Mississippi Real Estate Salesperson — Requirements & Free Practice
US-MS · License preparation
350 free questions · Answer explanations · No signup required
Choose what to practice
Start with an exam below. Your examination requirements depend on your application pathway. View licensing requirements
Combined practice
Choose an exam or combined practice to begin.
Licenses, application pathways and examination requirements
Each license and applicant pathway has its own requirements and exemptions. Choosing practice questions does not determine your eligibility.
Real Estate Salesperson License
Resident salesperson license, including examination, reciprocal and statutory portability pathways.
Licensing authority: Mississippi Real Estate Commission · Application information
Federal military license portability
- Application Materials
- Submit orders, a license copy, a marriage certificate if a spouse, and the notarized affidavit verifying identity, truthful application, knowledge and compliance with Mississippi scope and requirements, and good standing.
- Background Check
- MREC’s affidavit requires fingerprint database background-check materials.
- Compact Exception
- Federal portability does not apply when the covered license operates under the specified interstate compact.
- Covered License
- Current real estate salesperson license in good standing; no revocation, discipline, pending unprofessional-conduct investigation or surrender during such an investigation.
- Military Relocation
- Servicemember or spouse relocates residence to Mississippi because of military orders.
Official no-examination sources
Effective from 2026-09-22.
- federal-portability.pdf
50 U.S.C. § 4025a(a), p. 1
- federal-affidavit.pdf
License portability affidavit, item 7
- federal-portability.pdf
50 U.S.C. § 4025a(c), p. 1
Military Family Freedom Act based on experience
- Board Affidavit
- MREC’s published affidavit asks for an existing real estate license held at least one year. For the statutory training and experience alternatives, this is the Board’s stated form demand, while Section 73-50-1(3)(a) or (4) authorizes the separate alternative.
- Conduct
- No disqualifying conduct or criminal record.
- Fees
- Pay applicable Mississippi fees.
- Military Eligibility
- Applicant is a military member, spouse or dependent.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Proof
- Provide documentary military-membership proof.
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
- Work Experience
- At least three years in the lawful occupation in a jurisdiction that did not license it, with similar scope as determined by MREC.
Military Family Freedom Act based on license
- Board Affidavit
- Use the MREC military-family affidavit and provide the existing salesperson license.
- Conduct
- No disqualifying conduct or criminal record.
- Fees
- Pay applicable Mississippi fees.
- License Held
- Current valid similar-scope occupational license held for at least one year; provide the license copy and good-standing information.
- Military Eligibility
- Applicant is a military member, spouse or dependent.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Proof
- Provide documentary military-membership proof.
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
Military Family Freedom Act based on military training
- Board Affidavit
- MREC’s published affidavit asks for an existing real estate license held at least one year. For the statutory training and experience alternatives, this is the Board’s stated form demand, while Section 73-50-1(3)(a) or (4) authorizes the separate alternative.
- Conduct
- No disqualifying conduct or criminal record.
- Fees
- Pay applicable Mississippi fees.
- Military Eligibility
- Applicant is a military member, spouse or dependent.
- Military Training
- Awarded a military occupational specialty; completed a military program, testing or equivalent training and experience, and performed in that specialty.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Proof
- Provide documentary military-membership proof.
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
Resident license after change of domicile
- Domicile
- Change legal domicile to Mississippi.
- Equivalence
- Obtain the equivalent resident license and satisfy remaining resident requirements; current education and examination are waived.
- Prior License
- Hold a Mississippi nonresident salesperson license in good standing.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-8(10), p. 15
Permanent licensure following temporary licensure
- Examination Timing
- The examination leaves were passed before temporary issuance; conversion does not require sitting them again.
- Postlicense Course
- Complete the prescribed 30-hour post-license course within twelve months of temporary issuance.
- Temporary License
- Hold the temporary salesperson license issued after passing both current examination portions.
- Timely Conversion
- Obtain the permanent license before the temporary license expires one year following the first day of the month after issuance.
Active license renewal
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Fees
- Pay applicable renewal fees.
- Insurance
- Keep required errors and omissions coverage for active status.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(1), p. 28
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-17(4), p. 27
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
Transfer to a different principal broker
- Application
- Provide the transfer application and new principal broker approval; comply with statutory notice within three days.
- Board Form
- The Board form requests the original wall license, notarized signatures, current education and insurance, and receipt within sixty days of notarization.
- Broker Records
- Do not take the former broker’s listings or pertinent information without that broker’s consent.
- Existing License
- Hold a Mississippi salesperson license.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(B)
- salesperson-transfer.pdf
p. 1, checklist
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-15(2), p. 23
Resident licensure by examination
- Application
- Submit the Commission application, required information, two photographs, social security number, current email address and applicable fees under Sections 73-35-9 and 73-35-17.
- Background Check
- Submit fingerprints and clear the Commission’s state and FBI background investigation under Section 73-35-10.
- Broker Affiliation
- The license must designate the salesperson’s principal broker under Section 73-35-15(2).
- Character
- Provide satisfactory proof of trustworthiness and competence and meet statutory disqualification rules.
- Insurance
- Provide errors and omissions insurance within 30 days of active licensure under Section 73-35-16.
- Minimum Age
- At least 18 years old.
- Passing Scores
- At least 70% on the national portion and 75% on the state specific portion.
- Postlicense Education
- Initial examination licensure begins with a temporary license. Complete the 30-hour approved post-license course within 12 months and obtain the permanent license before the temporary license expires.
