Real Estate Law Flashcards
For you to learn something hopefully
Who does not need to have a License?
A public official holding an auction
These people may be excluded from holding a real estate license except…
a person who places an ad on the internet under their responsible broker
The five commissioners appointed by the Governor with advise and consent from the senate have the power to do all except
Appoint a Commissioner
Can the real estate commissioners issue subpoenas
Yes
A broker applicant who has not held a salespersons license for a period of 12 months immediately prior to submitting an application, must
have successfully completed 150 class room hours in real estate courses that are acceptable for credit towards a degree
A nonresident may apply for a nonresident’s license in Mississippi provided the
individual is a licensed broker or is a broker salesperson or salesperson affiliated with a
resident or nonresident Mississippi broker.
provided a nonresident who applies for a
broker’s license and who will maintain an office in Mississippi.
provided the nonresident not maintain a place of business within Mississippi provided he
is regularly actively engaged in the real estate business and maintains a place of business
in the other state.
It is unlawful to carry out the business of a broker or salesperson without;
a license.
The following may be exempt from having a license
Attorneys and executed power of attorney.
Receiver, trustee, administrator, and public officers.
Those dealing in oil/gas leases and mineral rights.
Licensee following notification of action resulting from a Commissioner hearing
has 30 days to appeal any ruling and post a required $500 bond for any costs which may be adjudged
against him.
Whenever a Mississippi broker enters into a cooperating agreement with a nonresident
broker, the Mississippi broker
must file two copies of the cooperating agreement within 10 days with the Mississippi Real
Estate Commission.
When a broker has an agreement with a nonresident broker, involving a property
located in Mississippi all advertising must have the name and telephone number of the
Mississippi broker.
and the Mississippi broker shall be given equal prominence.
The Mississippi broker in a nonresident cooperating broker agreement
shall be liable for all acts of the cooperating broker
shall be liable for his own acts.
An earnest money deposit pertaining to a cooperative agreement must be held in escrow
by the Mississippi broker
unless both the buyer and seller agree in writing to relieve the Mississippi broker of this
responsibility.
All licenses of real estate salespersons or broker salespersons,
shall designate the responsible broker of such salesperson or broker salesperson.
When a broker has an agreement with a nonresident broker, involving a property
located in Mississippi all advertising must have the name and telephone number of the
Mississippi broker.
and the Mississippi broker shall be given equal prominence.
Notice in writing shall be given to the Commission by any real estate salesperson with a change of responsible broker within
3 days
When within 3 days a salesperson notifies the Commission of a change of broker.
The salesperson must give the name of his responsible broker and the name of the principal
broker into whose agency the salesperson is about to enter.
When changing responsible brokers
A new license shall thereupon be issued by the Commission to such salesperson for the
unexpired term of the original license upon the return to the Commission of the license
previously issued.
Brokers may give legal advice
Never.
Licensees may obtain errors and omissions coverage independently if the coverage
contained in the policy follows the minimum requirement of;
a per claim limit is not less than $100,000.
All (5) five commissioners appointed by the Governor with advise and consent of the
Senate;
Must be a resident for 6 years and a managing broker for 5 years.
Real Estate Commissioners;
are from each congressional district and one at large.
Commissioners are vested with power of court to issue and enforce subpoenas, levy
fines and?
Levy jail terms.
All license fee funds must be submitted to the State Treasury with detailed explanation
on a weekly basis.
Any applicant or licensee or person aggrieved shall have the right of appeal from any
adverse or order or decision the Commission to the circuit court of the county of the
residence of the applicant, licensee, or person or of the First Judicial District of Hinds
County within ___________ days from the service of notice of the action of the
Commission.
thirty
All monies which shall be paid into the state treasury are credited;
to the “real estate license fund”.
Any person taking appeal shall post a satisfactory bond in the amount of
_________dollars for the payment of any costs which may be adjudged against him.
$500
Any person charged with a violation shall be given ____________ days’ notice of the
hearing upon the charges filed, together with a copy of the complaint.
Fifteen days
Licensees who do not show proof of E and O Insurance have 30 days to correct the
deficiency. If the deficiency is not corrected within the 30 days;
the licensees licenses will be placed on inactive status.
Funds received by the Commission are used to;
fund Mississippi Real Estate Commission operations.
Monies from the “real estate license fund” are used for;
salaries and expenses.
printing an annual directory of licensees.
educational purposes and maintenance of a searchable internet based web site which shall
satisfy the requirement for publication of a directory of licensees.
No fee, commission or other valuable consideration may be paid to a person for real
estate brokerage activities unless the person provides evidence of;
a license or a cooperating agreement.
A broker wants to pay his neighbor a referral fee for sending the broker the neighbors
sister who purchased a home through that broker.
The broker cannot pay his neighbor a fee unless the neighbor is a licensed real estate agent
and then the broker would need to pay his broker.
IREBEA (Interest on Real Estate Broker’s Escrow Accounts) is?
voluntary
The determination of whether a client’s funds are nominal in amount or to be held for a
short period of time;
rest in the sound judgment of each broker, and no charge of ethical impropriety or other
breach of professional conduct shall attend a broker’s exercise of judgment in that regard.
The interest in a IREBEA account for nominal or short term deposits shall be made
quarterly to;
the Mississippi Housing Opportunity Fund.
Participation in IREBEA is accomplished by;
A broker written notice to an authorized financial institute.
Transfer Disclosures are mandatory for all of the following except?
A transfer from one co-owner to one or more other co-owners.
The transferor of a duplex shall deliver to the prospective transferee the written
property disclosure statement;
as soon as practicable before the transfer of title.
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, delivery of the Transfer
Disclosure Statement is delivered ;
as soon as practicable before the execution of the contract.
The transferor shall indicate delivery of the Property Disclosure Statement on;
The receipt for deposit or the real property sales contract or the lease.
Any addendum attached thereto or on a separate document.
Delivery of the Real Estate Transfer Disclosure is mandatory in all of the following
cases except;
a transfer to a government entity.
If any disclosure, or any material amendment of any disclosure, required to be made is
delivered after the execution of an offer to purchase;
the transferee shall have three (3) days after delivery in person or five (5) days after
delivery by deposit in mail to terminate his or her offer by delivery of a written notice of
termination to the transferor or the transferor’s agent.
Neither the transferor nor any listing or selling agent shall be liable for an
error, inaccuracy or omission of information delivered;
if the error, inaccuracy, or omission was not within their personal knowledge.