1. On October 1 of an odd-numbered year, a Missouri real estate salesperson's license is surrendered. How much of the license fee is refunded to the applicant?
A. none Correct
B. one-quarter
C. one-half
D. the entire amount
Explanation
In Missouri, real estate licenses are issued for a two-year period, and fees are non-refundable upon surrender. Surrendering a license on October 1 of an odd-numbered year does not entitle the licensee to a refund. Thus, no portion of the fee is refunded. This policy ensures administrative consistency.
2. A salesperson applying for a broker-salesperson license in Missouri MUST
A. have been actively engaged as a salesperson for at least 6 months or must have successfully completed the prescribed broker curriculum and passed the broker examination
B. be at least 21 years old and have passed the broker examination
C. have been actively engaged as a salesperson for at least 2 years immediately preceding the date of application, shall include a certificate of completion of a broker pre-examination course, and passed the broker examination Correct
D. have filed an affidavit with the Missouri Real Estate Commission that no complaints have been made against her for at least 1 year and successfully completed the required broker practice course
Explanation
Missouri requires a salesperson to have two years of active experience, complete a broker pre-examination course, and pass the broker exam to become a broker-salesperson. This ensures adequate experience and education. Other options include incorrect or incomplete requirements. The two-year rule is specific to Missouri law.
3. A Missouri real estate licensee negotiates the sale of a house intended for his fiancee and himself. He properly identifies himself to the seller as a licensee, but does not tell the seller that he is getting married to the buyer. Do the licensee's actions violate the Missouri license law?
A. Yes, because a licensee cannot purchase or negotiate the sale of property in which the licensee will have a future interest
B. Yes, because the licensee did not disclose his future interest in the property to the seller
C. No, because a licensee's marital plans do not require disclosure Correct
D. No, because a licensee is required simply to give proper identification
Explanation
Missouri law mandates that licensees disclose their status when purchasing property, which was done here. Marital plans or future interest via marriage are not required disclosures. Thus, the licensee's actions comply with the law. This protects transparency without mandating personal disclosures.
4. A seller's property is appraised at $100000. The seller and a prospective buyer agree to a sale price of $80000. The buyer suggests writing a second contract to present to the lender showing a sale price of $100000 with an $80000 loan. This contract is legal
A. because of the appraised price
B. with the consent of the seller
C. with the consent of the broker
D. under no circumstances Correct
Explanation
Creating a second contract with a false sale price to deceive a lender is fraudulent and illegal under Missouri law. No consent or appraisal justifies this action. It violates ethical and legal standards. Such practices undermine trust in real estate transactions.
5. Which of the following is true about the Missouri license law?
A. It prohibits an unlicensed person from engaging in real estate transactions for another for compensation Correct
B. It requires that a person form a corporation before engaging in real estate transactions for another for compensation
C. It regulates the business of an auctioneer
D. It does not apply to unlicensed persons
Explanation
Missouri license law prohibits unlicensed individuals from performing real estate transactions for others for compensation. It does not regulate auctioneers or require forming a corporation. The law targets regulated activities. This ensures only licensed professionals handle such transactions.