MREC and Licensing

Question 1

Missouri Real Estate Commission

Answer 1

AKA MREC

Responsible for exams, licensing, and regulation of real estate business. They can create rules, discipline, investigate, and regulate

Question 2

Commission Appointment

Answer 2

Done by the governor with consent and advice of the senate

Question 3

Commission Term

Answer 3

5 years

Question 4

Commission Make up

Answer 4

7 members. 6 members of MREC must have at least 10 years of real estate broker experience.

1 member is the vice chairman. 1 member is the chairman.

Question 5

Litigation

Answer 5

If you wanna sue MREC, you must do it in Jefferson City

Question 6

MREC position on commission disputes

Answer 6

MREC will not litigate commission payment disputes. This is not one of their powers.

Question 7

Salesperson License

Answer 7

Entry level license. Cannot enter agreements with customers without an associated Broker

Question 8

Salesperson Requirements

Answer 8

Age 18+
48 hours of real estate education prior to PSI exam
24 hours of Missouri Real Estate Practice course
Must finish exams in 6 months

Question 9

Broker Requirements

Answer 9

Hold a salesperson license for 24 of the last 30 months
48 hours of advanced real estate education (in last 6 months)
Pass state exam

Question 10

Non-residential Salesperson License

Answer 10

Hold license for 24 months before applying
Pass portion of of 24 hour Missouri Real Estate Practice Course
Present license history

Question 11

Broker-Salesperson Requirements

Answer 11

Surrender salesperson license to commission

Question 12

Broker-Salesperson

Answer 12

A salesperson-like licensee who has similar duties to a salesperson except they have the capacity to manage a branch office

Question 13

License Term

Answer 13

Salesperson must renew Sept 30 of even number years
Broker must renew by June 30 of each even number year

Question 14

Renewal Exception

Answer 14

If your license is postmarked less than 2 months before the renewal date, then your license renews automatically

Question 15

Required Documentation for Licensing a Salesperson

Answer 15

Legal name
Criminal or Civil Charges charges
Birth date
Social Security Number
$50 check for application
$40 for issuance of license
National Background Check

Question 16

Commission Decision on Licensing

Answer 16

Decided after Review. On denial, applicant can file complaint and litigate.

Question 17

Denial of Application

Answer 17

Denial reason will be provided in writing. It will be Sent to address on Application

Question 18

Applicant Hearing for Denial

Answer 18

Applicant has right to hearing to appeal decision within 30 days of denial reason delivery

Question 19

Continued Education

Answer 19

Renewal requires 12 hours of continuing education. This includes 3 hours of mandatory classes and 9 elective hours.

You must be present for 50 minutes for each hour of continuing education

Question 20

Incomplete Continued Education Consequences

Answer 20

Grounds for denying renewal. Higher late fees

Please keep all your completion certificates. You can verify completion through commission’s website if you consent to having such information public.

Question 21

Failure to Renew

Answer 21

You have 6 months from expiration to cure the failure.

After 6 months, you must take the Missouri Real Estate Course a 2nd time.

After 2 years, you must re-qualify as an original applicant.

Question 22

Waiver of Continuing Education

Answer 22

You can waive your need for renewal for the following causes:

Serious injury or illness, Military duty, Legal License, passing age 80, joining the House or Reps or Senate, MREC membership

Question 23

Renewal Fees

Answer 23

50 dollars for any broker related license
Salesperson $40
Non resident Broker $150
Non resident Salesperson $100
Monthly fee for late renewal $50 (cannot exceed $200)

Question 24

Inactive License Status

Answer 24

This is when you are PROHIBITED from performing activities that require an active license

Question 25

Temporary Work Permit

Answer 25

For applicants who appear to have satisfied all the requirements for licensure. The commission can award a Temp Work Permit before final review.

Question 26

Termination of Association

Answer 26

Salesperson needs broker to do work. So if the Broker terminates the relationship with the salesperson, they must notify the MREC and return salesperson’s license to MREC, both within 72 hours. The reasons must be stated for termination. Salesperson also has 6 months to find a new broker

Question 27

Limitation on Broker/Salesperson Association

Answer 27

Salesperson cannot be associated with more than one Broker at a time.

Question 28

Associated Broker’s Death or Incapacity

Answer 28

In event of Broker death or incapacity, Commission can issue temporary broker license, which can only be used to close the business for a specified amount of time.

Question 29

Change of Name or Address

Answer 29

10 day notification in writing to Commission required upon change of name or address