MORES - Missouri Real Estate Salesperson Exam

Question 21: A Missouri designated broker enters a limited agency agreement with a seller and then appoints one of her own affiliated licensees to represent that particular client personally. Which of the following describes how that appointment must be made?

Orally at a sales meeting

By the affiliated licensee accepting the client

By notice filed with the Commission

In writing by the designated broker

Question 22: A Missouri designated broker appoints one affiliated licensee as the seller's designated agent and another as the buyer's, and she personally takes no part at all in either side of the transaction. Which of the following describes her own status?

The appointments alone create no dual agency

She becomes a transaction broker automatically

She becomes a dual agent

The firm must withdraw entirely

Question 23: A Missouri designated broker supervises the licensees on both sides of an in-house transaction, and during that supervision she happens to learn confidential information about the buyer's finances and motivations. Which of the following describes her status under the Commission's rule?

She remains outside both relationships

Dual agent or transaction broker

She must resign from supervising one side

Her status depends on which party objects

Question 24: A Missouri broker reads that designated agents in the same firm are walled off from each other by statute, and she asks where that provision appears in the agency act. Which of the following describes the correct position?

The firewall appears in the definitions section

It appears in the dual agency section

The statute creates no designated-agent firewall

It appears in the office policy statute

Question 25: A Missouri licensee meets a prospective seller at her home to discuss a possible listing, and the conversation turns to what the seller owes on her mortgage and how much equity she holds. Which of the following describes when the Broker Disclosure Form is due?

Within three days of first contact

Before the listing agreement is signed

At the listing presentation only

Upon obtaining personal or financial information

Question 26: A Missouri licensee provides a prospective client with a Broker Disclosure Form on which dual agency is marked as an offered relationship, though her firm's written policy states that the firm never practices dual agency. Which of the following describes that form?

The form controls over the office policy

The client may choose either arrangement

It must correspond to the office policy

Valid if the broker initials it

Question 27: A Missouri licensee representing a landlord under a written property management agreement asks whether the Broker Disclosure Form machinery reaches the five-unit apartment building she has just taken on for a client. Which of the following describes the scope?

It reaches every property type

Structures up to four dwelling units

Structures up to eight dwelling units

It reaches commercial property only

Question 28: A Missouri seller's agent is about to show the listed property to a buyer who is working with no other licensee at all. Which of the following describes when she must disclose her brokerage relationship to that buyer?

No later than the first showing

Upon first contact with the buyer

Before any offer is presented

Immediately upon its occurrence

Question 29: A Missouri licensee acting as a buyer's agent cannot reach the listing agent by telephone or by email before delivering a written offer on her client's behalf that afternoon. Which of the following describes what the rule requires of her?

Deliver the offer and disclose afterward

She must disclose to the seller directly

The listing service discloses for her

Establish contact and disclose before presenting

Question 30: A Missouri buyer and seller reach agreement on price and terms, and the licensees involved on both sides must have their brokerage relationships confirmed in writing by each party. Which of the following describes when that confirmation must occur?

At the closing table before funding

On or before a party's first signature

Within ten days after the contract date

Before the property is first shown

Question 31: A Missouri broker reviews the required contents of the written brokerage relationship confirmation and notices that one required item on the list reaches well beyond simply naming who represents whom in the transaction. Which of the following is that item?

The brokerage's errors and omissions carrier

The listing price and any price reductions

The source or sources of compensation

The licensee's years of experience

Question 32: A Missouri seller refuses to sign the brokerage relationship confirmation at the closing table, saying that she never agreed to sign anything of the kind at any point. Which of the following describes what the licensee must do?

Report the refusal to the Commission promptly

Refuse to proceed until the seller signs

Complete the transaction without any record

Sign and date a written explanation

Question 33: A Missouri brokerage relationship ends when the listing expires without a sale, and the former client telephones a week later to ask what duties the broker still owes her afterward. Which of the following describes the duties that survive?

Accounting and confidentiality

Confidentiality alone, for two years

All fiduciary duties continue for one year

No duties survive termination

Question 34: A Missouri licensee whose client relationship ended three years ago is asked by a new customer about the former client's financial situation, which the licensee still remembers. Which of the following describes how long the confidentiality duty lasts?

Five years from termination

No time limit is stated

Until the property is resold

Two years from termination

Question 35: A Missouri seller agrees to pay a fee to the broker who brings a buyer, and that broker has a signed buyer agency agreement with her own client. The seller assumes the payment makes that broker her agent. Which of the following corrects that assumption?

The broker becomes the seller's subagent

The broker must refuse the seller's payment

The broker becomes a dual agent

Payment of compensation does not establish agency

Question 36: A Missouri designated broker expects to receive compensation from both the seller and the buyer in the same transaction, and both of those parties are entirely willing for her to do so. Which of the following describes what the statute requires?

Knowledge of all parties before contracting

Equal division of the two payments

Written Commission approval before closing

Disclosure to the lender instead

Question 37: A Missouri licensee argues that the common law of agency still supplies fiduciary duties running to parties the agency act does not name, since statutes are read against a common law background. Which of the following describes the statute's effect?

It supplements the common law of agency

It supersedes common law on duties owed

It abolishes agency relationships in real estate

It applies where no common law exists

Question 38: A Missouri transaction broker conceals a known structural defect from a buyer, and she argues that having no fiduciary relationship at all leaves her with no legal exposure of any kind. Which of the following describes her position?

The abrogation statute immunizes her fully

Only Commission discipline is available

Only a contract claim could be brought

Fraud and negligence claims survive the statute

Question 39: A Missouri designated broker who supervises eight affiliated licensees has never written down which brokerage relationships her firm will offer, relying instead on discussing it with each new agent. Which of the following describes what the statute requires?

An annual filing with the Commission

Approval of the policy by affiliated licensees

A written office policy identifying the relationships

A policy only if dual agency offered

Question 40: A Missouri firm decides it will never practice dual agency and writes that position into its office policy, and a client later asks whether the firm may make an exception for her transaction. Which of the following describes the position?

The firm may make case-by-case exceptions

The firm may decline dual agency

The statute requires every relationship be offered

Only the Commission may approve the exclusion

MORES Missouri Real Estate Salesperson Exam - Set 4 - Part 2