Which Mississippi rule applies when earnest money is received in a transaction governed by a Mississippi cooperative agreement?
Correct Answer
C) The earnest money must be held in escrow by the Mississippi broker unless both buyer and seller agree in writing to relieve the Mississippi broker of that responsibility
Mississippi License Law §73-35-11 gives the Mississippi broker escrow responsibility for cooperative-agreement earnest money unless both buyer and seller agree otherwise in writing. Source basis: MREC License Law Rev. 08-15-2025: Section 73-35-11 cooperative agreements, nonresident broker limits, Mississippi broker supervision/liability, advertising, escrow, and Section 73-35-13 reciprocity/examination exemptions. Checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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