Key Takeaways
- The Mississippi Real Estate Commission (MREC) regulates real estate licensees under Mississippi law
- MREC consists of five members appointed by the Governor with Senate consent
- MREC has authority to investigate complaints, conduct audits, and take disciplinary action including license suspension or revocation
- Mississippi requires 60 hours of pre-license education for salesperson applicants
- Mississippi is considered one of the easier states for real estate licensing
Mississippi Real Estate Commission (MREC)
The Mississippi Real Estate Commission (MREC) is the state agency responsible for licensing, regulating, and overseeing real estate professionals in Mississippi.
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MREC Structure and Authority
Commission Members
MREC consists of five members appointed by the Governor with Senate consent:
| Member Type | Number | Requirements |
|---|---|---|
| Licensed brokers | 5 | Active Mississippi broker license |
| Geographic representation | Required | From different supreme court districts |
Members serve five-year staggered terms with no member serving more than two consecutive terms.
Key MREC Functions
| Function | Description |
|---|---|
| Licensing | Process applications, approve education providers, issue licenses |
| Education | Set education requirements, approve courses and schools |
| Enforcement | Investigate complaints, conduct audits of trust accounts |
| Discipline | Suspend, revoke, or deny licenses; impose fines |
| Recovery Fund | Administer the Real Estate Education, Research and Recovery Fund |
Mississippi Real Estate License Law
The Mississippi Real Estate License Law (Title 73, Chapter 35 of Mississippi Code) is the primary statute governing real estate licensing in Mississippi. Key provisions include:
- Who must be licensed - Definitions of broker and salesperson activities
- Exemptions - Attorneys, property owners, certain employees
- Prohibited conduct - Actions that violate the law
- Disciplinary actions - Grounds for suspension or revocation
- Trust fund handling - Requirements for client funds
MREC Rules and Regulations
MREC adopts administrative rules that implement the License Law. These rules cover:
- License application procedures
- Education requirements and course approval
- Advertising standards
- Trust account requirements
- Agency disclosure procedures
Exam Tip: Mississippi is known as one of the easier states for real estate licensing due to its straightforward requirements and reasonable pass rates.
Real Estate Education, Research and Recovery Fund
The Mississippi Real Estate Education, Research and Recovery Fund provides compensation to consumers who suffer financial losses due to the misconduct of a licensed real estate professional.
Fund Details
| Requirement | Details |
|---|---|
| Maximum per transaction | $25,000 |
| Maximum per licensee | $50,000 total |
| Filing requirements | Must obtain court judgment first |
| License consequence | License suspended until fund reimbursed |
How the Fund Works
- Consumer is harmed by licensee misconduct
- Consumer obtains court judgment against licensee
- Consumer cannot collect judgment from licensee
- Consumer applies to MREC for payment from Recovery Fund
- MREC pays from fund (if eligible)
- Licensee's license is automatically suspended until repayment
Key Point: The Recovery Fund covers actual damages only—not punitive damages, attorney fees, or court costs.
MREC Contact Information
| Resource | Information |
|---|---|
| Website | mrec.ms.gov |
| Main Office | Jackson, Mississippi |
| Phone | (601) 321-6970 |
| Online System | MREC online licensing portal |
How many members serve on the Mississippi Real Estate Commission?
What is the maximum amount the Mississippi Real Estate Recovery Fund can pay per transaction?