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Mississippi Practice & REAL Estate
Exam Questions Latest Update
Which of the following shall act in the capacity of fiduciary to the purchasers of the timeshare plans? โโ* The management entity
The president of the timeshare association A timeshare owner appointed by the other owners The developer
Real estate licensees must provide a true and correct copy of a document to any party ________ upon signing the document. โโ* immediately
with one day with three days within five days
If the responsible broker is uncertain as to the proper disposition of the earnest money, he/she may turn the money over to which of the following for disposition? โโ* a court
the Commission the Board of Realtors
the Real Estate Deposit Committee
Every licensee must notify the Commission within _________ of any adverse court decisions in which the licensee appeared as a defendant. โโ* ten days
five days three days twenty days
Each property disclosure required to be made by the license law is required to be: โโ* in good faith
in bad faith verbal complex, in order to protect the buyer
Who appoints the members to the Mississippi Real Estate Commission? โโ* the Governor
a U.S. Senator from Mississippi a U.S. Representative from Mississippi registered voters
a neighbor who told the listing agent what to disclose
A developer may not sell, offer, or dispose of a timeshare interest unless all necessary registration requirements are completed and approved by: โโ* the Real Estate Commission
the Secretary of State the Timeshare Association the Office of Timeshare Registrations
One or more documents, by whatever name denominated, creating or governing the operation of a timeshare plan and includes the declaration or other legal instrument dedicating the accommodations to the timeshare plan is called a(n) โโ* timeshare instrument
timeshare interest timeshare inventory timeshare association
To obtain a preliminary permit, the developer must do all of the following, EXCEPT: โโ* file for a trade name through the Secretary of State
submit a formal written request to the Mississippi Real Estate Commission
provide evidence acceptable to the state that all funds received by the developer will be placed into an independent escrow account
give each purchaser the opportunity to cancel the purchase contract during the applicable recision period
For each two-year license renewal period, how many hours of continuing education must a licensee submit in order to renew his/her license? โโ* 16
8 4 10
A licensee may transfer his/her license from the active to the inactive status by notifying the ____________, returning license to the Commission, and paying the appropriate fee. โโ* Commission in writing
Commission verbally Secretary of State in writing Secretary of State verbally
As part of his application for licensure, a broker candidate must submit recommendation from how many Mississippi citizens? โโ* 3
1 2 5
All brokers must maintain an office and: โโ* his/her license must be displayed in that office
have all records digitally stored and conveyed to the Commission on a monthly basis all licensees affiliated with that broker must sign in whenever they enter the office have one desk per every two licensees affiliated with that broker
Upon acceptance of a contract, any earnest money accepted by the broker or any licensee in which the broker is responsible must be deposited into a trust account prior to the close of business of: โโ*the next banking day
the same day the same week the next day
Which of the following would NOT be considered a cause for refusal, suspension, or revocation of a license? โโ* If an attorney is also a licensed real estate broker, the attorney may charge legal fees to a consumer in a real estate transaction for performing legal services in addition to brokerage services
A real estate broker giving an opinion as to the condition of title of a parcel of real estate Displaying a ะฒ A salesperson accepting a commission or valuable consideration from any person other than the broker holding his/her license
Prompt notice, in writing, must be given to the Commission by any real estate salesperson of a change of responsible broker within โโ* 3 days
5 days 7 days 10 days
If a candidate does not pass the licensing exam the first time, what will be the retake fee for a second try? โโ* $
$ $
the registrar of the timeshare plan
Funds received from the IREBEA program will be deposited with the chair of real estate, local affiliate of Habitat for Humanity International, Inc., or local affiliate of the: โโ*Fuller Center for Housing, Inc.
