Missouri Real Estate Exam
1,496+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Missouri real estate salesperson exam.
Real Estate Math
172 questions- A Missouri property owner bought a home for $220,000 and later sold it for $285,000. What was the percentage gain?
- A Missouri home is assessed at 19% of its $350,000 market value. The tax rate is $8.00 per $100 of assessed value. What is the annual tax?
- A buyer in Missouri makes a 5% down payment on a $310,000 home and pays 2 discount points. What is the total cost of the discount points?
- A Missouri rental property has an annual net operating income (NOI) of $21,000. An investor requires an 8% return (cap rate). What is the maximum price the investor should pay for this property?
- A Missouri home sells for $185,000. The buyer pays a 20% down payment. What is the loan amount?
- A Missouri listing agent charges a 6% commission on a $275,000 sale. If the commission is split 50/50 between listing and selling broker, how much does the listing broker receive?
- Missouri residential property is assessed at 19% of market value. If a home has a market value of $220,000, what is the assessed value?
- Annual property taxes on a Missouri home are $3,600. If taxes are prorated at closing on June 30 (seller responsible through closing), how much does the seller owe?
- A buyer's agent in Missouri earns 3% of the sales price. The home sold for $320,000. What is the agent's commission?
- A Missouri investor purchases a duplex for $180,000 and collects $1,200/month per unit. What is the gross rent multiplier (GRM)?
- A Missouri property has an NOI of $24,000 and a cap rate of 8%. What is the estimated value using income capitalization?
- A Missouri seller nets $215,000 after paying a 6% commission. What was the gross sales price?
- A Missouri loan of $160,000 at 7% interest has a first-month interest charge of:
- A Missouri agent sells a property for $410,000 and earns a 2.8% commission. What is the commission?
- A Missouri home's market value is $340,000. At a 19% assessment ratio and a tax rate of $9.50 per $100 of assessed value, what are the annual property taxes?
- A buyer in Missouri pays 4 discount points on a $180,000 loan. What is the total cost of points?
- A Missouri duplex generates $900/month per unit. The investor pays $130,000. What is the GRM?
- A seller in Missouri wants to net $195,000 after paying a 5% commission. What must the property sell for?
- A Missouri property has a monthly gross income of $3,500 and a vacancy rate of 8%. What is the effective gross income per month?
- An adjustable-rate mortgage in Missouri starts at 4.5%. After adjustment, it rises 2 percentage points. The new rate is:
- A Missouri property tax bill is $4,200 per year. The closing occurs on September 30. The seller is responsible through closing. What is the seller's prorated tax share (using 360-day year)?
- A Missouri lender requires an 80% LTV. The appraised value is $260,000. What is the maximum loan?
- An agent earns a 3.5% commission on a Missouri sale of $385,000. What is the commission?
- A Missouri property worth $500,000 has an NOI of $35,000. What is the cap rate?
- A Missouri seller agrees to pay a 7% commission on a $160,000 sale. The listing broker and selling broker split it 60/40. How much does the selling broker receive?
- A Missouri apartment building has 10 units renting at $850/month. Annual vacancy is 5%. What is the annual effective gross income?
- A Missouri property appreciates at 4% per year. If it's worth $180,000 today, what will it be worth in 2 years?
- A Missouri buyer pays $295,000 for a home with a 10% down payment. The loan amount is:
- A Missouri commercial building has an NOI of $48,000 and a market cap rate of 9%. The estimated value is:
- A Missouri home sells for $210,000. Property taxes are $3,780 annually. The tax rate per $100 of assessed value is $10.50. What is the assessed value?
- A Missouri agent receives a 2.5% buyer agent commission on a $340,000 sale. Their broker keeps 20%. How much does the agent take home?
- A Missouri lender quotes a 7.5% annual interest rate. A borrower has a $120,000 loan. What is the first month's interest payment?
- A Missouri rental property has gross monthly rents of $4,500 and annual operating expenses of $18,000. What is the annual NOI?
- A Missouri home was purchased for $150,000 five years ago and now sells for $187,500. What is the percentage increase in value?
- A Missouri investor purchases a fourplex for $400,000. Annual gross rent is $48,000, expenses are $16,000. What is the cap rate?
- A Missouri home's annual property taxes are $5,400. If the tax rate is $7.50 per $100 assessed value and the assessment ratio is 19%, what is the market value?
- A Missouri buyer pays $350,000 for a home. They put 20% down and pay 1.5 discount points. What are the total upfront costs (down payment + points)?
- A Missouri commercial building sells for $750,000 with a 5% commission. If the listing and selling broker split equally, and each broker gives their agent 60%, how much does the selling agent earn?
- A St. Louis area property has an assessed value of $85,000 and a tax rate of $11.20 per $100. What are the annual taxes?
- A Missouri property manager charges a 10% management fee on collected rents. The property collects $3,200/month. What is the monthly fee?
- A buyer in Missouri wants to determine the GRM for a property. It sold for $225,000 and rents for $1,500/month. What is the GRM?
- A Missouri loan is being amortized at 6% over 30 years. The monthly payment is $1,199 on a $200,000 loan. After the first payment, how much has the principal been reduced?
- A Kansas City area home is assessed at 19% of a $280,000 market value. The tax rate is $8.85 per $100. What is the annual tax bill?
- A Missouri seller wants to net $240,000. Agent commission is 6%, closing costs are $3,000. What must the home sell for?
- A Missouri home appraised at $325,000 is sold. The 6% commission is split 60% listing / 40% selling. The selling agent gets 70% of their broker's share. How much does the selling agent earn?
- A Missouri investor buys a 6-unit apartment building. Each unit rents for $700/month. The vacancy rate is 10% and annual operating expenses are $22,000. What is the NOI?
- A Missouri listing expired after 180 days without a sale. If the home was listed at $289,000 and the agent reduced the price 5% at day 90, what was the reduced price?
- A Missouri home sells for $198,500. The buyer puts 15% down. What is the LTV on the mortgage?
- A Missouri property earns $2,800/month in rent. The owner wants a 9% return. What is the maximum purchase price justified?
- If a Missouri mortgage has a balance of $175,000 at 5.5% interest, what is the interest portion of the next monthly payment?
- A Missouri commercial building has a GIM of 8 and annual gross income of $90,000. What is the estimated value?
- A Missouri property tax assessment is $58,900 and the tax rate is $9.20 per $100. What is the annual tax bill?
- A Missouri home closes on March 15. Annual taxes are $4,800 (seller responsible through closing). Using a 365-day year, what does the seller owe?
- A Missouri rental property is purchased for $165,000. Annual rental income is $18,000 and expenses are $7,200. What is the cash-on-cash return if the investor put $33,000 down?
- A Missouri property closes on July 15. Annual property taxes are $6,000. The seller owes taxes through closing. How much does the seller owe (using 30-day months)?
- A Missouri property has a market value of $400,000 and is assessed at 19%. The mill rate is 85 mills. What is the annual property tax?
- A Missouri buyer borrows $240,000 at 5% for 30 years. The monthly payment is $1,288. How much total interest is paid over the life of the loan?
- A Missouri property is purchased for $175,000. Three years later it sells for $196,000. What is the total appreciation percentage?
- A Kansas City metro property has monthly gross rent of $3,000 and sells for $396,000. What is the GRM?
- A Missouri home is listed at $279,900. After two price reductions of 3% each, what is the final list price?
- A Missouri investment property generates $4,200/month rent. Annual vacancy is 8% and operating expenses are $18,500. What is the annual NOI?
- A Missouri agent earns a 6% commission split 50/50 with the cooperating broker. The agent retains 65% of their broker's share. The property sold for $248,000. What does the agent earn?
- A Missouri property has an assessed value of $47,500 and a tax rate of $9.00 per $100 of assessed value. What is the monthly tax escrow needed?
- A Missouri seller pays a 6% commission and $2,500 in closing costs. If the property sold for $315,000, what are the seller's total selling costs?
- A Missouri investment property is purchased for $225,000. Annual NOI is $18,000. What is the cap rate?
- A Missouri seller nets $178,500 after paying 5.5% commission and $1,200 in other costs. What was the sales price?
- A Missouri triplex has monthly rents of $900, $850, and $950. Annual vacancy is 7%. What is the annual EGI?
- A Missouri home appraises for $295,000. The lender requires 80% LTV. The buyer has $60,000 for a down payment. What is the maximum loan?
- A Missouri broker manages 45 properties collecting an average of $1,100/month rent each, charging 8% management fee. What is the monthly management income?
- A St. Louis county home has an appraised value of $315,000, assessed at 19%, and a tax levy of $8.15 per $100. What is the annual tax?
- A Missouri home costs $245,000. The buyer qualifies for a USDA loan with 0% down. The USDA guarantee fee is 1% upfront. How much is the upfront fee?