- Prelicense Education
- Complete at least 60 hours of qualifying real estate education; approved equivalent education and reciprocal exemptions apply where authorized.
- Residency
- Bona fide Mississippi resident before filing.
- Testing Eligibility
- Pass both portions in the same two-month approval period. The state portion permits two attempts; after two failures a salesperson waits three months before reapplying.
Change to inactive status
- Existing License
- Hold an active Mississippi salesperson license.
- Notification
- Notify MREC in writing, remove the license from active public use and follow the applicable license-return and fee instructions.
Inactive license renewal
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Fees
- Pay applicable renewal fees.
- Inactive Status
- Renew on inactive status by application and fee; continuing education is not due during inactive status but must be caught up before activation.
- Insurance
- Inactive licensees are not required to carry errors and omissions coverage.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(A)
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
Delinquent renewal during grace period
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Fees
- Pay applicable renewal fees.
- Grace Period
- Renew before automatic cancellation following two months’ written delinquency notice.
- Insurance
- Keep required errors and omissions coverage for active status.
- Late Penalty
- Pay a penalty equal to 100% of the renewal fee.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-17(4), p. 27
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(1), p. 28
Military extended renewal
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Extension
- License does not expire during federal active duty and is extended up to ninety days after return.
- Fees
- Normal renewal fees and activities apply within the extension; no additional late or delinquency costs.
- Insurance
- Keep required errors and omissions coverage for active status.
- Military Proof
- Submit official orders or commanding-officer verification before the end of the ninety-day period.
- Military Service
- Mississippi National Guard or United States Armed Forces Reserves member serving on federal active duty.
Official no-examination sources
Effective from 2026-09-22.
- related-general-statutes.html
Miss. Code Ann. § 33-1-39, complete renewal provision
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-17(4), p. 27
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(1), p. 28
New license following revocation
- Application
- Submit the Commission application, required information, two photographs, social security number, current email address and applicable fees under Sections 73-35-9 and 73-35-17.
- Background Check
- Submit fingerprints and clear the Commission’s state and FBI background investigation under Section 73-35-10.
- Broker Affiliation
- The license must designate the salesperson’s principal broker under Section 73-35-15(2).
- Character
- Provide satisfactory proof of trustworthiness and competence and meet statutory disqualification rules.
- Insurance
- Provide errors and omissions insurance within 30 days of active licensure under Section 73-35-16.
- Minimum Age
- At least 18 years old.
- Passing Scores
- At least 70% on the national portion and 75% on the state specific portion.
- Postlicense Education
- Initial examination licensure begins with a temporary license. Complete the 30-hour approved post-license course within 12 months and obtain the permanent license before the temporary license expires.
- Prelicense Education
- Complete at least 60 hours of qualifying real estate education; approved equivalent education and reciprocal exemptions apply where authorized.
- Prior Revocation
- Previously revoked by MREC; a new license requires compliance with the licensing chapter and background/disqualification provisions.
- Testing Eligibility
- Pass both portions in the same two-month approval period. The state portion permits two attempts; after two failures a salesperson waits three months before reapplying.
Reactivation from inactive status
- Application
- File the MREC salesperson reactivation application with responsible-broker approval, notarization and timely submission.
- Continuing Education
- Bring accumulated continuing education up to date before activating, where required.
- Existing License
- Hold an inactive Mississippi salesperson license.
- Insurance
- Provide current errors and omissions coverage.
- Insurance Inactivation
- If inactivated for missing insurance, obtain insurance and pay applicable status-change fees.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(A)
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
- salesperson-reactivation.pdf
p. 1, instructions and completion checklist
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-16(8)(b), p. 26
Resident reciprocal licensure
- Current License
- Hold a real estate license in another state.
- Education Exemption
- The Commission may accept approved equivalent prelicense education under a reciprocal agreement.
- Equivalent Examination
- The Commission must determine the other licensing examination equivalent to Mississippi’s examination.
- Examination Exemption
- Rule 1.1(G) exempts this qualifying applicant from the examination; the PSI bulletin says reciprocal requirements vary and applicants should contact MREC.
- Other Requirements
- Meet the remaining resident or nonresident licensing, application, background, affiliation and active-insurance requirements as applicable.
- Reciprocal Privilege
- The other licensing jurisdiction must extend the same examination exemption to Mississippi licensees.
- Residency
- Meet resident eligibility or statutory portability provisions.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-13(6), p. 19
- mrec-rules-2025.pdf
Part 1601 Rule 1.1(G)
Reinstatement after administrative support suspension
- Support Compliance
- The support division provides written notice that arrearage no longer exists or a stipulated agreement and agreed judgment has been entered; the licensing entity immediately reinstates.
- Suspended License
- Existing salesperson license suspended for noncompliance with a support order.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-21(4), p. 31
- related-general-statutes.html
Miss. Code Ann. § 93-11-157(7), final reinstatement sentence
- related-general-statutes.html
Miss. Code Ann. § 93-11-157(9), reinstatement after subsequent noncompliance
Reinstatement after court support suspension
- Court Order
- The court may order reinstatement after it is satisfied that the support delinquency has been purged.
- Fees
- Applicable administrative reinstatement fees are governed by Section 93-11-159.
- Suspended License
- Existing salesperson license suspended for noncompliance with a support order.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-21(4), p. 31
- related-general-statutes.html
Miss. Code Ann. § 93-11-163, judicial reinstatement sentence
Universal recognition based on work experience
- Conduct
- No disqualifying conduct or criminal record.
