fill in the blanks on a real estate contract 5. he shall not participate in attorney's fees, unless the broker is a duly licensed attorney under the laws of this state and performs legal services in addition to brokerage services
What is the licensee's responsibility for delivery of the property disclosure?
1. if more than one licensed real estate broker is acting as an agent in a transaction, the broker who has obtained the offer made by the buyer shall deliver the disclosure required to the buyer, unless the seller has given other written instructions for delivery 2. if a licensed real estate broker responsible for delivering the disclosure cannot obtain the disclosure document required and does not have written assurance from the buyer that the disclosure has been received, the broker should advise the buyer in writing of his rights to the disclosure. A licensed real estate broker responsible for delivering the disclosure should maintain a record of the action taken to effect compliance
What is the duty of the responsible broker?
1. instruct the licensees in the fundamentals of real estate practice 2. ethics of the profession and the MS license law 3. Exercise supervision of their Real Estate activities for which a license is required
______________ ___________ __________ shall mean that agent representing both parties to a real estate transaction with the informed consent of both parties, with written understanding of specific duties and representation to be afforded each party.
Disclosed Dual Agent
When the agent must disclose to the principal any information the agent becomes aware of in connection with the agency
Disclosure
What are the grades required for a Salesperson's National and State exams?
Salesperson National - 70% Salesperson State - 75%
What should broker do when seller accepts or rejects the offer upon written request?
Document and date it
Are there other penalties that MREC can administer?
If Person 1. first violation fine of not less than $500 and no more than $1,000 2. or imprisonment for a term not to exceed 90 days 3. or BOTH 4. second violation is $2,000 or no more than 6 months imprisonment or both If corporation 1. fine no more than $2,000 2. second violation no less than $2,000 and no more than $5,000
When should a real estate licensee deliver a true and correct copy of any instrument to any party executing the same?
Immediately at the time of signing
When the agent must put the interests of the principal above the interests of the agent or any third party
Loyalty
All advertising shall indicate what?
That the party advertising is licensed in real estate Name of the responsible broker or name of the real estate firm
What is the criteria for MREC approved real estate schools, instructors and curriculum?
Be familiar with the overall basic in this area
Fees: Changes Place of Business change Each duplicate license Each transfer of license Status change from active to inactive Status change from inactive to active
Place of business change - $50 Each duplicate license - $50 Each transfer of license - $50 Active to inactive - $25 Inactive to active - $50
When the agent must perform all duties with the care and diligence which may be reasonably expected of someone undertaking such duties
Reasonable skill, care and diligence
Who is responsible for all earnest money deposits?
Responsible broker
The MREC has the authority to adopt and establish ___________ and _________ necessary to conduct business and for enforcement and administration of these statutes
Rules and regulations
When should the non material facts be disclosed?
When asked by a consumer. You can not lie.
Monies received in a trust account on behalf of clients or customer are not ________ of the broker
assets
What is the First Substantive Meeting in a real estate transaction where the broker is the agent for the seller?
before or immediately prior to the following: 1. showing the property to a prospective buyer 2. eliciting confidential information from a buyer concerning the buyers' real estate needs, motivation, or financial qualifications 3. the execution of any agreements governed by section 73-35-3 of the MS code of 1972 annotated
What happens when more than one written offer is made before the owner as accepted an offer?
both offers should be presented unless listing broker has specified. multiple counter offers should be cautioned
__________ shall mean that person not represented in a real estate transaction. It may be the buyer, seller, landlord or tenant
customer
Who has to have a broker's license in a licensed business entity?
in the case of licensed business entities - corporations, partnership, companies or association, each member, owner, partner or officer who actively participates in the selling or leasing of real estate for a fee must hold an individual broker's license
Every real estate contract must reflect whom the broker __________________ by a statement over the signatures of the parities to the contract.
represents
Who is responsible for compensating a broker who is an agent for the seller which fails or is unable to consummate the transaction?
the Seller
What if the broker has more than one office?
the broker shall display a branch office license in each branch office
When can the buyer terminate an exclusive buyer representation agreement?