IREBEA Operations Fund Mississippi Citizens' Enhancement Fund Mississippi Real Estate Commission
In order to procure a broker license, a broker candidate must be at least: โโ* 21 years of age
18 years of age 25 years of age 20 years of age
Duties of the timeshare management entity include all of the following, EXCEPT: โโ* Making predictions of increases in the price or value of timeshare periods
Preparing an itemized annual operating and reserve budget The assessment and collection of funds for common expenses Maintaining appropriate insurance
Which of the following must a developer prepare that shall fully and accurately disclose the facts concerning the timeshare developer and timeshare plan? โโ*a public offering statement
a preliminary permit a timeshare disclosure form a developer background history statement
How many of the hours required for continuing education are to be in subjects specified by the Commission for each renewal period? โโ*
4 2 6
If the property condition disclosure statement or any amendment to the property condition disclosure statement is delivered after the execution of an offer to purchase, the buyer will have ______ after the delivery in person to terminate his/her offer by delivery of a written notice to the seller or the agent of the seller. โโ* 3 days
1 day 7 days
All timeshare plans shall maintain a ___________ purchaser to accommodation ratio. โโ* one- to-one
two-to-one three-to-two three-to-one
A person not represented in a real estate transaction would be: โโ* a customer
a client a seller a lessor
If the Commission is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the insurance program at a premium of no more than $ _______, the requirement of insurance coverage will be void during that policy period. โโ* per year
per month per quarter semi-annually
All amendments, supplements and changes to the public offering statement shall be filed with and approved by the: โโ* Commission
Timeshare Association Timeshare Licensing Committee Timeshare Board of Directors
How many members are on the Mississippi Real Estate Commission? โโ* 5
3 7 9
The term "assessment" means: โโ* The share of funds required for the payment of common expenses that are assessed from time to time against each timeshare interest owner by the managing entity
The amounts to be paid by a purchaser as the result of an optional renewal of a timeshare interest
The amount needed for a down payment on a timeshare plan The amount refunded if a purchaser decides to terminate a timeshare interest
Non-residents: โโ*can procure a license to practice real estate in Mississippi
are never allowed to procure a license to practice real estate in Mississippi must relocate to Mississippi in order to procure a Mississippi license must obtain dual citizen status in Mississippi and his true state of residence
When a written listing agreement is taken, it must properly identify the property, and contain all the terms and conditions under which the property is to be sold, including all of the following EXCEPT: โโ*the selling price
the listed price the negotiated commission a fixed expiration date
he organized body consisting of the owners of timeshare interests in a timeshare plan is the: โโ* association
managing entity developer governor
Which of the following is not a fiduciary duty? โโ* compromise
loyalty disclosure obedience
How many hours of pre-licensing education is required in order to procure a real estate sales license? โโ* 60
120 30 150
Whenever a licensee procures a deposit or earnest money, he/she must turn over the money to the responsible broker: โโ* immediately
within 24 hours within 48 hours within 72 hours
Which of the following is NOT true regarding Errors and Omissions Insurance? โโ* All inactive licensees are required to maintain Errors and Omissions Insurance
All active licensees are required to maintain Errors and Omissions Insurance
An individual who has been licensed for ________ or less is not required to complete the continuing education requirement for first renewal of his/her license. โโ*one year
six months two years ninety days
Any applicant or licensee has the right to appeal a decision rendered by the Commission, as long as the appeal is made within how many days of the Commission's notification of the decision? โโ* 30 days
10 days 5 days 7 days
The developer shall create or provide for a managing entity, which may be the developer, a separate management firm, or an owner's association, or some combination thereof: โโ* before the first sale of a timeshare period
within 5 days after the first sale of a timeshare period within 7 days after the first sale of a timeshare period within 10 days after the first sale of a timeshare period
Which of the following needs a license to sell real estate? โโ* a person assisting in the sale of multiple properties in his subdivision
a person selling his own house public officers while performing their duties as such anyone dealing exclusively in oil and gas leases
All fees collected under the license law are credited to the: โโ* Real Estate License Fund
Real Estate Continuing Education Fund Real Estate Commission Fund Real Estate Recovery Fund
How often are the funds received from the IREBEA program deposited? โโ* quarterly
semi-annually bi-annually annually
