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33 Cards in this Set
- Front
- Back
What is the purpose of Missouri License Law? |
To protect the public. |
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What does MREC stand for and how many members are there? |
Missouri Real Estate Commission. 7 members. |
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What does the MREC do? |
They write the rules and regulations. Conduct examinations and issue licenses. Prepare and publish digest of decisions of complaints. Hold investigatory hearings and subpoena records or persons. Investigate licensees. |
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What are the qualifications to be on the MREC? |
US Citizen, broker for 10 years(6), 1 member of of voting public, and appointed by the Governor. (confirmed by the Senate) |
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How long is each MREC member's term? |
5 years (staggered) |
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True or False, the MREC settles disputes over commissions. |
FALSE |
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The MREC must investigate a complaint if it is which, written or verbal? |
Written. Verbal complaints may or may not be investigated. |
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The MREC pay fees and mileage to witnesses? |
TRUE. |
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Can the MREC suspend a brokers license until a complaint against them is resolved? |
No. |
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Missouri License Law is known as Chapter... |
Chapter 339 |
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What power does the MREC have over non-licensed persons? |
They can subpoena them for testimony, and file for an injunction or a restraining order against them. |
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Vocab: Injunction |
Court order by which an individual is ordered to perform, or restrained from performing, a particular act. |
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What are the two requirements when the MREC files an injunction? |
1. Must be in a court of general or competent jurisdiction. 2. Must be in the county where conduct occurred or defendant resides. |
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Can you list, buy, sell, negotiate, or exchange real estate for other people and for compensation if you are not licensed? |
No. You can if it is your own property and not for compensation. Or if you work for the owner and they are not in the real estate business. |
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Can you sell your neighbors property for a small fee without a license? |
No. |
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If you deal in options on Real Estate you need to have a license. |
True |
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If you are a salesperson you can advertise as a broker. |
False |
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If you procure prospects for a fee you need to have a license. |
True |
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If a real estate publication charges an advance fee for promoting sales they need to have a license. |
True |
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A person employed by the owner, and the owner is in the real estate business, they do not have to have a license to buy, sell, exchange, etc. |
FALSE |
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If you are NOT in the real estate business, your employee CAN sell property for you. |
TRUE |
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I can sell or lease my own property without a license. |
TRUE |
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An executor of an estate, trustee of a trust, or receiver in bankruptcy is a person acting under court authority or law and therefore... |
is exempt from licensure. |
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If I am an independent contractor hired to buy and sell property I am required to have a license. |
True. If you are an employee and your employer is not in the real estate business you are not required to have a license. |
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If a publication such as a newspaper or magazine that is not dedicated to Real Estate advertises a property they do not have to have a license. |
TRUE |
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If you work for a broker and you are not licensed you can do what for who? |
Nothing for anyone. You can take a message and have a licensed salesperson or broker call them back. You can do clerical duties. |
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If you work in property management for a broker or owner you can do what for who? |
You can share information with anyone. You can collect rent checks, show units, convey unit or lease information, and deliver and receive lease applications, etc. |
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Salesperson |
Any person associated with a broker, who receives compensation for doing the things a broker does. May be an employee or an independent contractor. |
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What is the difference between a salesperson who is an employee and a independent contractor? |
An independent contractor is self employed and must take care of their own taxes and benefits and gets 100% of their commission. |
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What type of licensed person must be sponsored by a broker and perform all real estate activities under that broker? |
A Salesperson |
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What type of licensed person can manage a branch office and other salespersons? |
Broker |
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Who may be a professional corporation? |
Salerperson (Not Broker) |
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What must you do to become a professional corporation? |
Register with the Secretary of State and file with the MREC. Notify the MREC within 10 days of change or dissolution. |