National Portion
66.7%of exam
OwnershipContractsAgencyFinancingCalculations
Mississippi Portion
33.3%of exam
MREC PowersLicense RulesState AgencyTrust AccountsBroker Supervision
Exam Logistics
Not publishedof exam
TimingPassingRetakesEligibilityExam Fee
Quick Facts
- Exam
- Salesperson
- National scored
- 80 questions
- State scored
- 40 questions
- National time
- 150 minutes
- State time
- 90 minutes
- National pass
- 70% / 56
- State pass
- 75% / 30
- Current PSI fee
- $75
- Eligibility window
- Two months
- Experimental
- 5-10 unscored
Fiduciary Duties
Obedience | Loyalty | Disclosure | Confidentiality | Accounting | Care
O: lawful instructionsL: client firstD: disclose material factsC: guard confidencesA: track propertyR: reasonable care
Client vs Customer
Client
- Agency relationship
- Fiduciary duties owed
- Representation agreement
Customer
- No agency relationship
- Honesty still owed
- Material facts disclosed
Representation creates client
Formula Picker
- Asked loan ratio→LTV(Loan divided by value)
- Asked investment yield→Cap rate(NOI divided by value)
- Asked income value→Value(NOI divided by rate)
- Asked point cost→Points(Loan x points percent)
- Asked acreage→Acres(Square feet divided by 43,560)
- Asked commission→Commission(Price x rate)
National Blueprint
- Property Ownership
- 10% national
- Land Use Controls
- 5% national
- Valuation
- 8% national
- Financing
- 10% national
- Contracts
- 19% nationalLargest
- Agency
- 13% national
- Property Disclosures
- 7% national
- Property Management
- 3% national
- Transfer of Title
- 6% national
- Real Estate Practice
- 12% national
- Calculations
- 7% national
Government Powers
Police | Eminent domain | Taxation | Escheat
P: police powerE: eminent domainT: taxationE: escheat
Note vs Mortgage
Note
- Evidence of debt
- Promise to repay
Mortgage
- Secures the note
- Creates property lien
Debt versus security
Estates + Encumbrances
- Fee simple absolute
- Greatest ownership estate
- Life estate
- Measured by a life
- Estate for years
- Fixed lease term
- Tenancy in common
- Inheritable undivided shares
- Joint tenancy
- Survivorship if created
- Easement appurtenant
- Benefits another parcel
- Easement in gross
- Benefits person or entity
- Encroachment
- Unauthorized physical intrusion
- Lien
- Monetary title claim
Fixture Tests
Method | Adaptation | Relationship | Intention | Agreement
Method of attachmentAdapted to propertyRelationship of partiesIntention of annexorAgreement controls
Void vs Voidable
Void
- Never legally valid
- Cannot be ratified
Voidable
- Valid until rescinded
- Protected party decides
Invalid versus rescindable
Contracts + Agency
- Bilateral
- Promise for promise
- Unilateral
- Promise for performance
- Void
- Never legally valid
- Voidable
- One party may rescind
- Unenforceable
- Court remedy unavailable
- Counteroffer
- Rejects original offer
- Novation
- Substitutes party or obligation
- Assignment
- Transfers contract rights
- Apparent authority
- Principal creates appearance
Income Triangle
Income divided by Rate equals Value
I = R x VR = I / VV = I / R
Joint vs Common
Joint Tenancy
- Survivorship feature
- Equal ownership interests
Tenancy Common
- No survivorship
- Unequal shares allowed
Survivorship distinguishes them
Valuation + Financing
- Promissory note
- Evidence of debt
- Mortgage
- Security instrument
- Amortization
- Principal declines over time
- Balloon loan
- Large final payment
- Discount point
- 1% of loan
- PITI
- Principal interest taxes insurance
- Sales comparison
- Comparable market sales
- Cost approach
- Land plus depreciated improvements
- Income approach
- Capitalizes income stream
- Reconciliation
- Weights value indications
CMA vs Appraisal
CMA
- Broker price analysis
- Supports listing strategy
Appraisal
- Appraiser value opinion
- USPAP assignment
Pricing versus valuation
Title + Practice
- Deed
- Conveys ownership interest
- Title
- Ownership concept
- Recording
- Creates constructive notice
- Marketable title
- Free from reasonable doubt
- Title insurance
- Covers past title defects
- Redlining
- Area-based lending discrimination
- Steering
- Directing protected classes
- Blockbusting
- Inducing fear-based sales
- Price fixing
- Competitors set prices
Fixture vs Personal Property
Fixture
- Attached to realty
- Usually transfers
Personal Property
- Movable chattel
- Usually separately conveyed
Agreement controls first
Calculation Grid
- Commission
- Price x rate
- LTV
- Loan divided by value
- Equity
- Value minus debt
- NOI
- Income minus operating expenses
- Cap rate
- NOI divided by value
- Income value
- NOI divided by rate
- Point cost
- Loan x points percent
- One acre
- 43,560 square feet
- Proration
- Daily rate x days
- GRM
- Price divided by gross rent
State Item Peaks
Agency eight | Supervision six | Others four or three
Agency: 8Supervision: 6Five areas: 4Two areas: 3
Single vs Dual Agency
Single Agency
- Represents one party
- Disclose to other party
Dual Agency
- Represents both parties
- Both consent in writing
Dual needs informed consent
Agency Disclosure Path
- Representing own party→Disclose in writing(Before representation agreement)
- Meeting other party→Disclose agency(First substantive meeting)
- Dual agency proposed→Get both consents(Written and informed)
- Buyer signs offer→Attach dual form(Buyer confirms first)
- Seller receives offer→Confirm dual consent(Before presentation)
- Agency relationship changes→Issue new forms(All parties acknowledge)
State Blueprint
- Commission Powers
- 4 items
- License Maintenance
- 4 items
- Condition Disclosure
- 4 items
- Agency Duties
- 8 itemsLargest
- Out-of-State Cooperation
