Mississippi Real Estate Salesperson Exam Flashcards

Q: How many questions are on the Mississippi Real Estate Salesperson exam?

The salesperson exam has 120 scored questions: 80 on the general portion and 40 on the Mississippi state portion. PSI may add 5–10 unscored experimental questions. The general portion allows 2.5 hours and the state portion allows 1.5 hours, for 4 hours when both are scheduled together.

Q: What scores are required to pass the Mississippi salesperson exam?

A salesperson candidate needs 70% on the general portion, shown by PSI as 56 points, and 75% on the Mississippi state portion, shown as 30 points. The two portions have separate passing standards, and both must be passed within the same two-month eligibility period.

Q: How were the 50 flashcards allocated across the exam blueprint?

The official exam is two-thirds general content (80 of 120 scored questions) and one-third Mississippi content (40 of 120). This set therefore assigns 33 cards to the general blueprint and 17 to the state outline. Within those groups, PSI's published percentages and item counts were converted to proportional whole-card targets. That integer subdomain allocation is editorial; it does not change PSI's official blueprint.

Q: What happens if I fail one portion of the Mississippi salesperson exam?

You retake only the failed portion, but both portions must be passed within the same two-month eligibility period. The state portion may be attempted only twice during that period. After two state-portion failures, a salesperson candidate must wait three months and submit a new application. If the state portion is passed but the general portion is not, PSI says the general portion may be retaken during the same eligibility period.

Q: Does this flashcard set also cover the Mississippi broker exam?

No. Mississippi has distinct salesperson and broker examinations with different question counts and passing standards. This set is only for the salesperson route: 80 general questions and 40 state questions, with 70% and 75% passing standards respectively.

Q: What education is required for a resident Mississippi salesperson applicant?

Current Mississippi license law requires a resident salesperson applicant to be at least 18, be a bona fide Mississippi resident before filing, and complete at least 60 classroom hours of approved real estate courses. Passing the examination is one step in licensure; nonresident applicants use separate statutory routes.

Q: What post-license education applies after a Mississippi salesperson license is issued?

A first-time salesperson license is temporary. The licensee must complete the prescribed 30-hour post-license course within 12 months after the temporary license is issued; failure to do so places the license on inactive status. The statutory temporary-license period lasts one year from the first day of the month after issuance.

Question 1

When does an item of personal property become a fixture?

Accepted Answer

When the facts show it is intended to remain with the real estate—commonly evaluated through the method of attachment, adaptation to the property, the parties' relationship and intent, and any written agreement. Fixtures transfer with the real property unless the contract says otherwise.

Question 2

What is the key survivorship difference between joint tenancy and tenancy in common?

Accepted Answer

Joint tenancy includes a right of survivorship, so a deceased joint tenant's interest passes to the surviving joint tenant or tenants. A tenancy-in-common interest instead passes through the deceased owner's estate.

Question 3

What makes an easement appurtenant different from an easement in gross?

Accepted Answer

An easement appurtenant benefits one parcel and burdens another, so it normally runs with both parcels. An easement in gross benefits a person or organization rather than a benefited parcel.

Question 4

Which government power supports zoning and building codes?

Accepted Answer

Police power—the government's authority to regulate private property use for public health, safety, morals, and general welfare.

Question 5

Who enforces zoning restrictions versus private deed restrictions?

Accepted Answer

A government body enforces zoning. Private parties with enforcement rights, such as an owners' association or benefited owner, enforce deed restrictions or restrictive covenants.

Question 6

How does an appraisal differ from a comparative market analysis (CMA)?

Accepted Answer

An appraisal is an appraiser's formal opinion of value developed under appraisal standards. A CMA is a real estate licensee's market analysis used to help estimate a likely listing or offering range; it is not an appraisal.

Question 7

What are the three traditional approaches to real property value?

Accepted Answer

The sales comparison approach, cost approach, and income approach. The appraiser selects and reconciles the approaches that are relevant to the property and available data.

Question 8

What does the appraisal principle of contribution measure?

Accepted Answer

How much a component or improvement adds to the property's value—not necessarily what that component cost to install.

Question 9

What is the difference between a promissory note and a mortgage or deed of trust?

Accepted Answer

The note is the borrower's promise to repay the debt. The mortgage or deed of trust is the security instrument that creates a lien or security interest in the real estate for that debt.

Question 10

How is loan-to-value (LTV) ratio calculated?

