Mississippi Broker Exam Prep Edge Mississippi Practice Real Estate Exam Questions

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Below are free Mississippi real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. You’re a responsible broker in Mississippi. Before you can pay someone for real estate brokerage services, that person must provide ______.

  1. "Both evidence of licensure in Mississippi and evidence of a cooperation agreement
  2. Either evidence of licensure as a broker in Mississippi or evidence of licensure as a salesperson in Mississippi, along with the responsible broker’s signed acknowledgment of supervision
  3. Either evidence of licensure in Mississippi or a notarized waiver from the Mississippi Real Estate Commission
  4. Either evidence of licensure in Mississippi OR evidence of a cooperation agreement

2. " Joshua, a Mississippi broker, received an earnest money deposit check on Saturday. Which one of the following statements best represents how Joshua should handle this check after the offer has been accepted?"

  1. Joshua must deposit this check into the firm's trust account no later than the next banking day.
  2. Joshua must use the night depository to ensure that the check is deposited by the next day.
  3. Joshua should deposit this in the firm's operating account until it can be transferred to the trust account.
  4. Joshua shouldn't have accepted the check until the bank was open so he could deposit it immediately.

3. " Stan, a licensed broker in Mississippi, was convicted of shoplifting. Under license law what does he need to do?"

  1. He needs to enroll in an ethics training class from a state-approved list.
  2. Nothing, because he only needs to disclose a crime if he were convicted before he received his license.
  3. Nothing, because this isn’t a license law violation.
  4. Report his crime to the Mississippi Real Estate Commission within 10 days of receiving the court decision.

4. " All Mississippi exclusive buyer brokerage agreements must be in writing, and buyers can withdraw from buyer-broker agreements under what circumstances?"

  1. They agree to pay the licensee's commission.
  2. They find a home with another broker.
  3. They provide the licensee with 15 days' notice.
  4. They provide the licensee with written notice within three days of signing the agreement.

5. A Mississippi real estate salesperson received a trust money check from a buyer client. The check was deposited in a trust account. Who is the trust account holder?

  1. Both the broker and the salesperson
  2. The broker
  3. The buyer
  4. The salesperson

6. In a single agency situation, when must the Working with a Real Estate Broker form be provided?

  1. After the broker and the consumer have decided what type of agency relationship to have
  2. At the first meeting between the licensee and the consumer
  3. Before the broker and the consumer enter into a representation agreement
  4. When an offer to purchase is written or presented to the consumer

7. What agency is authorized by Mississippi state law to oversee real estate education requirements?

  1. Mississippi Department of Health and Human Services
  2. Mississippi Real Estate Commission
  3. Mississippi state Department of Education
  4. State Office of Educational Services

8. Larry, a broker from another state, reached out to his good friend Beth about working together on a big transaction in Mississippi. Beth worked as a broker in a town close to the subject property, so she agreed. Both brokers filled out and signed the Co-op Agreement form. How many copies of the completed document must be sent to the commission?

  1. It depends on what state Larry is from
  2. One
  3. Two
  4. Zero
Answers: 1. D, 2. A, 3. D, 4. C, 5. B, 6. C, 7. B, 8. C

 

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