Free Mississippi Real Estate Salesperson Exam Flashcards

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.

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.

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.

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

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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

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.

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.

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

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.

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.

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

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.

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

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

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

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

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

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.

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.

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.

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

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

In writing before the client enters the representation agreement.

At the first substantive meeting with that party.

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

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

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

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.

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

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

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.

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

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