Qualifications

Aged eighteen (18) years or older

Be a bona fide resident of the State of Mississippi before filing his application,

Shall have completed a minimum of sixty (60) hours in courses in real estate.

 

Steps

Schedule a 60-hour class.

Download a salesperson’s application

  1. Complete the application (including pictures).
  2. Get the application notarized.
  3. Pass the school’s exit exam.
  4. Attach Real Estate Training Institute’s Course Completion Certificate to the application with a check for $120.
  5. Send the completed application, certificate, and check to the Mississippi Real Estate Commission.
  6. MREC will send a letter with a phone number and website where the exam can be scheduled.
  7. The testing company will require a credit card to charge $75 for both exams. (General Portion and Mississippi State-Specific Portion.)
  8. Pass the exam 70% on the General Portion and 75% on the State Specific Portion.
  9. Find a broker. Give the broker the MREC Broker information to complete.
 
 

Included in the Course

Classroom Access

ZOOM Live Stream Access

Purchase one course and get all three access passes.

Sixty (60) hours of classroom courses

Unlimited Access for six (6) months

Access to Recorded Live Videos

Workbook for Primary Portion

Instructor Power Point Videos

Over 500 Exam Questions

Mississippi Specific Book with Quizzes

Electronic Cue Cards

Electronic Glossary

Our license courses combine education and entertainment for an adult learning experience.

Day Courses

Night Courses

Nine (9) Days

The license course begins on Monday (unless there is a holiday) and continues to the Friday of that week.

It picks up the following Monday with the final being on Thursday.

8:30 or 9:00 am to 4:30 pm

Fifteen (15) Days

The license course begins on Monday (unless there is a holiday) and continues to the Friday of that week.

It picks up the following Monday.

5:30 pm to 9:30 pm

 

Outline

SALESPERSON/BROKER GENERAL PORTION

I. Property ownership (Salesperson 8%; Broker 10%)

A. Real versus personal property; conveyances

B. Land characteristics and legal descriptions

Types of legal descriptions; Metes and bounds, Lot and block, a government survey

2. Measuring structures

3. Livable, rentable, and usable area

4. Land Measurement

5. Mineral, air, and water rights

C. Encumbrances and effects on property ownership

1. Liens

2. Easements and licenses

3. Encroachments

4. Other potential encumbrances of title

D. Types of ownership

1. Tenants in common

2. Joint tenancy

3. Common- interest ownership

a) Timeshares

b) Condominiums

c) Co-ops

4. Ownership in severalty/sole ownership

5. Life Estate ownership

6. Property ownership held in trust (BROKER ONLY)

II. Land use controls and regulations (Salesperson 5%; Broker 5%)

A. Government rights in land

1. Property taxes and special assessments

2. Eminent domain, condemnation, escheat

B. Government controls

1. Zoning and master plans

2. Building codes

3. Regulation of special land types

a) Flood zones

b) Wetlands

4. Regulation of environmental hazards

a) Types of hazards

b) Abatement and mitigation

c) Restrictions on contaminated property

C. Private controls

1. Deed conditions or restrictions

2. Covenants, conditions, and restrictions (CC&Rs)

3. Homeowners association regulations

III. Valuation and market analysis (Salesperson 7%; Broker 7%)

A. Appraisals

1. Purpose and use of appraisals for valuation

2. General steps in the appraisal process

3. Situations requiring an appraisal by a certified appraiser

B. Estimating Value

1. Effect of economic principles and property characteristics

2. Sales or market comparison approach

3. Cost approach

4. Income analysis approach

C. Competitive/Comparative Market Analysis

1. Selecting comparables

2. Adjusting comparables

IV. Financing (Salesperson 10%; Broker 8%)

A. Basic concepts and terminology

1. Points

2. LTV

3. PMI

4. Interest

5. PITI

6. Financing instruments (mortgage, promissory note, etc.)

B. Types of loans

1. Conventional loans

2. FHA Insured loans

3. VA guaranteed loans

4. USDA/rural loan programs

5. Amortized loans

6. Adjustable-rate mortgage loans

7. Bridge loans

8. Owner financing (installment and land contract/contract for deed)

C. Financing and lending

1. Lending process application through closing

2. Financing and credit laws and rules

a) Truth in lending

b) RESPA

c) Equal Credit Opportunity

d) CFPB/TRID rules on financing and risky loan features

3. Underwriting

a) Debt ratios

b) Credit scoring

c) Credit history

V. General principles of agency (Salesperson 13%; Broker 11%)

A. Agency and non-agency relationships

1. Types of agents and agencies

2. Other brokerage relationships (non-agents)

a) Transactional

b) Facilitators

B. Agent’s duties to clients

1. Fiduciary responsibilities

2. Traditional agency duties (COALD)

3. Powers of attorney and other delegation of authority

C. Creation of agency and non-agency agreements; disclosure of conflict of interest

1. Agency and agency agreements

a) Key elements of different types of listing contracts

b) Key elements of buyer brokerage/tenant representation contracts

2. Disclosure when acting as principal or other conflicts of interest

D. Responsibilities of an agent to customers and third parties, including disclosure, honesty, integrity, accounting for money

