EXAMINATIONS BY PSI SERVICES LLC

Information for the Mississippi Real Estate License Exam

This Candidate Information Bulletin provides you with information about the examination and application process for obtaining a real estate license in the State of Mississippi. Mississippi state laws stipulate that a person may not act as a real estate salesperson or broker without first obtaining a license issued by the Mississippi Real Estate Commission. To be licensed, you must pass an examination to confirm that you have attained at least a minimum level of knowledge regarding the principles, practices, statutes, and regulations relating to real estate.

The Mississippi Real Estate Commission has contracted with PSI Services LLC (PSI) to conduct the examination testing. PSI provides examinations through a network of computer examination centers in and around Mississippi. PSI works closely with the State to be certain that examinations meet local as well as national requirements in basic principles and examination development standards.

Following are the Mississippi real estate licensing examinations offered by PSI:

▪ Real Estate Salesperson

▪ Real Estate Broker

APPLYING FOR A LICENSE

All questions and requests for information about licensure should be directed to the Commission.

Mississippi Real Estate Commission

Lefleur’s Bluff Tower, Ste 300 4780 I-55

North Jackson, MS 39211

Phone: (601) 321-6970

FAX: (601) 321-6955

Email: info@mrec.state.ms.us

Web: www.mrec.ms.gov

RESIDENT LICENSE REQUIREMENTS In order to apply for licensure you must complete (fully) the application and return it to the Commission. Each question must be answered as required or the application will be returned to the applicant.

A Certificate of Completion of the education requirements (official transcript, grade report or copy of the certificates) and proper fee must accompany the application.

An applicant for a real estate broker’s license must furnish a letter of reference from their bank(s) indicating a satisfactory banking experience AND if they are a licensed active salesperson, a letter of reference from their present responsible broker must also be included.

Two photographs (front and profile views) should be attached to the application.

After the application has been approved, you will receive a letter of approval from the commission.

EXAMINATION REGISTRATION AND SCHEDULING PROCEDURES

Upon approval of eligibility, you will be responsible for contacting PSI to schedule an appointment to take the examination.

 You may sit for the state portion of the examination only twice during the 2 months immediately following the approval of your application.

If you fail to schedule any exams during the 2 month time period, if you schedule exam dates and fail to appear or if you fail to pass both portions of the examination during the two month time period following the approval of your application, you must re-apply to the Commission to establish eligibility.

 If you pass the state portion of the exam but fail the national portion, you may continue to take the national portion on an unlimited basis within the two (2) months following the date that your application was approved.

 For the state portion only: if two failures result, you may re-apply to the Commission after a waiting period of three (3) months has passed for the salesperson examination or a period of six (6) months has passed for the broker examination .

 **NOTE** BOTH state and national portions must be passed in the SAME 2 month eligibility period. All questions and requests for information about examinations should be directed to PSI.

PSI Services LLC

3210 E Tropicana

Las Vegas, NV 89121

(800) 733-9267 •

Fax (702) 932-2666

www.psiexams.com

EXAMINATION FEE for the Mississippi Real Estate License Exam

Examination Both Portions $75

The fee is $75 for the 2 examination portions, regardless if you take 1 or both examination portions.

Examination retakes are $75 for 1 or both examination portions.

NOTE: REGISTRATION FEES ARE NOT REFUNDABLE.

REGISTRATION FEES EXPIRE AFTER ONE YEAR OF REGISTERING.INTERNET REGISTRATION AND SCHEDULING

For the fastest and most convenient test scheduling process, PSI recommends that candidates register for their exams using the Internet. In order to register over the Internet, candidates will need a valid credit card (VISA, MasterCard, American Express or Discover).

Candidates register online by accessing PSI’s registration website at www.psiexams.com.

Internet registration is available 24 hours a day. In order to register by Internet, complete the following steps:

Log onto PSI’s website and select the link associated with the Mississippi examinations.

Complete the associated registration form online and submit your information to PSI via the Internet.

Upon completion of the online registration form, you will be given the available exam dates and locations for scheduling your examination. Select your desired testing date and location.

TELEPHONE REGISTRATION AND SCHEDULING

For telephone registration, you will need valid credit card (VISA, MasterCard, American Express or Discover).

1. Complete the Examination Registration Form, including your credit card number and expiration date, so that you will be prepared with all of the information needed to register by telephone.

2. Call (800) 733-9267 and speak to a PSI registrar Monday through Friday between 6:30 am and 9:00 pm, and Saturday-Sunday between 8:00 am and 4:30 pm, Central Time, to receive the information listed on your Examination Registration Form and to schedule your appointment for the examination.

FAX REGISTRATION AND SCHEDULING

Complete the PSI registration form (found at the end of this bulletin), including your credit card number and expiration date. Fax the completed form to PSI at (702) 932-2666. Fax registrations are accepted 24 hours a day. Please allow 4 business days to process your Registration. After 4 business days, you may go online or call PSI to schedule the examination.

STANDARD MAIL REGISTRATION AND SCHEDULING Complete the PSI registration form (found at the end of this bulletin), and send the form with the appropriate examination fee to PSI.

You can pay fees by VISA, MasterCard, American Express, Discover, company check, money order or cashier’s check, made payable to PSI. Print your name in the memo section of the company check, personal check, money order or cashier’s check so we can ensure the payment is applied to your registration.

CASH IS NOT ACCEPTED. Please allow PSI 2 weeks to process a mailed registration. After 2 weeks, you may go online or call PSI to schedule the examination.

