Mississippi Real Estate License Law
Mississippi real estate practice is governed by the state's real estate license law (Miss. Code Title 73, Chapter 35) and enforced by the Mississippi Real Estate Commission (MREC). This chapter covers who must be licensed, the responsible-broker relationship, and enforcement.
The Mississippi Real Estate Commission
MREC issues and regulates real estate licenses under Title 73, Chapter 35. Anyone who, for compensation, lists, sells, buys, leases, or negotiates real estate for others must be licensed unless an exemption applies, such as an owner handling their own property. The Commission investigates complaints, adopts rules, and may deny, suspend, or revoke licenses and impose penalties.
Responsible Broker and Salesperson
A salesperson's license is valid only while the salesperson is placed with and supervised by a licensed responsible broker. Licensed activity is conducted for the responsible broker, who supervises the salesperson and is accountable for trust funds. A salesperson may not accept compensation directly from a consumer; payment flows through the responsible broker. Each licensee is placed under one responsible broker at a time.
Enforcement and Discipline
MREC may discipline licensees for fraud, misrepresentation, dishonest dealing, commingling or converting trust funds, false advertising, and other violations of the license law or rules. Sanctions range from reprimands and fines to suspension or revocation after notice and an opportunity for a hearing. Protecting the public is a central purpose of the license law.