MREC Flashcards
MREC stands for
Mississippi Real Estate Commission
When was MREC established?
May 6, 1954
Why was the MREC established?
To safeguard and protect the public
MREC’s offices are located?
Jackson, MS
What is the Mississippi Real Estate Commission (MREC)?
Administers control over the commercial real estate industry in the State of Mississippi, licensing all real estate brokers and salespersons.
Works to assure that all real estate transactions are performed in a professional and ethical manner. Potential licensees undergo comprehensive testing and are subject to continuing education requirements.
Protects the consumer by setting forth a set of rules for its licensed members, and is responsible for investigating reports of rule violations and unethical practices.
Also monitors real estate commerce taking place between brokers licensed in Mississippi and those in other states.
License Regulation- Review
The Real Estate Commission
- State-level government entity that regulates and administers the license law
- Oversees licensing process; enforces license law provisions; handles consumer and licensee complaints; consists of appointed commissioners and permanent support staff; maintains education and research foundation
Regulation focus
* Management of licensing and license status; regulation of real estate schools and programs; regulation of practices of licensees; enactment of professional guidelines to protect public; resolution of disputes and complaints; suspension or revocation of licenses
Bonds and recovery funds
* Ensure that the public will be able to collect on settlements for damages and money judgements against licensees
The Real Estate Commission is comprised of how many members?
5
Who appoints the members of the Real Estate Commission?
The Governor
In order to qualify to become a Commission member you must have:
Lived in the state of Mississippi for at least 6 years before being appointed
Served as a Broker for at least 5 years
The Commission has the power to _______, _______, or ________ to issue a license.
Suspend
Revoke
Refuse
The Commission may initiate a hearing for the ____________, ___________, or ___________ of a license of its own volition or upon receiving a complaint against a licensee.
suspension
revocation
refusal
The Commission shall refuse a license or revoke or suspend a license if, following a hearing, the licensee is found guilty of:
Obtaining a real estate license through false or fraudulent representation
Making any substantial misrepresentation in connection with a real estate transaction
Making false promises likely to influence, persuade or induce
Making false promises through agents or salespersons or any medium of advertising or otherwise
Making any misleading or untruthful advertising
Acting for more than 1 party in a transaction or receiving compensation from more than 1 party in a transaction without the knowledge of all parties
Commingling money belonging to others or failing to account for the money, within a reasonable period of time belonging to others Every responsible broker who receives earnest money must deposit, within a reasonable period of time- the money into a trust or escrow account in a bank or trust company pending the consummation or termination of the transaction “Reasonable time” in this context means by the close of business of the next banking day
Being convicted of a felony
Displaying a “for sale” or “for rent” sign on a property without the owner’s consent
Failing to voluntarily provide copies of all listings, contracts, and agreements at the time of signing to all parties involved
Paying a commission/compensation to any person other than a licensed real estate broker or salesperson
Inducing any party to a contract to break the contract in order to substitute a new contract for the personal gain of the licensee
Accepting a commission/compensation as a real estate salesperson from any person except the licensee’s employer-who must be a licensed real estate broker
Any act or conduct that constitutes or demonstrates bad faith, incompetency, untrustworthiness, or dishonest, fraudulent, or improper dealing
Practicing law or Conveyancer activities (Conveyancer-is an attorney who answers the question such as, “How should we take title?”)
Grounds for Suspension of, Revocation of, or Refusal to issue a License:
Obtaining a license fraudulently
Misrepresentation in a real estate transaction
Making false promises
False or misleading advertising
Acting as a dual agent without the knowledge or consent of all parties
Commingling earnest money
Committing a felony
Placing a “for sale” sign on a property without the owner’s permission
Not furnishing contracts and agreements at the time of signing
Paying a commission to an unlicensed individual
Accepting a commission from anyone other than the employing broker
Demonstrating bad faith, incompetence, untrustworthiness, dishonesty or improper dealing
Failure to comply with a child support order
Practicing law without a license
The Commission may suspend the license of any licensee for being out of compliance with an order for _____ _______
Child Support
The Mississippi Real Estate Commission:
Consists of 5 members
Members appointed by Governor
Members must have been brokers for at least 5 years
Members must have lived in the state of Mississippi for at least 6 years
Regulates the real estate industry
Ensures licensees conduct themselves with ethics and professionalism
Mandates pre-license testing and continuing education for licensees
Creates rules and regulations for licensees
Conducts hearings into rule violations
Sets punishments for licensees found in violation of rules
