Free Mississippi Real Estate Practice Test (2026) — LicenseIQ

Question 1

Private mortgage insurance (PMI) is typically required on a conventional loan when the down payment is:

Accepted Answer

PMI protects the lender and is generally required when the borrower puts down less than 20% (LTV over 80%).

Question 2

Which lien is a specific lien rather than a general lien?

Accepted Answer

Specific liens attach to one property (mortgage, mechanic's, property tax). General liens attach to all of a debtor's property (judgments, IRS liens).

Question 3

How are Mississippi Real Estate Commission members distributed geographically?

Accepted Answer

The statute ties three seats to the Supreme Court Districts and makes two at large. Congressional districts are a common distractor borrowed from other states' commissions.

Question 4

A Mississippi broker pays office rent from the trust account, planning to repay it next week. This is:

Accepted Answer

Client funds are not the broker's asset (Rule 3.4). Using them for business expenses is conversion and a failure to account under §73-35-21(1)(f).

Question 5

A 275-gallon heating oil tank costs $168 to fill at $4.20 per gallon. The buyer will credit the seller for the oil remaining in the tank. What is the credit?

Accepted Answer

Gallons needed = $168 / $4.20 = 40; remaining = 275 - 40 = 235 gallons; credit = 235 x $4.20 = $987.

Question 6

The mortgage clause that allows the lender to declare the entire balance due immediately upon the borrower's default is the:

Accepted Answer

The acceleration clause lets the lender call the entire debt due on default. The alienation (due-on-sale) clause is triggered by transfer of the property.

Question 7

A Mississippi listing broker receives two more written offers before the seller accepts the first. Unless the seller gave written instructions otherwise, the broker must:

Accepted Answer

Rule 3.2 D requires presentation of all written offers before acceptance unless the owner gives specific written instructions to postpone.

Question 8

Which statement about a Mississippi cooperative agreement is true?

Accepted Answer

Rule 3.1 C requires a separate agreement per property, user or transaction, with compensation stated and the listing in the Mississippi broker's name.

Question 9

The seller of a rental property collected $1,800 rent for the month on the 1st. Closing is on the 10th, and the seller owns the day of closing (30-day month). What is the rent proration?

Accepted Answer

Daily rent = $1,800 / 30 = $60. Buyer owns days 11-30 = 20 days. 20 x $60 = $1,200, credited to the buyer because the seller collected rent for days the buyer will own.

Question 10

A buyer offers $300,000. The seller counters at $315,000. The buyer rejects the counter and then tries to accept the original $300,000 offer terms. Is there a contract?

Accepted Answer

A counteroffer is a rejection and a new offer; the original offer cannot be revived by the buyer.

Question 11

Zoning allows commercial vehicles to be parked in driveways, but the subdivision's restrictive covenants prohibit it. Which rule applies?

Accepted Answer

When public and private restrictions overlap, the more restrictive one must be followed.

Question 12

In advertising Mississippi property under a cooperative agreement, the Mississippi broker's name and phone number must appear:

Accepted Answer

§73-35-11 requires equal prominence.

Question 13

The client a broker represents is the:

Accepted Answer

The principal is the client to whom the agent owes fiduciary duties; a customer is a party the agent works with but does not represent.

Question 14

For the sale or lease of a pre-1978 residence, the seller or landlord must give the buyer or tenant:

Accepted Answer

Federal law requires the EPA pamphlet, the lead warning statement and disclosure of known lead-based paint and hazards, including for renovated pre-1978 homes.

Question 15

A contract that is missing an essential element, such as consideration, is:

Accepted Answer

Missing an essential element makes a contract void from the start. A voidable contract appears valid but may be canceled by one party.

Question 16

A Mississippi licensee persuades a buyer to break a pending contract so the licensee can write a new one at a higher commission. This violates:

Accepted Answer

§73-35-21(1)(k) prohibits inducing contract breaches to benefit the licensee.

Question 17

In real estate, the accessibility requirements of the Americans with Disabilities Act apply mainly to:

Accepted Answer

The ADA's accessibility rules primarily cover public accommodations and commercial facilities; housing accessibility is governed mainly by the Fair Housing Act.

Question 18

A seller refuses to close after a Mississippi listing broker produced a ready, willing and able buyer who paid $4,000 earnest money. What happens to the deposit?

