Mississippi Real Estate Broker Exam — All Questions

In Mississippi, the 'responsible broker' of a firm is best described as the licensee who:

• a.Is accountable to the Commission for the firm's activities and the licensees affiliated with it✓
• b.Handles only the firm's marketing and social media
• c.Represents the buyer in every firm transaction
• d.Is elected annually by the firm's salespersons

Each Mississippi firm must have a responsible broker who is accountable to the Commission for the firm's activities and for supervising every affiliated licensee, including compliance with advertising and trust-account rules. The role is a supervisory and legal-accountability position, not merely a marketing or client-representation function, and it is defined by law rather than elected by staff.

A Mississippi responsible broker operates two additional branch offices. Under MREC rules, each branch office must be:

• a.Owned by a different broker
• b.Closed whenever the responsible broker is away
• c.Licensed and supervised as the Commission requires✓
• d.Located in a different county from the main office

A responsible broker who runs more than one office must have each branch office licensed and supervised so consumers are protected at every location. There is no requirement that branches be owned by different brokers, be closed when the broker is away, or sit in separate counties; the key duty is proper licensing and supervision of each location.

When a Mississippi salesperson receives an earnest-money deposit, the responsible broker must:

• a.Deposit it into the firm's general operating account
• b.Place it in a trust or escrow account kept separate from the broker's own funds✓
• c.Give it to the seller immediately
• d.Hold it in the salesperson's personal account until closing

Earnest money and other client funds must be deposited into a trust or escrow account kept separate from the broker's operating and personal money. Commingling trust funds with business or personal accounts, or handing the deposit directly to a party before it is due, violates Mississippi license law. The responsible broker is accountable for proper escrow handling.