mississippi real estate exam quizlet

a beneficiary trust. A lease requiring the landlord to pay all of a property's operating expenses, including those that pertain to an individual tenant. PrepAgent offers real estate exam prep for all 50 states. A) cooperative unit ownership. A) How long does the Mississippi real estate exam take? C)all available land has been developed. When the loan is paid in full, the lender issues and records a Deed of Reconveyance, which clears the title of the property. Missing link in the chronology of owners, or if there was a defective conveyance, the chain is said to be broken, resulting in a clouded title to the property. held by one individual for the benefit of another. The states that have community property laws are: Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. However, a real estate license is by no means permanent. a corporation. 2. provide the borrower with a free copy of any valuation used promptly when completed and no later than three days before closing A) Which of the following is MOST likely evidence of ownership in a cooperative? Identify the principal parties The heir of the deceased owns the gravel, limestone, and topsoil, no matter where it is. 100 nautical miles. D) co-ownership. D) B)a transactional broker. A corporation is a legal entity, recognized as an artificial person. C) B) Every licensee shall, within ten days, notify the Real Estate Commission of any adverse court decisions in which the licensee appeared as a defendant. Per Miss. Be first to know about the latest update and access free materials only for subscribers! an easement by necessity. B) a condominium. Transferability "Association" means the organized body consisting of the owners of timeshare interests in a timeshare plan. According to license law in Mississippi when must a broker deposit transactional funds into a trust account? B) book Most current listing forms require the seller to disclose the condition of the property to prospective buyers. \text{February 2007} & \text{42,491} & \text{12,014.98}\\\text{March 2007} & \text{47,345} & \text{11,895.42}\\\text{April 2007} & \text{41,109} & \text{11,012.01}\\\text{May 2007} & \text{39,882} & \text{10,891.11}\\ The unit of measurement is most commonly denominated in square feet. D) Real estate questions and answers in PDF format. By changing any of the terms of an offer, the offeree creates a counteroffer, and the original offer is void. B) Opinion of the price at which a willing police power. When must real estate licensees provide a copy of a document to any party upon signing the document? B) Upon conviction of a second or subsequent violation if a person, be punished by a fine of not less than One Thousand Dollars ($ 1,000.00) nor more than Two Thousand Dollars ($ 2,000.00). Per 73-35-31 - Penalties for violations of chapter. the fiduciary. D) occupied as the family home. The concept that no two parcels of property are exactly the same or in the same location is called: D)an appurtenance. Location of business and responsible broker to be designated. C) D) The deceased left no will and had no heirs. C) usually performs all the services and handles all classes of property. land trusts. commingling of monies belonging to others with his own funds. Per Miss. At this point, the offeree becomes the offeror, and the new offeree gains the right of acceptance. an investors' real estate trust (IRET). B) Notify borrower within three days of the loan application that a copy of any appraisal will be promptly provided even the most simple real estate transaction. Leave nothing to chance when it comes to your new career. C)Wage levels According to law, a trade fixture is usually treated as: A) D) real or personal property. D) the limited partnership and the corporation. Be signed by the principal parties. C) by necessity. P. 243, 1. Easement in gross, Because a homeowner failed to pay the real estate taxes on time, the taxing authority imposed a claim against the homeowner's property. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. The practice tests are roughly 50 questions in length and the sample test is 100 questions. One day, one of the owners decides to end the relationship. D)a legal description. The procedure involves multiplying the property's gross monthly rent times a multiplier that reflects the ratio between gross monthly rent and sale price that is typical for similar properties in the area. B)office space, shopping centers, and stores, as well as theaters, hotels, and parking facilities. Per Miss. Members of the Mississippi Real Estate Commission are appointed by, The Mississippi Real Estate Commission is composed of five members, all of which are appointed by the Governor. Condominiums A) D) In general, you should expect 60-80 state-specific multiple choice questions, and around 80-100 multiple choice questions on general real estate concepts. an easement appurtenant. However, you must take an in-person exam to earn your Mississippi real estate license. Power of a government to force the sale of private property for public use. (LTV) An underwriting ratio that relates the size of a loan to the market value of the collateral. 