RETAKING A FAILED EXAMINATION To retake the examination, you only need to sit for the portion(s) you failed. For example, if you failed the State portion only, you need to retake just that portion.

 You may sit for the state portion of the examination only twice during the 2 months immediately following the approval of your application. If you fail to schedule any exams during the 2 month time period, if you schedule exam dates and fail to appear or if you fail to pass both portions of the examination during the two month time period following the approval of your application, you must re-apply to the Commission to establish eligibility.

 If you pass the state portion of the exam but fail the national portion, you may continue to take the national portion on an unlimited basis within the two (2) months following the date that your application was approved.

 For the state portion only: if two failures result, you may re-apply to the Commission after a waiting period of three (3) months has passed for the salesperson examination or a period of six (6) months has passed for the broker examination .

 **NOTE** BOTH state and national portions must be passed in the SAME 2 month eligibility period. It is not possible to make a new examination appointment on the same day you have taken an examination; this is due to processing and reporting scores.

A candidate who tests unsuccessfully on a Wednesday can call the next day, Thursday, and retest as soon as Friday, depending upon space availability. You may access a registration form at www.psiexams.com. You may also call PSI at (800) 733-9267.

MISSED APPOINTMENT OR LATE CANCELLATION Y

our registration will be invalid, you will not be able to take the examination as scheduled, and you will forfeit your examination fee, if you: ▪ Do not cancel your appointment 24 hours before the schedule examination date;

▪ Do not appear for your examination appointment; ▪ Arrive after examination start time;

▪ Do not present proper identification when you arrive for the examination.

EXAM ACCOMMODATIONS

All examination centers are equipped to provide access in accordance with the Americans with Disabilities Act (ADA) of 1990, and exam accommodations will be made in meeting a candidate’s needs.

Applicants with disabilities or those who would otherwise have difficulty taking the examination must fill out the form at the end of this Candidate Information Bulletin and fax to PSI (702) 932-2666

EXAMINATION SITE CLOSING FOR AN EMERGENCY

In the event that severe weather or another emergency forces the closure of an examination site on a scheduled examination date, your examination will be rescheduled. PSI personnel will attempt to contact you in this situation. However, you may check the status of your examination schedule by calling (800) 733-9267.

Every effort will be made to reschedule your examination at a convenient time as soon as possible. You may also check our website at www.psiexams.com.

SOCIAL SECURITY NUMBER CONFIDENTIALITY PSI will use your social security number only as an identification number in maintaining your records and reporting your examination scores to the state. A Federal law requires state agencies to collect and record the social security numbers of all licensees of the professions licensed by the state.

EXAMINATION SITE LOCATIONS

The following directions are generated from the most current mapping services available.

However, new road construction and highway modifications may result in some discrepancies.

If you are not familiar with the specific area of the testing site, please consult a reliable map prior to your test date.

Jackson

2679 Crane Ridge Dr, Suite B

Jackson, MS 39216

Traveling on I-55N

Toward Grenada/Memphis., Merge onto Lakeland Dr/MS-25 N via Exit 98B toward Carthage. Turn right onto Crane Ridge Dr. Metairie (New Orleans)

2750 Lake Villa Drive NY II Bldg, Suite 302

Metairie, LA 

70011

PSI is centrally located between the Airport and the New Orleans CBD and between the Lake Pontchartrain and I-10 Blvd.

From the West (Airport) or from the East (New Orleans) the directions from Interstate-10 are the same.

I10 exit Clearview Parkway – North (exit 226).

Proceed North on Clearview PKWY .4 mile. Turn Right at Veterans Blvd (at Target Store).

Proceed on Veterans Blvd. for about 1/2 mile. Lake Villa Drive is on the Right.

PSI is in the 3 story building on the right at the end of Lake Villa Drive and the I-10 Service Road.

Baton Rouge

8338 Summa Avenue #302

Baton Rouge,

LA

From the I-10 East, exit Essen Lane and proceed south approximately 1/2 mile.

Turn left on Summa Avenue.

The Test Center is on the corner of Summa and Everet on the right. Parking is in the rear. From the I-10 West, exit Bluebonnet Blvd. and proceed south approx. 1/4 mile. Turn right on Picardy and then right on Summa Ave.

The Test Center is on the corner of Summa and Blair on the left. Parking is in the rear.

Mobile

6051 – B Airport Blvd. Mobile, AL 36660

From I-65 take Airport Blvd West exit. The site is approximately 3 miles on Airport Blvd on the left hand side. Two doors down from the Lazy Boy Furniture Store.

Memphis

Apple Tree Center 6099 Mt. Moriah Extended,

Suite 17

Memphis, TN 38115

Coming North from Mississippi on Interstate Hwy 55, take Interstate Hwy 240 East.

Proceed 8.5 miles to Mt. Moriah Rd. Exit. Go South on Mt. Moriah Rd. 2.2 miles.

Apple Tree Center is on the right (just past the intersection with Hickory Hill and Ridgeway roads).

Additionally, PSI has examination centers in many other regions across the United States.

You may take this examination at any of these locations by filling out and submitting the Out-of-State Testing Request form found at the end of this bulletin.

Examination Portion Percent Pass (Passing Score)

Salesperson General 70% (56 points) State 75% (30 points)

Broker General 75% (60 points) State 80% (32 points)

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SALESPERSON/BROKER STATE PORTION for the Mississippi Real Estate License Exam
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

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