Mississippi Broker License Law
Mississippi real estate practice is governed by the Real Estate Brokers License Law of 1954 (Mississippi Code Title 73, Chapter 35) and the rules of the Mississippi Real Estate Commission (MREC). This chapter covers the Commission's authority, who must be licensed as a broker, and the broker's elevated obligations.
The Commission and Chapter 73-35
The Mississippi Real Estate Commission licenses and regulates brokers and salespersons under Title 73, Chapter 35 of the Mississippi Code. The Commission issues licenses, adopts rules, investigates complaints, and may deny, suspend, or revoke a license or impose fines. A broker is a person who, for compensation, lists, sells, buys, leases, or negotiates real estate for others; a broker may operate independently and may employ and supervise salespersons and associate brokers, unlike a salesperson who must always work under a broker.
Broker vs. Salesperson Authority
The Mississippi broker license is the higher tier. A licensed broker may open and maintain a place of business, hold escrow money, and be the responsible broker for a firm. A salesperson or associate broker may perform licensed acts only in the name of and under the supervision of a responsible broker and may be paid only through that broker. Every active licensee must be sponsored by a broker whose license is on active status.
License Maintenance and Discipline
Mississippi brokers must maintain an active license, keep the Commission informed of their place of business, and complete required continuing education to renew. Grounds for discipline include substantial misrepresentation, commingling client funds with the broker's own money, failing to account for or remit escrow money, and pursuing a continued and flagrant course of misrepresentation. Discipline can range from fines to suspension or revocation of the license.