1. the lien's categorization as superior or junior Thanks. community property. seller and buyer would trade a property at a given time, assuming a cash sale, reasonable exposure to the market, informed parties, marketable title, and no abnormal pressure to transact. B) cannot be related. Expiration a trustor. Code Ann. condemned A)Cost of the item call the sheriff to serve notice of nonpayment on the unit owner. C) D)a property inspector. Temporary licenses; No, it is not. C) the reversionary interest. Mixed-use real estate is property that allows for: Study anywhere at any time without an Internet connection. In terms of financing involved for a real estate purchase, which custom is practiced in Mississippi? D)price tends to fall. A)a broker. Code Ann. 3 features: Weak/Medium/Strong questions help you clearly determine which area you should work harder on. The owner of fee simple title to a vacant lot adjacent to a hospital decided to make a gift of the lot to the hospital. Policy that protects the holder against loss arising from defects in title or documents conveying title. For most candidates, this exam will include a national portion as well as a state-specific portion. B) The deed conveyed ownership of the lot to the hospital "so long as it is used for hospital purposes." Any person violating a provision of this chapter shall, upon conviction of a first violation..if a person, be punished by a fine of not more than One Thousand Dollars. Per 73-35-31 - Penalties for violations of chapter. An individual's or company's interest in or right to use someone else's land that is not adjacent to or near property of the individual or company is an easement: A) Estimated cost of total fees and license: $185, Mississippi Real Estate Commission and Licensing Requirements, Mississippi Governing the Activities of Licensees, Mississippi Specific Real Estate Principles and Practices and Fair Housing Law, Mississippi Broker Responsibilities, Including Supervision of Sales Associates, Mississippi Advertising/Marketing/Internet. D) B)an emblement. B) Clearly identify the property, preferably by legal description With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. Cooperative A dual agent's first duty is to disclose the agency relationship to both principal parties or to withdraw from one side of the duality. C) The use of borrowed money to finance an investment is called: Detailed information about the age, education, behavior, and other characteristics of members of a population group is called: The scope of the property manager's work depends on the terms of the individual employment contract, known as: When supply and demand for a good or service are roughly balanced, the price of the good or service: The idea that no two parcels of land are exactly alike is called: If demand remains steady when the supply of a commodity decreases, the price will: A licensed real estate broker may charge a fee for all of the following services EXCEPT: A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, or purchase of a property is known as: B) The IREBEA program shall be a voluntary program based upon willing participation by real estate brokers, whether proprietorships, partnerships or professional corporations. Per 73-35-105. What effect will this announcement MOST likely have on the small town's housing market? The nursing home gets to keep it. The shelves and tables are trade fixtures and may properly be removed by the bookstore's owner before the lease expires, with the tenant responsible to the landlord for any damage that the removal causes to the premises. properties abutting moving water such as streams and rivers. D) This provision is necessary because the rose bushes are ordinarily considered to be: A person or company responsible for maintaining a client's property and maximizing the return on the client's investment is serving as: Physical Characteristics East-west strips between parallels Townships Intersection of a range and a tier consisting of six-mile by six-mile squares of land Sections of a Township 36 Sections per township, each one-mile square. A) 80-100 questions will be universal real estate concepts. an encroachment. Because of its structure, the company's income is subject to double taxation (first by the company, and then by its shareholders). common elements. formally dissolves the corporation. You must answer 32 of the state-specific questions correctly and 60 of the national questions correctly to pass. rental Co-Ownership All states have their own exam. B) supply and demand At a court-ordered sale, the property is purchased for $60,000. B) used as a vacation home. In Mississippi, you can miss 24 questions on the national and 10 on the state and still pass the real estate exam. Every licensee must notify the Commission within how many days if any adverse court decisions in which the licensee appears as a defendant? assisting in communications between principals Buyer A and buyer B are tenants in common. A) This includes, but is not limited to: listings, options, leases, offers to purchase, contracts of sale, escrow records, agency agreements, and copies of all closing statements. law of contracts. The buyer and the other owner will be tenants in common. How many hours of continuing education are required for Mississippi real estate licensees? D) insurance@mrec.state.ms.us E & O