Accepted Answer

Rule 3.4 states the broker has no right to any part of the deposit when the seller fails to close; the purchaser gets it back.

Question 19

The most common form of homeowner's insurance policy for a single-family home is the:

Accepted Answer

HO-3 (special form) is the most common homeowner's policy. HO-4 is renter's insurance and HO-6 is for condominium owners.

Question 20

Which ad phrase is most likely to violate fair housing advertising rules?

Accepted Answer

References that exclude or prefer protected classes, such as familial status ('no kids'), are discriminatory. Describe the property, not the desired buyer or tenant.

Question 21

When competing brokerages agree to charge the same commission rate, they commit:

Accepted Answer

Agreeing on commissions among competitors is illegal price fixing under the Sherman Antitrust Act; commissions must be set independently and are always negotiable.

Question 22

The 'Mrs. Murphy' exemption under the federal Fair Housing Act applies to an owner who:

Accepted Answer

The exemption covers owner-occupied 1-4 unit buildings rented without a broker and never permits discriminatory advertising.

Question 23

Which of the following is NOT exempt from the Mississippi License Law?

Accepted Answer

Executors, public officers and attorneys are listed exclusions in §73-35-3. Procuring a buyer for a fee is brokerage, even once.

Question 24

A Mississippi seller mails the PCDS to a buyer on Wednesday, June 3, 2026, after the buyer's offer was executed. What is the last day for the buyer to terminate?

Accepted Answer

Mailed delivery gives 5 days after deposit in the mail: June 3 + 5 = June 8. June 6 would apply to personal delivery (3 days).

Question 25

Which person is exempt from Mississippi real estate licensing?

Accepted Answer

§73-35-3 excludes those dealing exclusively in oil, gas and mineral rights and excludes mineral interests from 'real estate.' Managing, auctioning and selling timeshares for others are listed broker activities.

Mississippi real estate practice test

1. Private mortgage insurance (PMI) is typically required on a conventional loan when the down payment is:

2. Which lien is a specific lien rather than a general lien?

3. How are Mississippi Real Estate Commission members distributed geographically?

4. A Mississippi broker pays office rent from the trust account, planning to repay it next week. This is:

5. A 275-gallon heating oil tank costs $168 to fill at $4.20 per gallon. The buyer will credit the seller for the oil remaining in the tank. What is the credit?

6. The mortgage clause that allows the lender to declare the entire balance due immediately upon the borrower's default is the:

7. A Mississippi listing broker receives two more written offers before the seller accepts the first. Unless the seller gave written instructions otherwise, the broker must:

8. Which statement about a Mississippi cooperative agreement is true?

9. The seller of a rental property collected $1,800 rent for the month on the 1st. Closing is on the 10th, and the seller owns the day of closing (30-day month). What is the rent proration?

10. A buyer offers $300,000. The seller counters at $315,000. The buyer rejects the counter and then tries to accept the original $300,000 offer terms. Is there a contract?

11. Zoning allows commercial vehicles to be parked in driveways, but the subdivision's restrictive covenants prohibit it. Which rule applies?

12. In advertising Mississippi property under a cooperative agreement, the Mississippi broker's name and phone number must appear:

13. The client a broker represents is the:

14. For the sale or lease of a pre-1978 residence, the seller or landlord must give the buyer or tenant:

15. A contract that is missing an essential element, such as consideration, is:

16. A Mississippi licensee persuades a buyer to break a pending contract so the licensee can write a new one at a higher commission. This violates:

17. In real estate, the accessibility requirements of the Americans with Disabilities Act apply mainly to:

18. A seller refuses to close after a Mississippi listing broker produced a ready, willing and able buyer who paid $4,000 earnest money. What happens to the deposit?

19. The most common form of homeowner's insurance policy for a single-family home is the:

20. Which ad phrase is most likely to violate fair housing advertising rules?

21. When competing brokerages agree to charge the same commission rate, they commit:

22. The 'Mrs. Murphy' exemption under the federal Fair Housing Act applies to an owner who:

23. Which of the following is NOT exempt from the Mississippi License Law?

24. A Mississippi seller mails the PCDS to a buyer on Wednesday, June 3, 2026, after the buyer's offer was executed. What is the last day for the buyer to terminate?

25. Which person is exempt from Mississippi real estate licensing?

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