Salesperson Examination — State Specific Portion — Information & Free Practice
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Salesperson Examination — State Specific Portion
- Provider
- PSI Services LLC
- Format
- Computer-administered written examination
- Exam questions
- 40 scored questions (40 points); the bulletin also permits unscored experimental questions.
- Time limit
- 1.5 hours
- Passing score
- 75% (30 points)
Examination outline
Powers and Duties of the Real Estate Commission
- Hearings, including subpoena power
- Purpose and jurisdiction
- Violations
- Penalties MREC can impose
Licensing Requirements and License Maintenance
- General licensing requirements
- Continuing and Post-licensing ed req
- E & O insurance
- Disqualifying issues
- Activities Requiring License (incl. time shares, auctions, prop mgmnt)
- Exemptions from licensure
- Inactive license
- Rules about receiving and Sharing Commissions.
Property Condition Disclosures
- Disclosure form (delivery, who completes)
- Stigmatizing factors
- Licensee responsibility to advise client, ensure completeness
- Exemptions from Disclosure - no exemption for new construction
- Disclosure form is not part of contract (see form) but is attached to listing
- Material changes allow buyer to void contract
Agency Disclosure and Duties to Parties
- Dual Agency Disclosure
- Working with a Real Estate Broker
- Disclosure of licensed status if a principal
- Timing of disclosure, Rules about parties to whom disclosure must be made
- Buyer may withdraw from Buyer-Broker agreement w 15 days’ notice
- General Duties to all Parties
Out-of-State Brokers and Developers
- Cooperative agreements
- Reciprocal licenses
Trust Accounts
- Handling of earnest money
- General acctg practices; no commingling
- Broker is account holder; Salesperson may not establish prop mgt escrow acct independent of broker
- Disbursement issues (interpleader)
Broker Responsibilities, Including Supervision of Sales Associates
- Supervision of associated licensees
- Inform MREC of change in associate status/termination
- Responsibility for acts of associates
- License display; place of business
- Broker Price Opinion
- Associates’ Compensation
Records and Documents
- Length of time to keep (Routine, if litigation)
- Records that are included in this requirement
- Disposition of records after close of a business
- Electronic records OK
Advertising/Marketing/Internet
- Social media and internet are advertising (part of "ALL advertising")
- Must advertise in broker’s name
- Broker must permit/approve advertising
- Private controls
Examination sources
- mrec-psi-cib-2023.pdf
p. 11, state portion heading
- mrec-psi-cib-2023.pdf
p. 11, Powers and Duties heading
- mrec-psi-cib-2023.pdf
p. 11, Licensing heading
- mrec-psi-cib-2023.pdf
p. 11, Property Condition heading
- mrec-psi-cib-2023.pdf
p. 11, Agency heading
- mrec-psi-cib-2023.pdf
p. 11, Out-of-State heading
- mrec-psi-cib-2023.pdf
p. 11, Trust Accounts heading
- mrec-psi-cib-2023.pdf
p. 11, Broker Responsibilities heading
- mrec-psi-cib-2023.pdf
p. 11, Records heading
- mrec-psi-cib-2023.pdf
p. 12, Advertising heading
- mrec-rules-2025.pdf
Part 1601 Rule 1.1(B)
- mrec-psi-cib-2023.pdf
p. 7, Score Reporting, salesperson General and State rows
- mrec-rules-2025.pdf
Part 1601 Rule 1.1(E)
- mrec-psi-cib-2023.pdf
p. 2, eligibility period, both portions
- mrec-psi-cib-2023.pdf
p. 7, Score Reporting, score delivery
Related license preparation
This examination may be required or accepted as an alternative, depending on the license and application pathway.