E. Termination of agency

1. Expiration

2. Completion/performance

3. Termination by force of law

4. Destruction of property/death of principal

5. Mutual agreement

VI. Property disclosures (Salesperson 6%; Broker 7%)

A. Property condition

1. Property condition that may warrant inspections and surveys

2. Proposed uses or changes in uses that should trigger inquiry about public or private land use controls

B. Environmental issues requiring disclosure

C. Government disclosure requirements (LEAD)

D. Material facts and defect disclosure

VII. Contracts (Salesperson 17%; Broker 18%)

A. General knowledge of contract law

1. Requirements for validity

2. Factors affecting the enforceability of contracts

3. Void, voidable, unenforceable contracts

4. Rights and obligations of parties to a contract

5. Executory and executed contracts

6. Notice, delivery and acceptance of contracts

7. Breach of contract and remedies for breach

8. Termination, rescission, and cancellation of contracts

9. Electronic signature and paperless transactions

10. Bilateral vs. unilateral contracts (option agreements)

B. Contract Clauses, including amendments and addenda

C. Offers/purchase agreements

1. General requirements

2. When an offer becomes binding

3. Contingencies

4. Time is of the essence

D. Counteroffers/multiple offers

1. Counteroffers

2. Multiple offers

VIII. Leasing and Property Management (Salesperson 3%; Broker 5%)

A. Basic concepts/duties of property management

B. Lease Agreements

1. Types of leases, e.g., percentage, gross, net, ground

2. Key elements and provisions of lease agreements

C. Landlord and tenant rights and obligations

D. Property manager’s fiduciary responsibilities

E. ADA and Fair Housing compliance in property management

F. Setting rents and lease rates (BROKER ONLY)

IX. Transfer of Title (Salesperson 8%; Broker 7%)

A. Title Insurance

1. What is insured against

2. Title searches, title abstracts, chain of title

3. Marketable vs insurable title

4. Potential title problems and resolution

5. Cloud on the title, suit to quiet title (BROKER ONLY)

B. Deeds 1. Purpose of the deed, when title passes

2. Types of deeds and when used

3. Essential elements of deeds

4. Importance of recording

C. Escrow or closing; tax aspects of transferring title to real property

1. Responsibilities of escrow agent

2. Prorated items

3. Closing statements/TRID disclosures

4. Estimating closing costs

5. Property and income taxes

D. Special processes

1. Foreclosure

2. Short sale

E. Warranties

1. Purpose of home or construction warranty programs

2. Scope of home or construction warranty programs

X. Practice of real estate (Salesperson 13%; Broker 14%)

A. Trust/escrow accounts

1. Purpose and definition of trust accounts, including monies held in trust, accounts

2. Responsibility for trust monies, including commingling/conversion

B. Federal fair housing laws and the ADA

1. Protected classes

2. Prohibited conduct (red-lining, blockbusting, steering)

3. Americans with Disabilities (ADA)

4. Exemptions

C. Advertising and technology

1. Advertising practices a) Truth in advertising

b) Fair housing issues in advertising

2. Use of technology

a) Requirements for confidential information

b) Do-Not-Call List

D. Licensee and responsibilities

1. Employee

2. Independent Contractor

3. Due diligence for real estate transactions

4. Supervisory responsibilities (BROKER ONLY)

a) Licensees b) Unlicensed personnel

E. Antitrust laws

1. Antitrust laws and purpose 2. Antitrust violations in real estate

XI. Real estate calculations (Salesperson 10%; Broker 8%)

A. Basic math concepts

1. Loan-to-value ratios

2. Discount points

3. Equity

4. Down payment/amount to be financed

B. Calculations for transactions

1. Property tax calculations

2. Prorations

3. Commission and commission splits

4. Seller’s proceeds of sale

5. Buyer funds needed at closing

6. Transfer fee/conveyance tax/revenue stamps

7. PITI (Principal, Interest, Taxes and Insurance) payments

C. Calculations for valuation, rate of return (BROKER ONLY)

1. Net operating income

2. Depreciation

3. Capitalization rate

4. Gross Rent and gross income multipliers

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. timeshares, 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. The broker is account holder; Salesperson may not establish prop mgt escrow acct independent of the 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 the internet are advertising (part of “ALL advertising”)

2. Must advertise in broker’s name

3. The broker must permit/approve advertising

4. Private controls

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