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FREE Real Estate Review for Alumni – State Section Day 2

August 13 @ 8:30 am - 4:30 pm UTC-6

free real estate class

SALESPERSON/BROKER STATE PORTION

Powers and Duties of the Real Estate Commission (Salesperson 4 Items, Broker 4 Items)
1. Hearings, including subpoena power
2. Purpose and jurisdiction
3. Violations
4. Penalties MREC can impose
Licensing Requirements and License Maintenance (Salesperson 4 Items, Broker 4 Items)
1. General licensing requirements
2. Continuing and Post-licensing ed req
3. E & O insurance
4. Disqualifying issues
5. Activities Requiring License (incl. time shares, auctions, prop mgmnt)
6. Exemptions from licensure
7. Inactive license
8. Rules about receiving and Sharing Commissions.

Property Condition Disclosures (Salesperson 4 Items, Broker 6 Items)

1. Disclosure form (delivery, who completes)

2. Stigmatizing factors

3. Licensee responsibility to advise client, ensure completeness

4. Exemptions from Disclosure – no exemption for new construction

5. Disclosure form is not part of contract (see form) but is attached to listing

6. Material changes allow buyer to void contract

Agency Disclosure and Duties to Parties (Salesperson 8 Items, Broker 8 Items)

1. Dual Agency Disclosure

2. Working with a Real Estate Broker

3. Disclosure of licensed status if a principal

4. Timing of disclosure, Rules about parties to whom disclosure must be made

5. Buyer may withdraw from Buyer-Broker agreement w 15 days’ notice

6. General Duties to all Parties

Out-of-State Brokers and Developers (Salesperson 4 Items, Broker 3 Items)

1. Cooperative agreements

2. Reciprocal licenses

Trust Accounts (Salesperson 4 Items, Broker 3 Items)

1. Handling of earnest money

2. General acctg practices; no commingling

3. Broker is account holder; Salesperson may not establish prop mgt escrow acct independent of broker

4. Disbursement issues (interpleader)

Broker Responsibilities, Including Supervision of Sales Associates (Salesperson 6 Items, Broker 5 Items)

1. Supervision of associated licensees

2. Inform MREC of change in associate status/termination

3. Responsibility for acts of associates

4. License display; place of business

5. Broker Price Opinion

6. Associates’ Compensation

Records and Documents (Salesperson 3 Items, Broker 4 Items)

1. Length of time to keep (Routine, if litigation)

2. Records that are included in this requirement

3. Disposition of records after close of a business

4. Electronic records OK

Advertising/Marketing/Internet (Salesperson 3 Items, Broker 3 Items)

1. Social media and internet are advertising (part of “ALL advertising”)

2. Must advertise in broker’s name

3. Broker must permit/approve advertising

4. Private controls

Venue

Biloxi Real Estate Training Institute
2650 Beach Blvd. # 35
Biloxi, MS 39531 United States
+ Google Map
Phone:
2283548585
Website:
https://www.msrealtycourses.com/
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