Email, Copyright 2022 Mississippi Real Estate Commission. If a licensee wants to transfer their license from active to inactive status what must they do? joint tenancy and tenancy in common. Code Ann. B)a rental agent. ownership in severalty. These are all the benefits of using our Mississippi Real Estate Practice Test: Visit our Real Estate Exam Practiceand start your studying right now! D) An account that a lender requires a borrower to establish to ensure that adequate funds will be available for payment of taxes and insurance on a mortgaged property. Each appointee shall have been a resident and citizen of this state for at least six (6) years prior to his appointment, and his vocation for at least five (5) years shall have been that of a real estate broker. Per MS Code 73-35-5. Per Mississippi Rule 8.2, what is the organized body consisting of the owners of timeshare interests in a timeshare plan? D) The Mississippi Real Estate Salesperson Exam has a passing rate of 75%. the trustor. a police power. 12 nautical miles. Our Mississippi real estate exam prep has helped thousands of test-takers pass their real estate test, and comes with unlimited access to over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations! A parcel of land that has no direct access to a street or public way, except over land of its previous owner, will benefit from: A) a tenancy in common. All fees collected under the Mississippi License Law are credited to what? two people, but they must be married or in a civil union. None of these If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. appurtenant. Method of appraising property. State intangible tax liens The assignor transfers the A) Real estate examination successfully completed. D) B) The homestead exemption in a town is $15,000. The company is BEST described as Acts as a blueprint for subsequent zoning ordinances and rulings uses intensive research and public opinion, architectural and engineering standards, Broker's License Course Registration 60 hours - This course includes Broker One and Broker Two. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. functional or economic (external) factors. C)factories. severalty. A) A) Leasehold: distinguished by its specific duration, as represented by the lease term. C) Jackson, MS 39236, Phone: To the client: Skill, care, diligence; loyalty; obedience; confidentiality; disclosure; accounting, To the customer: honesty and fair dealing; exercise of reasonable care and skill; proper disclosures; danger areas: misrepresentation; advising beyond expertise. D)land in industrial districts. interest to the assignee. trust. D)erosion. D)area preference for a particular location. The development of a parcel of land can have a significant impact on its value, as well as the value of nearby parcels, because of the economic characteristic that considers: A) A real estate sales associate: condominium unit ownership. must all be actual persons. D)a real estate counselor. a bill of sale. an encroachment. B) an easement. owned by two or more individuals. How many years must members of the Mississippi Real Estate Commission be licensed as brokers before being appointed to the commission? If a condominium unit owner has not paid homeowners association fees for the length of time required by state law, the HOA's remedy may be to The elevators, parking garage, and swimming pool are called Our Mississippi real estate practice test is designed to be fun and easy to use which helps you feel more interested while doing tests. D) Easement by necessity 73-35-35 Rule 3.2 Documents. A)a property manager. B) B) Mississippi agents owe their clients six fiduciary responsibilities: Loyalty (1), Obedience (2), Disclosure (3), Confidentiality (4), Reasonable skill care and diligence (5), and Full accounting(6). Also called government survey system. How long must real estate brokers keep records in Mississippi? The electric company has the right to extend its wires over 50 parcels of land. C) Buyer B owns the land as a joint tenant; buyer A owns the land as a tenant in common. Condominium D)a property manager. With a total of 120 questions (80 national and 40 state). A) a remainder. a secondary residence. Other Quizlet sets. when the need no longer exists. A landowner has divided a large parcel of land into smaller parcels and has recently sold a tract near a nature preserve that is landlocked and cannot be entered except through one of the other tracts. with no need to bring a legal action in court. comments. C) If it becomes necessary to show a property to a potential buyer who has not been qualified by a lender, the licensee can gain some protection by performing an informal qualification and documenting the fact that it was based on the information provided by the buyer. The owner of a piece of vacant land removed and sold all the topsoil, limestone, and gravel. D) Every quarter. proprietary elements. Possession. Local, State, and other Government Restrictions. Yes. D)Because the announcement involves an issue of demographics, not of supply and demand, housing prices will stay the same. $15,000 Property management, appraisal, financing, and development are all examples of: D)specializations within the real estate industry. 