MREC and Licensing Flashcards
(29 cards)
Missouri Real Estate Commission
AKA MREC
Responsible for exams, licensing, and regulation of real estate business. They can create rules, discipline, investigate, and regulate
Commission Appointment
Done by the governor with consent and advice of the senate
Commission Term
5 years
Commission Make up
7 members. 6 members of MREC must have at least 10 years of real estate broker experience.
1 member is the vice chairman. 1 member is the chairman.
Litigation
If you wanna sue MREC, you must do it in Jefferson City
MREC position on commission disputes
MREC will not litigate commission payment disputes. This is not one of their powers.
Salesperson License
Entry level license. Cannot enter agreements with customers without an associated Broker
Salesperson Requirements
Age 18+
48 hours of real estate education prior to PSI exam
24 hours of Missouri Real Estate Practice course
Must finish exams in 6 months
Broker Requirements
Hold a salesperson license for 24 of the last 30 months
48 hours of advanced real estate education (in last 6 months)
Pass state exam
Non-residential Salesperson License
Hold license for 24 months before applying
Pass portion of of 24 hour Missouri Real Estate Practice Course
Present license history
Broker-Salesperson Requirements
Surrender salesperson license to commission
Broker-Salesperson
A salesperson-like licensee who has similar duties to a salesperson except they have the capacity to manage a branch office
License Term
Salesperson must renew Sept 30 of even number years
Broker must renew by June 30 of each even number year
Renewal Exception
If your license is postmarked less than 2 months before the renewal date, then your license renews automatically
Required Documentation for Licensing a Salesperson
Legal name
Criminal or Civil Charges charges
Birth date
Social Security Number
$50 check for application
$40 for issuance of license
National Background Check
Commission Decision on Licensing
Decided after Review. On denial, applicant can file complaint and litigate.
Denial of Application
Denial reason will be provided in writing. It will be Sent to address on Application
Applicant Hearing for Denial
Applicant has right to hearing to appeal decision within 30 days of denial reason delivery
Continued Education
Renewal requires 12 hours of continuing education. This includes 3 hours of mandatory classes and 9 elective hours.
You must be present for 50 minutes for each hour of continuing education
Incomplete Continued Education Consequences
Grounds for denying renewal. Higher late fees
Please keep all your completion certificates. You can verify completion through commission’s website if you consent to having such information public.
Failure to Renew
You have 6 months from expiration to cure the failure.
After 6 months, you must take the Missouri Real Estate Course a 2nd time.
After 2 years, you must re-qualify as an original applicant.
Waiver of Continuing Education
You can waive your need for renewal for the following causes:
Serious injury or illness, Military duty, Legal License, passing age 80, joining the House or Reps or Senate, MREC membership
Renewal Fees
50 dollars for any broker related license
Salesperson $40
Non resident Broker $150
Non resident Salesperson $100
Monthly fee for late renewal $50 (cannot exceed $200)
Inactive License Status
This is when you are PROHIBITED from performing activities that require an active license
