The Mississippi Real Estate Commission is considering adopting a new rule regarding trust account recordkeeping requirements for brokers. Which of the following actions is the MREC authorized to take under the Mississippi Real Estate Brokers License Act?
Correct Answer
B) Promulgate the rule through its rulemaking authority, making it effective without requiring legislative action
Under Miss. Code Ann. §73-35-3 and the Mississippi Real Estate Brokers License Act of 1954, the MREC has the authority to promulgate rules and regulations governing real estate licensees. This rulemaking power allows the commission to adopt administrative rules without requiring each rule to go through the full legislative process, though rules must comply with the Mississippi Administrative Procedures Law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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- → Which Wyoming rule applies when a licensee does not timely submit the complete renewal application, proof of CE, and renewal fees?
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- → A Wyoming licensee is reviewing a first-time salesperson applicant asks which prelicense courses are required. What is the best answer?
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