Property + Valuation
26%of exam
Finance + Contracts
21%of exam
National Agency Practice
25%of exam
MO Licensing
8%of exam
MO Business Conduct
12%of exam
MO Discipline
4%of exam
MO Brokerage
4%of exam
Quick Facts
- Exam
- MO salesperson
- Vendor
- PSI
- Questions
- 100 national; 40 state
- Time
- 150 + 120 min
- Pass
- 70 national; 30 state
- Fee
- $52
- Education
- 48 + 24 hours
- Application
- Six-month window
- Core CE
- Fair Housing 2026-2028
Appraisal vs CMA
Appraisal
- Licensed appraiser
- Opinion of value
- Formal standards
CMA
- Broker estimate
- Listing support
- Not appraisal
Appraiser vs broker
Ownership
- Severalty
- One owner
- Tenancy common
- Separate inheritable shares
- Joint tenancy
- Survivorship possible
- Life estate
- Lifetime possession
- Trust
- Fiduciary ownership
- Estate
- Decedent ownership
- Condominium
- Unit plus common
- Timeshare
- Interval ownership
Land Use
- Taxation
- Government lien
- Eminent domain
- Public taking
- Escheat
- No heirs
- Police power
- Zoning control
- CC&Rs
- Private restrictions
- Easement
- Use right
- Encroachment
- Unauthorized intrusion
- License
- Revocable permission
Valuation
- Appraisal
- Opinion of value
- CMA
- Broker price analysis
- AVM
- Automated estimate
- Market approach
- Comparable sales
- Cost approach
- Replacement less depreciation
- Income approach
- Capitalized income
- Conformity
- Similar properties help
- Substitution
- Buyer compares alternatives
Title + Math
- Deed
- Ownership transfer
- Recording
- Public notice
- Marketable title
- Reasonably defect-free
- Title search
- Public records review
- Proration
- Allocate expenses
- LTV
- Loan divided value
- Equity
- Value minus debt
- Cap rate
- NOI divided value
Valid Contract
COLA makes contracts enforceable.
CapacityOfferLegalityAcceptanceConsideration
Addendum vs Amendment
Addendum
- Adds terms
- Before signing
- Attached document
Amendment
- Changes terms
- After signing
- Mutual agreement
Add vs change
Contract Picker
- Add missing terms→Addendum
- Change signed deal→Amendment
- Condition performance→Contingency
- Keep right open→Option
- Reject and replace→Counteroffer
- Undo from start→Rescission
Financing
- PITI
- Payment components
- Points
- Prepaid interest
- PMI
- Low-down insurance
- ARM
- Adjustable rate
- FHA
- Insured loan
- VA
- Guaranteed loan
- USDA
- Rural program
- RESPA
- Settlement rules
- Reg Z
- Credit disclosure
- TRID
- Loan disclosures
Contract Law
- Offer
- Proposed terms
- Acceptance
- Mirror assent
- Consideration
- Bargained value
- Capacity
- Legal ability
- Legality
- Lawful purpose
- Frauds
- Writing required
- Bilateral
- Promise for promise
- Unilateral
- Promise for act
- Void
- Never enforceable
- Voidable
- Cancelable by party
Purchase Contracts
- Addendum
- Adds terms
- Amendment
- Changes contract
- Contingency
- Condition to perform
- Option
- Right to buy
- Counteroffer
- Rejects original
- Rescission
- Undo contract
- Termination
- Ends obligations
- Breach
- Nonperformance
Client Duties
Clients get CAFE plus loyalty and obedience.
CareAccountingFidelityDisclosureLoyaltyObedience
Client vs Customer
Client
- Represented party
- Fiduciary duties
- Loyalty owed
Customer
- Not represented
- Honesty owed
- Fair dealing
Represented vs assisted
Practice Picker
- Protected class issue→Fair Housing
- Accessibility issue→ADA
- Commission fixing→Antitrust
- Phone solicitation→DNC
- Client secret→Confidentiality
- Known defect→Disclose
National Agency
- Client
- Represented principal
- Customer
- Unrepresented party
- Listing
- Seller agreement
- Buyer agency
- Buyer representation
- Fiduciary
- Client loyalty
- Disclosure
- Material facts
- Confidentiality
- Protected client info
- Accounting
- Safeguard property
Practice Rules
- Fair Housing
- Protected classes
- ADA
- Accessibility rules
- Antitrust
- Competition protection
- DNC
- Calling restrictions
- Social media
- Advertising compliance
- Due diligence
- Reasonable investigation
- Funds
- Careful handling
- Landlord-tenant
- Lease obligations
MREC Members
Six brokers plus one public member.