Accepted Answer

Loan amount ÷ property value used by the lender × 100. For a purchase, the lender commonly uses the lower of the appraised value or purchase price.

Question 11

Who insures FHA loans, and who guarantees eligible VA loans?

Accepted Answer

The Federal Housing Administration insures qualifying FHA loans. The U.S. Department of Veterans Affairs guarantees part of qualifying VA loans made to eligible borrowers.

Question 12

What basic elements are needed for a valid real estate contract?

Accepted Answer

Competent parties, mutual agreement (offer and acceptance), lawful objective, and consideration. A real estate sale contract also generally must satisfy the Statute of Frauds to be enforceable.

Question 13

How does a void contract differ from a voidable contract?

Accepted Answer

A void contract has no legal effect from the outset. A voidable contract is valid unless and until the protected party elects to avoid it.

Question 14

What does the Statute of Frauds generally require for a contract to sell real estate?

Accepted Answer

The agreement must be in writing and signed by the party against whom enforcement is sought. The writing must identify the parties and property and state the essential terms.

Question 15

What is exchanged in a bilateral contract?

Accepted Answer

A promise for a promise. Each party becomes obligated when the promises are exchanged, unlike a unilateral contract in which a promise is accepted by completing the requested act.

Question 16

What is the usual legal effect of making a counteroffer?

Accepted Answer

It rejects the original offer and creates a new offer on changed terms. The original offeree becomes the offeror of the counteroffer.

Question 17

What does a contract contingency do?

Accepted Answer

It makes a party's duty to perform depend on a stated event or condition, such as obtaining specified financing or receiving an acceptable inspection result.

Question 18

What tenancy is created when a tenant stays for successive periods with no fixed ending date?

Accepted Answer

A periodic tenancy. It renews from period to period—such as month to month—until properly terminated by notice under the lease and applicable law.

Question 19

In agency law, how does a client differ from a customer?

Accepted Answer

A client has an agency relationship with the brokerage and receives fiduciary duties. A customer is not represented by that brokerage but is still owed honesty, fair dealing, and disclosure of known material facts as applicable.

Question 20

Which core fiduciary duties does a real estate agent owe a client?

Accepted Answer

Loyalty, obedience to lawful instructions, disclosure, confidentiality, reasonable care and diligence, and accounting for money and property.

Question 21

When can a seller avoid owing a commission under an exclusive-agency listing?

Accepted Answer

When the seller personally finds the buyer without broker assistance, subject to the agreement's terms. Under an exclusive-right-to-sell listing, the listing broker is generally owed the agreed commission regardless of who finds the buyer.

Question 22

What consent is required before a brokerage acts as a disclosed dual agent?

Accepted Answer

Informed consent from both principals after the dual representation and its limitations are disclosed. State law determines the required form and timing.

Question 23

What is a latent material defect?

Accepted Answer

A significant defect that is not readily observable through an ordinary inspection. A licensee generally must disclose a known latent defect when it materially affects value or desirability, subject to applicable law.

Question 24

Why does a seller property disclosure not replace a buyer's inspection?

Accepted Answer

The disclosure reports information known to the seller; it is not a professional evaluation of every system or hidden condition. An inspection independently evaluates the property's observable condition within the inspector's scope.

Question 25

What is a property manager's core agency responsibility when collecting rent for an owner?

Accepted Answer

Account for the owner's money accurately and safeguard it as required by the management agreement and applicable trust-fund rules.

Question 26

When does a deed ordinarily transfer title between the parties?

Accepted Answer

When the grantor delivers it with present intent to transfer title and the grantee accepts it. Recording gives public notice but is not itself a substitute for valid delivery and acceptance.

Question 27

Whose title interest does a lender's title insurance policy protect?

Accepted Answer

The lender's security interest, generally up to the outstanding loan balance. An owner's title policy separately protects the buyer-owner's covered title interest.

Question 28

Which seven classes are protected by the federal Fair Housing Act?

Accepted Answer

Race, color, religion, sex, national origin, familial status, and disability. State or local law may protect additional classes.

Question 29

What fair-housing violation is called steering?

Accepted Answer

Directing or discouraging housing choices based on a protected characteristic—for example, channeling buyers toward or away from neighborhoods because of race or familial status.

Question 30

Why is an agreement among competing brokerages to charge the same commission illegal?

Accepted Answer

It is horizontal price fixing: competitors are agreeing on price instead of setting fees independently through competition. Real estate commissions are negotiable.

