Unit 22: Missouri General Rules

Question 1

Advertising means any communication, whether oral or written, between a _________ or other entity acting on behalf of one or more licensees and the ______ and includes, but is not limited to, business cards, signs, insignias, letterheads, radio, television, newspaper, and magazine ads, internet advertising, websites, display or group ads in telephone directories, and billboards.

Answer 1

licensee, public,

Question 2

Correspondence means any written or electronic communication, _________ any communication that is ephemeral in nature. Ephemeral information includes text messages, instant message, and any other information or communication that is not designed to be retained or create a permanent record for use in any transaction calculated or intended to result in the sale, exchange, leasing, or rental of real estate.

Answer 2

excluding

Question 3

Real estate includes __________, as well as any other interest or estate in land, whether freehold or nonfreehold, situated in Missouri.

Answer 3

leaseholds

Question 4

In Missouri, a real estate broker-salesperson may not also operate as a real estate ______.

Answer 4

broker

Question 5

In Missouri, “sold” indicates that title to the real estate has been ___________ or that the real estate has become subject to a ____ ____ sale contract or purchase agreement.

Answer 5

transferred, bona fide

Question 6

Adverse material fact is a fact related to the property not reasonably ascertainable or known to a party that __________ affects the value of the property. Adverse material facts may include matters pertaining to:

(a) _____________ hazards affecting the property;
(b) Physical condition of the property which adversely affects the value of the property;
(c) Material defects in the property;
(d) Material defects in the _____ to the property;
(e) Material limitation of the party’s ability to perform under the terms of the contract.

Answer 6

Environmental, negatively, title

Question 7

__________ licensee is any broker or salesperson who works under the supervision of a designated broker.

Answer 7

Affiliated

Question 8

_____ is a person or entity acting for another.

Answer 8

Agent

Question 9

______ __________ form is the form prescribed by the commission for presentation to a seller, landlord, buyer, or tenant who has NOT entered into a written agreement for brokerage services.

Answer 9

Broker disclosure

Question 10

_________ relationship is the relationship created between a designated broker, the broker’s affiliated licensees, and a client for the performance of services by the broker. If a designated broker appoints an affiliated licensee(s), such brokerage relationships are created between the appointed licensee(s) and the client. Nothing in this definition will:

(a) _________ the designated broker from duties of supervision of the appointed licensee(s); or
(b) _____ the designated broker’s underlying contractual agreement with the client.

Answer 10

Brokerage, Alleviate, Alter

Question 11

______ is a seller, landlord, buyer, or tenant who has entered into a brokerage relationship with a licensee.

Answer 11

Client

Question 12

____________ information is information obtained by the licensee from the client and designated as confidential by the client, information made confidential by statute or regulation, or written instructions from the client. Information is not confidential if the information is made public or becomes public by the _____ or _______ of the client to whom the information pertains or by a source other than the licensee.

Answer 12

Confidential, words or conduct

Question 13

Customer is an ______ or _________ seller, landlord, buyer, or tenant in a real estate transaction in which a licensee is involved but who has not entered into a _________ relationship with the licensee.

Answer 13

actual or potential, brokerage

Question 14

Designated agent is a licensee named by a designated broker as the _______ agent of a client.

Answer 14

limited

Question 15

__________ broker is any individual licensed as a broker who is operating pursuant to the definition of real estate broker, or who is appointed by a partnership, limited partnership, association, limited liability corporation, professional corporation, or a corporation engaged in the real estate brokerage business to be responsible for the acts of the company. Every real estate broker partnership, limited partnership, association, limited liability company, professional corporation, or corporation must _______ a designated broker.

Answer 15

Designated, appoint

Question 16

Designated ___________ broker is a licensee named or appointed by a __________ broker as the transaction broker for a client.

Answer 16

transaction, designated

Question 17

____ agency is a form of agency which may result when an agent licensee or someone affiliated with the agent licensee represents another party in the same transaction.

Answer 17

Dual

Question 18

_________ brokerage agreement means a written brokerage agreement which provides that the broker has the sole right, through the broker or through one or more affiliated licensees, to act as the exclusive limited agent, representative, or transaction broker of the client or customer.

Answer 18

Exclusive

Question 19

________ is a real estate broker or salesperson.

Answer 19

Licensee

Question 20

Limited agent is a licensee whose duties and obligations to a client are those set forth in sections ___.___ to ___.___.

