Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Broker > Broker > Flashcards

Broker Flashcards

1
Q

Missouri Real Estate Commission can only _, _ or _ for committing a Class B Misdemeanor

A

suspend, revoke or place a licensee on probation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Missouri Statute #— that requires a person be licensed to participate in the real estate profession

A

339

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The purpose of the Missouri Real Estate Commission is to

A

protect the public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Any person who violates Missouri License Law and is found guilty has committed a

A

CLASS B MISDEMEANOR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Is a Real Estate License is required? Selling/assisting buyers, sellers, landlords or tenants with real estate activities

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Is a Real Estate License is required? Procuring prospects

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Is a Real Estate License is required? Offering to sell

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Is a Real Estate License is required? Listing for sale

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Is a Real Estate License is required? Negotiating - helping a consumer to buy, sell, rent or lease a property

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Is a Real Estate License is required? Leasing or renting

A

Yes, with some exclusions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Is a Real Estate License is required? Exchanges- negotiates or offers or agrees to negotiate the exchange of real estate for a consumer

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Is a Real Estate License is required? Publishing a real estate only publication

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Is a Real Estate License is required? Dealing in options

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Is a Real Estate License is required? An owner or regular employee of a corporation who is not in the real estate business as a vocation

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Is a Real Estate License is required? An auctioneer employed by the owners to auction their property

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Is a Real Estate License is required? A court-appointed person who is chosen to be the guardian of an estate

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Is a Real Estate License is required? Any person employed to manage real property by, for, or on behalf of the agent or the owner, of any real estate IF the person is limited to delivering and receiving a lease, showing a rental unit or conveying information prepared by a broker.

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The seller (Owner) in an option is called the

A

Optionor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The maybe buyer in an option is called the

A

Optionee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

The are how many members of the Missouri Real Estate Commission?

A

7

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Commissioners are appointed by who with the consent of the Missouri Senate

A

the governor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

The commission is made up of six (6) members who must be licensed brokers for at least 10 years.
One (1) member of the commission must be

A

from the general public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Terms of the commissioners are for

A

five years.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Commissioners receive how much a day plus expenses when they are meeting.

A

$75

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

All commissioners must be Missouri residents for at least

A

one year.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Commission employees cannot be actively involved in

A

the real estate business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Can MREC Hold hearings, pay fees and mileage of witnesses

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Can MREC Issue subpoenas

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Can MREC Promulgate (make known) and enforce the rules and regulations

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Can MREC Suspend

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Can MREC Revoke

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Can MREC Place on probation

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Can MREC Sue and be sued

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Can MREC Hire employees

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Can MREC Elect a chairman

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Can MREC Hold regular meetings

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Can MREC Act by mail or conference call

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Can MREC Obtain a restraining order in a court of competent jurisdiction

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Can MREC Order restitution to injured parties not to exceed $2,500 per day, per offense

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Can MREC Investigate any time with or without a written complaint

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

If the commission receives a written, sworn (notarized) complaint they must

A

investigate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Will the Missouri Real Estate Commission ever be involved in a commission (money) dispute between licensees and/or brokers

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Is a person or entity that is not licensed subject to MREC rules and regulations

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Who can MREC ask to make a person stop practicing without a license?

A

“Court of competent jurisdiction”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Can MREC Levy fines or award money damages

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Can MREC Arbitrate commission disputes

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Can MREC Discuss any case pending before the Missouri Administrative Hearing Commission

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Missouri Administrative Hearing Commission (MAHC) is made up of 3

A

attorneys

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

If the MREC feels that a licensee has violated the license law, they must send the case to the

A

MAHC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

If the MAHC feels that the MREC is not correct, then the case is

A

dismissed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

If the MAHC feels the MREC is correct

A

the case is sent back to the MREC so that the license of the licensee can be suspended, revoked or placed on probation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

A person who is refused a license by the MREC appeals that decision to the

A

MAHC.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

A violation of Chapter 339 is a

A

Class B Misdemeanor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

If a licensee is investigated by the MREC and the MAHC, and there has been an accusation of a felony being committed, the accused crime will be turned over to

A

the attorney general

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

How much can MREC fine a licensee?

A

Nothing, ever!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

“The broker” cannot hold licensees licenses if the person is not going to be actively involved in the business. The license should be returned to the MREC. (How many referrals a licensing period would make a licensee “Actively involved in the business.”)