73-35-3 Rule 8.2 Definitions. A)the situs of the land. D) A)broker. D) The 120 multiple-choice questions on the examination cover a variety of topics that are relevant to Mississippi real estate license law. mineral rights. rule of law. Robert Praytor Administrator Notifications Rate of return on capital an investor will demand from the investment property, or the rate of return that the property will actually produce. taxation. Whenever a Mississippi broker enters into a cooperative agreement with an out of state broker, the Mississippi broker must file a copy of the written agreement to the Commission within how many days? C) severalty. Use a free real estate practice exam to prepare for your real estate license exam - an assessment taken by candidates who wish to become a real estate agent or broker. the attorney in fact. Opinion of the price at which a willing seller and buyer would trade a property at a given time. a deed. B)Houses will likely become more expensive. (601) 321-6970 Office Fiduciary relationship which authorizes the agent to conduct a broad range of activities for the principal in a particular business enterprise. Fee A lender's charge for funding a loan. provide appropriate disclaimers to their clients. An agency relationship can arise by implication, intentionally or unintentionally. D) a leasehold. B) Active Real Estate Professionals must complete 16 hours of approved CE during each full licensure renewal period. In order to do prior tasks, they must hold an active real estate license. [About Us], Recommended Prep CoursesAll Practice Tests. C)immune to the forces of supply and demand. Toggle through the questions and view helpful hints. A) condition subsequent. Because the business is a tenant, the shelves and tables are fixtures and may not be removed except with the building owner's permission. B) trust. The specific areas of law that are important to the real estate professional do NOT include: leasehold The consent submitted will only be used for data processing originating from this website. Two adjacent parcels, different owners. C)an appraiser. Assemblage C) A) There is hereby created the Mississippi Real Estate Commission. Listing agreement which pays the listing broker a commission if anyone at all procures a customer. There are 13 questions on real estate calculations in the National segment of the State test. D)two usescommercial and residentialin the same building. C) Is it possible to obtain my Mississippi real estate license online? B)a sales affiliate. A trust or impound account used for the proper handling of funds and documents in the closing of a real property transaction. Limitation imposed on a buyer's use of a property by stipulation in the deed of conveyance or recorded subdivision plat. Start your free assessment . A) Another free real estate practice exam in flashcard format. A) 1,473 terms. Find the answers to all your real estate license questions here: Real estate license requirements vary from state to state. nonuse of a prescriptive easement. B) D) immobility, indestructibility, and heterogeneity. Prompt notice in writing, within three (3) days, shall be given to the commission by any real estate salesperson of a change of responsible broker, and of the name of the principal broker into whose agency the salesperson is about to enter. Per 73-35-15. Easement in gross In Mississippi, you can miss 24 questions on the national and 10 on the state and still pass the real estate exam. 73-35-35 Rule 3.2 Documents. A) B) Special assessment liens Be in writing License (Salesperson: $110) For brokers: Complete application form. If a salesperson wants to change a responsible broker how many days do they have to notify the commission? Find your state and pick the right real estate exam prep package for you. A separate accounting shall be made annually for all funds received. Per 73-35-105. Ex. Inactive licensees will not be required to pay the premium until changing to active status and the premium will be assessed on a pro-rata basis. You can take the state section of the test only twice within two months after the approval of your application, but you may sit for the national portion of the examination an unlimited number of times over that same two-month period. a reversionary interest. 1 section=640 acres Students also viewed Mississippi Practice & REAL Exam Questions 91 terms jvaleriereynolds C) Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements owns License Complete 120 hours of state approved education (150 . personality. A) assisting in the exchange of transaction documents. D) D) substitution State corporate income tax liens Real estate tax liens a condominium trust. Which of the following is NOT one of the four unities of title? A professional opinion of a property's market value, based on established methods and using trained judgment, is performed by: co-ownership. $640 When one of its directors dies, the company continues to operate. Economic and utilization Deed transfers real and potential interests in a property, whether an interest is known to exist or not. Errors and omissions insurance is a type of professional liability insurance that protects agents against claims of inadequate work or negligent actions. B) Check the exact score requirements for your state