Which of the following disciplinary actions is the Mississippi Real Estate Commission (MREC) authorized to impose on a licensee found guilty of a license law violation?
Correct Answer
B) Suspend or revoke the license and impose monetary fines
The Mississippi Real Estate Commission (MREC) is authorized to impose administrative disciplinary actions including suspension of a license, revocation of a license, and monetary fines against licensees who violate Mississippi license law. The MREC does not have the authority to imprison licensees (that is a criminal court function), set commission rates (which would violate antitrust law), or unilaterally void contracts. Criminal violations may be referred to appropriate law enforcement authorities.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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