Seven totalSix brokersOne publicGovernor appoints
Inactive vs Expired
Inactive
- Current license
- No broker affiliation
- No practice
Expired
- Not renewed
- No practice
- Late renewal needed
Status vs deadline
Status Picker
- New salesperson→48-hour course
- Practical course→MREP
- Original applicant→Fingerprinting
- Submit application→Six months
- Renew license→12 CE hours
- One core only→Fair Housing
MREC Basics
- MREC
- State regulator
- Members
- Seven commissioners
- Brokers
- Six commissioners
- Public member
- One commissioner
- Terms
- Five years
- Governor
- Appoints commission
- DPR
- Oversight division
- Chapter 339
- License law
License Steps
- Age
- 18 minimum
- Pre-exam
- 48 hours
- MREP
- 24 hours
- Deadline
- Six months
- Fingerprinting
- MACHS required
- MREC code
- 0004
- Sponsorship
- Broker affiliation
- MOPRO
- Online licensing
Status + CE
- Salesperson renewal
- September 30 even
- Broker renewal
- June 30 even
- CE total
- 12 hours
- Core
- 3 hours
- 2026 core
- Fair Housing
- 2028 core
- Agency
- Inactive
- Cannot practice
- Expired
- Cannot practice
Trust Reserve
Only one thousand broker dollars.
Service charges$1,000 maxSpecifically identified
Trust vs Operating
Trust
- Others' money
- Separate account
- MREC inspection
Operating
- Broker money
- Business expenses
- No client funds
Client funds separate
Money Picker
- Others' funds→Trust account
- Earnest money→Deposit promptly
- Bank fee reserve→$1,000 max
- Account change→Notify MREC
- Ownership disputed→Hold funds
- 365 days pass→State treasurer
Trust Funds
- Escrow account
- Separate bank account
- Trust account
- Others' money
- Deposit
- Prompt unless written
- Commingling
- Improper mixing
- Service funds
- $1,000 maximum
- Account change
- Ten business days
- Records
- Inspection-ready books
- Disputed money
- Treasurer after 365
Business Conduct
- Advertising
- Broker identified
- Blind ad
- Broker missing
- Sign
- Owner consent
- Listing
- Written authorization
- Offers
- Present promptly
- Forms
- No legal drafting
- Closing statement
- Detailed accounting
- Commission
- Paid through broker
Censure vs Revocation
Censure
- Public reprimand
- License continues
- Lower severity
Revocation
- License removed
- Highest severity
- Cannot practice
Warning vs loss
Discipline Picker
- Written complaint→MREC investigates
- Need documents→Subpoena
- Contested case→AHC
- Minor discipline→Censure
- Conditional license→Probation
- Severe violation→Revocation
Discipline Rules
- Complaint
- Written allegation
- Investigation
- MREC inquiry
- Subpoena
- Compel records
- AHC
- Contested hearing
- Censure
- Public reprimand
- Probation
- Up to five years
- Suspension
- Up to three years
- Revocation
- License loss
MO Default
No agency writing means transaction broker.
NeutralNo fiduciaryWritten exceptions
Transaction vs Dual
Transaction
- Neutral role
- No fiduciary
- Default status
Dual
- Both clients
- Written consent
- Limited agent
Neutral vs both
Relationship Picker
- No agency agreement→Transaction broker
- Represent seller→Seller agent
- Represent buyer→Buyer agent
- Both sides consent→Dual agent
- Broker appoints affiliate→Designated agent
- Another broker's client→Subagent
Brokerage Relationships
- Broker disclosure
- Agency choices form
- First contact
- Disclosure trigger
- Personal info
- Disclosure deadline
- Transaction broker
- Default neutral
- Single agent
- One client
- Dual agent
- Both clients
- Designated agent
- Appointed affiliate
- Subagent
- Another broker's agent
Disclosure vs Agreement
Disclosure
- Explains choices
- Early contact
- Not representation
Agreement
- Creates duties
- Written terms
- Compensation stated
Explain vs create
Common Traps
Disclosure Form
Explains agency choices ≠ Does not create agency
State Passing
30 correct required ≠ Not 28 correct
MREP Timing
Before application ≠ Before or after exam
Trust Account
Client funds separate ≠ Operating account wrong
Dual Agency
Written consent required ≠ Secret dual agency prohibited
Offers
Written offers timely ≠ Even if under contract
Advertising
Owner consent first ≠ Broker identity required
Practice Status
Inactive cannot practice ≠ Expired cannot practice
Last Minute
- 1.State pass = 30/40
- 2.National pass = 70/100
- 3.Salesperson time: 270 minutes
- 4.Exam fee: $52
- 5.MREP is 24 hours
- 6.Apply within six months
- 7.MACHS code is 0004
- 8.CE total is 12 hours
- 9.2026 core is Fair Housing
- 10.Transaction broker is default
- 11.Dual agency needs written consent
- 12.Trust funds stay separate
- 13.Service reserve max $1,000
- 14.Disputed funds: 365 days
- 15.Broker disclosure comes early
- 16.AHC hears contested discipline
Pre-licensing on ColibriSame family resources
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