Chapter 339 Missouri License Law

Front 1

What is the purpose of Missouri License Law?

Back 1

To protect the public.

Front 2

What does MREC stand for and how many members are there?

Back 2

Missouri Real Estate Commission. 7 members.

Front 3

What does the MREC do?

Back 3

They write the rules and regulations.

Conduct examinations and issue licenses.

Prepare and publish digest of decisions of complaints.

Hold investigatory hearings and subpoena records or persons.

Investigate licensees.

Front 4

What are the qualifications to be on the MREC?

Back 4

US Citizen, broker for 10 years(6), 1 member of of voting public, and appointed by the Governor. (confirmed by the Senate)

Front 5

How long is each MREC member's term?

Back 5

5 years (staggered)

Front 6

True or False, the MREC settles disputes over commissions.

Back 6

FALSE

Front 7

The MREC must investigate a complaint if it is which, written or verbal?

Back 7

Written. Verbal complaints may or may not be investigated.

Front 8

The MREC pay fees and mileage to witnesses?

Back 8

TRUE.

Front 9

Can the MREC suspend a brokers license until a complaint against them is resolved?

Back 9

No.

Front 10

Missouri License Law is known as Chapter...

Back 10

Chapter 339

Front 11

What power does the MREC have over non-licensed persons?

Back 11

They can subpoena them for testimony, and file for an injunction or a restraining order against them.

Front 12

Vocab: Injunction

Back 12

Court order by which an individual is ordered to perform, or restrained from performing, a particular act.

Front 13

What are the two requirements when the MREC files an injunction?

Back 13

1. Must be in a court of general or competent jurisdiction.

2. Must be in the county where conduct occurred or defendant resides.

Front 14

Can you list, buy, sell, negotiate, or exchange real estate for other people and for compensation if you are not licensed?

Back 14

No. You can if it is your own property and not for compensation. Or if you work for the owner and they are not in the real estate business.

Front 15

Can you sell your neighbors property for a small fee without a license?

Back 15

No.

Front 16

If you deal in options on Real Estate you need to have a license.

Back 16

True

Front 17

If you are a salesperson you can advertise as a broker.

Back 17

False

Front 18

If you procure prospects for a fee you need to have a license.

Back 18

True

Front 19

If a real estate publication charges an advance fee for promoting sales they need to have a license.

Back 19

True

Front 20

A person employed by the owner, and the owner is in the real estate business, they do not have to have a license to buy, sell, exchange, etc.

Back 20

FALSE

Front 21

If you are NOT in the real estate business, your employee CAN sell property for you.

Back 21

TRUE

Front 22

I can sell or lease my own property without a license.

Back 22

TRUE

Front 23

An executor of an estate, trustee of a trust, or receiver in bankruptcy is a person acting under court authority or law and therefore...

Back 23

is exempt from licensure.

Front 24

If I am an independent contractor hired to buy and sell property I am required to have a license.

Back 24

True. If you are an employee and your employer is not in the real estate business you are not required to have a license.

Front 25

If a publication such as a newspaper or magazine that is not dedicated to Real Estate advertises a property they do not have to have a license.

Back 25

TRUE

Front 26

If you work for a broker and you are not licensed you can do what for who?

Back 26

Nothing for anyone. You can take a message and have a licensed salesperson or broker call them back. You can do clerical duties.

Front 27

If you work in property management for a broker or owner you can do what for who?

Back 27

You can share information with anyone. You can collect rent checks, show units, convey unit or lease information, and deliver and receive lease applications, etc.

Front 28

Salesperson

Back 28

Any person associated with a broker, who receives compensation for doing the things a broker does. May be an employee or an independent contractor.

Front 29

What is the difference between a salesperson who is an employee and a independent contractor?

Back 29

An independent contractor is self employed and must take care of their own taxes and benefits and gets 100% of their commission.

Front 30

What type of licensed person must be sponsored by a broker and perform all real estate activities under that broker?

Back 30

A Salesperson

Front 31

What type of licensed person can manage a branch office and other salespersons?

Back 31

Broker

Front 32

Who may be a professional corporation?

Back 32

Salerperson (Not Broker)

Front 33

What must you do to become a professional corporation?

Back 33

Register with the Secretary of State and file with the MREC. Notify the MREC within 10 days of change or dissolution.