- A Missouri home appreciates 3.5% annually. Current value is $200,000. What is it worth in 3 years?
- A Missouri commercial lease requires $4,500/month base rent plus 2% of annual gross sales. If annual sales are $800,000, what is the annual rent?
- A Missouri property owner has a loan with a remaining balance of $320,000. They sell for $410,000. The commission is 5.5% and closing costs are $4,000. What is the seller's net proceeds?
- A Missouri property has an annual gross rent of $36,000 and a cap rate of 7.5%. What is the estimated value using the income approach (assuming all income is net)?
- A Missouri home has a replacement cost new of $310,000. Accrued depreciation is 30%. Land value is $65,000. What is the value using the cost approach?
- A Missouri agent receives a 6% commission on a property sold for $178,000. The listing broker and selling broker split 55/45. The listing broker gives their agent 70%. How much does the listing agent earn?
- A Missouri buyer makes a $15,000 down payment on a $175,000 home. What is the LTV?
- A Missouri seller wants $450,000 after paying a 6% commission, $3,500 closing costs, and $12,000 to repair a foundation. What must the home sell for?
- A Missouri duplex has 2 units renting at $950 each. Vacancy is 5%, operating expenses are $8,500/year. Using a 7% cap rate, what is the value?
- A Missouri home has a market value of $255,000 and is assessed at 19%. The county tax rate is 86 mills. What is the annual tax?
- A Missouri buyer makes a 5% down payment on a $320,000 home and pays an FHA upfront MIP of 1.75%. The upfront MIP is based on the:
- A Missouri commercial property sells for $1,200,000 with a 4% commission. The listing broker and selling broker split equally. How much does each broker receive?
- A Missouri property generates NOI of $50,000. It is purchased at an 8.5% cap rate. What is the purchase price?
- A Missouri buyer closes on October 1. Annual property taxes are $7,200. If the buyer is responsible from closing forward, what does the buyer owe at closing (4th quarter)?
- A Missouri property management company charges 7% of collected rents plus a $500/month flat fee to manage a 20-unit apartment. Monthly rents total $18,000 and vacancy is 10%. What is the monthly management fee?
- A Missouri investor pays $285,000 for a home and sells it 2 years later for $312,000. After 6% commission and $3,500 closing costs, what is the net profit?
- A Missouri agent sells 5 homes in a month with an average price of $240,000. Their commission is 2.7% of each sale. What is their total commission that month?
- A Missouri property with an assessed value of $62,000 and a tax rate of $10.25 per $100 has annual taxes of:
- A Missouri home is assessed at $72,000. The tax rate is $9.50 per $100. What are the monthly tax escrow payments?
- A Missouri residential sale closes on August 15. Annual taxes are $4,800. The seller pays taxes through the day of closing. How much does the seller owe (30-day month method)?
- A Missouri commercial building sells for $2,000,000 at a 6.5% cap rate. What is the NOI?
- A Missouri buyer qualifies for a 5/1 ARM. The initial rate is 4.75% and increases 2% at first adjustment. The new rate is:
- A St. Louis area property has a GRM of 125 and rents for $1,400/month. What is the estimated value?
- A Missouri home buyer makes a $7,500 earnest money deposit on a $375,000 home. What percentage is the EMD?
- A Missouri property's annual operating expenses are $14,400 and the EGI is $48,000. What is the operating expense ratio?
- A Kansas City area property is purchased for $260,000 with a $52,000 down payment. Annual principal and interest payment is $13,980. Annual NOI is $19,500. What is the DCR?
- A Missouri property has a market value of $450,000. The commercial assessment ratio is 32%. The tax rate is 79 mills. What is the annual tax?
- A Missouri developer subdivides 100 acres into half-acre lots. After deducting 15% for roads and common areas, how many lots can be created?
- A Missouri property generates $5,000/month rent with a 10% vacancy rate. Annual operating expenses are $24,000. Using an 8% cap rate, what is the value?
- A Missouri home closes May 1. Annual property taxes are $5,760. The seller owes taxes from January through April (4 months). What does the seller owe?
- A Missouri investor buys an 8-unit apartment for $560,000. Annual gross rent is $84,000, expenses are $28,000, and vacancy is 5%. What is the cap rate?
- A Missouri property's assessed value is $95,000 and the tax rate is $8.80 per $100. What are the annual taxes?
- A Missouri seller lists a home at $289,000. The buyer offers $275,000. The seller counters at $282,500. The buyer accepts. What is the commission at 6%?
- A Missouri home's replacement cost new is $260,000. It has an effective age of 15 years and an economic life of 60 years. Using the age-life method, what is the depreciated value of the improvements?
- A Missouri agent earns a 2.5% buyer agent commission on a $485,000 sale. The agent's broker takes 30%. What does the agent net?
- A Missouri investor pays $380,000 for a commercial property. They put 25% down and obtain a 75% LTV loan. What is the loan amount?
- A Missouri property earns $42,000 NOI. The investor wants a minimum 7% return. What is the maximum price?
- A Missouri borrower has a $250,000 mortgage at 5.25%. What is the first month's interest?
- A Missouri property sold for $285,000. The buyer paid 20% down and financed the rest. What was the loan amount?
- A Missouri listing agent charges 6% commission. The seller wants to net $250,000 after the commission. What must the property sell for?
- A Missouri investor purchases a duplex for $180,000 and rents each unit for $850/month. The monthly gross rent multiplier (GRM) is approximately:
- A Missouri property has an assessed value of $38,000 (residential at 19% of market value). What is the market value?
- A rectangular Missouri farm parcel is described as the SE1/4 of Section 14. How many acres is this parcel?
- A Missouri borrower takes out a $200,000 mortgage at 5% annual interest. The first month's interest payment is:
- A Missouri property sold for $320,000. The listing agent received 3% of the sale price as their brokerage's commission. How much did the listing brokerage receive?
- A Missouri investor's property generates $48,000 annual NOI and is valued at $600,000. The cap rate is:
- A Missouri property's annual property taxes are $3,600. Monthly, this prorates to:
- A Missouri home's list price is $275,000. After negotiation, it sells for 97% of list price. The sale price is:
- A Missouri property has a market value of $225,000. Using a residential assessment ratio of 19%, what is the assessed value?
- A Missouri investor buys a property for $400,000 and sells it 3 years later for $460,000. The percentage appreciation is:
- A Missouri property has a tax rate (mill levy) of 8.5 mills per dollar of assessed value. The assessed value is $45,600. Annual taxes are:
- A Missouri agent's commission on a $185,000 sale at 5.5% is:
- A Missouri rectangular survey parcel described as the NW1/4 of the NW1/4 of Section 5 contains:
- A Missouri rental property has potential gross income of $60,000/year with 5% vacancy. Effective gross income is:
- A Missouri property's listing price is $325,000. The buyer offers $310,000. The offer-to-list ratio is approximately:
- A Missouri property's market value is $350,000. Commercial assessment ratio is 32%. The assessed value is:
- A Missouri tenant leases office space at $18 per square foot per year. The space is 2,400 square feet. Monthly rent is:
- A Missouri seller's net proceeds calculation: Sale price $290,000 minus 6% commission minus $3,500 closing costs. Net proceeds are:
- A Missouri building's replacement cost is $420,000. It has 30% physical depreciation. The depreciated cost of improvements is:
- A Missouri investor pays $650,000 for an apartment complex. Annual NOI is $52,000. How does this cap rate compare to a 9% market cap rate?
- A Missouri property manager charges 10% of monthly rent for management. If monthly rent is $1,850, the monthly management fee is:
- A Missouri property has an NOI of $36,000 and operating expenses of $14,000. What is the effective gross income if the NOI represents EGI minus expenses?
- A Missouri property owner received a tax bill based on an assessed value of $57,000 and a tax rate of 6.2 mills. The annual tax bill is:
- A Missouri single-family rental property sold for $155,000. Annual gross rents are $13,200. The gross rent multiplier (annual) is approximately:
- A Missouri buyer qualifies for a loan based on a maximum 28% housing expense ratio. Monthly gross income is $6,200. Maximum PITI payment is:
- A Missouri farm is described as Township 47 North, Range 28 West. Each township is 6 miles square. The area of one township is:
- A Missouri investment property costs $280,000. The investor expects 12% annual return. Annual NOI needed is:
- A Missouri commercial lease is $24 per square foot per year for 3,500 square feet. Monthly rent is:
- A Missouri homebuyer's credit score qualifies them for a 30-year fixed rate mortgage at 6.5%. The monthly payment on a $240,000 loan (principal and interest) using a factor of $6.32 per $1,000 is approximately:
- A Missouri property's list price is $389,000. If it sells at 98.5% of list price, the sale price is:
- A Missouri seller owes $142,000 on their mortgage. They sell for $215,000 with 6% commission and $2,800 in other closing costs. Net proceeds after payoff are:
- A Missouri property manager collected $12,600 in rents for October. The management fee is 9%. The net remitted to the owner is:
- Missouri property taxes are paid in arrears. At closing on October 31, the buyer will owe the seller for property taxes covering:
- A Missouri investor's 10-unit apartment building has average rent of $750/month per unit. Annual effective gross income with 8% vacancy is:
- A Missouri property's assessed value is $76,000 (residential at 19% of market value). The mill rate is 9.5 mills. Annual property taxes are:
- A Missouri home's purchase price is $248,000. Closing costs are 2.5% of the purchase price. Total closing costs are:
- A Missouri listing agreement has a 90-day term with a 6% commission. The house sells for $312,000. How is the commission split if the listing broker keeps 60% and cooperating broker gets 40%?