upon 15 calendar days with written notice to the buyer's exclusive agent
When the agent must provide a full accounting of any money or goods coming into the agent's possession which belong to the principal or other parties
Full accounting
What is the fee per hour of instruct that may be charged to allay costs of seminars for educational purposes provided by the commission?
no more than $5 an hour
Fees: Application for license as a real estate broker issued for partnership, association, or corporation and one year's use of license
partnership, association or corporation - $75 Branch Office - $50
When does the earnest money have to be deposited?
prior to the close of business of the next banking days
___________________ is the fee paid to a broker for the rendering of services. This is not the determining factor in an agency relationship
Compensation
When the agent must keep private information provided by the principal and information which would give a customer an advantage over the principal strictly confidential, unless the agent has the principal's permission to disclose the information. This duty lives on after the agency relationship is terminated.
Confidentiality
other than advertisement, licensees are required to disclose their licensed status on all _____________ for real estate
Contracts
What happens when MS broker assisting or cooperating with nonresident fails to list his or name in advertisement?
Violation of section 73-35-11 Revocation or suspension
What are the requirements for obtaining a broker's license?
1. 21 years old 2. Must have legal domicile in Mississippi at time of application 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 to making application to take the broker's exam 6. Must complete 120 hours of courses in real estate 7. must pass the real estate broker's exam 8. If an applicant hasn't held an active salesperson's license for at least 12 months, they must have completed a minimum of 150 classroom hours in real estate courses for credit toward a degree from an approved college or university 9. The residency requirement does not apply to those licensees of other states who qualify and obtain non resident licenses in this state
What fee is charged to review and process the application and instructional materials for each curriculum seeking acceptance as a real estate continuing education course developed to satisfy the mandatory continuing education requirements? What is the fee to renew previously approved course?
$100 $50
Fees: Returned Check
$25
What is the fee for each bad check received by the commission?
$25
What is the fee to furnish any person a copy of a real estate license?
$25
What is the fee to change status of licensee from active to inactive? What is the fee to change status inactive to active?
$25 $50
What is the annual fee for each additional or Change in office or place of business?
$50
What is the fee for each duplicate or transfer of salesperson's license?
$50
What is the fee for each duplicate license where the original license is lost or destroyed?
$50 affidavit must be made
What is the fee for each license as real estate broker issued to a member of a partnership, association or officer of a corporation?
$75
What are the requirements for obtaining a salesperson's license?
1. 18 Years old 2. Must be bona fide resident of Mississippi prior to making application 3. complete 60 hours in real estate courses from MREC- approved provider 4. Must pass the salesperson's licensing exam 5. The residency requirement does not apply to those licensees of other states who qualify and obtain nonresident licenses in this state
for what types of transactions can the BPO be used?
1. An existing or potential seller for the purposes of listing and selling a parcel of real property 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 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
how many times can i take the licensing exam?
1. Anyone who fails to pass the salesperson's licensing exam 2 times shall be ineligible to sit for the exam again for 3 months. 2. Anyones who fails to pass the broker's exam 2 times shall be ineligible to sit fo the exam again for 6 months
Who is exempt from having a real estate license?
1. Attorneys at law in the performance of primary or incidental duties as such attorneys at law 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
When was the Real Estate Commission created and what is its structure?
1. Established in 1954 2. Made up of 5 commissioners, appointed by the Governor with advice and consent of the senate 3. At least one commissioner from each congressional district and one at large member 4. staggered terms
What are the requirements to obtain a nonresident's license?
1. Licensed broker in another state 2. Broker or sales person affiliated with a resident or nonresident Mississippi broker 3. Nonresident who applies for a broker's license and will maintain an office in Mississippi 4. Nonresident broker doesn't have to have a place of business in Mississippi if they are actively engaged in real estate and maintain a place of business in another state 5. The nonresident broker is subject to all the other licensing requirements for Mississippi except for the residency requirement and pre-licensing education 6. The nonresident broker shall obtain a Mississippi license for the firm they will operate as broker 7. A non resident broke or salesperson must meet Mississippi continuing education requirements
What things are to be included on a BPO?
1. Must be in writing 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, 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.
How many copies of the cooperating agreement should be filed with the MREC?
