Missouri Real Estate Salesperson Exam — All Questions
12 questions
Earnest money and other funds a Missouri broker holds for clients must be kept in:
- a.The broker's personal checking account
- b.A separate escrow or trust account✓
- c.An account held by the Missouri Real Estate Commission
- d.Cash in the office safe
Missouri brokers must maintain client funds in a designated escrow or trust account, separate from their own money, and keep accurate records. This protects consumers' deposits and is enforced by the Missouri Real Estate Commission.
A Missouri salesperson who wishes to move from one employing broker to another must:
- a.Do nothing, because licenses move automatically
- b.Have the change processed so the license record reflects the new broker✓
- c.Wait one year before affiliating with a new broker
- d.Retake the state licensing examination
A Missouri salesperson's license is tied to a specific broker. To change brokers, the license must be transferred and the Commission's records updated to show the new employing broker before the salesperson works under that broker; a salesperson may not practice without an active broker affiliation.
Missouri requires earnest money to reach the broker's escrow account no later than:
- a.Ten banking days after the last signature✓
- b.Two banking days after the offer is first made
- c.Five banking days after the closing date
- d.The next business day after acceptance
The deposit is due no later than ten banking days following the last date on which the signatures or initials of all parties to the contract are obtained, unless the contract provides otherwise. Cite: 20 CSR 2250-8.120(1).
A Missouri salesperson who receives an earnest money check must:
- a.Deposit it into the escrow account personally
- b.Hold it until the offer has been accepted
- c.Forward it to the title company
- d.Deliver it immediately to the broker✓
A licensee shall immediately deliver to the broker with whom affiliated all money received in connection with a real estate transaction; the broker, not the salesperson, makes the escrow deposit. Cite: 20 CSR 2250-8.120(2).
When Missouri parties dispute earnest money, the broker may disburse on a good-faith decision only after:
- a.Thirty days and a written release
- b.Ninety days and a court order on the funds
- c.Sixty days and fifteen days' written notice✓
- d.Ten days and written notice to the lender
Absent a written release or a pending civil action, sixty days must pass from the date of the dispute, and the broker must first give fifteen days' written notice by certified mail to all parties setting out the proposed action. Cite: 20 CSR 2250-8.130(2).
Missouri requires a broker to report and deliver disputed escrow money to the state treasurer within:
- a.180 days of the date on which the dispute arose
- b.365 days of the initial projected closing date✓
- c.90 days of the contract's termination
- d.Two years of the last deposit
Where ownership of escrow money is in dispute, the broker reports and delivers the money to the state treasurer within three hundred sixty-five days of the initial projected closing date, under the unclaimed property law. Cite: RSMo 339.105.4.
How much of a Missouri broker's own money may sit in the escrow account to cover service charges?
- a.Up to five hundred dollars per account
- b.Up to five thousand dollars
- c.None of the broker's own money
- d.Up to one thousand dollars✓
The sum must be specifically identified and deposited to cover service charges related to the account. Any other personal funds in the account are commingling. Cite: RSMo 339.105.1.
Missouri brokers must retain transaction records for at least:
- a.Three years✓
- b.Seven years after closing
- c.Five full years
- d.One calendar year
True copies of business books, accounts, records, contracts, brokerage relationship agreements, closing statements and correspondence for each transaction must be kept three years and produced for commission inspection during business hours. Cite: 20 CSR 2250-8.160(1).
A Missouri listing that pays the broker everything above a price the owner sets is:
- a.An open listing, which Missouri allows
- b.An exclusive agency listing, which is allowed
- c.A net listing, which is prohibited✓
- d.A guaranteed sales plan, which is allowed
No licensee shall make or enter into a net listing agreement, defined as one stipulating a net price to the owner with the excess over that price going to the broker as commission. Cite: 20 CSR 2250-8.090(4)(F).
A Missouri salesperson's advertisement showing the salesperson's name and phone number must also show:
- a.Only the brokerage's street address and city
- b.The broker's name and phone number✓
- c.The multiple listing service number
- d.The salesperson's own license number
Advertising by a licensee with no interest in the property must be under the direct supervision and in the name of the broker who holds the license, and no advertisement may show only a post office box, telephone number or street address. Cite: 20 CSR 2250-8.070(2)-(3).
The Missouri Human Rights Act names one housing protected class the federal Fair Housing Act does not:
- a.The age of the head of the household
- b.The marital status of the applicant
- c.Ancestry, alongside national origin✓
- d.The source of the applicant's income
It is an unlawful housing practice in Missouri to discriminate because of race, color, religion, national origin, ancestry, sex, disability or familial status. Ancestry is listed separately from national origin, and the act says disability rather than handicap. Cite: RSMo 213.040.1 (eff. 8/28/2017).
A Missouri housing discrimination complaint must be filed with the Missouri Commission on Human Rights within:
- a.180 days of the alleged act✓
- b.Two years of the alleged act
- c.One year of the alleged act
- d.Ninety days of the alleged act
Filing a verified complaint within one hundred eighty days is a jurisdictional condition precedent to a civil action; a late complaint leaves the commission no power except to dismiss for lack of jurisdiction. Cite: RSMo 213.075.1 (eff. 8/28/2017).