- A Missouri rectangular parcel measures 300 feet by 400 feet. How many acres is this?
- A Missouri property manager's client receives monthly rent of $2,200. The manager's fee is 8%. Monthly fee is:
- A Missouri buyer's debt-to-income ratio is 42%. Monthly gross income is $5,500. Maximum total monthly debt allowed is:
- A Missouri property sells for $198,000. The buyer puts down 25% and finances the rest. The loan-to-value ratio is:
- A Missouri property's appraised value is $310,000. The assessed value for residential property is 19% of that. If the tax rate is 8 mills, annual taxes are:
- A Missouri commercial property generates annual NOI of $105,000. At a 7% cap rate, its estimated value is:
- A Missouri home appreciates from $175,000 to $217,000 over 5 years. The total appreciation percentage is:
- A Missouri buyer offers $267,500 for a home listed at $279,000. The list-to-offer ratio is approximately:
- A Missouri buyer makes a 5% down payment on a $245,000 home. The down payment amount is:
- A Missouri farm is 240 acres and sells for $3,200 per acre. The total sale price is:
- A Missouri commercial property is listed at $1,200,000. The buyer's agent's commission is 2.5% of the sale price. The agent's commission on a full-price sale is:
- A Missouri tenant pays $850/month rent. Security deposit is 1.5 months rent. Deposit amount is:
- A Missouri duplex rents for $1,100/month (unit A) and $950/month (unit B). Annual gross income is:
- A Missouri property is purchased for $195,000. The buyer makes an earnest money deposit of 2%. Earnest money is:
- A Missouri apartment building has 15 units at an average rent of $800/month. Annual gross potential income is:
- A Missouri property has a market value of $430,000. Commercial assessment is 32%. The assessed value is:
- A Missouri home's assessed value is $53,200. The mill rate is 7.8. Annual taxes are:
- A Missouri salesperson closes 18 transactions in a year at an average sale price of $215,000. The total volume is:
- A Missouri property closes on March 15. Annual property taxes are $3,840. Using a 365-day year, how much does the seller owe the buyer at closing for taxes (seller's portion January 1 through March 15)?
- A Missouri investor's property has a $95,000 loan balance. NOI is $14,250 annually. Debt service is $12,000 annually. The debt coverage ratio (DCR) is:
- A Missouri apartment building has gross income of $96,000, vacancy of 7%, operating expenses of $38,000, and a cap rate of 8%. The estimated value is:
- A Missouri buyer's loan of $285,000 at 6.25% for 30 years has a monthly P&I payment using a factor of $6.16 per $1,000 of approximately:
- A Missouri investor bought a commercial property for $500,000 and financed $400,000. The equity position is:
- A Missouri property has an annual NOI of $72,000 and a cap rate of 6%. If the cap rate rises to 7.5%, the property's value would change from $1,200,000 to:
Finance
143 questions- A Missouri borrower takes out a $240,000 mortgage at 6.75% annual interest. What is the approximate first month's interest?
- A home equity line of credit (HELOC) is best described as:
- In Missouri, USDA Rural Development loans are designed to:
- When a Missouri borrower assumes an existing mortgage, they:
- The Community Reinvestment Act (CRA) requires federally regulated financial institutions to:
- In Missouri, a deed of trust differs from a mortgage primarily because:
- What is the primary purpose of private mortgage insurance (PMI) in Missouri?
- A Missouri homebuyer obtains an FHA loan with 3.5% down. The home is priced at $250,000. What is the down payment?
- Under RESPA, a lender must provide a Loan Estimate to a borrower within how many business days of receiving a loan application?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A Missouri borrower has a 30-year fixed mortgage at 6% on a $200,000 loan. If they pay $1,199 per month, approximately how much of the first payment is interest?
- A VA loan benefit available to eligible Missouri veterans includes:
- Discount points paid by the buyer in Missouri serve to:
- An adjustable-rate mortgage (ARM) in Missouri typically has a lower initial rate because:
- Which of the following is a federally chartered secondary mortgage market entity that purchases Missouri conforming loans?
- A Missouri lender charges a 1% origination fee on a $195,000 loan. What is the origination fee?
- The debt-to-income (DTI) ratio used in Missouri mortgage underwriting compares:
- In a Missouri deed of trust foreclosure, the lender exercises the power of sale through the:
- A balloon mortgage in Missouri requires the borrower to:
- The loan-to-value (LTV) ratio on a Missouri property appraised at $250,000 with a $200,000 loan is:
- A Missouri homebuyer uses seller financing. The seller holds the mortgage. This is called a:
- Under Missouri non-judicial foreclosure using a deed of trust, what is the minimum notice required before a trustee's sale?
- An FHA mortgage insurance premium (MIP) in Missouri is paid to:
- A reverse mortgage in Missouri allows a homeowner to:
- Missouri Housing Development Commission (MHDC) primarily assists:
- Which of the following best describes amortization in a Missouri mortgage?
- A Missouri borrower's credit score primarily affects their mortgage in terms of:
- Which of the following is considered a non-conforming (jumbo) loan in Missouri?
- In Missouri, USDA Rural Development loans are available for properties in:
- The primary market in Missouri real estate lending consists of:
- An interest-only mortgage in Missouri has which characteristic?
- Under the Equal Credit Opportunity Act (ECOA), a Missouri lender cannot deny a mortgage based on:
- A Missouri home equity line of credit (HELOC) is secured by:
- The right of redemption in Missouri allows a borrower to:
- A 'due-on-sale' clause in a Missouri deed of trust requires:
- Regulation Z (TILA) in Missouri requires lenders to disclose which of the following to borrowers?
- RESPA prohibits which of the following practices in Missouri real estate transactions?
- A Missouri construction loan is a short-term loan used to:
- In Missouri, which type of loan is backed by farm real estate as collateral and often used for agricultural land purchases?
- A Missouri ARM with a 2/6 cap means the interest rate can change by a maximum of:
- The note (promissory note) in a Missouri deed of trust transaction is:
- Missouri farmers often use which specialized lending institution for agricultural real estate loans?
- A Missouri mortgage loan assumption means the buyer:
- The Federal Reserve's monetary policy affects Missouri mortgage rates primarily by:
- In Missouri, a short sale occurs when:
- Which of the following is NOT a closing cost typically paid by a Missouri buyer?
- In Missouri, a second mortgage (second deed of trust) is:
- In Missouri, predatory lending practices are primarily regulated by:
- A Missouri bridge loan is used to:
- Under the Dodd-Frank Act, a Qualified Mortgage (QM) in Missouri must NOT have which of the following features?
- In Missouri, which entity regulates mortgage lenders and mortgage companies operating in the state?
- A Missouri homeowner's equity is $90,000 on a property worth $300,000. What is their loan balance?
- A Missouri borrower pays $3,600 in prepaid interest (points) at closing. This is recorded on taxes as:
- A Missouri property has an LTV of 75%. If the loan amount is $225,000, what is the property value?
- In Missouri, a home equity loan differs from a HELOC in that it:
- In Missouri, escrow impounds collected by the lender are used to pay:
- Under the Home Mortgage Disclosure Act (HMDA), Missouri lenders must report mortgage application and loan data to:
- A Missouri interest rate buydown means the seller or builder pays money at closing to:
- A Missouri conventional loan that conforms to Fannie Mae/Freddie Mac guidelines is called a:
- The Real Estate Settlement Procedures Act (RESPA) requires lenders to provide the Closing Disclosure to borrowers. This replaced which older form?
- A Missouri lender's underwriter evaluates the 'three C's' of creditworthiness. These are:
- What is the maximum seller concession allowed on a Missouri FHA purchase with a loan of $200,000?
- Under TRID, the Loan Estimate must be provided to a Missouri borrower within 3 business days of:
- Which of the following items is typically prorated between buyer and seller at a Missouri closing?
- In Missouri, a subordination agreement is used to:
- A Missouri borrower's annual income is $72,000. Using a 28% housing ratio, what is the maximum monthly housing payment?
