Broker Responsibilities, Including Supervision of Sales Associates
Five state items on the broker exam. PSI's subtopics: supervision of associated licensees; informing MREC of a change in associate status or termination; responsibility for the acts of associates; license display and place of business; broker price opinions; and associates' compensation.
Supervision and responsibility for associates
MREC Rule 3.1(A) makes it the duty of the responsible broker to instruct the licensees under that broker in the fundamentals of real estate practice, the ethics of the profession and the Mississippi Real Estate License Law, and to exercise supervision of their licensed real estate activities. Rule 3.1(D) adds that the broker is responsible for their real estate practices. Rule 3.1(B) applies the same accountability to an affiliated broker, who must not at any time act independently and may perform no real estate service without the full consent and knowledge of the supervising broker; if the responsible broker does agree to let an affiliated broker work outside that supervision, he must notify the Commission in writing of the exact nature of the relationship and the brokers involved, and again on its termination. Rule 3.5 governs teams: registration with the Commission on MREC forms, a Team Leader who is a Broker Associate with at least one year's experience and who may be disciplined for team members' violations, changes filed within ten working days, and team names that must not suggest an independent brokerage. Rule 3.1(F) treats failure to respond in a timely manner to official MREC written communication as prima facie improper dealing.
Place of business, license display and transfers
Section 73-35-15(1) requires every licensed broker to have and maintain a definite place of business designated in the license, with the certificate of registration as broker and the certificate of each salesperson employed by the broker prominently displayed there; on removal the licensee applies to the Commission before the move or within ten (10) days after it. MREC Rule 3.1(D) adds that a broker with more than one office shall display a branch office license in each branch office, and Rule 2.1 charges both an application fee and a renewal fee for a branch office — a branch is separately licensed. Section 73-35-15(2) handles movement between firms: prompt written notice to the Commission within three (3) days of a change of principal broker and of the name of the broker into whose agency the licensee is entering; a change without notice automatically cancels the license; and, as amended by SB 2748 (2026 Reg. Sess.), ch. 350, 'upon termination of a licensee's agency, the principal broker shall within three (3) days acknowledge the transfer of the licensee so that a new license may be issued.' Before 2026 the broker returned the license to the Commission for cancellation. It remains unlawful for the licensee to act until the license is reissued.
Broker price opinions and paying associates
Section 73-35-4 lets a licensee whose license is active and in good standing prepare a broker's price opinion for a fee. It must be in writing, conform to the standards of a nationally recognized association of BPO providers — MREC Rule 3.1(G) names the National Association of Broker Price Opinion Professionals — and contain the intended purpose, a description of the property and interest, the basis of reasoning and the market data or capitalization used, assumptions and limiting conditions, disclosure of the licensee's own interest, effective date, name and signature, firm name, signature date, an E&O certification, and a disclaimer that it is not an appraisal and may not be the primary basis for determining value for a mortgage loan origination. An opinion that estimates value or worth rather than sales price is deemed an appraisal, may not be prepared under a real estate license, and may never be called a valuation or appraisal (subsection (6)). On compensation: Section 73-35-21(1)(l) forbids a salesperson to accept a commission from anyone except the employing licensed broker, and Rule 3.1(E) forbids a licensee to pay any part of a fee except to another licensee through that licensee's responsible broker, with an exception allowing the previous responsible broker to pay a licensee who has gone inactive or transferred for commissions generated under that broker's supervision. Section 73-35-21(5) lets a licensee own an unlicensed business entity solely to receive those payments.
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State-specific details
State exam facts
- State regulator
- Mississippi Real Estate Commission (MREC)
- Exam vendor
- PSI
- Prelicensing education
- 120 classroom hours (150 without 36 months of active salesperson experience)
- Passing score
- 75% national (60 of 80 points) and 80% state (32 of 40 points)
- Scored questions
- 115
- Time limit
- 240 minutes
Who regulates real estate brokers in Mississippi?
The Mississippi Real Estate Commission (MREC) licenses brokers and salespersons under the Real Estate Brokers License Law, Miss. Code Title 73, Chapter 35. MREC contracts with PSI to deliver the licensing exams.
What experience do I need before the Mississippi broker exam?
Miss. Code § 73-35-7 requires a resident broker applicant to be at least 21, legally domiciled in Mississippi, to have held an active salesperson license for the 12 months immediately preceding application, and to have completed 120 classroom hours of real estate courses. An applicant who has not held an active salesperson license for at least 36 months must instead complete 150 classroom hours in courses acceptable for degree credit at a college approved by the Southern Association of Colleges and Schools. MREC also requires a letter of reference from the applicant's bank.
How is the Mississippi broker exam structured?
PSI delivers 115 scored questions in two separately timed and separately scored portions: a 75-question national/general portion scored to 80 points in 2.5 hours, and a 40-question Mississippi state portion worth 40 points in 1.5 hours, 4 hours in total. You must pass each portion on its own — 75% (60 of 80 points) on the national and 80% (32 of 40 points) on the state. That 80% state cut is the strictest of any state we have measured.
What is on the Mississippi state portion?
PSI Candidate Information Bulletin 2348 publishes nine areas with their broker item counts: Powers and Duties of the Real Estate Commission (4), Licensing Requirements and License Maintenance (4), Property Condition Disclosures (6), Agency Disclosure and Duties to Parties (8), Out-of-State Brokers and Developers (3), Trust Accounts (3), Broker Responsibilities Including Supervision of Sales Associates (5), Records and Documents (4), and Advertising/Marketing/Internet (3).
Sources: https://test-takers.psiexams.com/api/content/bulletin/2348, https://www.mrec.ms.gov/wp-content/uploads/2026/07/MREC_LICENSE_LAW_2026_REVISED-7-01-2026.pdf, https://www.mrec.ms.gov/wp-content/uploads/2025/02/MREC_RULES_AND_REGULATIONS_REV_02-21-2025.pdf
In the Mississippi Real Estate Broker guide: A 60-question national practice exam, with a key that explains all four options and not just the right one. Practice here stays free.