Legal Landmines End of Course Test #2

Question 1 of 30

The MREC must be notified within 10 days if:

a. the licensee changes their name or address
b. the licensee changes brokers
c. the licensee changes their email signature

Question 2 of 30

A broker must supervise every:

a. sales meeting
b. listing appointment
c. office

Question 3 of 30

If a buyer has the representation of a real estate broker, the buyer is the:

a. customer
b. client
c. third party

Question 4 of 30

Which is legal in Missouri?

a. dual agency
b. net listings
c. discrimination based on Race, if a licensee is not used

Question 5 of 30

The licensee serving the seller as a Designated Transaction Broker is representing:

a. the buyer
b. the seller
c. neither the buyer or the seller

Question 6 of 30

Per the MREC, how many hours of continuing education do licensees need before renewing their license?

a. 72 hours
b. 24 hours
c. 12 hours

Question 7 of 30

If the buyer’s agent is paid by the seller, who does the buyer’s agent represent?

a. the buyer
b. the seller
c. both the buyer and seller

Question 8 of 30

A crack in the foundation and a faulty AC unit are both examples of:

a. adverse material facts
b. personal property
c. liens

Question 9 of 30

The buyer’s agency agreement needs which of the following?

a. a commission amount typical for the area
b. a beginning and ending date
c. the buyer’s intent to pay a bonus if a house is found that meets all desired features

Question 10 of 30

If two brokers are fighting over a commission, the MREC will:

a. not get involved
b. always side with the buyer’s broker
c. fine both brokers

Question 11 of 30

Which of the following is true?

a. to get representation, a buyer needs to sign a buyer’s agency agreement
b. to get any level of service, a buyer needs to sign a buyer’s agency agreement
c. to get any level of service, a buyer must pay a commission

Question 12 of 30

Keeping confidential information confidential applies to:

a. buyer clients only
b. seller clients only
c. both buyer and seller clients

Question 13 of 30

A listing for 30 days is legal if:

a. it is typical for the area
b. it is agreed upon by the broker and seller, and meets the MREC rules and regulations
c. it has a 6% commission or less

Question 14 of 30

Which would not be grounds for the MREC to refuse to issue a license?

being found guilty of stealing
being found guilty of cheating on reporting income taxes
failing the real estate exam twice

Question 15 of 30

Betty is paid a referral fee involving a real estate transaction. For this to be legal, which happened?

a. Betty has a real estate license and she is paid by her broker
b. Betty did a friend a favor and the friend paid her
c. Betty was paid directly by the seller

Question 16 of 30

What can an unlicensed secretary at a real estate office legally do for the real estate company?

a. show property
b. answer the phone
c. take listings

Question 17 of 30

Sara prospects for listings for Team Green Back. What does Sara need to make her activities legal?

a. a leasing license
b. a “Do-Not-Call” waiver
c. a real estate license

Question 18 of 30

A licensed electrician wanted to sell real estate. What would she need to do in order to accomplish this goal?

a. get a real estate license after taking the required schooling and passing the test
b. get a reciprocal license by paying a transfer fee
c. pass the real estate exam only because the education is waived by the low of like-kind exchange

Question 19 of 30

Which of the following can conduct a real estate closing legally?

a. a salesperson
b. a broker
c. an unlicensed assistant of an attorney

Question 20 of 30

If salesperson Tom wants to show a FSBO to his buyer client, which does Tom need?

a. a special buyer agency clause approved by the MREC
b. written permission from the seller…authorization to show
c. a solicitor’s permit

Question 21 of 30

Ralph pays Mary a commission for a recent sale. Ralph must be Mary’s:

a. partner
b. lead agent
c. broker

Question 22 of 30

Who most likely drafted the listing agreement used by Big Bucks Realty?

a. the attorney of the company
b. it was purchased from an online vendor
c. the owner/broker

Question 23 of 30

127 Easy Street had a major fire two years ago. Now that it is for sale, what might need to be done to be safe?

a. a disclosure to potential buyers
b. a disclosure to other licensee’s at a general sales meeting
c. because the fire was more than 90 days ago, this could not be considered an adverse material fact

Question 24 of 30

Jane lost her real estate license 5 years ago. Does Jane need to disclose to a potential buyer of her home that she used to have a real estate license?

a. yes, if they ask
b. yes, but not if she does a like-kind exchange
c. no, she is not licensed now

Question 25 of 30

A salesperson deposits a buyer’s earnest money into her personal business account until the offer is accepted. This is:

a. a violation of MREC statues (rules & regulations)
b. acceptable if done immediately
c. acceptable with the buyer’s approval

Question 26 of 30

Real estate licensees are allowed to:

a. draft simple clauses of ten words or less for the contract used
b. fill in the blanks on pre-approved forms
c. copy and past clauses they like for the contract used

Question 27 of 30

Jimmy Woodenspoon supervises a shrinking group of real estate licensees. What type of role does it appear Jimmy has for the real estate company?

a supervisory salesperson facility coordinator
an accountant and personnel supervisor
the broker

Question 28 of 30

Net listings in Missouri are:

a, illegal
b. legal and encouraged
c. legal but not recommended

Question 29 of 30

What might Freeda have done to have her license revoked?

bankruptcy and late pays on her credit cards
found guilty of fraud and commingling of funds
was two weeks late renewing her real estate license for two consecutive year.

Question 30 of 30

Which of the following is true?

a. the MREC is allowed to automatically revoke a salesperson’s license if the licensee has poor credit
b. the Administrative Hearing Commission can investigate a claim
c. a violation of MREC rules and regulations is a felony

Legal Landmines End of Course Test #2

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