Question 31

Does classifying a salesperson as an independent contractor eliminate the broker's supervision duties?

Accepted Answer

No. Tax or compensation classification does not erase licensing-law supervision, agency, disclosure, or trust-fund responsibilities.

Question 32

How do you calculate a brokerage commission from a sale price?

Accepted Answer

Sale price × commission rate. Convert the percentage to a decimal first; for example, 5% becomes 0.05.

Question 33

How is a property's capitalization rate calculated from annual net operating income?

Accepted Answer

Capitalization rate = annual net operating income ÷ property value or price. Rearranged, value = net operating income ÷ capitalization rate.

Question 34

What enforcement role does the Mississippi Real Estate Commission have over licensees?

Accepted Answer

MREC may investigate alleged violations, conduct hearings, and impose authorized discipline on real estate licenses under Mississippi license law.

Question 35

Can MREC discipline a licensee solely for violating a local REALTOR® association or MLS rule?

Accepted Answer

MREC enforces Mississippi license law and commission rules—not private association membership rules by themselves. The same conduct may still support discipline if it also violates license law or an MREC rule.

Question 36

What are the basic statutory qualifications for a resident Mississippi salesperson applicant?

Accepted Answer

Be at least 18, be a bona fide Mississippi resident before filing the application, complete at least 60 classroom hours of approved real estate education, and pass the salesperson examination.

Question 37

What must a new Mississippi salesperson do within 12 months of temporary-license issuance?

Accepted Answer

Complete the prescribed 30-hour post-license course. Failure to complete it within 12 months automatically places the license on inactive status; the statutory temporary-license period lasts one year from the first day of the month after issuance.

Question 38

Is Mississippi's Property Condition Disclosure Statement part of the sale contract?

Accepted Answer

No. The state examination outline treats the disclosure statement as a document attached to the listing, not as part of the purchase contract.

Question 39

Does Mississippi's property-condition disclosure requirement contain a blanket exemption for new construction?

Accepted Answer

No. PSI's official Mississippi salesperson outline specifically identifies that there is no exemption for new construction.

Question 40

When must a Mississippi licensee disclose single-agency representation to the licensee's own client?

Accepted Answer

In writing before the client enters the representation agreement.

Question 41

When must a Mississippi licensee disclose agency status to an unrepresented party?

Accepted Answer

At the first substantive meeting with that party.

Question 42

What must exist before a Mississippi brokerage practices disclosed dual agency?

Accepted Answer

The informed consent of both parties, documented through a written understanding of the dual-agency relationship.

Question 43

How broadly may one Mississippi cooperative agreement cover an out-of-state broker's activity?

Accepted Answer

It is transaction-specific: a separate cooperative agreement is required for each property, prospective user, or transaction covered by the cooperation.

Question 44

In whose name must a Mississippi listing or property-management account remain when an out-of-state broker cooperates?

Accepted Answer

In the name of the cooperating Mississippi broker. The Mississippi principal broker registers the cooperative arrangement with MREC.

Question 45

Under Mississippi Rule 3.4, when must a responsible broker deposit earnest money after contract acceptance?

Accepted Answer

Rule 3.4 says before close of the next banking day after acceptance of a mutually agreeable contract. The revised July 2026 statute separately defines reasonable time as close of business two banking days after possession; a salesperson must remit the money to the responsible broker immediately.

Question 46

What court-based option may a Mississippi broker use when entitlement to earnest money is disputed?

Accepted Answer

The broker may interplead or otherwise turn the disputed funds over to a court of competent jurisdiction so the court can determine entitlement.

Question 47

Who is responsible for supervising the real estate activity of affiliated Mississippi salespersons?

Accepted Answer

Their principal or responsible broker, who must exercise the supervision required by Mississippi license law and MREC rules.

Question 48

Through whom must compensation for an affiliated Mississippi salesperson's licensed acts be paid?

Accepted Answer

Through the salesperson's principal broker. The principal broker is the recipient of compensation arising from the licensed acts of affiliated licensees and then pays them under their arrangement.

Question 49

How long must a Mississippi broker retain complete transaction records after consummation?

Accepted Answer

Three years. Required records include transaction documents such as listings, offers, contracts, escrow records, agency records, and closing statements.

Question 50

What brokerage identity must appear conspicuously in a Mississippi licensee's real estate advertising?

Accepted Answer

The name of the licensee's responsible broker or real estate firm. Advertising must be conducted under the responsible broker's direct supervision.

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