- Fees
- Pay applicable Mississippi fees.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Residency
- Establish Mississippi residence by acceptable documentation under Section 73-50-2(6).
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
- Work Experience
- At least three years in the lawful occupation in a jurisdiction that did not license it, with similar scope as determined by MREC.
Universal recognition based on an existing license
- Conduct
- No disqualifying conduct or criminal record.
- Fees
- Pay applicable Mississippi fees.
- License Held
- Current valid license in good standing for a similar occupation and practice level, held at least one year.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Prior Qualifications
- The issuing authority verifies that applicable minimum education, experience, examination and supervision requirements were met.
- Residency
- Establish Mississippi residence by acceptable documentation under Section 73-50-2(6).
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
Nonresident Real Estate Salesperson License
Nonresident salesperson license under Section 73-35-8.
Licensing authority: Mississippi Real Estate Commission · Application information
Active license renewal
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Fees
- Pay applicable renewal fees.
- Insurance
- Keep required errors and omissions coverage for active status.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(1), p. 28
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-17(4), p. 27
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
Transfer to a different principal broker
- Application
- Provide the transfer application and new principal broker approval; comply with statutory notice within three days.
- Board Form
- The Board form requests the original wall license, notarized signatures, current education and insurance, and receipt within sixty days of notarization.
- Broker Records
- Do not take the former broker’s listings or pertinent information without that broker’s consent.
- Existing License
- Hold a Mississippi salesperson license.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(B)
- salesperson-transfer.pdf
p. 1, checklist
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-15(2), p. 23
Nonresident licensure by examination
- Application
- Submit the Commission application, required information, two photographs, social security number, current email address and applicable fees under Sections 73-35-9 and 73-35-17.
- Background Check
- Submit fingerprints and clear the Commission’s state and FBI background investigation under Section 73-35-10.
- Broker Affiliation
- The license must designate the salesperson’s principal broker under Section 73-35-15(2).
- Character
- Provide satisfactory proof of trustworthiness and competence and meet statutory disqualification rules.
- Consent To Service
- File duly acknowledged irrevocable consent to Mississippi service of process and Commission hearings under Section 73-35-8(2).
- Continuing Education
- After issuance, meet Mississippi continuing education requirements under Section 73-35-8(8).
- Insurance
- Provide errors and omissions insurance within 30 days of active licensure under Section 73-35-16.
- Investigation Cooperation
- Sign an agreement to cooperate with Commission investigations under Section 73-35-8(4).
- License Certifications
- Disclose all jurisdictions in which a real estate license has been held and supply licensing-authority certifications under Section 73-35-8(6).
- Minimum Age
- At least 18 years old.
- Nonresident Eligibility
- A nonresident salesperson must be affiliated with a resident or nonresident Mississippi broker.
- Passing Scores
- At least 70% on the national portion and 75% on the state specific portion.
- Postlicense Education
- Initial examination licensure begins with a temporary license. Complete the 30-hour approved post-license course within 12 months and obtain the permanent license before the temporary license expires.
- Prelicense Education
- Complete at least 60 hours of qualifying real estate education; approved equivalent education and reciprocal exemptions apply where authorized.
- Residency Exception
- Mississippi residency is not required; other statutory qualifications apply, subject to approved equivalent prelicense education.
- Testing Eligibility
- Pass both portions in the same two-month approval period. The state portion permits two attempts; after two failures a salesperson waits three months before reapplying.
Change to inactive status
- Existing License
- Hold an active Mississippi salesperson license.
- Notification
- Notify MREC in writing, remove the license from active public use and follow the applicable license-return and fee instructions.
Inactive license renewal
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Fees
- Pay applicable renewal fees.
- Inactive Status
- Renew on inactive status by application and fee; continuing education is not due during inactive status but must be caught up before activation.
- Insurance
- Inactive licensees are not required to carry errors and omissions coverage.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(A)
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
Delinquent renewal during grace period
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Fees
- Pay applicable renewal fees.
- Grace Period
- Renew before automatic cancellation following two months’ written delinquency notice.
- Insurance
- Keep required errors and omissions coverage for active status.
- Late Penalty
- Pay a penalty equal to 100% of the renewal fee.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-17(4), p. 27
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(1), p. 28
Military extended renewal
- Background Check
- Meet applicable renewal background-check requirements; the statutory age/tenure exception in Section 73-35-10(2)(d) applies.
- Continuing Education
- Complete 16 approved hours per two-year cycle, subject to statutory first-renewal, qualifying age/tenure and postlicense exemptions and permitted carryover.
- Supply a current email address on renewal.
- Existing License
- Hold the corresponding Mississippi salesperson license.
- Extension
- License does not expire during federal active duty and is extended up to ninety days after return.
- Fees
- Normal renewal fees and activities apply within the extension; no additional late or delinquency costs.
- Insurance
- Keep required errors and omissions coverage for active status.
- Military Proof
- Submit official orders or commanding-officer verification before the end of the ninety-day period.
- Military Service
- Mississippi National Guard or United States Armed Forces Reserves member serving on federal active duty.
Official no-examination sources
Effective from 2026-09-22.
- related-general-statutes.html
Miss. Code Ann. § 33-1-39, complete renewal provision
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-17(4), p. 27
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(1), p. 28
Permanent nonresident licensure following temporary licensure
- Consent To Service
- File duly acknowledged irrevocable consent to Mississippi service of process and Commission hearings under Section 73-35-8(2).