A

One

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

If a broker changes his/her company office or branch office, the MREC must be given written notice within

A

10 days.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

License renewal is always on

A

June 30th every two years – even years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Can a Broker-Salesperson act as a branch or sales manager and can continue to list and sell property

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Can a Broker-Salesperson “hold” licenses

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Can a Broker-Salesperson choose to operate as a salesperson under the direction of another broker

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

A licensee has attained broker status, and chooses to operate as an officer, partner or associate.The entity becomes “The broker” and the partners in the corporation become

A

broker officers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

A salesperson can be an officer of a corporation, but cannot be involved in

A

management or supervision of the business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

All corporate officers involved in the brokerage business must have active

A

broker-officer licenses or a salesperson’s license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

The Corporation must be in good standing with the

A

Secretary of State

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

If a company is set up as a Corporation, Partnership or Association one of the officers, partners, or associates must serve as the ___ for the purpose of communication with the MREC.

A

“Designated Broker”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Can a salesperson manage other licensees without obtaining some type of broker license?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

A Salesperson must renew license when?

A

September 30th - even years - every two years

69
Q

Delinquent renewal applications must be accompanied by a delinquent fee of

A

fifty dollars ($50) per month or partial month elapsed since the date of license expiration, not to exceed two hundred dollars

70
Q

Any licensee who fails to complete continuing education requirements during the renewal period must submit with their renewal proof of completion of the

A

Missouri Real Estate Practice Course.

71
Q

If a salesperson who wishes to transfer to another broker has a complaint filed against him/her, the MREC

A

will usually disclose all information about the complaint to the new broker.

72
Q

Once a licensee puts his/her license on inactive status, he/she cannot

A

collect any fees (referral or otherwise).

73
Q

To reactivate, a licensee must take the broker or salesperson course but does not have to

A

take the state examination.

74
Q

Are continuing education courses required while a licensee is on inactive status.

A

No

75
Q

Does holding an active broker license require that you do any business or make any referrals to continue to hold an active license.

A

No

76
Q

With a broker license, if you do not make any referrals or make any money during a licensing period, you can have an office in your home. Does it have to have a sign?

A

No

77
Q

While holding an active broker license, as soon as you make money, you have to have

A

a sign of sufficient size to identify your office and business hours stated.

78
Q

Upon the death or incapacity of a sole proprietary broker

A

A temporary license is issued

79
Q

What dies with the broker

A

All listings

80
Q

Who can be designated as a temporary broker?

A

Anyone, licensed or unlicensed.

81
Q

What is the purpose of a temporary license?

A

The purpose is to “terminate” or finish the existing transactions.

82
Q

What is the fee for a temporary license?

A

Nothing

83
Q

Applicants have HOW LONG after completing the course (sales or broker) to pass the test and apply for a license?

A

six (6) months

84
Q

A corporation was entering the real estate business. It must be registered with

A

MREC.

85
Q

If an individual holds a current and active salesperson license in another state/jurisdiction at the time they apply for a Missouri salesperson license, they must

A

pass the state portion of the salesperson exam and take the Practices course.

86
Q

A person owned her own company specializing in negotiating sales for buyers and sellers. She had incorporated her business but does not get listings or sell properties. Does she need a real estate license to do this?

A

Yes, she would need a broker-officer’s license and her corporation would need a broker’s license.

87
Q

Can a broker-salesperson acting as a sales manager hold all the licenses of the salespeople working under him/her.

A

No

88
Q

A branch office under a principal broker would operate under who’s license.

A

the principal broker’s

89
Q

An active broker must maintain a place of business in this state, which shall be open to the public during regular business hours, or at regular stated intervals if he/she is holding

A

salespersons licenses

90
Q

A salesperson cannot be associated with a broker who does not maintain a regularly established

A

place of business

91
Q

Can the sales manager of a main or branch office continue to list and sell property

A

Yes

92
Q

“The Broker” must conduct business under the same name for both the main and branch offices. T/F

A

True

93
Q

Wall licenses can be kept at the main or branch office.

T/F

A

True

94
Q

Ultimate responsibility for everyone’s actions lies with

A

“The Broker.”

95
Q

Project offices, such as a builder’s trailer or a kiosk in a mall, are not considered

A

branch offices.

96
Q

The broker must deposit the money within __ BANKING DAYS after acceptance of the offer to purchase.

