Mississippi License Law
A Mississippi licensee is found guilty of 'willful misrepresentation.' MREC may:
AOnly issue a written warning for a first offense
BRevoke or suspend the license, impose a fine, and require additional education✓ Correct
COnly require the licensee to take an ethics course
DTake no action if no financial harm occurred
Explanation
Willful misrepresentation is a serious violation under MS Code §73-35. MREC may revoke the license, impose suspension, require additional education, and/or assess fines depending on the severity and circumstances.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
State-Specific Concepts
License Law
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