MORES - Missouri Real Estate Salesperson Exam

Question 1: A St. Louis broker opens a single bank account and runs both her operating expenses and her clients' earnest money deposits through it, reasoning that she tracks every dollar carefully on her own ledger. Which of the following describes what Missouri requires of her instead?

One account, with client funds tracked separately

One account, reconciled monthly to the ledger

One account, provided no client complains

A separate account designated escrow or trust

Question 2: A Missouri broker wants to keep a small amount of her own money in the escrow account so that monthly service charges never overdraw it, and she asks how much the statute permits her to leave there. Which of the following states that limit?

One thousand dollars, specifically identified

One hundred dollars, replenished monthly

Five hundred dollars, with written client consent

No personal funds whatsoever

Question 3: A buyer and seller in Independence sign a purchase contract, and the seller adds her initials to a change on the following Tuesday, which is the last signature the contract receives. Which of the following describes when the earnest money must reach the broker's escrow account?

Three banking days after the check

Within thirty days of the projected closing

Ten banking days after the last signature

Immediately upon the broker's receipt

Question 4: A salesperson in Springfield accepts an earnest money check at a Saturday showing and plans to hold it in her desk drawer until she next visits the brokerage office midweek. Which of the following describes her duty under Commission rules?

Deliver the money to her broker immediately

Deposit it herself within ten banking days

Hold it until the seller accepts

Deliver it to the title company instead

Question 5: A Missouri broker opens an interest-bearing escrow account rather than an ordinary checking account, believing the arrangement will benefit whoever ends up entitled to the funds she is holding. Which of the following describes the condition Commission rules attach to that choice?

Interest-bearing escrow accounts are prohibited outright

Interest must go to a state fund

Written disclosure naming who receives the interest

Written consent from the lender is required

Question 6: A Missouri broker closes a sale on Friday and leaves her earned commission in the escrow account until the end of the month, when she plans to move several commissions at once for bookkeeping convenience. Which of the following describes that practice?

Acceptable, since the funds were properly earned

Acceptable if the ledger identifies each commission

Acceptable for ten banking days afterward

A violation; commissions come out at completion

Question 7: A buyer and seller in Kansas City fall into disagreement over who is entitled to the earnest money after the contract collapses, and neither will sign a release. Which of the following describes the first thing the broker must do?

Disburse to whichever party performed

Deliver the money to the state treasurer

Continue holding the funds in escrow

Split the deposit evenly between them

Question 8: Sixty-five days have passed since an earnest money dispute arose in a Columbia transaction, no civil action has been filed, and the broker has formed a good faith view that the buyer failed to perform. Which of the following must the broker do before disbursing?

Fifteen days written notice, certified mail

Obtain the Commission's written authorization first

Give thirty days notice by ordinary mail

File an interpleader action in circuit court

Question 9: A Missouri broker follows the disputed funds procedure exactly, waits the required period, sends proper notice, and disburses the earnest money in good faith. The losing party then sues her in circuit court. Which of the following describes her position?

The rule bars the party from suing

The rule shields her from discipline only

The Commission will defend the disbursement

She must return the funds pending suit

Question 10: An earnest money dispute in a Jefferson City transaction is still unresolved a full year after the date on which the parties originally expected to close, and no civil action has been filed. Which of the following describes what the statute then requires?

Deliver the money to the state treasurer

Return the deposit to the buyer automatically

Pay the money into the court registry

Transfer the funds to the listing broker

Question 11: A Missouri broker who manages rental property asks how many escrow accounts her operation actually needs, given that she handles residential sales, collects monthly rents, and holds tenant security deposits. Which of the following describes the arrangement the rules contemplate?

A single escrow account covering all three

Two, separating sales from rental funds

Three, adding a separate account for deposits

One account per property owner under management

Question 12: A Missouri property manager collects rent on the first of the month and asks how often the brokerage may take out the management fee it has earned from the money it now holds. Which of the following states the rule?

Only when each lease term ends

Only at the calendar year's close

Whenever the owner gives written permission

At least monthly, absent written agreement

Question 13: A tenant in a Missouri rental disputes the amount her landlord withheld from her security deposit, and the managing broker wonders whether the earnest money dispute procedure applies. Which of the following describes how Commission rules route that disagreement?

The sixty-day and fifteen-day procedure applies

Governed by the landlord-tenant statute instead

The broker holds the funds indefinitely

The Commission resolves the dispute on complaint

Question 14: A seller in Cape Girardeau offers a promissory note rather than a check as the earnest money on a purchase contract, and the listing broker is willing to accept it. Which of the following describes what Commission rules require first?

Signed written consent from the owner

Approval from the buyer's lender

Conversion of the note into certified funds

Notice to the Commission within ten days

Question 15: A Missouri broker opens a second escrow account at a different bank to keep two large developments separate, and she wonders what the Commission expects when a new account is opened. Which of the following states that requirement?

File a copy of the signature card

Obtain prior written Commission approval

Execute a consent to examine and audit

Publish notice of the account publicly

Question 16: A Missouri broker moves her escrow account to a different bank and updates the account number accordingly, then wonders how quickly she must tell the Commission about the change. Which of the following states the deadline the statute sets?

Within seventy-two hours of the change

At the next license renewal

Within thirty days of the change

Within ten business days of the change

Question 17: A Missouri broker writes a check from the escrow account to close a transaction and leaves the memo line blank, since her internal ledger already records which file the payment belongs to. Which of the following describes what Commission rules require?

Each check and deposit ticket identifies transactions

Checks must be countersigned by the salesperson

Copies of all checks to both parties

Disbursement records are filed with the Commission

Question 18: A branch office manager and the firm's designated broker each quietly assume that the other one bears responsibility for the escrow account maintained at that branch. Which of the following describes how the Commission's rule assigns that responsibility?

Only the designated broker is responsible

Only the branch office manager is responsible

Responsibility shifts to whoever signs checks

Both the designated broker and the manager

Question 19: A Missouri broker holds a large deposit and asks how long she must keep the supporting paperwork for the transaction after everything has closed and the file has gone quiet. Which of the following states the retention period?

One year

Two years

Three years

Seven years

Question 20: A Missouri broker proposes to add a modest file storage charge to each closing, explaining to clients that the Commission requires her to keep transaction records for three full years after closing. Which of the following describes that charge?

Prohibited, since brokers cannot charge for retention

Permitted if disclosed in the listing agreement

Permitted if the amount is reasonable

Permitted only in commercial transactions

MORES Missouri Real Estate Salesperson Exam - Set 2 - Part 1