- In Missouri, when a borrower defaults on a first deed of trust, the second lienholder:
- A Missouri investor buys a property for $300,000 with a $240,000 loan at 6%. Annual debt service is $17,260. If NOI is $22,000, what is the debt coverage ratio (DCR)?
- The annual percentage rate (APR) on a Missouri mortgage is higher than the stated interest rate because:
- A Missouri borrower signs a promissory note. The note is:
- In Missouri, prepayment penalties on home mortgages are:
- A Missouri lender who receives a loan application must provide the Loan Estimate. Which of the following is NOT included in the Loan Estimate?
- Under the CRA (Community Reinvestment Act), Missouri lenders are encouraged to:
- In Missouri, a 'no-cost refinance' means:
- Missouri's MHDC (Missouri Housing Development Commission) First Place Loan program offers:
- A Missouri buyer with a 680 credit score applies for a conventional mortgage. Compared to a buyer with a 780 score, the 680 score buyer will likely pay:
- A Missouri loan that is 'underwater' or 'upside down' means:
- Private mortgage insurance (PMI) on a Missouri conventional loan is typically required until:
- A Missouri homeowner can request PMI cancellation when the loan balance reaches 80% LTV based on the:
- In Missouri, a VA loan funding fee is charged to:
- A Missouri first-time homebuyer who claims the mortgage interest deduction benefits because:
- In Missouri, a 'good faith estimate' (GFE) was replaced by which document under TRID?
- A Missouri borrower's debt-to-income ratio is 45%. Most QM guidelines consider this:
- Under the Missouri deed of trust foreclosure process, after default, the lender must first typically:
- A Missouri investor uses 'leverage' in real estate by:
- In Missouri, a 'non-recourse' loan means that if the borrower defaults:
- A Missouri developer obtains a 'permanent loan' to:
- A Missouri borrower's 'impound account' (escrow account) held by the lender serves to:
- Under Missouri law, which party typically pays for the lender's title insurance policy at closing?
- In Missouri, the MERS (Mortgage Electronic Registration System) is used to:
- In Missouri, a 'yield spread premium' (YSP) historically referred to:
- In Missouri, a 'rate lock' in a mortgage transaction means:
- A Missouri lender who refuses to make a loan based solely on the racial composition of a neighborhood is engaging in:
- In Missouri, a lender's 'underwriting' process involves:
- In Missouri, a 'conforming loan' must have a loan amount at or below:
- In Missouri, 'negative amortization' on an adjustable-rate mortgage occurs when:
- A Missouri borrower's 'back-end' DTI ratio includes which debts?
- In Missouri, a 'participation mortgage' allows the lender to:
- In Missouri, a lender who 'sells' a mortgage in the secondary market transfers to the purchaser:
- Missouri's 'homestead exemption' in bankruptcy law allows homeowners to:
- A Missouri borrower who is 'upside down' on their mortgage but wants to sell may negotiate with the lender for a:
- In Missouri, which federal agency insures banks and savings institutions?
- In Missouri, the secondary mortgage market serves the primary market by:
- A Missouri lender who issues a 'non-QM' (non-qualified mortgage) loan accepts:
- In Missouri, which entity is the largest purchaser of conforming conventional mortgages in the secondary market?
- A Missouri homebuyer is using an FHA loan. The FHA requires a minimum down payment of:
- MHDC (Missouri Housing Development Commission) primarily provides:
- Which federal law requires lenders to provide Missouri borrowers with a Loan Estimate within 3 business days of loan application?
- A Missouri commercial property has a cap rate of 7% and generates $84,000 in annual NOI. Its estimated value is:
- Missouri's usury laws establish:
- In Missouri, a 'jumbo' mortgage loan is one that:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR), which differs from the interest rate because the APR:
- In Missouri, a VA (Veterans Affairs) loan benefit is that:
- A Missouri ARM (adjustable rate mortgage) loan's interest rate is tied to an index. When the index rises:
- Private mortgage insurance (PMI) on a Missouri conventional loan is typically required when:
- A Missouri buyer's PITI payment stands for:
- In Missouri, a mortgage broker's role is to:
- In Missouri, when a borrower takes out a second mortgage (home equity loan), in foreclosure proceedings the second mortgage:
- A Missouri homeowner who wants to access home equity without selling can use a:
- Under RESPA, a Missouri lender or broker cannot:
- A Missouri seller who takes back a 'purchase money mortgage' from the buyer is acting as:
- In Missouri, the USDA Rural Development loan program offers:
- When a Missouri lender 'sells' a mortgage on the secondary market, the borrower's payment obligations:
- In Missouri, 'mortgage servicing' refers to:
- In Missouri, a 'bridge loan' is used when:
- In Missouri, 'points' paid on a mortgage loan represent:
- A Missouri homeowner who refinances their mortgage primarily to get a lower interest rate is engaging in:
- In Missouri, a 'reverse mortgage' is available to homeowners who are at least:
- The Community Reinvestment Act (CRA) requires Missouri banks to:
- In Missouri, a 'construction loan' is used to:
- Missouri's 'homestead exemption' for property tax purposes is most similar to which tax benefit?
- In Missouri, 'predatory lending' practices that violate TILA, HOEPA, and other laws include:
- In Missouri, the Federal Reserve's monetary policy affects mortgage rates because:
- A Missouri 'biweekly mortgage' program allows the borrower to:
- In Missouri, the 'Dodd-Frank Wall Street Reform Act' affected residential mortgage lending by:
- A Missouri seller's 'first right of refusal' clause in a lease gives the tenant:
- Missouri's 'Missouri Agricultural and Small Business Development Authority' (MASBDA) supports:
- Missouri's 'Section 1031 exchange' (IRS Section 1031) allows real estate investors to:
- Missouri's 'Missouri Development Finance Board' provides financing for:
- A Missouri homebuyer using a first-time buyer program through MHDC must typically:
- In Missouri, a buyer using a USDA rural development loan must purchase property located:
- In Missouri, a 'blanket mortgage' covers:
- In Missouri, a 'hard money loan' is characterized by:
Land Use & Zoning
142 questions- Which government power authorizes Missouri municipalities to enact zoning ordinances?
- A nonconforming use in Missouri is a land use that:
- A variance in Missouri allows a property owner to:
- A special use permit (conditional use permit) in Missouri is typically required for:
- Buffer zones in Missouri zoning are typically used to:
- An easement appurtenant in Missouri attaches to and travels with:
- In Missouri, an easement in gross differs from an easement appurtenant in that it:
- A deed restriction in Missouri that limits a property to single-family residential use is an example of a:
- Missouri's comprehensive (master) plan is best described as:
- In Missouri, an encroachment occurs when:
- Spot zoning in Missouri occurs when:
- In Missouri, a subdivision plat must be approved and recorded before:
- The purpose of a building setback requirement in Missouri zoning is to:
- In Missouri, a planned unit development (PUD) is characterized by:
- Agricultural land in Missouri is assessed for property taxes at:
- A floodplain designation in Missouri by FEMA affects property because:
- Rezoning in Missouri is typically initiated by a property owner submitting a petition to the:
- A prescriptive easement in Missouri is similar to adverse possession in that it requires:
- Private deed restrictions in Missouri run with the land, meaning they:
- In Missouri, an eminent domain taking must be for:
- In Missouri, a 'taking' that reduces a property's value without a physical seizure is called a:
- Missouri municipalities use which tool to guide future development in undeveloped areas?
- Missouri's agricultural preservation programs protect farmland by:
- Building codes in Missouri are primarily enforced by:
- A certificate of occupancy (CO) in Missouri is issued when:
- In Missouri, interlocal agreements between neighboring municipalities may be used to:
- Transferable development rights (TDRs) in Missouri allow property owners to:
- Missouri's historic preservation programs protect qualifying structures by:
- In Missouri, a property owner who believes their land was unconstitutionally taken by a regulation may file a claim under:
- In Missouri, which body typically hears appeals of local zoning decisions?
- Density zoning in Missouri limits:
- In Missouri, an agricultural zoning district typically allows which minimum lot size?
- A Missouri commercial developer wants to build a shopping center. Which zoning classification is most likely required?
- In Missouri, an overlay district is:
- Missouri counties that have not adopted a zoning ordinance are referred to as:
- A Missouri property owner wants to use their home as a day care. This typically requires:
- In Missouri, amortization of a nonconforming use refers to:
- In Missouri, a developer who subdivides land into 50 lots must typically:
- Missouri's Sunshine Law (Chapter 610 RSMo) affects real estate in that it:
- Tax increment financing (TIF) in Missouri allows municipalities to:
- In Missouri, a developer seeking to build mixed-income housing in a suburban area may need to negotiate a:
- Missouri's Urban Redevelopment Corporation Law allows cities to designate areas for:
- A Missouri property's 'highest and best use as vacant' may differ from 'highest and best use as improved' because:
- Missouri uses which survey system to describe land in rural areas?