- Continuing Education
- After issuance, meet Mississippi continuing education requirements under Section 73-35-8(8).
- Examination Timing
- Both current portions were passed for initial temporary issuance; no repeat sitting is specified for conversion.
- Investigation Cooperation
- Sign an agreement to cooperate with Commission investigations under Section 73-35-8(4).
- License Certifications
- Disclose all jurisdictions in which a real estate license has been held and supply licensing-authority certifications under Section 73-35-8(6).
- Nonresident Eligibility
- A nonresident salesperson must be affiliated with a resident or nonresident Mississippi broker.
- Postlicense Course
- Satisfy Section 73-35-14.5 where applicable, including its express coverage of Mississippi residents receiving nonresident licenses.
- Residency Exception
- Mississippi residency is not required; other statutory qualifications apply, subject to approved equivalent prelicense education.
- Temporary License
- Hold the temporary salesperson license issued after passing the examination.
New license following revocation
- Application
- Submit the Commission application, required information, two photographs, social security number, current email address and applicable fees under Sections 73-35-9 and 73-35-17.
- Background Check
- Submit fingerprints and clear the Commission’s state and FBI background investigation under Section 73-35-10.
- Broker Affiliation
- The license must designate the salesperson’s principal broker under Section 73-35-15(2).
- Character
- Provide satisfactory proof of trustworthiness and competence and meet statutory disqualification rules.
- Insurance
- Provide errors and omissions insurance within 30 days of active licensure under Section 73-35-16.
- Minimum Age
- At least 18 years old.
- Passing Scores
- At least 70% on the national portion and 75% on the state specific portion.
- Postlicense Education
- Initial examination licensure begins with a temporary license. Complete the 30-hour approved post-license course within 12 months and obtain the permanent license before the temporary license expires.
- Prelicense Education
- Complete at least 60 hours of qualifying real estate education; approved equivalent education and reciprocal exemptions apply where authorized.
- Prior Revocation
- Previously revoked by MREC; a new license requires compliance with the licensing chapter and background/disqualification provisions.
- Testing Eligibility
- Pass both portions in the same two-month approval period. The state portion permits two attempts; after two failures a salesperson waits three months before reapplying.
Reactivation from inactive status
- Application
- File the MREC salesperson reactivation application with responsible-broker approval, notarization and timely submission.
- Continuing Education
- Bring accumulated continuing education up to date before activating, where required.
- Existing License
- Hold an inactive Mississippi salesperson license.
- Insurance
- Provide current errors and omissions coverage.
- Insurance Inactivation
- If inactivated for missing insurance, obtain insurance and pay applicable status-change fees.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(A)
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
- salesperson-reactivation.pdf
p. 1, instructions and completion checklist
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-16(8)(b), p. 26
Nonresident reciprocal licensure
- Consent To Service
- File duly acknowledged irrevocable consent to Mississippi service of process and Commission hearings under Section 73-35-8(2).
- Continuing Education
- After issuance, meet Mississippi continuing education requirements under Section 73-35-8(8).
- Current License
- Hold a real estate license in another state.
- Education Exemption
- The Commission may accept approved equivalent prelicense education under a reciprocal agreement.
- Equivalent Examination
- The Commission must determine the other licensing examination equivalent to Mississippi’s examination.
- Examination Exemption
- Rule 1.1(G) exempts this qualifying applicant from the examination; the PSI bulletin says reciprocal requirements vary and applicants should contact MREC.
- Investigation Cooperation
- Sign an agreement to cooperate with Commission investigations under Section 73-35-8(4).
- License Certifications
- Disclose all jurisdictions in which a real estate license has been held and supply licensing-authority certifications under Section 73-35-8(6).
- Nonresident Eligibility
- A nonresident salesperson must be affiliated with a resident or nonresident Mississippi broker.
- Other Requirements
- Meet the remaining resident or nonresident licensing, application, background, affiliation and active-insurance requirements as applicable.
- Reciprocal Privilege
- The other licensing jurisdiction must extend the same examination exemption to Mississippi licensees.
- Residency Exception
- Mississippi residency is not required; other statutory qualifications apply, subject to approved equivalent prelicense education.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-8(1), p. 14
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-13(6), p. 19
- mrec-rules-2025.pdf
Part 1601 Rule 1.1(G)
Reinstatement after administrative support suspension
- Support Compliance
- The support division provides written notice that arrearage no longer exists or a stipulated agreement and agreed judgment has been entered; the licensing entity immediately reinstates.
- Suspended License
- Existing salesperson license suspended for noncompliance with a support order.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-21(4), p. 31
- related-general-statutes.html
Miss. Code Ann. § 93-11-157(7), final reinstatement sentence
- related-general-statutes.html
Miss. Code Ann. § 93-11-157(9), reinstatement after subsequent noncompliance
Reinstatement after court support suspension
- Court Order
- The court may order reinstatement after it is satisfied that the support delinquency has been purged.
- Fees
- Applicable administrative reinstatement fees are governed by Section 93-11-159.
- Suspended License
- Existing salesperson license suspended for noncompliance with a support order.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-21(4), p. 31
- related-general-statutes.html
Miss. Code Ann. § 93-11-163, judicial reinstatement sentence
Equivalent nonresident license after moving away
- Other Requirements
- Meet other nonresident requirements; current prelicense education and examination are not required.