Answer 20

339.730 to 339.750

Question 21

Ministerial acts are those acts that a licensee may perform for a person or entity that are informative in nature and do not rise to the level which requires the creation of a brokerage relationship. Examples of these acts include, but are not limited to:

(a) Responding to telephone inquiries by consumers as to the ____________ and _______ of brokerage services; concerning the price or location of property;
(c) Attending an ____ _____ and responding to questions about the property from a consumer;
(d) Setting an ___________ to view property;
(e) Responding to questions of consumers walking into a licensee’s office concerning _________ services offered on particular properties;
(f) Accompanying an _________, inspector, contractor, or similar third party on a visit to a property;
(g) Describing a property or the property’s condition in response to a person’s _______;
(h) Showing a customer through a property being sold by an owner on his or her own ______; or
(i) Referral to another ______ or service provider.

Answer 21

(a) Responding to telephone inquiries by consumers as to the AVAILABILITY and PRICING of brokerage services; concerning the price or location of property;
(c) Attending an OPEN HOUSE and responding to questions about the property from a consumer;
(d) Setting an APPOINTMENT to view property;
(e) Responding to questions of consumers walking into a licensee’s office concerning BROKERAGE services offered on particular properties;
(f) Accompanying an APPRAISER, inspector, contractor, or similar third party on a visit to a property;
(g) Describing a property or the property’s condition in response to a person’s INQUIRY;
(h) Showing a customer through a property being sold by an owner on his or her own BEHALF; or
(i) Referral to another BROKER or service provider.

Question 22

A subagent owes the same obligations and responsibilities to the client as does the client’s __________ broker.

Answer 22

designated

Question 23

License law means Chapter ___, of the Revised Statutes.

Answer 23

339

Question 24

T/F: A person acting as a real estate broker-salesperson may also operate as a real estate broker since the person has a broker’s license.

Answer 24

False. A real estate broker-salesperson may not also operate as a real estate broker.

Question 25

T/F: While both the statutes and rules include definitions of real estate terms, the terms have the same meaning when used in both the statutes and rules.

Answer 25

True. Both the statutes (§ 339.010 and 339.710) and rules (CSR 2250-2.010) include definitions of real estate terms; however, the terms have the same meaning when used in both the statutes and rules.

Question 26

A licensee who works under the supervision of a designated broker is referred to as...

Answer 26

Affiliated licensee. An affiliated licensee is any broker or salesperson who works under the supervision of a designated broker.

Question 27

Real estate practices and licensing requirements in Missouri are governed by Chapter ___ of the Missouri Revised Statutes and Division ____ of the Missouri Secretary of State's official Code of State Regulations Rules. References to the _____ (CSR) and ________ (339) are included in many of the headings.

Answer 27

339, 2250, rules, statutes

Question 28

A nonresident license application must include a current license history certification issued within _____ months from the real estate commission of the state/jurisdiction from where the person is applying. A ____ of a license is not acceptable. Certifications that are more than three months old or do not reflect that the individual holds a current and active license will cause an __________ application classification.

Answer 28

three, copy, incomplete

Question 29

All applicants have ___ months after satisfactory completion of the required course(s) of study to pass the required examination and apply for a license. After that time, credit for the course(s) and examination _______, and satisfactory completion of the required course(s) and examination must be repeated before applying for license.

Answer 29

six, expires

Question 30

License renewal for a professional corporation (salesperson), salesperson, or inactive salesperson license expires on _________ __ (date) in each even-numbered year.

Answer 30

September 30

Question 31

License renewal for a broker, corporation, broker-officer, partnership, broker-partner, association, broker-associate, broker-salesperson, professional corporation (broker-salesperson), or inactive broker license expires on ____ __ (date) in each even-numbered year.

Answer 31

June 30

Question 32

The commission may mail to each licensee, at least __ days prior to license expiration, a notice of the expiration and an application for renewal of license to the licensee's address on file with the commission. Failure of a licensee to receive the notice and application to renew from the commission does not ______ the licensee from the requirements for renewal.

Answer 32

30, excuse

Question 33

The commission may issue a new license for each renewal period upon receipt of a properly completed renewal application, including proof of completion of the continuing education requirement and the biennial fee, if the receipt date is no later than the date of _______ expiration.

Answer 33

license

Question 34

Delinquent renewal applications must be accompanied by a delinquent fee of $__ per month or partial month elapsed since the date of license expiration. Delinquent fees are not to exceed ___ _______ dollars.

Answer 34

50, two hundred

Question 35

To renew online, an applicant's continuing education must be complete and on file with the commission. Schools have __ days to furnish course completion information to the commission. Therefore, if an applicant completes her continuing education courses late in the renewal period, the possibility of being able to renew online _________. Also, address or name changes cannot be made through the online renewal system. The applicant's information with the commission must be accurate. Renewing a license with incorrect information is a _________ of the regulations.

Answer 35

10, decreases, violation

Question 36

Any licensee who fails to complete the __________ __________ requirements during the renewal period must complete the 24-hour Missouri Real Estate Practice Course.

