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Real Estate Salesperson Exam — National Portion

Agreements (MS): practice questions

Our Real Estate (National) bank has 4 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Mississippi

Who holds earnest money in a cooperative deal with an out-of-state broker not licensed in Mississippi?

  1. The closing attorney, as the law bars brokers from holding the funds here
  2. The Mississippi broker, unless buyer and seller agree in writing otherwise
  3. The out-of-state broker, since that broker procured the buyer for the sale
  4. Either broker, as the cooperative agreement filed with the Commission states
Show the answer

B. The Mississippi broker, unless buyer and seller agree in writing otherwise — Miss. Code Ann. 73-35-11.

Question 2 · Mississippi

Within how many days must a Mississippi broker file a cooperative agreement with an unlicensed out-of-state broker?

  1. Five days
  2. Ten days
  3. Fifteen days
  4. Thirty days
Show the answer

B. Ten days — Miss. Code Ann. 73-35-11.

Question 3 · Mississippi

What must every Mississippi exclusive listing agreement contain?

  1. A minimum term of ninety days and an override period after expiry
  2. A definite expiration date, with no required notice to cancel after it
  3. The buyer's name, financing terms and a scheduled closing date
  4. An automatic renewal clause unless the seller cancels in writing
Show the answer

B. A definite expiration date, with no required notice to cancel after it — Miss. Admin. Code 30-1601-3.2(B).

Question 4 · Mississippi

A listing broker receives a second written offer before the seller accepts the first. What must the broker do?

  1. Present it unless the seller gave written instructions to postpone
  2. Hold it until the seller has rejected the first offer in writing and the buyer is notified
  3. Return it, since only one offer may be pending at a time
  4. Present it only if it is higher than the first offer
Show the answer

A. Present it unless the seller gave written instructions to postpone — Miss. Admin. Code 30-1601-3.2(D).

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