A

10

97
Q

No broker shall commingle his/her personal funds or other funds in an escrow account with the exception that a broker may deposit and keep a sum not to exceed ? in the account from his/her personal funds, which sum shall be specifically identified and deposited to cover service charges related to the account.

A

one-thousand dollars

98
Q

Doing anything wrong with other people’s money; depositing too late, taking out too soon, using the money without written permission is

A

Commingling or “conversion”

99
Q

Disputes: If civil action is filed, give the money to

A

the courts to disburse

100
Q

Disputes: If no court action, who can make a decision (15 days written notice by registered mail to all parties)

A

the broker can

101
Q

Disputes: broker shall report and deliver the moneys to

A

the state treasurer within three hundred sixty-five days of the date of the initial projected closing date

102
Q

Brokers must have an Escrow or Trust Account unless

A

exempted by the MREC.

103
Q

Salespeople must deposit money with their broker

A

IMMEDIATELY.

104
Q

Commissions must be removed from escrow at the time the transaction is completed. They are made payable to

A

the broker’s business account.

105
Q

1 of 6 - Broker Mary is renewing her branch office license. What must she do?

A

Notify the commission of the address of the branch and who is in charge.

106
Q

Salespersons can have their name and number in an advertisement, but they must include the equivalent information for

A

the brokerage

107
Q

If a Broker owner wishes to sell his/her own property without the aid of a real estate company (Property owned by licensees), all advertising must read as follows:

A

“For sale by owner-broker”

108
Q

If a Salesperson owner wishes to sell his/her own property without the aid of a real estate company (Property owned by licensees), all advertising must read as follows:

A

“For sale by owner-salesperson”

109
Q

If a Broker-Salesperson wishes to sell his/her own property without the aid of a real estate company (Property owned by licensees), all advertising must read as follows:

A

“For sale by owner-agent”

110
Q

Discriminatory advertising is illegal, and a violation of the Federal Fair Housing Laws, which prohibit discrimination based on

A

race, color, religion, national origin, sex, familial status, and handicap.

111
Q

Definition: A licensee cannot use prizes, money, gifts, or other valuable consideration to secure customers to purchase, lease, sell, or list property when the awarding of such is conditioned upon the purchase, lease, sale or listing.

A

Inducement

112
Q

Is the Missouri Broker Disclosure form required for commercial real estate

A

No

113
Q

The property manager must make a written statement of property income to the owners of rental properties at least

A

once a year unless agreed otherwise.

114
Q

To collect a commission for real estate, the salesperson and the broker must have

A

an employment contract

115
Q

Those acts that do not rise to the level of a brokerage relationship.

A

Ministerial Acts

116
Q

A contract between the listing agent and other agents who show or otherwise participate in the marketing of that listing

A

Subagency

117
Q

A licensee whose duties and obligations to a client are those set forth in the license law.

A

Limited Agent

118
Q

When must a licensee provide a customer with a written copy of the current Broker Disclosure Form?

A

a) on or before the signing of the brokerage relationship agreement, or b) upon the licensee obtaining any personal or financial information, whichever occurs first.

119
Q

When there is a cooperative broker agreement, the selling broker is presumed to be

A

a transaction broker.

120
Q

Brokers must retain true copies of all records for a minimum of

A

three (3) years

121
Q

This is a clause that allows a broker to collect a commission after the listing is over if a buyer who was introduced to the property during the listing period decides to buy.

A

carry-over clause

122
Q

A licensee representing a buyer or tenant as a buyer’s or tenant’s agent shall be a limited agent with specific duties and obligations- this is called

A

an Exclusive Right to Represent.

123
Q

If the buyer and seller are represented by different brokers, it is the responsibility of ? to deliver, or cause to have delivered, the closing statements.

A

the listing broker

124
Q

Missouri court decision that determined precisely what real estate licensees are or are not allowed to do in a real estate transaction. Prior to this decision, many real estate licensees were practicing law.

A

Hulse vs. Criger

125
Q

Agency disclosure in Missouri must be made orally to a seller, buyer, landlord or tenant of residential property prior to obtaining

A

personal and/or financial information

126
Q

Each active real estate licensee shall complete, as a condition precedent to license renewal, a minimum of ? hours of real estate instruction approved for continuing education credit by the Missouri Real Estate Commission every two years.

A

12

127
Q

Which account is for long-term monies like security deposits and prepaid rents.