- In Missouri's rectangular survey system, a section contains:
- A Missouri property described as 'the SW ¼ of the NE ¼ of Section 12' contains how many acres?
- In Missouri, metes and bounds descriptions are commonly used for:
- A lot and block description in Missouri refers to land described by:
- In Missouri's rectangular survey, townships are numbered:
- Missouri's 5th Principal Meridian is the reference point for property descriptions in:
- In Missouri, a 'linkage fee' may be charged by some cities as a condition of development approval to:
- Missouri's Agricultural Land Preservation Act aims to protect farmland by encouraging:
- In Missouri, a 'use-by-right' means a property owner can develop the property:
- In Missouri, which type of survey system uses angles and distances from a starting point to describe land?
- A Missouri township in the rectangular survey system measures:
- In Missouri's rectangular survey system, how are sections numbered within a township?
- A Missouri property described as 'T2N, R3E' means it is located:
- In Missouri, 'downzoning' of a property refers to:
- Missouri's Green Acres program (farmland preservation) provides tax credits for:
- In Missouri, a developer's impact fee for road improvements is an example of:
- In Missouri, a commercial property owner who wants to add a drive-through to their existing restaurant may need a:
- Missouri's Chapter 67 RSMo gives counties and municipalities authority to:
- A Missouri municipality uses a 'Form-Based Code' instead of traditional zoning. Form-Based Codes focus primarily on:
- In Missouri, a 'transfer of development rights' (TDR) program allows:
- In Missouri, a landowner whose property is condemned by the state for a highway has the right to:
- Missouri's Land Clearance for Redevelopment Authority (LCRA) is a tool for:
- In Missouri, the 'taking' doctrine under the Fifth Amendment is triggered when:
- In Missouri, a 'corridor plan' is a land use planning tool used to:
- Missouri's Sunshine Law affects zoning decisions by requiring:
- In Missouri, an easement can be extinguished by which of the following methods?
- In Missouri, an 'inclusionary zoning' ordinance might require developers to:
- A Missouri property owner in a historic district must obtain approval for exterior changes from the:
- Missouri's Land Use Act grants counties the authority to plan and zone:
- In Missouri, the 'police power' to zone is limited by which constitutional requirements?
- In Missouri, a 'conservation subdivision' is a development approach that:
- In Missouri, a 'transit-oriented development' (TOD) zone is designed to:
- In Missouri, 'agricultural easements' (conservation easements on farmland) are typically perpetual, meaning they:
- In Missouri, a subdivision's HOA (homeowners association) can enforce deed restrictions by:
- In Missouri, a property owner who objects to a new zoning regulation that reduces their property value may challenge it as a:
- Missouri uses a 'Dillon's Rule' for municipal powers, which means:
- In Missouri, a property owner who wants to use their commercially zoned land for a use not permitted in that zone would apply for:
- Missouri cities and counties derive their zoning authority from:
- A Missouri homeowner has operated a daycare from their single-family residential property for 20 years. When the area is rezoned to prohibit commercial uses, the daycare can likely continue as a:
- The Kansas City metro area spans Missouri and Kansas. A Missouri real estate licensee who wants to assist clients purchasing property in Kansas must:
- In Missouri, agricultural land is assessed at what percentage of market value for property tax purposes?
- St. Louis City in Missouri is unique among Missouri municipalities because it:
- A Missouri developer wants to create a planned residential community with mixed housing types. They would typically apply for:
- Missouri's Farmland Assessment Act ensures that:
- A Missouri municipality's comprehensive plan is best described as:
- In Missouri, the power of eminent domain allows the government to take private property for public use. The constitutional requirement is:
- A Missouri property owner whose land was taken through eminent domain disagrees with the compensation offered. They may:
- A Missouri property owner who believes their land has been 'taken' by government regulation limiting its use may file a:
- In Missouri, a 'buffer zone' in zoning typically:
- Missouri's Chapter 353 allows municipalities to designate 'urban redevelopment areas.' This primarily helps:
- A Missouri subdivision plat must be approved by the local government before lots can be sold. This approval ensures:
- In Missouri, Tax Increment Financing (TIF) is used to:
- Missouri's 'smart growth' initiatives encourage:
- In the 5th Principal Meridian system used in Missouri, a township is located:
- A Missouri commercial landlord's lease provides for a 'triple net' (NNN) arrangement. This means the tenant pays:
- Missouri's floodplain regulations under the National Flood Insurance Program (NFIP) require participating communities to:
- In Missouri, 'spot zoning' is generally considered:
- A Missouri 'interim use permit' allows a property to be used for a specific purpose:
- Missouri's 'accessory dwelling unit' (ADU) or 'mother-in-law suite' zoning rules vary by municipality. These units typically:
- In Missouri, a 'variance' is different from a 'rezoning' because a variance:
- Missouri's 'conservation easement' allows a property owner to:
- In Missouri, 'inclusionary zoning' requires developers to:
- A Missouri city's zoning board of adjustment primarily handles:
- Missouri's 'historic preservation' designations affect real estate because:
- Missouri's Chapter 70 RSMo 'Intergovernmental Cooperation' allows:
- In Missouri, property annexed by a city from unincorporated county territory:
- In Missouri's rectangular survey system, which section numbers in a township are adjacent to Section 1 (in the NE corner)?
- Missouri's 'Chapter 100 bonds' (Industrial Revenue Bonds) are used to:
- Missouri's 'agricultural district' designation helps farmers by:
- In Missouri, 'mixed-use development' zoning allows:
- Missouri's 'Sunshine Law' (Chapter 610 RSMo) affects real estate agents because it:
- In Missouri, a 'nonconforming structure' (as opposed to a nonconforming use) exists when:
- Missouri's 'building setback' requirements specify:
- In Missouri, a 'cluster development' zoning approach allows:
- Missouri's Chapter 137 RSMo governs property assessment and taxation. An important provision is that:
- In Missouri, when a large retail store (big-box retailer) applies to locate in an area not currently zoned for commercial use, the retailer typically needs:
- Missouri's 'enterprise zones' and 'opportunity zones' are geographic areas designed to:
- In Missouri, 'downzoning' refers to:
- A Missouri 'impact fee' charged to developers is used to:
- Missouri's 'special assessment district' charges property owners for:
- Missouri's 'Chapter 353' urban redevelopment benefits developers primarily through:
- In Missouri, 'form-based codes' differ from traditional use-based zoning by:
- In Missouri, a 'subdivision restrictive covenant' that prohibits commercial uses in a residential subdivision is enforced by:
- In Missouri, a property owner who receives a 'notice of violation' from the local zoning department should:
- Missouri's 'farmland preservation' efforts are important to real estate because:
- In Missouri, 'mixed residential zoning' that allows both single-family homes and small apartment buildings in the same district is called:
- Missouri cities and counties may adopt 'flood damage prevention ordinances' that regulate development in:
- In Missouri, a 'right-of-way' taken by a utility company across private land is typically:
- Missouri's 'Chapter 99' (Urban Redevelopment Corporations) and 'Chapter 100' (Industrial Development) both use tax incentives to:
- In Missouri, 'night sky ordinances' (dark sky regulations) in rural areas affect real estate by:
- Missouri's 'scenic byway' designations near properties like the Ozark National Scenic Riverways may:
- In Missouri, a 'design review board' in a historic or arts district reviews:
- Missouri's 'transit-oriented development' (TOD) policy encourages higher-density mixed-use development:
- In Missouri, 'extraterritorial jurisdiction' (ETJ) allows some cities to:
- Missouri's 'Gateway to Recovery' Act and similar initiatives allow licensed recovery homes to operate in residential zones because:
- Missouri's 'long-arm statute' allows courts to exercise jurisdiction over out-of-state real estate defendants when they:
- Missouri's 'rezoning protest petition' process allows:
- In Missouri, 'urban sprawl' describes the pattern of:
Contracts
135 questions- In Missouri, which element is required to make a real estate contract enforceable?
- A Missouri buyer signs an offer that includes an earnest money deposit of $5,000. The seller never responds. The offer is:
- A Missouri purchase contract contains an escalation clause that says the buyer will pay $2,000 more than any competing bona fide offer up to $350,000. A competing offer of $330,000 exists. What does the buyer pay?
- An 'earnest money' deposit in a Missouri contract serves as:
- A Missouri listing agreement is BEST described as which type of contract?
- A Missouri seller who wants to retain the right to sell the property on their own without paying a commission should sign a(n):
- Which of the following is an essential element of a valid real estate contract in Missouri?