- 4 items
- Trust Accounts
- 4 items
- Broker Supervision
- 6 items
- Records/Documents
- 3 items
- Advertising
- 3 items
Tour vs Offer
Property Tour
- No agreement required
- Touring only
Listing or Offer
- Written agreement required
- Complete agreement first
Compensated representation triggers writing
Mississippi Money Path
- Salesperson receives deposit→Pay broker(Immediately)
- Contract mutually accepted→Deposit trust funds(Rule: next banking day)
- Money comes into possession→Track statutory limit(Two banking days)
- Buyer rightfully entitled→Return earnest money(Allow check clearance)
- Entitlement uncertain→Deliver to court(Court decides)
- Seller cannot close→Return buyer deposit(Seek seller compensation)
- Nonresident broker cooperates→Separate agreement(Each transaction)
Mississippi Licensing
- Minimum age
- 18 years
- Residency
- Before filing application
- Prelicense education
- 60 classroom hours
- Temporary term
- One year from next month
- Post-license course
- 30 hours within 12 months
- Missed post-license
- Temporary license becomes inactive
- Principal broker change
- Written notice within three days
- Associate compensation
- Flows through principal broker
Earnest Money vs Commission
Earnest Money
- Buyer transaction funds
- Held in trust
Commission
- Broker compensation
- Never automatic deposit share
Trust funds are not earnings
Disclosure + Agency
- Own client disclosure
- Before representation agreement
- Other party disclosure
- First substantive meeting
- Dual agency
- Both give informed consent
- Dual confirmation
- Attach form to offer
- Agency change
- Use new disclosure forms
- Property tour only
- No brokerage agreement required
- Listing or offer
- Written brokerage agreement first
- Condition statement
- Not part of contract
- Listing file
- Attach disclosure statement
- New construction
- No disclosure exemption
- Material change
- Buyer may void contract
Trust + Cooperation
- Salesperson receives earnest
- Pay broker immediately
- Deposit trigger
- Mutually accepted contract
- Deposit deadline
- Rule: next banking day
- 2026 statutory limit
- Two banking days from possession
- Uncertain disposition
- Turn funds to court
- Commingling
- Generally prohibited
- Service-charge cushion
- Limited broker funds allowed
- Cooperation agreement
- Separate for each transaction
- Mississippi listing
- Remains with Mississippi broker
Records + Advertising
- Transaction records
- Three years after consummation
- Electronic records
- Permitted
- Advertising supervision
- Principal broker directs
- Brokerage identity
- Conspicuous and identifiable
- Name sizing
- Broker same size or larger
- Advertising phone
- Broker or firm number
- Owner authorization
- Written before advertising
- Own property
- Disclose licensed status
- Social media
- Counts as advertising
Exam Outcome Path
- National failed→Retake national(Same eligibility window)
- State failed once→Retake state(One attempt remains)
- State failed twice→Wait three months(Then reapply MREC)
- State passed only→Retake national(Unlimited within window)
- Two months expire→Reapply MREC(Both portions required)
- Tested today→Book tomorrow(No same-day booking)
Exam Rules
- National scored
- 80 points
- State scored
- 40 points
- National limit
- 150 minutes
- State limit
- 90 minutes
- Combined limit
- Four hours
- National passing
- 56 of 80
- State passing
- 30 of 40
- Experimental items
- Five to ten unscored
- State attempts
- Two per eligibility window
- State double-failure
- Wait three months
- Current exam fee
- $75 one or both
- Retake fee
- $75 one or both
Common Traps
Use 150 plus 90
National: 150 minutes ≠ State: 90 minutes
Passing scores differ
National: 70% equals 56 ≠ State: 75% equals 30
Experimental items do not count
Five to ten possible ≠ Extra time accompanies them
Two timing texts coexist
Rule: next day after acceptance ≠ 2026 law: two days from possession
Disclosure statement is not contract
Attach it to listing ≠ New construction not exempt
Agency timing differs
Client: before representation agreement ≠ Other party: first substantive meeting
Touring is not representation
Tour alone needs no agreement ≠ Listing or offer does
Records clock follows consummation
Keep complete transaction records ≠ Retain for three years
Salesperson cannot hold earnest
Pay principal broker immediately ≠ Broker controls trust account
Each cooperation needs agreement
Separate each transaction ≠ Mississippi broker keeps listing
Last Minute
- 1.Confirm current PSI appointment details
- 2.Bring valid photo-signature ID
- 3.Memorize 56 and 30
- 4.Budget 150 and 90 minutes
- 5.Prioritize 19% contracts
- 6.Prioritize eight-item state agency
- 7.Drill OLDCAR and PETE
- 8.Write formulas before starting
- 9.Read EXCEPT and NOT twice
- 10.Flag then return before submitting
- 11.Pass both within two months
- 12.Verify current MREC updates
Pre-licensing on Colibri
Study guide on MometrixSame family resources
Explore More Real Estate Salesperson
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.
More From This Family
Videos and articles for deeper review.
VideoFREE Mississippi Real Estate Exam Guide 2026: Complete MREC License PrepThis examVideo100+ FREE Real Estate Practice Exam Questions (2026) + AnswersVideo9 Science-Backed Study Methods for Certification Exams (2026)VideoAbstract of Title ExplainedArticleStudy for an Exam While Working Full-Time (2026)16 min readArticle9 Science-Backed Study Methods for Certification Exams (2026)14 min readArticleCalifornia Real Estate Exam 2026: Pass With 51% Rate12 min readArticle100+ FREE Real Estate Practice Exam Questions (2026) + Answers10 min read