Free Mississippi Property Practice Test — LicenseIQ

Question 1

Which deed provides the GREATEST protection to the grantee?

Accepted Answer

A general warranty deed contains the fullest covenants, warranting title against all defects, including those arising before the grantor owned it.

Question 2

A property has a first mortgage (recorded 2015), a judgment lien (2018), a mechanic's lien (2020) and unpaid property taxes. Which is paid FIRST from sale proceeds?

Accepted Answer

Real property tax liens take priority over all others regardless of recording date; other liens generally follow in order of recording.

Question 3

A building has a no-pets policy. An applicant who is blind has a guide dog. The property manager must:

Accepted Answer

Fair housing law requires reasonable accommodations for persons with disabilities, including service animals despite no-pet rules.

Question 4

A Mississippi buyer asks the seller directly, 'Has anyone died in this house?' The seller knowingly answers 'No,' though a death occurred. Which is true?

Accepted Answer

§89-1-527(3) preserves actions against owners who make fraudulent misrepresentations in response to direct inquiries.

Question 5

A bank sells a house it acquired by deed in lieu of foreclosure, using a listing broker. Is a PCDS required?

Accepted Answer

§89-1-501(2)(b) exempts lender-owned property acquired by foreclosure or deed in lieu.

Question 6

In general, a 'stigmatized' property refers to one:

Accepted Answer

Stigmatized properties are affected by events (crime, death) rather than physical condition; disclosure rules vary by state. (Well-established principle; not detailed in the course.)

Question 7

A title search is performed primarily to:

Accepted Answer

A title search establishes the chain of title and reveals encumbrances or defects before closing. (Reclassified from section 17 to section 9 / CORE - not NJ-specific.)

Question 8

A property that fails to sell at the foreclosure auction and becomes owned by the lender is called:

Accepted Answer

When no bid meets the lender's minimum, the lender takes title and the property becomes REO inventory.

Question 9

In a general warranty deed, the grantor's promise that he owns the property and has the right to convey it is the covenant of:

Accepted Answer

Seisin = ownership and right to convey. Quiet enjoyment protects against superior title claims; further assurance obligates the grantor to cure defects; warranty forever defends title against all claims.

Question 10

Which document is recorded in the county records and makes the property collateral for a loan?

Accepted Answer

The mortgage creates the lien and is recorded. The promissory note is the borrower's personal promise to repay and is not recorded.

Question 11

A buyer of a unit in a cooperative receives:

Accepted Answer

In a co-op the corporation owns the building; members own shares and a proprietary lease (personal property). Condominium owners receive a deed.

Question 12

When a tenant in common dies, that owner's share:

Accepted Answer

Tenancy in common has NO right of survivorship, so a deceased co-owner's interest passes by will or to heirs. Automatic passage to co-owners describes joint tenancy.

Question 13

A property use that legally existed before a new zoning ordinance and is allowed to continue is a:

Accepted Answer

A legal nonconforming ('grandfathered') use predates the ordinance and may continue, usually with limits on expansion. A variance is permission to deviate from a current requirement.

Question 14

A property manager receives a tenant's security deposit and advance rent. These funds must be deposited in the:

Accepted Answer

Money belonging to others goes into a trust account; depositing it in an operating account is commingling.

Question 15

A property assessed at $365,000 is taxed at $2.85 per $100 of assessed value. What is the annual tax?

Accepted Answer

$365,000 / 100 = 3,650 units; 3,650 x $2.85 = $10,402.50.

Question 16

Marketable title means title that is:

Accepted Answer

Marketable title is reasonably free from defects and insurable - not necessarily perfect.

Question 17

Under the statute of frauds, a real estate sales contract must be:

Accepted Answer

The statute of frauds requires real estate sales contracts to be in writing and signed to be enforceable.

Question 18

How long is a regular term for a Mississippi Real Estate Commission member?

Accepted Answer

Regular terms under §73-35-5 are four years. Five and six are tempting because those numbers appear in the members' experience and residency requirements.

Question 19

Under a cooperative agreement, who must supervise showings of Mississippi property?

Accepted Answer

§73-35-11 requires the Mississippi broker to supervise all showings and negotiations and makes that broker liable for the nonresident's acts.

Question 20

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 21

Under Mississippi's Interest on Real Estate Brokers' Escrow Accounts program, participation is:

Accepted Answer

§73-35-105 describes the program as depending on willing participation by brokers.

Question 22

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 23

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 24

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.

Question 25

Which fact about a Mississippi property is NOT shielded as non-material under §89-1-527?

Accepted Answer

The statute excepts drug activity affecting the physical condition, environment or improvements.

Mississippi real estate property practice test

1. Which deed provides the GREATEST protection to the grantee?

2. A property has a first mortgage (recorded 2015), a judgment lien (2018), a mechanic's lien (2020) and unpaid property taxes. Which is paid FIRST from sale proceeds?

3. A building has a no-pets policy. An applicant who is blind has a guide dog. The property manager must:

4. A Mississippi buyer asks the seller directly, 'Has anyone died in this house?' The seller knowingly answers 'No,' though a death occurred. Which is true?

5. A bank sells a house it acquired by deed in lieu of foreclosure, using a listing broker. Is a PCDS required?

6. In general, a 'stigmatized' property refers to one:

7. A title search is performed primarily to:

8. A property that fails to sell at the foreclosure auction and becomes owned by the lender is called:

9. In a general warranty deed, the grantor's promise that he owns the property and has the right to convey it is the covenant of:

10. Which document is recorded in the county records and makes the property collateral for a loan?

11. A buyer of a unit in a cooperative receives:

12. When a tenant in common dies, that owner's share:

13. A property use that legally existed before a new zoning ordinance and is allowed to continue is a:

14. A property manager receives a tenant's security deposit and advance rent. These funds must be deposited in the:

15. A property assessed at $365,000 is taxed at $2.85 per $100 of assessed value. What is the annual tax?

16. Marketable title means title that is:

17. Under the statute of frauds, a real estate sales contract must be:

18. How long is a regular term for a Mississippi Real Estate Commission member?

19. Under a cooperative agreement, who must supervise showings of Mississippi property?

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

21. Under Mississippi's Interest on Real Estate Brokers' Escrow Accounts program, participation is:

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

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

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

25. Which fact about a Mississippi property is NOT shielded as non-material under §89-1-527?

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