- Under Missouri's Statute of Frauds, a contract for the sale of real estate must be:
- An earnest money deposit in Missouri is held by the:
- A counteroffer in Missouri:
- In Missouri, a contract contingency for a home inspection allows the buyer to:
- What does 'time is of the essence' mean in a Missouri real estate contract?
- A bilateral contract in Missouri real estate is one in which:
- Which clause in a Missouri purchase contract allows the seller to continue marketing the property while a contingency is pending?
- A Missouri listing contract is an example of which type of agency contract?
- An option contract in Missouri gives the optionee the:
- Consideration in a Missouri real estate contract can consist of:
- A Missouri purchase contract accepted by the seller becomes binding when:
- In Missouri, an executed contract is one that has been:
- A Missouri buyer defaults on a purchase contract after earnest money is deposited. If the contract specifies liquidated damages:
- Which of the following is an example of an executory contract in Missouri?
- An as-is clause in a Missouri purchase contract means:
- A Missouri land contract (contract for deed) differs from a purchase money mortgage in that:
- A Missouri listing agreement is typically terminated by all of the following EXCEPT:
- Under Missouri law, an offer to purchase can be revoked by the buyer:
- Which of the following best describes 'specific performance' as a remedy in Missouri real estate?
- An earnest money dispute between a Missouri buyer and seller is typically resolved by:
- In Missouri, 'novation' in a real estate contract context means:
- An assignment of a Missouri real estate contract means:
- In Missouri, what makes a contract void rather than voidable?
- A Missouri contract is voidable when:
- Under the Missouri parol evidence rule, oral agreements made before a written contract:
- In Missouri, a real estate agent's authority to sign a contract on behalf of a client requires:
- Which of the following best describes 'rescission' of a Missouri real estate contract?
- A lease-option in Missouri gives the tenant:
- In Missouri, an addendum to a purchase contract:
- In Missouri, an offer to purchase a property for $250,000 is valid only if it contains all of the following EXCEPT:
- In Missouri, a purchase contract's financing contingency protects the buyer by:
- A Missouri contingency for sale of buyer's existing home protects the buyer by:
- When does a Missouri real estate purchase contract become fully enforceable?
- A Missouri buyer's offer includes an acceptance deadline. If the seller does not respond by that time:
- In Missouri, a seller refuses to complete a sale after accepting the buyer's offer. The buyer's best legal remedy is typically:
- The Missouri seller's disclosure statement must be provided to the buyer:
- In Missouri, a rider (addendum) to a purchase contract must be:
- In Missouri, when a buyer defaults on a purchase contract, the seller may choose between:
- An option period in a Missouri purchase contract gives the buyer:
- In Missouri, a lease that is for a fixed term and ends without notice is a:
- A Missouri month-to-month lease is terminated by either party with:
- Which of the following is true about a Missouri real estate contract that lacks consideration?
- Under Missouri contract law, the 'mirror image rule' means:
- Earnest money in Missouri serves primarily as:
- In Missouri, a 'subject to' clause in a purchase contract may mean the transaction is contingent on:
- A Missouri seller accepts an offer but the acceptance is not communicated until after the buyer withdrew the offer. The result is:
- A Missouri purchase contract includes a 'merger clause.' This means that at closing:
- Which of the following clauses in a Missouri commercial lease requires the tenant to pay more rent if the consumer price index rises?
- A Missouri lease's 'quiet enjoyment' covenant guarantees the tenant:
- Under Missouri's Uniform Electronic Transactions Act (UETA), an electronic signature:
- An 'as-is' clause in a Missouri listing does NOT relieve the seller of the obligation to:
- The EMD (earnest money deposit) in Missouri is NOT required by law but is typically included because:
- A Missouri installment land contract (contract for deed) requires the seller to deliver a deed when:
- In Missouri, a lease is most accurately described as a(n):
- A Missouri commercial lease term of 5 years must be in writing because of:
- In Missouri, 'material breach' of a purchase contract by a seller may allow the buyer to:
- Which of the following is an example of a unilateral contract in Missouri real estate?
- Under Missouri law, a purchase contract for real estate signed by a 16-year-old is:
- An escalation clause in a Missouri purchase offer allows the buyer's offer price to:
- A Missouri real estate contract is signed under duress. The contract is:
- In Missouri, a purchase contract's appraisal contingency protects the buyer by:
- In Missouri, a contract that lacks a legal purpose is:
- Which of the following is NOT required for a valid Missouri real estate deed?
- In Missouri, an agent's authority to sign a purchase contract on behalf of a client requires:
- Under Missouri law, a lease with an option to purchase gives the landlord the obligation to:
- In Missouri, an offer is considered 'lapsed' when:
- A Missouri buyer receives a counteroffer from the seller. The buyer's original offer is now:
- In Missouri, a purchase contract for a home includes a clause saying 'seller to leave the gas range.' This means the range:
- A Missouri purchase contract contingency that requires the seller to provide a property inspection report protects:
- A Missouri purchase contract specifies that the closing must occur 'on or before' July 15. This means:
- In Missouri, a contract 'subject to financing' contingency requires the buyer to:
- A Missouri buyer makes an offer on a property and includes $10,000 earnest money. The offer is rejected. The earnest money:
- A Missouri commercial lease that runs with the land means:
- A Missouri buyer's home inspection reveals $15,000 of deficiencies. The buyer requests the seller repair all items. The seller has no obligation to:
- In Missouri, a contract for the sale of real estate that is signed by only one of two required sellers is:
- A Missouri buyer includes a 'personal property' addendum in their offer listing specific items (refrigerator, washer, dryer). These items will be:
- In Missouri, the buyer's right to a final walkthrough before closing is designed to:
- In Missouri, a purchase contract is assignable unless:
- Under Missouri law, a 'holdover' provision in a commercial lease allows the landlord to:
- A Missouri commercial lease 'with option to renew' gives the tenant the right to:
- A Missouri buyer makes a full-price cash offer. The seller must:
- In Missouri, a 'force majeure' clause in a commercial lease excuses performance when:
- In Missouri, a buyer who discovers title defects before closing may:
- An 'acceleration clause' in a Missouri mortgage means:
- In Missouri, a 'bridge loan' used in a real estate transaction is an example of what type of financing?
- A Missouri buyer includes a 'survey contingency' in their offer. This protects the buyer by:
- In Missouri, a real estate broker's 'safety clause' (or protection period) in a listing agreement means:
- In Missouri, a lease that contains an 'automatic renewal' clause will continue for additional terms unless the tenant provides written notice by a specific deadline. This clause is valid if:
- In Missouri, 'damages' as a remedy for breach of contract in a real estate transaction can include:
- In Missouri, a real estate purchase contract becomes binding when:
- A Missouri seller counters an offer by changing the closing date. Legally, this counter-offer:
- Under Missouri law, a contract for the sale of real estate must be in writing to be enforceable under the:
- A Missouri buyer's contract contains an inspection contingency. If the inspection reveals major foundation issues and the buyer wants to exit, the buyer:
- In Missouri real estate transactions, 'time is of the essence' in a contract means:
- In Missouri, a buyer who defaults on a real estate purchase contract by failing to close may face which remedy from the seller?
- A Missouri purchase contract includes a financing contingency. If the buyer cannot obtain financing within the contingency period, the buyer:
- In Missouri, an option contract gives the buyer:
- A Missouri buyer makes an offer on a home and the seller accepts. Before closing, the seller discovers the buyer is using an FHA loan but the contract didn't specify loan type. The seller may:
- Earnest money in a Missouri real estate transaction is held by:
- A Missouri land contract (contract for deed) differs from a conventional sale because:
- A 'kick-out clause' in a Missouri listing contract allows the seller to:
- A Missouri purchase contract provision that says 'property sold as-is' means:
- A Missouri purchase contract that is 'contingent upon sale of buyer's home' protects the buyer because:
- In Missouri, when a seller's listing agreement expires and the buyer's agent was the procuring cause of the eventual sale, the listing broker may still be entitled to commission under:
- A Missouri real estate contract that is 'voidable' means:
- In Missouri, a real estate contract that violates the Statute of Frauds (oral contract for sale of land) is:
- A Missouri buyer who discovers after closing that the seller failed to disclose a known material defect may have a claim for:
- A 'net listing' in Missouri is legal but:
- A Missouri buyer's offer includes an earnest money check of $5,000. When should the listing broker deposit this check?
- In Missouri, 'specific performance' as a remedy in real estate contract disputes means:
- In Missouri, a seller who accepts an offer but later receives a higher offer faces which legal issue if they try to accept the higher offer?