2 copies
How long must a real estate broker keep files regarding to any real estate transaction?
3 years
What are the grounds for MREC to refuse to issue, suspend or revoke a license?
1. making any misrepresentation in connection with a real estate transaction 2. making any false promises of a character likely to influence, persuade or induce 3. pursuing a continued and flagrant course of misrepresentation or making false promises through agents or salespersons or any medium of advertising 4. any misleading or untruthful advertising 5. acting for more than 1 party in a transaction or receiving compensation from roe than 1 party in a transaction, or both, with out the knowledge of all parties for whom he acts 6. failing to account for or to remit any monies coming into his possession which belong to others or commingling of monies belonging to others with his own funds. 7. entering a guilty plea or conviction in a court of competent jurisdiction of this state, or any other state or the US of any felony 8. Displaying "for sale" or "for rent" sign on any property without the owner's consent 9. failing to furnish voluntarily, at the time of signing, copies of all listings, contracts and agreements to all parties executing the same 10. inducing any party to a contract, sale or lease to break such contract for the purpose of substituting in lieu thereof a new contract, where such substitution is motivated by the personal gain of the licensee 11. accepting a commission or valuable consideration as a real estate salesperson for the performance of any of the acts specified in this chapter form any person, except his employer who must be a licensed real estate broker 12. any act or conduct which constitutes or demonstrates bad faith, incompetency, untrustworthiness, dishonest, fraudulent or improper dealing 13. Non payment of child support
what are the licensee's duties and liabilities for the information the seller discloses?
1. neither the seller or the listing or selling agent are liable for any error, inaccuracy or omission of any information delivered if the error, inaccuracy or omission was not within the personal knowledge of the seller or the listing or selling agent if based on information provided by public agencies or other persons 2. neither shall be liable if ordinary care was exercised in obtaining and transmitting the information 3. delivery and disclosure of areas outside the licensee's expertise should be prepared by other professionals such as a licensed engineer, land surveyor, geologist, structural engineer, pest inspector or contractor
Can I sue for compensation?
1. only real estate brokers can sue for the recovery of a commission, fee or compensation unless the person filing was a real estate broker at the time of the act or service 2. a real estate salesperson cannot file suit for recovery of fees, commissions or compensation for services as a salesperson under a broker. The broker must file a suit. 3. A salesperson can file in his own name if filing against a broker for recovery of fees owed to him.
What does the exclusive listing agreement include?
1. sales price 2. considerations to be paid 3. signatures of all parties 4. definite date of expiration
What are the requirements for delivery of the property disclosure?
1. seller shall deliver the disclosure to the prospective buyer: a) in the case of a sale, as soon as practicable before transfer of title b) in the case of transfer by a real property sales contract, or by a lease together with an option to purchase, or a ground lease coupled with improvements, as soon as practicable before execution (making or acceptance of offer) of the contract. 2. if the disclosure or any material amendment to the disclosure is delivered after the execution of an offer to purchase, the buyer has 3 days after delivery in person or 5 days after delivery in the mail, to terminate his or her offer by delivery of a written notice of termination to the seller or the seller's agent
Explain the Interest on Real Estate Broker's Escrow Accounts (IREBEA) program
1. the IREBEA program is a voluntary program based upon willing participation by real estate brokers, whether proprietorships, partnerships or professional corporations 2. IREBEA applies to all clients or customers of the participating brokers whose funds on deposit are either nominal in amount or to be held for a short period of time 3. read through and simply be familiar with the stipulations
What are the requirements for disclosure?
1. the real estate property disclosure requirements apply to one to four dwelling units when the transfer includes the aid of a licensed real estate broker or salesperson.
What is excluded from the disclosure requirements?
1. transfers pursuant to court order such as probate court in admin of an estate, writ of execution, foreclosure sale, bankruptcy, eminent domain, and decree for specific performance 2. transfers to a mortgagee by a mortgagor or successor in interest who is in default, anyone in default, obligation secured by a mortgage, deed of trust 3. transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship or trust 4. transfers from one co owner to one or more other co owners 5. transfers made to a spouse or to a person in the lineal line of consanguinity of one or more of the transferors 6. transfers between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree 7. transfers or exchanges to or from any governmental entity 8. transfers of real property on which no dwelling is located.