A

The Escrow or Trust Account

128
Q

Which account is for the purpose of handling current rents, paying rents and commissions, etc.

A

The Property Management escrow account

129
Q

After her employing broker had died suddenly, Penny was appointed as “temporary broker” for her firm. What can she do?

A

Terminate all existing transactions.

130
Q

Broker Melanie made a change to her escrow account. How long does she have to notify MREC of the change?

A

15 days

131
Q

? is to deposit clients’ funds in the broker’s personal or general account.

A

Commingling

132
Q

? is the misappropriation of property belonging to another.

A

Conversion

133
Q

A civil penalty by the commission is not to exceed $? for each offense.

A

$2,500, Each day of a continued violation shall constitute a separate offense. The total is not to exceed $25,000

134
Q

In actions against unlicensed persons or disciplinary actions against licensed persons, the commission may issue an order imposing

A

a civil penalty

135
Q

When must a broker provide an owner with statements showing the receipt and disbursement of funds?

A

At the time of settlement and disbursement of commission funds to and from other brokers and licensees

136
Q

Within what timeframe does Broker Jake have to inform the parties to the transaction that there is an escrow problem?

A

15 days

137
Q

An estate for at least a lifetime or greater because it can be willed to heirs.

A

Freehold estates

138
Q

A less-than-freehold estate that a tenant possesses in real property.

A

Leasehold estates

139
Q

Corporeal property

A

buildings, fences, fixtures, etc.

140
Q

Incorporeal property

A

intangibles such as rents, easements, and goodwill

141
Q

MREC members, 6 must have been a broker for ? years

A

10

142
Q

The selling broker, as well as other agents, are presumed to be ? of the listing broker unless there is a written agreement to the contrary

A

Transaction Brokers

143
Q

The MREC can require as a condition of reinstatement or probation that a licensee:

A

Make restitution to the injured party

144
Q

To renew a salesperson’s inactive license, how often must the licensee pay?

A

By Sept 30 of even years.

145
Q

A salesperson is transferring to a new broker. What must be done before he/she can list or sell real estate?

A

The new broker must obtain the salesperson’s work permit from the MREC.

146
Q

A broker’s branch office would operate under the same name and license as the parent office. T/F

A

True

147
Q

1 Acre =

A

43,560 SF

148
Q

What is the width of the lot and the expanse of road exposure that a lot offers.

A

Front footage

149
Q

When a rectangular lot is described using its dimensions, such as “300 feet by 150 feet,” the first dimension is the

A

Width

150
Q

The heated and cooled square footage of a structure that is measured using the outside dimensions.

A

Gross Living Area

151
Q

The amount of space local zoning regulations require between the property line and any improvements.

A

Setbacks

152
Q

Type of legal description that describe a parcel of land using a set of fractions and the corresponding section, township and range numbers.

A

Rectangular/Government Survey

153
Q

A square tract of land used in the Rectangular/Government Survey method.

A

section

154
Q

A section is how wide and how deep.

A

1 mile

155
Q

A section contains how many acres

A

640

156
Q

How to calculate the acres in a parcel described as S ½ of the SE ¼ of the SW ¼ of section 24, township 32 north, range 18 east?

A

Multiply all denominators together and divide 640 by that answer.

157
Q

If the comparable is superior to the subject,

A

subtract value from the comparable.

158
Q

If the comparable is inferior to the subject,

A

add value to the comparable.

159
Q

Gross Rent Multiplier =

A

Sales Price divided by Monthly rental income

160
Q

Cost Approach Formula

A

Value = Land value + (Improvements + Capital additions - Depreciation)

161
Q

A decrease in value due to physical deterioration, functional or external obsolescence.

A

Depreciation

162
Q

Gross Income Multiplier =

A

Price divided by Annual Income

163
Q

Income Capitalization Formula: Value =

A

annual net operating income divided by cap rate

164
Q

Income Capitalization Formula: Cap rate =

A

annual net operating income divided by value

165
Q

The Net Operating Income is the gross income less

A

all operating expenses.

166
Q

Operating Expenses do not include mortgage payments. T/F

A

True

167
Q

Net Operating Income =

A

Potential Gross Income & Other income - Operating expenses & Vacancy loss

168
Q

Effective Gross Income =

A

Potential Gross Income & Other income - Vacancy loss

Broker (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions