Records and Documents
Four state items on the broker exam — more than the salesperson's three. PSI's subtopics are the retention period, which records are included, disposition of records after a business closes, and electronic records.
Three years, and what that covers
MREC Rule 3.2(G) requires a real estate broker to keep on file, for three years following its consummation, complete records relating to any real estate transaction. The rule's list is illustrative rather than exhaustive: listings, options, leases, offers to purchase, contracts of sale, escrow records, agency agreements and copies of all closing statements. Rule 4.3(H) brings completed Agency Disclosure Forms inside the same obligation. Rule 3.4(C) makes escrow records subject to Commission inspection at all times, and Section 73-35-23(9) gives the Commission up to a year to dispose of a complaint — both reasons a broker who discards a file early has no way to defend himself. Note that the retention period runs from consummation of the transaction, not from the date of the document.
Delivering copies
Rule 3.2(A) requires a licensee to deliver immediately — 'at the time of signing' — a true and correct copy of any instrument to any party or parties executing it, and Section 73-35-21(1)(i) makes it a disciplinary ground to fail to furnish those copies 'voluntarily, at the time of signing.' The duty does not wait for a request. A separate and narrower duty does: on demand, a licensee must deliver to his or her client a copy of any document pertaining to the transaction for which the licensee is engaged. Rule 3.2(E) requires every real estate contract to reflect whom the broker represents, in a statement over the signatures of the parties, and Rule 3.2(F) forbids representing to a lender or other interested party — verbally or through a false contract — an amount in excess of the true selling price.
What the documents must say
Rule 3.2(B) requires every exclusive listing agreement to be in writing, to identify the property properly and to contain all the terms and conditions under which the transaction is to be consummated: the sales price, the considerations to be paid, the signatures of all parties, and a definite date of expiration. No listing agreement may require the listing party to notify the broker of an intention to cancel after that expiration date, and an 'Exclusive Agency' or 'Exclusive Right to Sell' listing must say so on its face. Rule 3.2(C) applies the parallel requirements to exclusive buyer representation agreements, including the acceptable price range and a definite date of expiration. Rule 3.2(D) requires every written offer received before an owner has accepted one to be presented, unless the listing broker has specific written instructions from the owner to postpone presentation, and cautions the broker against letting a seller counter more than one offer at a time. Rule 3.1(H) requires the listing broker to document and date the seller's personal acceptance or rejection of an offer and, on written request, to give a copy to the person who made it.
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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.