Mississippi Real Estate Salesperson Exam — All Questions
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Which agency issues and regulates real estate licenses in Mississippi?
- a.The Mississippi Association of Realtors
- b.The Mississippi Secretary of State
- c.The Mississippi Real Estate Commission✓
- d.The county chancery clerk
Real estate licensing in Mississippi is administered by the Mississippi Real Estate Commission (MREC) under the state's real estate license law, Miss. Code Title 73, Chapter 35. The Commission issues, renews, and disciplines licenses and adopts the rules that govern practice. A trade association such as the Mississippi Association of Realtors is a private group with no licensing authority.
In Mississippi, a salesperson may perform licensed real estate activity only when:
- a.Placed with and supervised by a licensed responsible broker✓
- b.Operating independently under the salesperson's own license
- c.Approved by MREC for each individual transaction
- d.Registered with the local tax assessor
A Mississippi salesperson's license is valid only while the salesperson is placed with and supervised by a licensed responsible broker. All licensed activity is conducted for the responsible broker, who supervises the salesperson and is responsible for trust funds. A salesperson may not accept compensation directly from a consumer; commissions are paid through the responsible broker.
The Mississippi Real Estate Commission may discipline a licensee for which of the following?
- a.Referring a buyer to a licensed lender
- b.Commingling client trust funds with the broker's own funds✓
- c.Belonging to a Realtor association
- d.Advertising a listing with the seller's consent
Commingling or converting client trust money is a serious violation of Mississippi license law and a common basis for discipline, along with fraud, misrepresentation, and dishonest dealing. MREC may reprimand, fine, suspend, or revoke a license after due process. Lawful referrals, association membership, and authorized advertising are not violations.