Answer 36

continuing education

Question 37

A licensee who fails to renew her expired license during a subsequent renewal period is no longer considered licensed by the commission. In order to become licensed again, she will be required to requalify as if an ________ applicant.

Answer 37

original

Question 38

When a designated broker renews his broker's license, the _______ license (in which the designated broker's license is affiliated) is not automatically renewed. Therefore, the designated broker must also renew the ______ (brokerage/company) license.

Answer 38

company, entity

Question 39

A renewal of a salesperson license will not be issued until the license of the ______ with whom the licensee is associated has been renewed.

Answer 39

broker

Question 40

If a broker changes her name, home, or business address, the broker must notify the commission in ________ within 10 days after the change becomes effective.

Answer 40

writing, 10

Question 41

The following fees must be paid for original issuance: Broker, Inactive Broker, Broker-Partner, Broker-Associate, Broker-Officer or Broker-Salesperson: $__ Salesperson; $__ Partnership, Association, Corporation or Professional Corporation: $__ Nonresident Broker, Inactive Broker, Broker-Partner, Broker-Associate, Broker-Officer, Broker-Salesperson, Partnership, Association, Corporation or Professional Corporation: $___ Nonresident Salesperson: $__

Answer 41

The following fees must be paid for original issuance: Broker, Inactive Broker, Broker-Partner, Broker-Associate, Broker-Officer or Broker-Salesperson: $80 Salesperson; $40 Partnership, Association, Corporation or Professional Corporation: $80 Nonresident Broker, Inactive Broker, Broker-Partner, Broker-Associate, Broker-Officer, Broker-Salesperson, Partnership, Association, Corporation or Professional Corporation: $150 Nonresident Salesperson: $100

Question 42

The following fees must be paid for renewal of licenses: Broker, Inactive Broker, Broker-Partner, Broker- Associate, Broker-Officer or Broker-Salesperson: $__ Salesperson or Inactive Salesperson: $__ Partnership, Association, Corporation or Professional Corporation: $__ Delinquent Fee: $__ (per month or partial month elapsed since date of expiration not to exceed a maximum delinquent fee of $___) Nonresident Broker, Inactive Broker, Broker- Partner, Broker-Associate, Broker-Officer, Broker- Salesperson, Partnership, Association, Corporation or Professional Corporation: $___ Nonresident Salesperson and Inactive Salesperson: $___

Answer 42

The following fees must be paid for renewal of licenses: Broker, Inactive Broker, Broker-Partner, Broker- Associate, Broker-Officer or Broker-Salesperson: $50 Salesperson or Inactive Salesperson: $40 Partnership, Association, Corporation or Professional Corporation: $50 Delinquent Fee: $50 (per month or partial month elapsed since date of expiration not to exceed a maximum delinquent fee of $200) Nonresident Broker, Inactive Broker, Broker- Partner, Broker-Associate, Broker-Officer, Broker- Salesperson, Partnership, Association, Corporation or Professional Corporation: $150 Nonresident Salesperson and Inactive Salesperson: $100

Question 43

Within __ hours of the termination of the association of any broker-salesperson or salesperson, a broker must notify the commission and return the licensee's license to the commission.

Answer 43

72

Question 44

When a licensee's license is surrendered to the commission, the licensee has ___ months in which to transfer affiliation to another broker or change license status.

Answer 44

six

Question 45

Upon termination of a licensee's association with a broker, the licensee must return all property belonging to the broker, including, but not limited to, all _______ information acquired by the licensee in any manner during the licensee's association with the broker.

Answer 45

listing

Question 46

When a broker-salesperson or salesperson transfers from one broker to another without changing license type, the licensee will be deemed transferred at the time the properly completed application is mailed by certified or registered mail or overnight delivery. The ___ ______ is responsible for ensuring the transfer application is complete and that the application is sent properly to ensure proof of delivery.

Answer 46

new broker

Question 47

T/F: When a salesperson transfers from one broker to another without changing license type, the licensee will be deemed transferred when the broker receives the new license.

Answer 47

False. When a broker-salesperson or salesperson transfers from one broker to another without changing license type, the licensee will be deemed transferred at the time the properly completed application is sent by certified or registered mail or hand delivered.

Question 48

When a licensee's license is surrendered to the commission, how long does the licensee have to transfer to another broker or change license status?

Answer 48

Six months. When a licensee's license is surrendered to the commission, the licensee has six months in which to transfer to another broker or change license status. If the application for transfer or change in status is not made within the six-month period, the applicant will be required to complete the required Missouri Real Estate Practice Course and show proof of satisfactory completion of that course within six months before reinstatement of the license.