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108 Cards in this Set

  • Front
  • Back
The purpose of the MO License Law is to....?
protect the public
The Mo RE Commission is made up of ____ members.
7
How many brokers are on the MREC? How long must they be brokers for?
6
10 years
1 member of the MREC must be what?
of the public
registered voter
How long must all member of the MREC be a MO resident?
1 year prior to appointment
how long is the term for a member of the MREC?
5 year staggered term
How does a person get on the MREC?
each must be appointed by the governor and confirmed by the senate
MREC writes what?
rules and regulations
MREC selects its own what?
chairperson
co-chairperson
Who is responsible for running the day to day operations of the MREC?
the Executive Director
Employees of the MREC (may or may not) have a RE license?
may not
The MREC can act in person, through MREC employees, by what?
mail or conference call
If the MREC receives a written complaint what happens?
the MREC must investigate
How can the MREC prevent an unlicensed person from performing acts requiring a license?
apply for an injunction or restraining order
How can the MREC prevent a licensed person from violating the license law?
apply for an injunction or restraining order
the MREC must _____ and ______ a ______ of decisions of complaints
prepare
publish
digest
the MREC must reimburse witnesses for what?
mileage and fees
the MREC may not arbitrate disputes btw licensees concerning what?
commissions
the MREC may not ____ fines or award _____ ______.
levy
money damages
What authority does the MREC have over an unlicensed person?
none
All MREC records are a matter of public record except?
information or records gained from investigations or applications for licenses
Activites exempt from licensure or requiring a license.

sells or offers to sell real estate.
requires a license
Activites exempt from licensure or requiring a license.

owner selling or leasing their own property
exempt from licensure
Activites exempt from licensure or requiring a license.

buys or offers to buy real estate
requires a license
Activites exempt from licensure or requiring a license.

regular employee of the owner selling or leasing prop for the owner who is not in the real estate business as a vocation
exempt from licensure
Activites exempt from licensure or requiring a license.

negotiates or assists in negotiating the purchase or sale of real estate
requires a license
Activites exempt from licensure or requiring a license.

a licensed attorney at law
exempt from licensure
Activites exempt from licensure or requiring a license.

exchanges real estate
requires a license
Activites exempt from licensure or requiring a license.

an auctioneer employed by the owner
exempt from licensure
Activites exempt from licensure or requiring a license.

lists or offers to list real estate
requires a license
Activites exempt from licensure or requiring a license.

an executor of an estate acting under court authority or law
exempt from licensure
Activites exempt from licensure or requiring a license.

a trustee of a trust acting under court authority or law
exempt from licensure
Activites exempt from licensure or requiring a license.

receiver in bankruptcy acting under court authority or law
exempt from licensure
Activites exempt from licensure or requiring a license.

Govt employees performing their duties
exempt from licensure
Activites exempt from licensure or requiring a license.

rents (leases) or offers to rent (lease) real estate
requires a license
Activites exempt from licensure or requiring a license.

RR and public utilities and their employees (not indpendent contractors)
exempt from licensure
Activites exempt from licensure or requiring a license.

deals in options on real estate
requires a license
Activites exempt from licensure or requiring a license.

lending institutions when engaged in the transaction of business on its own behalf and not for others
exempt from licensure
Activites exempt from licensure or requiring a license.

advertises as a broker
requires a license
Activites exempt from licensure or requiring a license.

newspapers, magazines, internet, & communications licensed by the FCC where advertising is incidental to their operation.
exempt from licensure
Activites exempt from licensure or requiring a license.

procures prospects for a fee
requires a license
Activites exempt from licensure or requiring a license.

any employee acting on behalf of a nonprofit community or regional economic develompent association, agency or corporation which has as its principal purpose the general promotion and economic advancement of the community at large with 3 exceptions.
exempt from licensure
Activites exempt from licensure or requiring a license.