What is an agent's responsibility and liability concerning square footage?
1. when an agent provides the square footage or area of a property in connection with areal estate transaction, it shall not be considered in guarantee or warranty 2. If the licensee provides third party information concerning square footage they 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 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
________ shall mean the relationship created when one person, the principal (client), delegates to another, the agent, the right to act on his behalf in a real estate transaction and to exercise some degree of discretion while so acting.
Agency
__________________ shall mean one who is authorized to act on behalf of and represent another.
Agent
Fees: Application and one years use of License
Broker - $150 Salesperson - $120
What are the grades required for a Broker's National and State exams?
Broker National - 75% Broker State - 80%
Fees: Renewal fees for two year period
Broker individual - $150 Broker group - $150 Salesperson - $120 Branch Office - $100
What is the initial application fee for brokers and salesperson's?
Brokers - $150 Salespersons - $120
What are the renewal fees for Brokers and Salespersons per year?
Brokers - $75 Salesperson - $60
What are the requirements to make application for a license?
Brokers License: 1. Fill out the MREC application 2. Include ht recommendations of 3 citizens who have owned property for at least 3 years and who have known the applicant for 3 years attesting to the applicant's good reputation, honesty and trustworthiness Salesperson's license: 1. Fill out MREC application 2. Include 2 photos 3. include social security number
Who is the agent and subagent to the principal?
Brokers are the agents and salespersons are subagents
__________ shall mean the person to whom the agent owes a fiduciary duty. It can be a seller, buyer, landlord, tenant or both
Client
An agency gives rise to a ________________ relationship and imposes on the agent, as the ____________ of the principal, certain duties, obligations, and high standards of good faith and loyalty.
Fiduciary
What should advertisement say when a licensee is selling their own property?
It should disclose that he or she is licensed
What are the fiduciary responsibilities?
LODCRF 1. Loyalty 2. Obedience 3. Disclosure 4. Confidentiality 5. Reasonable skill, care and diligence 6. Full accounting
Can a listing agreement contain any provision requiring the listing party to notify cancelation of the listing after expiration?
NO
Can a real estate broker who operates under the supervision of a responsible broker act independently as a broker?
NO
Can a real estate licensee be exempt from discipline by the commission when selling property owned by the licensee?
NO
Can licensee represent to a lender or any other interested party an amount in excess of the true and actual selling price?
NO
Can a brokers opinion be used as an appraisal?
NO violation of RE brokers license act must conform to NABPOP
Can the nonresident broker place signs on any real property located in MS?
NO - written consent is needed When consent is received, the MS broker must place a sign in close proximity to the nonresident sign
When the agent agrees to obey any lawful instruction from the principal in the execution of the transaction that is the subject of the agency
Obedience
When can a broker affiliate perform certain real estate services outside the responsible broker's supervision or direction?
The responsible broker shall notify the commission in writing as to the exact nature of the relationship and the names of the broker or brokers involved. Commission should be notified even if it is terminated
How can a licensed MS broker cooperate with a broker licensed in another state who does not hold a MS license?
Through the use of a cooperative agreement. A separate cooperative agreement must be filed for each property including commission.
Does a responsible broker have to display the license?
Yes
Can an inactive licensee still receive compensation?
Yes only if the commission was generated from activity during the time that the licensee was under that brokers supervision
What is non material disclosure?
issues that are part of the history of the property that have no effect on a consumer's health and welfare and the physical condition of the home. Non material disclosure has to do with issues that may be PERCEIVED to affect the property
Can i cooperate (pay a fee) to a broker licensed in another state?
it shall be unlawful for any licensed broker, salesperson or other person who is not licensed as a Mississippi resident or nonresident broker or sales person and a licensed broker or licensed salesperson in this state to perform any of the acts regulated by this chapter, except that a licensed broker of another sate who does not hold a Mississippi real estate license may cooperate with a licensed broker of this state provided that any commission or fee resulting form such cooperative negotiation shall be stated on a form filed with the commission reflecting the compensation to be paid to the Mississippi broker.