- Prior License
- Hold a Mississippi salesperson license on inactive status in good standing.
- Residency
- No longer reside in Mississippi.
Official no-examination sources
Effective from 2026-09-22.
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-8(9), p. 15
Temporary Real Estate Salesperson License
Temporary salesperson license pending permanent licensure; also the temporary license authorized for federal military portability applicants.
Licensing authority: Mississippi Real Estate Commission · Application information
Federal military portability temporary license
- Application Materials
- Submit orders, a license copy, a marriage certificate if a spouse, and the notarized affidavit verifying identity, truthful application, knowledge and compliance with Mississippi scope and requirements, and good standing.
- Background Check
- MREC’s affidavit requires fingerprint database background-check materials.
- Compact Exception
- Federal portability does not apply when the covered license operates under the specified interstate compact.
- Covered License
- Current real estate salesperson license in good standing; no revocation, discipline, pending unprofessional-conduct investigation or surrender during such an investigation.
- License Rights
- Temporary license confers the same rights, privileges and responsibilities as a permanent license.
- Military Relocation
- Servicemember or spouse relocates residence to Mississippi because of military orders.
- Processing Delay
- MREC may issue a temporary license if it cannot recognize the covered license within thirty days after receiving the application.
Official no-examination sources
Effective from 2026-09-22.
- federal-portability.pdf
50 U.S.C. § 4025a(a), p. 1
- federal-portability.pdf
50 U.S.C. § 4025a(b), p. 1
- federal-affidavit.pdf
License portability affidavit, item 7
Transfer to a different principal broker
- Application
- Provide the transfer application and new principal broker approval; comply with statutory notice within three days.
- Board Form
- The Board form requests the original wall license, notarized signatures, current education and insurance, and receipt within sixty days of notarization.
- Broker Records
- Do not take the former broker’s listings or pertinent information without that broker’s consent.
- Existing License
- Hold a Mississippi salesperson license.
- Temporary Validity
- The temporary license must remain within its statutory validity; inactivation does not extend its nonrenewable term.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(B)
- salesperson-transfer.pdf
p. 1, checklist
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-15(2), p. 23
Change to inactive status
- Existing License
- Hold an active Mississippi salesperson license.
- Notification
- Notify MREC in writing, remove the license from active public use and follow the applicable license-return and fee instructions.
- Temporary Validity
- The temporary license must remain within its statutory validity; inactivation does not extend its nonrenewable term.
Temporary nonresident licensure by examination
- Application
- Submit the Commission application, required information, two photographs, social security number, current email address and applicable fees under Sections 73-35-9 and 73-35-17.
- Background Check
- Submit fingerprints and clear the Commission’s state and FBI background investigation under Section 73-35-10.
- Broker Affiliation
- The license must designate the salesperson’s principal broker under Section 73-35-15(2).
- Character
- Provide satisfactory proof of trustworthiness and competence and meet statutory disqualification rules.
- Consent To Service
- File duly acknowledged irrevocable consent to Mississippi service of process and Commission hearings under Section 73-35-8(2).
- Continuing Education
- After issuance, meet Mississippi continuing education requirements under Section 73-35-8(8).
- Insurance
- Provide errors and omissions insurance within 30 days of active licensure under Section 73-35-16.
- Investigation Cooperation
- Sign an agreement to cooperate with Commission investigations under Section 73-35-8(4).
- License Certifications
- Disclose all jurisdictions in which a real estate license has been held and supply licensing-authority certifications under Section 73-35-8(6).
- Minimum Age
- At least 18 years old.
- Nonresident Eligibility
- A nonresident salesperson must be affiliated with a resident or nonresident Mississippi broker.
- Passing Scores
- At least 70% on the national portion and 75% on the state specific portion.
- Postlicense Education
- Initial examination licensure begins with a temporary license. Complete the 30-hour approved post-license course within 12 months and obtain the permanent license before the temporary license expires.
- Prelicense Education
- Complete at least 60 hours of qualifying real estate education; approved equivalent education and reciprocal exemptions apply where authorized.
- Residency Exception
- Mississippi residency is not required; other statutory qualifications apply, subject to approved equivalent prelicense education.
- Temporary Validity
- One year following the first day of the month after issuance; nonrenewable.
- Testing Eligibility
- Pass both portions in the same two-month approval period. The state portion permits two attempts; after two failures a salesperson waits three months before reapplying.
Reactivation from inactive status
- Application
- File the MREC salesperson reactivation application with responsible-broker approval, notarization and timely submission.
- Continuing Education
- Bring accumulated continuing education up to date before activating, where required.
- Existing License
- Hold an inactive Mississippi salesperson license.
- Insurance
- Provide current errors and omissions coverage.
- Insurance Inactivation
- If inactivated for missing insurance, obtain insurance and pay applicable status-change fees.
- Temporary Validity
- The temporary license must remain within its statutory validity; inactivation does not extend its nonrenewable term.
Official no-examination sources
Effective from 2026-09-22.
- mrec-rules-2025.pdf
Part 1601 Rule 1.2(A)
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-18(2), p. 29
- salesperson-reactivation.pdf
p. 1, instructions and completion checklist
- mrec-license-law-2026.pdf
Miss. Code Ann. § 73-35-16(8)(b), p. 26
Temporary resident licensure by examination
- Application
- Submit the Commission application, required information, two photographs, social security number, current email address and applicable fees under Sections 73-35-9 and 73-35-17.