3 exceptions for nonprofit, etc...
1 does not offer prop for sale, lease, rent or exchange on behalf of another person or entity.
2 does not list or offer to list such prop for sale, lease, rental or exchange
3 receives no fee, commission or compensation that is directly related to sale or disposal of such properties (this does not include an economic developer's normal salary)
Activites exempt from licensure or requiring a license.

charges an advance fee for promoting the sale of real estate in a publication
requires a license
Activites exempt from licensure or requiring a license.

any neighborhood association, that without compensation, provides to prospective purchasers or lessors of the property, the asking price, location, and contract information regarding properties in and near the associations neighborhood
exempt from licensure
Activites exempt from licensure or requiring a license.

another person employed by the owner to do any mentioned functions requiring a license
requires a license
Def -- any person employed or retained to manage real property by, for, or on behalf of, the agent or the owner, of any real estate.
Propery manager
salesperson
any person associated with a broker, who for compensation, does the things a broker does
Real Estate businesses such as _______, ______, _____ and ______, must be licensed as a broker.
proprietorships
partnerships
associations
corporations
In order for for a professional corporation to be a RE salesperson it must do 5 things:
1 only salespersons (not brokers) may be professional corporations.
2 name must be same as individual's
3 all stock must be owned by salesperson
4 register with Sec of State adn file the certificate & articles of incorp with MREC
5 notify MREC within 10 days of any change or dissolution
a professional corp salesperson must notify MREC within ____ of any change or dissoultion
10 days
a professional corp salesperson must register with _________ and file the ________ with MREC
Sec of State
certificate & articles of incorpation
what rule is there in regards to the name applies to a professional corp salesperson?
the name must be same as individual's
what rule is there in regards to stock that applies to a professional corp salesperson?
all stock must be owned by salesperson
for a real estate business to get its brokers license all ____ or _____ active in the ________ of the real estate business must have their appropriate ______ license.
officers partners
management
brokers
real estate business brokers...all licensed _____ are licensed under the ______ and the ______ holds their license
individuals
company
company
the broker company has one designated broker responsible for:
1 day to day mgt of brokerage
2 supervising branch offices & licensees
3 maintaining escrow accounts
4 communication wtih the MREC
broker - individual
is the owner of a sole proprietorship
Broker - partner
is a partner active in the mgt of a partnership
Broker - associate
an associate active in the mgt of an association
name the 5 types of broker licenses
individual
partner
associate
officer
salesperson
A broker - salesperson may act....
in a mgt capacity under his broker
a broker- salesperson may not hold what? while licensed as a broker-salesperson.
any other type of broker license
a broker - salesperson may not...
have salespersons licensed under her.
Name 5 requirements to obtain a salesperson license.
1) complete the 48-hr salesperson pre-examiniation course (100% attendance)
2) pass the school exam
3) receive a 75% passing grade on the state and national exams
4) complete the 24-hr MO RE Practice Course (100% attendance)
5) apply for the license within 6 months of completion date of the 48-hr course.
Name 3 requirements to obtain a broker's license.
1) Must cmoplete the 48-hr broker pre-examination course (100% attendance)
2) must receive a 75% passing grade on the state and national exams
3) must be an active salesperson for 2 yrs before taking the broker pre-exam course.
Both exam parts must be passed within ____ months of the ending date of school and have what? or must _____ the school
6
license application sent in
retake
MREC may accept ______ ______ in place of school, but must still pass the exam
equivalent experience
No _______ may be taken into or out of the exam room
materials
The commission may issue a temporary _____ _____ pending final review and printing of the license.
work permit
Salesperson's original license fee ____, renewal fee _____ for ____ yrs
40, 40, 2
Broker's original license fee ____, renewal fee ____ for ____ yrs
80, 50, 2
all must pay one time $____ processing fee for the first license
50
Nonresidents must pay a fee prescribed by the commission:
$______ brokers
$______ salespersons
150
100
Fees may be paid by personal check, cashiers check or money order, but NOT by ______
cash
All applicants must be _____ years of age.
18
The application for you license must be completed and postmarked within ____ months of school completion date or what will happen?
6
must retake the school and exam
Applications must be accompanied by:
1) fees and passport type photo
2) school certificates of completion of both the 48 hr pre-exam course and the 24 hour MO RE Practice Course
