Missouri Real Estate Broker Exam — All Questions
3 questions
Under which Missouri statute does the Missouri Real Estate Commission license and regulate brokers?
- a.Chapter 82, RSMo
- b.The Missouri Merchandising Practices Act alone
- c.Chapter 339, RSMo✓
- d.Title 24 of the Code of Federal Regulations
Missouri real estate brokers and salespersons are licensed and regulated under Chapter 339 of the Revised Statutes of Missouri (RSMo), administered by the Missouri Real Estate Commission. The Merchandising Practices Act is a separate consumer-protection law, and the other citations do not govern Missouri real estate licensing.
A Missouri licensee holds a broker license but works under and is supervised by another broker. This licensee is a:
- a.Broker-officer
- b.Broker-salesperson✓
- c.Designated broker
- d.Salesperson
A broker-salesperson holds a broker license but chooses to work under the supervision of another broker rather than run a firm. A broker-officer is a broker who is an officer of a corporate firm licensee, a designated broker is accountable for a firm's activity, and a salesperson holds the lower-tier license. Missouri's broker classifications describe the licensee's role within a firm.
A Missouri real estate business entity must have which of the following to be accountable for its licensed activity?
- a.A designated broker responsible for the firm✓
- b.A separate license for each salesperson's car
- c.An officer licensed by the Attorney General
- d.A minimum of five affiliated salespersons
A Missouri firm must have a designated broker who is responsible to the Commission for the firm's licensed activity and who supervises affiliated licensees. There is no requirement for vehicle licenses, Attorney General officer licensing, or a minimum number of salespersons; the designated broker is the point of accountability.