- Background Check
- Submit fingerprints and clear the Commission’s state and FBI background investigation under Section 73-35-10.
- Broker Affiliation
- The license must designate the salesperson’s principal broker under Section 73-35-15(2).
- Character
- Provide satisfactory proof of trustworthiness and competence and meet statutory disqualification rules.
- Insurance
- Provide errors and omissions insurance within 30 days of active licensure under Section 73-35-16.
- Minimum Age
- At least 18 years old.
- Passing Scores
- At least 70% on the national portion and 75% on the state specific portion.
- Postlicense Education
- Initial examination licensure begins with a temporary license. Complete the 30-hour approved post-license course within 12 months and obtain the permanent license before the temporary license expires.
- Prelicense Education
- Complete at least 60 hours of qualifying real estate education; approved equivalent education and reciprocal exemptions apply where authorized.
- Residency
- Bona fide Mississippi resident before filing.
- Temporary Validity
- One year following the first day of the month after issuance; nonrenewable.
- Testing Eligibility
- Pass both portions in the same two-month approval period. The state portion permits two attempts; after two failures a salesperson waits three months before reapplying.
Temporary Practice Permit
Temporary practice permit under universal recognition or the Military Family Freedom Act.
Licensing authority: Mississippi Real Estate Commission · Application information
Military Family Freedom Act temporary permit based on experience
- Affidavit
- Affirm eligibility under Section 73-50-1(3)(a) or (b), and (3)(c)-(e), or subsection (4), and pay fees.
- Board Affidavit
- MREC’s published affidavit asks for an existing real estate license held at least one year. For the statutory training and experience alternatives, this is the Board’s stated form demand, while Section 73-50-1(3)(a) or (4) authorizes the separate alternative.
- Conduct
- No disqualifying conduct or criminal record.
- Examination Timing
- The state-law examination, if imposed, may be satisfied during permit practice.
- Fees
- Pay applicable Mississippi fees.
- Military Eligibility
- Applicant is a military member, spouse or dependent.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Permit Duration
- Practice until permanent license or denial; expires after 365 days if any applicable state-law examination requirement is not satisfied.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Processing
- Application requires longer than two weeks; permit issued within thirty days of receipt.
- Proof
- Provide documentary military-membership proof.
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
- Work Experience
- At least three years in the lawful occupation in a jurisdiction that did not license it, with similar scope as determined by MREC.
Military Family Freedom Act temporary permit based on license
- Affidavit
- Affirm eligibility under Section 73-50-1(3)(a) or (b), and (3)(c)-(e), or subsection (4), and pay fees.
- Board Affidavit
- Use the MREC military-family affidavit and provide the existing salesperson license.
- Conduct
- No disqualifying conduct or criminal record.
- Examination Timing
- The state-law examination, if imposed, may be satisfied during permit practice.
- Fees
- Pay applicable Mississippi fees.
- License Held
- Current valid similar-scope occupational license held for at least one year; provide the license copy and good-standing information.
- Military Eligibility
- Applicant is a military member, spouse or dependent.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Permit Duration
- Practice until permanent license or denial; expires after 365 days if any applicable state-law examination requirement is not satisfied.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Processing
- Application requires longer than two weeks; permit issued within thirty days of receipt.
- Proof
- Provide documentary military-membership proof.
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
Military Family Freedom Act temporary permit based on military training
- Affidavit
- Affirm eligibility under Section 73-50-1(3)(a) or (b), and (3)(c)-(e), or subsection (4), and pay fees.
- Board Affidavit
- MREC’s published affidavit asks for an existing real estate license held at least one year. For the statutory training and experience alternatives, this is the Board’s stated form demand, while Section 73-50-1(3)(a) or (4) authorizes the separate alternative.
- Conduct
- No disqualifying conduct or criminal record.
- Examination Timing
- The state-law examination, if imposed, may be satisfied during permit practice.
- Fees
- Pay applicable Mississippi fees.
- Military Eligibility
- Applicant is a military member, spouse or dependent.
- Military Training
- Awarded a military occupational specialty; completed a military program, testing or equivalent training and experience, and performed in that specialty.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Permit Duration
- Practice until permanent license or denial; expires after 365 days if any applicable state-law examination requirement is not satisfied.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Processing
- Application requires longer than two weeks; permit issued within thirty days of receipt.
- Proof
- Provide documentary military-membership proof.
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
Universal recognition temporary permit based on experience
- Affidavit
- Submit an affidavit under penalties of perjury affirming subsection (3) or (4) eligibility and pay applicable fees.
- Conduct
- No disqualifying conduct or criminal record.
- Examination Timing
- Any state-law examination imposed by the Board may be completed during permit practice.
- Fees
- Pay applicable Mississippi fees.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Permit Duration
- Practice until a license is granted or a denial notice issues; the permit expires after 365 days if licensure requirements are unmet.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Processing
- Application requires longer than two weeks; Board issues a temporary practice permit within thirty days.
- Residency
- Establish Mississippi residence by acceptable documentation under Section 73-50-2(6).
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
- Work Experience
- At least three years in the lawful occupation in a jurisdiction that did not license it, with similar scope as determined by MREC.
Universal recognition temporary permit based on license
- Affidavit
- Submit an affidavit under penalties of perjury affirming subsection (3) or (4) eligibility and pay applicable fees.
- Conduct
- No disqualifying conduct or criminal record.