here. D) What is the purpose of the insurance? A)selling. Study that right before the test, and as soon as the test starts (after all study . an emblement. If someone does any of those activities without a license it is considered unlicensed activity. MS-RELEP's testing practice section consists of ten national practice tests, six state practice tests, and one state exam sample test. D)Monetary policy, A person licensed to sell, buy, lease, or exchange real property for others for a fee is a: escheat. B) plottage Upon conviction of a second or subsequent violation if a corporation, be punished by a fine of not less than Two Thousand Dollars ($ 2,000.00) nor more than Five Thousand Dollars ($ 5,000.00). Per 73-35-31 - Penalties for violations of chapter. Whenever a Mississippi broker enters into a cooperative agreement under this section, the Mississippi broker shall file within ten (10) days with the commission a copy of each such written agreement. Per 73-35-11. A) B) an estate by the entirety. A) They share equally in the expenses and profits. Regulations that govern the use, occupancy, size, location, and construction of real property also fall within the government's police: Easement by prescription has equal rights of possession with the other owners. From whom does a provisional salesperson receive their compensation in Mississippi? A)an appraiser. B) Joint tenancy is a form of concurrent ownership of property that is available to LeFleurs Bluff Tower, Suite 300 Anticipation an estate in land. D)Lease, Which of the following is NOT a test in determining whether the intent of the person who installed an item was that it be a fixture or personal property? C) D) Appurtenant easement Because the shelves and tables are attached to the building, they are treated the same as other fixtures. It defines an owner's interest in real property. D) It's hard to give you an exact number since every state varies. a fee simple absolute estate. B) B) Termination by force of law How long do Mississippi temporary licenses last? These were all installed by the bookstore owner. A) B)indestructible. Must complete required state approved pre-licensing courses (60 credit hours). concurrent ownership. What happens to the deceased's $250,000 estate? indestructibility. Tax bill for an individual unit First substantial contact never occurred and no further agency disclosure was required. C)The announcement involves an industrial property; residential housing will not be affected. In title theory states the lender holds title to the property in the name of the borrower through a Deed of Trust. D) Which of the following statements is true regarding this situation per Mississippi Agency Law? Practice any other tests as if it was test day. A) A) an easement. Analyst conducts the search of public records needed to produce an abstract. When demand for a commodity decreases and supply remains the same, A) only the most complex real estate transaction. D) B) D)Emblements. salvage C) C) Consider setting a timer and pacing yourself to complete the second practice test "open book" as well. replacement a deed restriction. C) C) What right does the electric company have? leased by renters. Full-service lease. Check your state for specific information. a trade fixture. The test is a closed book examination. 73-35-35 Rule 3.4 Earnest Money. B) However, on average, our data suggest that anywhere between 5 to 20 math questions are on each state's real estate exam. survivorship tenancy. Mississippi allows up to 3 attempts to pass both the exam's national and state law portions. This test is designed to be challenging, but not totally hopeless. D) Per Miss. detached structures. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. determinable fee. Navigable to water's edge. reversionary In general, you should expect your real estate license test to follow this format: Around 100-150 multiple choice questions 60-80 questions will be state-specific 80-100 questions will be universal real estate concepts You will have between 2-4 hours to complete your exam. From point of beginning (POB) and returns to POB. If the communication of acceptance is by mail, the offer is considered to be communicated as soon as it is placed in the mail. A) So you must take the exam within two months. All funds received from the IREBEA program shall be deposited with the Mississippi Housing Opportunity Foundation Fund quarterly. states may levy property taxes but many delegate this power to county and local government; states can impose a tax lien against real property. a real estate commercial trust (RECT). You will have between 2-4 hours to complete your exam. the legal life estate. A) C) What kind of property does he own? B) D)landlord. C)salesperson. release of the right of easement to the dominant tenement. The fence is an example of: B)but they should know and understand some basic principles. a partnership. By mistake, the fence extends one foot over the lot line onto a neighbor's property. MAB BOARD MEETING abandonment of easement. 4780 I-55 North, Jackson, MS 39211, Mailing Address: StockMarketData\begin{matrix}\text{Stock Market Data}\\\end{matrix} Ownership extends to the high-water mark of the body of water.

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