- A Missouri purchase agreement includes a 'walk-through' provision. This final walk-through before closing is intended to:
- In Missouri, the personal property (fixtures vs. chattels) dispute between buyer and seller is typically resolved by:
- A Missouri buyer who suffers from 'buyer's remorse' after signing a purchase contract and having it accepted generally:
- In Missouri, 'material breach' of a real estate contract by the seller might include:
- A Missouri contingency clause in a purchase contract must typically:
- In Missouri, an 'assignment of contract' in real estate allows:
- In Missouri, a contract for the sale of real estate executed by a minor is generally:
- Missouri's 'merger doctrine' provides that once a property closes:
- A Missouri real estate 'lease option' contract gives the tenant:
- In Missouri, an 'installment land contract' (contract for deed) protects the seller because:
- When a Missouri purchase contract says 'all contingencies must be removed in writing,' this means:
- In Missouri, an addendum to a purchase contract is used to:
- In Missouri, a real estate contract that is 'void' is:
- A Missouri buyer who discovers a defect during a home inspection has three choices under a typical inspection contingency. These are:
- In Missouri, an earnest money dispute where both buyer and seller claim entitlement is resolved by:
- A Missouri purchase contract's 'merger clause' (also called an 'integration clause') provides that:
- In Missouri, a 'backup offer' is used when:
Missouri License Law
129 questions- Which agency regulates real estate licensees in Missouri?
- How many hours of pre-license education are required for a Missouri real estate salesperson license?
- The Missouri real estate salesperson licensing exam contains how many questions?
- What is the minimum passing score on the Missouri real estate salesperson exam?
- In Missouri, a newly licensed salesperson's license is initially issued as a:
- Missouri real estate licenses must be renewed every:
- Missouri requires how many hours of continuing education per 2-year renewal period?
- Under Missouri law, a broker must maintain a trust account that is:
- A Missouri broker applicant must have held an active salesperson license for a minimum of:
- Which of the following requires a real estate license in Missouri?
- Under Missouri law, the MREC may discipline a licensee for all of the following EXCEPT:
- The Missouri Real Estate Commission consists of:
- Under Chapter 339 RSMo, what is the maximum fine MREC may impose on a licensee per violation?
- A Missouri real estate license is automatically suspended if the licensee is convicted of:
- How often must a Missouri real estate salesperson renew their license?
- How many hours of continuing education must a Missouri salesperson complete each renewal cycle?
- Which of the following activities requires a Missouri real estate license?
- Which of the following is NOT an MREC-required disclosure in Missouri?
- A broker's license in Missouri requires how many hours of pre-license education beyond salesperson requirements?
- Under Missouri law, how long must a broker retain transaction records?
- A Missouri real estate salesperson may legally receive a commission from:
- Which body has the authority to revoke a Missouri real estate license?
- A Missouri licensee who fails to complete continuing education by the renewal deadline will have their license:
- An inactive Missouri real estate license means the licensee:
- Under Missouri law, 'commingling' of funds by a broker refers to:
- Which of the following does NOT require a Missouri real estate license?
- The Missouri Real Estate Commission has how many members?
- MREC may place a Missouri licensee on probation as a disciplinary measure. During probation, the licensee:
- A Missouri real estate licensee who violates a cease-and-desist order issued by MREC may face:
- Which of the following acts is prohibited by MREC rules in Missouri?
- A Missouri broker who knowingly employs an unlicensed person to perform licensed activities may face:
- In Missouri, the 'procuring cause' determines which agent is entitled to a commission when:
- Missouri Chapter 339 RSMo defines 'real estate broker' as a person who, for compensation, performs all of the following EXCEPT:
- In Missouri, how long must a salesperson be actively licensed before applying for a broker's license?
- MREC's primary mission is to:
- A Missouri real estate licensee who engages in fraud can face which of the following consequences?
- In Missouri, a licensee must notify MREC within how many days of a change of address or sponsoring broker?
- A Missouri real estate licensee who fails to disclose a known material defect to a buyer may be subject to:
- Missouri licensees who engage in mortgage fraud (falsifying loan applications) may face:
- Under Missouri law, a licensee who receives 'secret profit' from a transaction without the client's knowledge has violated the duty of:
- A Missouri broker's trust account must be reconciled:
- A Missouri licensee's license can be placed on inactive status when:
- A Missouri licensee who has been convicted of a crime must report the conviction to MREC within:
- Under Missouri law, which of the following is required before a real estate licensee can advertise online?
- A Missouri broker who accepts an earnest money deposit must deposit it into the trust account within:
- A Missouri broker who sells their own property without disclosing their license status to the buyer has violated:
- Missouri real estate pre-licensing education must be obtained from a school approved by:
- A Missouri real estate team operating under a broker must ensure that:
- Under Missouri Chapter 339, which of the following is an exempt from licensure?
- A Missouri broker's license authorizes the holder to:
- MREC administers the Missouri real estate licensing examination through a contract with a:
- A Missouri licensee who moves to another state may apply for a Missouri license through:
- Missouri MREC may issue a consent order as a disciplinary measure. A consent order is:
- A Missouri real estate 'referral' agent must hold a(n):
- Under Missouri law, a broker may pay a licensed salesperson from another state a referral fee if:
- In Missouri, a property management company that is not affiliated with a real estate brokerage and engages in leasing activities must:
- A Missouri licensee found guilty of misrepresentation in a transaction may be ordered by MREC to:
- Under Missouri law, an unlicensed person who performs real estate brokerage activities for compensation is subject to:
- A Missouri managing broker is responsible for all of the following EXCEPT:
- MREC members in Missouri serve what term length?
- Which of the following is a requirement for MREC member eligibility in Missouri?
- Missouri's real estate licensing examination tests knowledge of:
- In Missouri, a real estate license is required to receive compensation for negotiating the lease of a commercial property on behalf of a landlord. True or False:
- Missouri MREC can investigate a licensee based on:
- In Missouri, a licensee who changes their sponsoring broker must:
- In Missouri, who has the authority to discipline a REALTOR® under the NAR Code of Ethics?
- Missouri law requires that all real estate advertising must include the broker's:
- In Missouri, a licensee who helps a buyer commit mortgage fraud by inflating the purchase price could be prosecuted for:
- Missouri MREC disciplinary hearings are administrative proceedings governed by:
- After an MREC disciplinary hearing, a licensee who disagrees with MREC's decision may appeal to the:
- In Missouri, which of the following items in a broker's trust account is permissible?
- A Missouri real estate licensee who also practices law and provides legal advice to real estate clients:
- A Missouri salesperson who sells a property and earns a commission cannot be paid by which of the following?
- Missouri requires that a real estate salesperson who becomes a broker must:
- In Missouri, a real estate licensee who is also a certified public accountant (CPA) and advises a client on the tax implications of a real estate sale is:
- Missouri MREC prohibits a licensee from accepting compensation from which of the following without the knowledge and consent of all parties?
- Under Missouri Chapter 339, 'misrepresentation' by a licensee includes which of the following?
- In Missouri, a licensee who uses their client's earnest money for personal expenses and then replaces it before closing has committed:
- Missouri law requires a real estate licensee who operates as an independent contractor to be:
- In Missouri, a real estate license application can be denied if the applicant:
- Under Missouri law, a broker must have a definite place of business in Missouri unless they:
- Which Missouri statute governs unlicensed practice of real estate?
- Under Chapter 339 RSMo, a Missouri real estate licensee must notify MREC of a change of employing broker within how many days?
- Which of the following is NOT a requirement for obtaining a Missouri real estate salesperson license?
- A Missouri real estate broker license requires how many hours of pre-license education beyond the salesperson requirement?
- Under MREC regulations, a Missouri broker must keep transaction records for a minimum of:
- Which Missouri statute governs real estate licensing and defines MREC's authority?
- A Missouri real estate licensee who negotiates property management agreements for others must:
- MREC has the authority to revoke, suspend, or place on probation a licensee for all of the following EXCEPT:
- A Missouri real estate licensee's license becomes expired if they:
- Missouri real estate continuing education requires licensees to complete how many hours per renewal cycle?
- In Missouri, a real estate license may be placed on 'inactive' status when a licensee:
- Under Missouri law, which activity requires a real estate license?
- When MREC investigates a complaint against a Missouri licensee, the first formal step typically involves:
- A Missouri real estate salesperson who wants to become a broker must have been actively licensed as a salesperson for at least:
- In Missouri, who is NOT required to hold a real estate license?
- MREC consists of how many members appointed by the Governor?