- Examination Timing
- Any state-law examination imposed by the Board may be completed during permit practice.
- Fees
- Pay applicable Mississippi fees.
- License Held
- Current valid license in good standing for a similar occupation and practice level, held at least one year.
- Pending Investigation
- No unresolved unprofessional-conduct or criminal investigation; a pending matter must be resolved or otherwise satisfy the Commission.
- Permit Duration
- Practice until a license is granted or a denial notice issues; the permit expires after 365 days if licensure requirements are unmet.
- Practice Limits
- The license remains subject to Mississippi practice laws and Commission jurisdiction.
- Prior Qualifications
- The issuing authority verifies that applicable minimum education, experience, examination and supervision requirements were met.
- Processing
- Application requires longer than two weeks; Board issues a temporary practice permit within thirty days.
- Residency
- Establish Mississippi residence by acceptable documentation under Section 73-50-2(6).
- State Examination
- The Board may require its currently offered state-specific law examination under the portability statute; discretion is an applicant condition.
- Surrender
- No license surrender because of negligence or intentional work-related misconduct.
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
Real Estate Salesperson Examination — National Portion (Real Estate Principles and Practices)
- Provider
- PSI Services LLC
- Format
- National portion of a state real estate salesperson examination delivered by PSI; a minimum score must be achieved on each portion, and a candidate who fails one portion (state or national) retakes only that portion
- Exam questions
- 80 scored questions (80 points), plus one to ten unscored experimental items
Examination outline
I. Property Ownership (Sales 10%, Broker 10%) (10%)
- A. Real and personal property; conveyances
- B. Land characteristics and legal descriptions: 1. Metes and bounds method of legal property description; 2. Lot and block (recorded plat) method of legal property description; 3. Government survey (rectangular survey) method of legal property description; 4. Measuring structures (linear and square footage); 5. Land measurement
- C. Encumbrances and effects on property ownership: 1. Types of liens and their effect on the title and value of real property; 2. Easements, rights of way and licenses, including their effect on the title, value and use of real property; 3. Encroachments and their effect on the title, value and use of real property; 4. Potential encumbrances on title, such as probate, leases, or adverse possession; 5. Property rights that may be conveyed separately from use of the land surface, such as mineral and other subsurface rights, air rights, or water rights
- D. Types of ownership: 1. Ownership in severalty/sole ownership; 2. Implications of ownership as tenants in common; 3. Implications of ownership in joint tenancy; 4. Forms of common-interest ownership, such as Timeshares, Condominiums and Co-ops; 5. Property ownership held in a trust or by an estate; 6. Ownership by business entities; 7. Life Estate ownership
II. Land use Controls (Sales 5%, Broker 5%) (5%)
- A. Government rights in land: 1. Government rights to impose property taxes and special assessments; 2. Government rights to acquire land through eminent domain, condemnation and escheat
- B. Government controls on land use
- C. Private controls: 1. Deed conditions or restrictions on property use; 2. Subdivision covenants, conditions and restrictions (CC&Rs) on property use; 3. Condominium and owners’ associations regulations or bylaws on property use
III. Valuation (Sales 8%, Broker 8%) (8%)
- A. Appraisals: 1. Appraisals for valuation of real property; 2. Situations which require appraisal by a licensed or certified appraiser and brokerage-related actions that constitute unauthorized appraisal practice; 3. General steps in appraisal process
- B. Estimating Value: 1. Economic principles and property characteristics that affect value of real property; 2. Sales or market comparison approach to property valuation and appropriate uses; 3. Cost approach to property valuation and appropriate uses; 4. Income analysis approach to property valuation and appropriate uses
- C. Comparative Market Analysis (CMA): 1. Competitive/Comparative Market Analysis (CMA), BPO or equivalent; 2. Automated Valuation Method (AVM), appraisal valuation and Comparative Market Analysis (CMA)
IV. Financing (Sales 10%, Broker 9%) (10%)
- A. Basic Concepts and Terminology: 1. Loan financing (for example, points, LTV, PMI, interest, PITI); 2. General underwriting process (e.g., debt ratios, credit scoring and history); 3. Standard mortgage/deed of trust clauses and conditions; 4. Essential elements of a promissory note
- B. Types of Loans: 1. Conventional loans; 2. Amortized loans, partially amortized (balloon) loans, interest-only loans; 3. Adjustable-rate mortgage (ARM) loans; 4. Government Loans (a. FHA insured loans; b. VA guaranteed loans; c. USDA/Rural Development loan programs); 5. Owner financing (for example, installment or land contract/contract for deed); 6. Reverse-mortgage loans; 7. Home equity loans and lines of credit; 8. Construction loans; 9. Rehab loans; 10. Bridge loans
- C. Financing and Lending: 1. Real Estate Settlement Procedures Act (RESPA), including kickbacks; 2. Truth-in-Lending Act (Regulation Z), including advertising; 3. Requirements and time frames of TRID (TILA-RESPA Integrated Disclosures); 4. Equal Credit Opportunity Act; 5. Lending Process (application through loan closing); 6. Risky loan features, such as prepayment penalties and balloon payments
V. Contracts (Sales 19%, Broker 19%) (19%)
- A. General Contract Law: 1. General principles of contract law; 2. Elements necessary for a contract to be valid; 3. Effect of the Statute of Frauds; 4. Offer and a contract; 5. Enforceability of contracts; 6. Void, voidable and unenforceable contracts; 7. Bilateral and unilateral contracts; 8. Nature and use of option agreements; 9. Notice, delivery, acceptance and execution of contracts; 10. Appropriate use, risks, and advantages of electronic signatures and paperless transactions; 11. Rights and obligations of the parties to a contract; 12. Possible remedies for breach or non-performance of contract; 13. Termination, rescission and cancellation of contracts
