Missouri Real Estate Salesperson Exam — All Questions
← Back to practice3 questions
Real estate licensing in Missouri is governed by Chapter 339 RSMo and administered by which body?
- a.The Missouri Real Estate Commission (MREC)✓
- b.The National Association of REALTORS
- c.The local multiple listing service
- d.The U.S. Department of Housing and Urban Development
The Missouri Real Estate Commission (MREC), part of the Division of Professional Registration, licenses and regulates real estate brokers and salespersons under Chapter 339 of the Revised Statutes of Missouri. Private trade groups and the MLS do not issue or regulate licenses.
In Missouri, a licensed salesperson may lawfully receive compensation for a brokerage transaction from:
- a.Any party to the transaction directly
- b.Only the broker with whom the salesperson is licensed✓
- c.The buyer only
- d.The Missouri Real Estate Commission
Under Missouri license law a salesperson works under and is paid by their employing broker. A salesperson may not accept a commission or fee directly from a buyer, seller, or another broker; compensation must flow through the broker who holds the salesperson's license.
A Missouri broker who deposits a client's earnest money into the broker's personal or operating account has engaged in commingling, which is:
- a.Permitted if the client is told
- b.Prohibited under Missouri license law✓
- c.Required for small deposits
- d.Allowed for up to 30 days
Missouri license law requires client funds to be held separately in an escrow or trust account. Mixing client money with the broker's own funds (commingling) is prohibited and is grounds for discipline by the Missouri Real Estate Commission.