3) License applications must be signed by the sponsoring borker and the applicant.
MREC may require other information with applications such as?
credit report, court documents, etc
Salespersons may be licensed with _____ MO broker at a time.
1
Where are the licenses sent and kept?
Sent to the broker and kept in the broker's office where the licensee conducts business.
Licenses must be ______ to the public upon request.
displayed
The MREC may hold an application for ________ time for investigation.
a reasonable
You (may or may not) conduct business until work permit or license is received
may not
the MREC may refuse to examine or issue a license to: (4)
1) a person found guilty of acts that violated the license law
2) a person who has had their license revoked
3) an assoc or partnership of which such person is a memeber
4) a corp of which such person is an officer or stockholder
The MREC must inform the applicant in writing by ________ of why they was refused
certified mail
The applicant has the right to _____ or ________ against the MREC with the ______
appeal
file a complaint
Administrative Hearing Commission (AHC)
MREC may issue licenses to nonresidents providing: (5)
1) If licensed in home state, it must be in good standing with no pending complaints
2) If not licensed in home state, have principal office in MO
3) Salespersons must be associated with a broker licensed in MO (resident or nonresident)
4) The business must qualify to do business in MO
5) The director of MREC must be furnished an irrevocable "Consent to Service Process"
nonresidents licensed in another state may sit for the exam ____ w/o attending school
one time
If a nonresident licensed in another state fails either portion of the exam, they must do what?
attend school and retake the entire exam.
a nonresident licensed within ____ months in another state need only do what?
6
take state portion of the exam and complete school
The MREC may exempt a nonresident from the exam if they are licensed in their home state and there is a what btw states?
reciprocity agreement
a non-resident broker not licensed in home state, must place their license on inactive status during what?
the period of absence from this state or place their license with a MO licensed broker.
a nonresident professional corp may obtain nonresident license in MO providing what: (3)
1) License is in good standing in home state
2) No pending complaints
3) qualified to do business in MO
When a salesperson or broker-salesperson terminates their association with their broker, the following must be done:
1) submit a letter of termination to the broker. The broker must give the licensee a dated and timed receipt for the letter.
2) broker has 72 hours to return license to the MREC
3)all property belonging to broker, including listing info, must be returned to broker upon termination.
4) The licensee may not conduct real estate business after presenting letter of termination to broker
6 months after a sales person terminates their association with their broker they must do what? (2)
1) Transfer to another broker
2) place license on inactive status
if a salesperson fails to do the necessary things within 6 months to terminate their relationship with their broker, then what will happen?
the salesperson must retake the pre-examination course to reinstate
If salesperson is not reinstated prior to next expiration date of their license, then what happens?
the licensee must start over again as anew applicant
When transfering to another broker, the salesperson or broker salesperson must complete and sign an _______ form.
application for License/Information Change
Who signs the Application for License/Information Change?
former broker, new broker
Rules that apply to transfer to inactive status (4).
1) must apply on a form and pay the required fee.
2) may not be associated with a broker
3) may not engage in activities requiring an active license
4) must be renewed biennially but no continuing education (CE) required.
to reactivate an inactive license (3)
1) salesperson must be associated wtih a broker
2) must take the pre-examination course within 6 months prior to application to reactivate. (not required to take the test)
3) send application and fee to MREC
What rules apply to a temporary license. (4)
1) issued only to the legal representative of a deceased or incapacitated broker
2) for the purpose of winding up the affairs of the broker under the supervision of the MREC (only closing pending transactions and close the business)
3) duration of license is determined by MREC
4) no fee or exam required
Which does a new licensee receive, a workpermit or temporary license?
work permit
all broker licenses, including broker-salespersons and inactive brokers licenses, expire on _____ of each ___- numbered year
6/30
even
All salespersons licenses, including professional corp and inactive salsperson licenses expire on ____ of each _____ number year
9/30
even
to renew alicense the following must be sent to the MREC postmarked before midnight of expiration date: (3)
1) renewal application
2) license renewal fee
3) proof of completing continuing education unless exempt
T or F a salespersons and broker-salespersons licenses will be issued before sponsoring broker's license is renewed.
false