- B. Purchase and Lease Contracts: 1. Addenda and amendments to contracts; 2. Purchase agreements; 3. Contract contingencies and methods for satisfying them; 4. Leases and rental agreements; 5. Lease-purchase agreements; 6. Types of leases
- C. Proper handling of multiple offers and counteroffers
VI. Agency (Sales 13%, Broker 13%) (13%)
- A. Agency and non-agency relationships: 1. Agency relationships and how they are established; 2. Types of listing contracts; 3. Buyer brokerage/tenant representation contracts; 4. Other brokerage relationships, including transaction brokers and facilitators; 5. Powers of attorney and other assignments of authority; 6. Conditions for termination of agency or brokerage service agreements
- B. Agent Duties: 1. Fiduciary duties of agents; 2. Agent's duties to customers/non-clients, including honesty and good faith
- C. Agency Disclosures: 1. Disclosure of agency/representation; 2. Disclosure of possible conflict of interest or self-interest
VII. Property Disclosures (Sales 7%, Broker 7%) (7%)
- A. Property Condition: 1. Seller's property condition disclosure requirements; 2. Property conditions that may warrant inspections or a survey; 3. Red flags that warrant investigation of public or private land use controls
- B. Environmental and Government Disclosures: 1. Environmental issues requiring disclosure; 2. Federal, state, or local disclosure requirements regarding the property
- C. Disclosure of material facts and material defects
VIII. Property Management (Sales 3%, Broker 5%) — items marked (BROKER ONLY) in this area are not part of the salesperson examination (3%)
- A. Duties and Responsibilities: 1. Procurement and qualification of prospective tenants; 2. Fair housing and ADA compliance specific to property management; 3. How to complete a market analysis to identify factors in setting rents or lease rates (items 4. Property manager responsibility for maintenance, improvements, reporting and risk management; 5. Handling landlord and tenant funds; trust accounts, reports and disbursements; and 6. Provisions of property management contracts are marked BROKER ONLY)
- B. Landlord and tenant rights and obligations
IX. Transfer of Title (Sales 6%, Broker 6%) (6%)
- A. Types of deeds
- B. Title Insurance and Searches: 1. Title insurance policies and title searches; 2. Potential title problems and resolutions; 3. Marketable and insurable title
- C. Closing Process: 1. When transfer of ownership becomes effective; 2. Process and importance of recordation; 3. Settlement procedures (closing) and parties involved; 4. Home and new construction warranties
- D. Special Processes: 1. Special issues in transferring foreclosed properties; 2. Special issues in short sale transactions; 3. Special issues in probate transactions
X. Practice of Real Estate (Sales 12%, Broker 12%) — subsection D. Supervisory Responsibilities is marked (BROKER ONLY) and is not part of the salesperson examination (12%)
- A. Antidiscrimination: 1. Federal Fair Housing Act general principles and exemptions; 2. Protected classes under Federal Fair Housing Act; 3. Protections against discrimination based on gender identity and sexual orientation; 4. Prohibited conduct under Federal Fair Housing Act (Redlining, Blockbusting, Steering, Disparate Treatment); 5. Fair housing advertising rules; 6. Americans with Disabilities Act (ADA) obligations pertaining to accessibility and reasonable accommodations
- B. Legislation and Regulations: 1. Licensees’ status as employees or independent contractors; 2. Antitrust laws and types of violations, fines and penalties; 3. Do-Not-Call List rule compliance; 4. Proper use of Social Media and Internet communication and advertising
- C. Duties and Responsibilities: 1. Protection of confidential personal information (written, verbal or electronic); 2. Duties when handling funds of others in transactions; 3. Licensee responsibility for due diligence in real estate transactions
XI. Real Estate Calculations (Sales 7%, Broker 6%) (7%)
- A. Calculations for Transactions: 1. Seller’s net proceeds; 2. Buyer funds needed at closing; 3. Real property tax and other prorations; 4. Real property transfer fees; 5. PITI (Principal, Interest, Taxes and Insurance) payments estimate given loan rate and term
- B. General Concepts: 1. Equity; 2. Rate of return/Capitalization rate; 3. Loan-to-Value ratio; 4. Discount points and loan origination fees
Examination sources
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
National Portion content outline heading (page 3)
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
National Portion content outline, area I heading (page 3)
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
National Portion content outline, area V heading (page 4)
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
National Portion content outline, area XI heading (page 5)
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
Description of Examinations and Examination Content Outlines (page 2)
- PSI, State of Maryland Real Estate Commission Candidate Information Bulletin
National Portion Content Outline, area I heading (page 3)
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
Examination Summary Table (page 3), Salesperson National row
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
Score Reporting (page 15)
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
License Application Instructions (page 15), retake sentence
- PSI, State of Maryland Real Estate Commission Candidate Information Bulletin
Score Reporting (page 9), retake sentence
- PSI, Commonwealth of Virginia Real Estate Candidate Information Bulletin
Registration and Scheduling Procedures (page 7), reciprocity note
- PSI, State of Maryland Real Estate Commission Candidate Information Bulletin
Fee (page 8), registration sentence