MO Real Estate study guide
MO Real Estate · Work through your exam, one topic at a time.
The Missouri real estate licensing examinations are the tests candidates must pass to obtain a Missouri real estate license through the Missouri Real Estate Commission, which operates within the state's Division of Professional Registration. Two credentials are involved: the salesperson license for people entering the business under a broker's supervision, and the broker or broker-salesperson license for those advancing into supervisory and management roles. The MO Real Estate study guide has 6 sections and about 2,052 words.
01Missouri Real Estate License Law, Commission Rules, and Licensee Duties
Missouri license law is Chapter 339 of the Revised Statutes of Missouri, fleshed out by the Missouri Real Estate Commission's rules in Title 20 CSR 2250. The Commission sits within the Division of Professional Registration and has authority to license, investigate, fine, suspend, and revoke.
375 words, about 2 min02Agency Relationships, Fiduciary Duties, and Brokerage Practice
Agency can be created by express agreement (written or oral), implication from conduct, ratification of an unauthorized act, or estoppel when a party is led to believe representation exists. Missouri requires licensees to disclose, clearly and in writing, whom they represent, and dual agency requires the informed written consent of both parties.
344 words, about 2 min03Contracts, Purchase and Sale Agreements, and Closing
A valid contract needs offer, acceptance, consideration, capacity, lawful purpose, and mutual assent - and real estate contracts must satisfy the statute of frauds: written and signed by the party to be charged. A counteroffer terminates the original offer; an acceptance that changes any term is a counteroffer.
332 words, about 2 min04Real Estate Finance, Mortgages, and Settlement
A real estate loan has two documents: the promissory note (the promise to pay) and the security instrument. Missouri is a lien-theory state and typically uses a deed of trust with a trustee who can conduct a nonjudicial foreclosure sale.
351 words, about 2 min05Property Ownership, Interests, Transfer of Title, and Valuation
Know the freehold estates (fee simple absolute, fee simple defeasible, life estate) and leaseholds. Co-ownership questions turn on survivorship: tenants in common have no right of survivorship and may hold unequal shares; joint tenants hold equal undivided shares with survivorship; marital co-ownership may take the form of tenancy by the entirety where recognized.
334 words, about 2 min06Practice of Real Estate, Disclosures, Fair Housing, and Consumer Protection
The federal Fair Housing Act prohibits discrimination in sale or rental based on race, color, religion, sex (including sexual orientation and gender identity per current HUD interpretation), national origin, familial status, and disability. Missouri's Human Rights Act adds ancestry and is enforced through the Missouri Commission on Human Rights.
316 words, about 2 min