Free Mississippi Agency Practice Test — LicenseIQ

Question 1

What is the name of Mississippi's mandated agency disclosure form?

Accepted Answer

MREC Form A is titled 'Working With a Real Estate Broker.' The other titles are used in other states.

Question 2

A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

Accepted Answer

A general agent handles a range of matters in a continuing relationship (typical of property management). A listing agent is a special (limited) agent for one transaction.

Question 3

Two agents of the same Mississippi brokerage represent the seller and buyer in the same sale. This is:

Accepted Answer

Because salespersons are subagents of the broker, the brokerage represents both parties. Mississippi treats this as dual agency requiring written consent.

Question 4

The fiduciary duty that requires an agent to safeguard and account for all money and property received on behalf of the client is:

Accepted Answer

The duty of accounting requires the agent to track, report on and properly handle all funds and documents belonging to the client.

Question 5

At an open house, a buyer begins telling the listing agent the most he could pay. The agent should first:

Accepted Answer

Agents must disclose up front whom they represent so customers don't mistakenly share confidential information - anything the agent learns must be shared with the client.

Question 6

A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:

Accepted Answer

Obedience requires following lawful instructions only. Discriminatory instructions violate fair housing laws and must be refused.

Question 7

A party is out of town and cannot sign the agency disclosure form at the required time. What may the Mississippi broker do?

Accepted Answer

Rule 4.3 E permits oral disclosure noted on the form, followed by the form as soon as possible; electronic transmission satisfies the requirement.

Question 8

After the 2023 amendments, if a Mississippi seller's PCDS contains an error, the listing agent:

Accepted Answer

§89-1-505(4) and §89-1-523(2) shield licensees from liability and discipline relating to PCDS information.

Question 9

An agent tells a buyer he will show homes only if the buyer uses the agent's brother as mortgage broker. This is an illegal:

Accepted Answer

Conditioning one service on the purchase of another is a tying arrangement prohibited by antitrust law.

Question 10

Which statement about dual agency is correct?

Accepted Answer

Dual agency creates an inherent conflict; with informed written consent, the agent provides limited representation and must keep each party's confidences.

Question 11

A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:

Accepted Answer

Latent (hidden) defects known to the seller or agent must be disclosed; failing to do so can create liability for both.

Question 12

Which of the following is a fiduciary duty an agent owes the principal?

Accepted Answer

Fiduciary duties are Confidentiality, Obedience, Accounting, Loyalty and Disclosure (COALD), plus reasonable care.

Question 13

A seller tells her Mississippi listing agent to market the home only to buyers of a particular race. Which duty does NOT require the agent to comply?

Accepted Answer

Rule 4.2 defines obedience as following the principal's lawful instructions. A discriminatory instruction is unlawful under the federal Fair Housing Act.

Question 14

According to the current MREC Form A, what duty does a licensee owe regarding the Property Condition Disclosure Statement?

Accepted Answer

Form A and the 2023 amendments to §89-1-501 et seq. remove licensee duties regarding the PCDS. The licensee's general duty of honesty under §73-35-21 still applies.

Question 15

When must a Mississippi listing broker give the seller written agency disclosure?

Accepted Answer

Rule 4.3 A requires written disclosure to the represented party before the representation agreement is signed.

Question 16

An agent authorized to perform a single specific act for a principal is a:

Accepted Answer

A special (limited) agent has authority for a specific task, typical of a listing agent. A property manager is usually a general agent.

Question 17

The best way to create an agency relationship is a(n):

Accepted Answer

A written express agreement clearly defines parties, duties and compensation and is enforceable.

Question 18

A seller's agent must disclose to an unrepresented buyer that the agent represents the seller:

Accepted Answer

Rule 4.3 B requires disclosure at the first substantive meeting with a party the broker does not represent.

Question 19

A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

Accepted Answer

Any personal or financial interest of the agent or family must be disclosed up front so the client can make an informed decision.

Question 20

A listing agent knows the seller will accept $20,000 less than list price. A buyer asks, 'Will they take less?' The agent should:

Accepted Answer

The duty of confidentiality bars disclosing information, like the seller's lowest acceptable price, that would harm the client's bargaining position.

Question 21

During a listing walk-through, the agent notices fresh paint on one ceiling area and a musty odor. The agent should:

Accepted Answer

Agents are not inspectors, but must recognize red flags (stains, odors, cracks) and disclose them for further investigation.

Question 22

Which two duties does a Mississippi disclosed dual agent NOT owe either party?

Accepted Answer

Form A explains that a dual agent owes fiduciary duties except full disclosure and undivided loyalty.

Question 23

A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

Accepted Answer

Implied agency arises from conduct; the agent then owes full fiduciary duties. Express agency is created by stated agreement, ideally in writing.

Question 24

An agency relationship can be terminated by all of the following EXCEPT:

Accepted Answer

Agency ends by performance, expiration, mutual agreement, operation of law, death or incapacity, or destruction of the property - not by the wish of an unrepresented customer.

Question 25

In a Mississippi in-house sale, when must the seller sign the Dual Agency Confirmation Form?

Accepted Answer

The seller signs the confirmation form attached to the buyer's offer before the offer is presented.

Mississippi real estate agency practice test

1. What is the name of Mississippi's mandated agency disclosure form?

2. A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

3. Two agents of the same Mississippi brokerage represent the seller and buyer in the same sale. This is:

4. The fiduciary duty that requires an agent to safeguard and account for all money and property received on behalf of the client is:

5. At an open house, a buyer begins telling the listing agent the most he could pay. The agent should first:

6. A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:

7. A party is out of town and cannot sign the agency disclosure form at the required time. What may the Mississippi broker do?

8. After the 2023 amendments, if a Mississippi seller's PCDS contains an error, the listing agent:

9. An agent tells a buyer he will show homes only if the buyer uses the agent's brother as mortgage broker. This is an illegal:

10. Which statement about dual agency is correct?

11. A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:

12. Which of the following is a fiduciary duty an agent owes the principal?

13. A seller tells her Mississippi listing agent to market the home only to buyers of a particular race. Which duty does NOT require the agent to comply?

14. According to the current MREC Form A, what duty does a licensee owe regarding the Property Condition Disclosure Statement?

15. When must a Mississippi listing broker give the seller written agency disclosure?

16. An agent authorized to perform a single specific act for a principal is a:

17. The best way to create an agency relationship is a(n):

18. A seller's agent must disclose to an unrepresented buyer that the agent represents the seller:

19. A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

20. A listing agent knows the seller will accept $20,000 less than list price. A buyer asks, 'Will they take less?' The agent should:

21. During a listing walk-through, the agent notices fresh paint on one ceiling area and a musty odor. The agent should:

22. Which two duties does a Mississippi disclosed dual agent NOT owe either party?

23. A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

24. An agency relationship can be terminated by all of the following EXCEPT:

25. In a Mississippi in-house sale, when must the seller sign the Dual Agency Confirmation Form?

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