- A Missouri licensee who engages in real estate activity without being affiliated with a broker is:
- In Missouri, a real estate licensee convicted of a felony must:
- The Missouri Real Estate Commission's primary purpose is to:
- A Missouri real estate advertisement must include:
- Under Missouri law, a broker who allows a salesperson to operate without supervision may face MREC discipline for:
- In Missouri, the term 'designated broker' refers to:
- Missouri's 'REALTOR' designation refers to:
- MREC can take disciplinary action for a licensee obtaining a license by fraud. The statute of limitations for such action in Missouri is typically:
- A Missouri 'pocket listing' (selling a property without MLS exposure) is:
- In Missouri, a real estate licensee who receives a referral fee for sending a client to an out-of-state broker must:
- A Missouri real estate firm that operates under a trade name (fictitious name) must:
- Under Missouri law, an unlicensed personal assistant of a real estate licensee may legally:
- Missouri MREC's enforcement powers include all of the following EXCEPT:
- In Missouri, a real estate license examination is administered by:
- Under Missouri law, a broker may share commission with a licensed salesperson in another state for:
- A Missouri broker who is closing their brokerage must:
- Under Missouri law, a real estate licensee's obligation to disclose agency status applies:
- In Missouri, a salesperson who receives an earnest money check from a buyer should:
- MREC's 'Real Estate Recovery Fund' is used to:
- A Missouri real estate broker who operates multiple branch offices must ensure that each branch office:
- Under Missouri law, a foreign corporation (out-of-state company) that wants to operate a real estate brokerage in Missouri must:
- Missouri's MREC may issue a license by 'reciprocity' to licensees from states that have equivalent licensing standards. This means:
- Missouri's MREC issues licenses to which of the following entities?
- In Missouri, a real estate 'team' operating under a broker's license must ensure that:
- In Missouri, a real estate licensee who completes a transaction on an expired license would be:
- In Missouri, a licensee who uses the term 'sold' in advertising must ensure:
- Under Missouri law, a salesperson licensed under Broker A who also wants to engage in real estate practice under Broker B must:
- In Missouri, 'commingling' of trust funds means a broker has:
- In Missouri, 'conversion' of client funds by a licensee is:
- A Missouri real estate broker who enters into a referral arrangement with a mortgage company must ensure the arrangement does not violate:
- After completing all 1,500 questions in this Missouri real estate exam prep course, a student is best prepared for which exam components?
- Under Chapter 339 RSMo, a Missouri real estate salesperson license applicant must be at least how old?
Property Ownership
124 questions- In Missouri, a deed must be acknowledged (notarized) before it can be:
- The four unities required for joint tenancy in Missouri are:
- A Missouri property owner conveys a deed 'to my sister Sarah for life, then to the City of St. Louis for a park.' The City of St. Louis holds a:
- A Missouri landlord-tenant relationship is terminated by operation of law through:
- An appurtenant easement in Missouri is said to 'run with the land,' meaning:
- In Missouri, tenancy by the entirety is available only to:
- Which of the following best describes a fee simple absolute estate in Missouri?
- A life estate in Missouri grants the life tenant the right to:
- Under Missouri law, joint tenancy requires which of the following unities?
- In Missouri, when a joint tenant sells their interest to a third party, the result is:
- A Missouri condominium owner owns:
- Which government power allows Missouri to take private property for a public road with compensation?
- Escheat in Missouri refers to:
- In Missouri, 'police power' as applied to real estate refers to:
- A Missouri farm parcel passes from parent to child through a will. This type of transfer is called:
- In Missouri, a community property state is NOT applicable because:
- In Missouri, adverse possession requires continuous, open, hostile, and exclusive possession for:
- A Missouri mineral rights owner can lease the right to extract oil and gas to a third party through a(n):
- Riparian rights in Missouri give landowners bordering a stream or river the right to:
- A Missouri property owner's bundle of rights includes all of the following EXCEPT:
- What is the main purpose of recording a deed in Missouri?
- Which of the following is real property in Missouri?
- Fixtures in Missouri real estate are generally:
- The MARIA test used to determine if an item is a fixture in Missouri stands for:
- A condominium owner in Missouri may be subject to assessments for:
- In Missouri, a survivorship deed automatically transfers property to the surviving co-owner upon death. This is associated with:
- A Missouri tenant in common can:
- In Missouri, personal property becomes a fixture when it is:
- In Missouri, a homestead exemption provides:
- A deed restriction limiting a Missouri property to single-family residential use is enforceable by:
- What is a cooperative (co-op) interest in Missouri real estate?
- A Missouri farm owner sells the surface rights but retains the mineral rights. A buyer who later wants to drill for oil must:
- The Missouri Condominium Act requires the seller of a condo unit to provide the buyer with:
- In Missouri, the homestead preservation credit is primarily designed to benefit:
- When Missouri property is transferred through intestate succession (no will), it passes to heirs according to:
- In Missouri, a condominium declaration is a document that:
- Under Missouri law, a purchaser of a condominium unit may cancel the purchase within how many days of receiving the required documents from the seller?
- Which of the following is true about a timeshare in Missouri?
- In Missouri, fee simple defeasible (conditional fee) ownership means:
- A Missouri property owner has a license to use a neighbor's driveway. This creates a(n):
- In Missouri, the term 'encumbrance' refers to any:
- Which of the following best describes 'color of title' in Missouri?
- In Missouri, the right of partition allows a co-owner of property to:
- In Missouri, dower rights were historically a wife's interest in her husband's real property. Under current Missouri law:
- A Missouri property owner grants an easement to a neighbor allowing use of a private road. The neighbor's property is the:
- In Missouri, an easement by necessity is created when a parcel of land is:
- In Missouri, a public dedication of a street means the owner has:
- Which of the following is true about a Missouri license (permission to use property)?
- A Missouri property owner discovers their neighbor's fence encroaches 2 feet onto their property. The best immediate action is to:
- Missouri law recognizes which type of water rights for property owners bordering the Missouri or Mississippi River?
- In Missouri, a co-tenant who improves a jointly owned property without the other co-tenant's consent is generally:
- In Missouri, a fee simple defeasible estate with a condition subsequent:
- Missouri agricultural land is frequently sold with a right of first refusal clause allowing the:
- In Missouri, ownership of property through a limited liability company (LLC) is popular because it:
- An appurtenant easement in Missouri is transferred when the dominant estate is sold because:
- Under Missouri law, which type of ownership provides the most protection from a co-owner's creditors?
- In Missouri, if a co-owner in joint tenancy is involved in a lawsuit and a judgment lien is obtained against their share, what happens?
- In Missouri, which deed is most commonly used to transfer property between spouses or family members to fix a title defect?
- A Missouri property owner grants a neighbor a drainage easement. This easement is classified as:
- Which Missouri doctrine allows a property owner to claim ownership of soil deposited by natural water flow on their land?
- Avulsion in Missouri occurs when:
- In Missouri, the concept of 'air rights' means a property owner:
- A Missouri property owner sells their farm but retains a portion for crop storage. The reserved portion is a:
- In Missouri, an involuntary lien can be created without the property owner's consent by:
- In Missouri, a judgment lien attaches to real property when it is:
- In Missouri, a grantee in a deed receives title subject to all existing encumbrances. The buyer is protected from unknown encumbrances by:
- In Missouri, the term 'seisin' in a general warranty deed means the grantor:
- In Missouri, a residential property owner's basic tax exemption for their primary residence is related to:
- A Missouri property owner's 'bundle of rights' does NOT include the right to:
- In Missouri, a homeowner who installs a solar panel system on their roof: the system is generally considered:
- In Missouri, a condominium's homeowners association (HOA) has the power to:
- Missouri's Condominium Act governs the formation and operation of condominiums. Under this Act, the 'unit' is defined as:
- In Missouri, 'limited common elements' in a condo building are:
- In Missouri, a sale of real estate using a land trust arrangement means:
- In Missouri, 'littoral rights' apply to property owners bordering which type of water?
- In Missouri, a 'warranty forever' clause in a deed means the grantor will:
- In Missouri, a person who has lived on and openly claimed a piece of land for 10 years may be able to claim title through:
- In Missouri, a property owner can give a neighbor an easement appurtenant by:
- In Missouri, the term 'eminent domain' is synonymous with:
- In Missouri, a homeowner association's lien for unpaid assessments typically:
- In Missouri, an 'abstract attorney' reviews the chain of title and issues a(n):
- In Missouri, 'quiet enjoyment' as a property right means the owner:
- In Missouri, personal property left in a sold home after closing belongs to:
- Missouri's property tax system requires the owner of record as of which date to pay taxes?
- In Missouri, which of the following is true about a joint tenancy with right of survivorship between two brothers?
- In Missouri, when a married couple holds property as tenants by the entirety, what happens upon one spouse's death?
- A Missouri property owner grants a neighbor an easement to cross their land for access to a lake. When the property is sold, this easement:
- Under Missouri law, an adverse possession claim requires continuous, open, notorious, hostile, and exclusive possession for:
- In Missouri, a life estate deed conveys ownership to a life tenant who:
- Missouri recognizes which of the following forms of concurrent ownership for non-married co-owners who want survivorship rights?
- In Missouri, a 'mechanic's lien' is filed by:
- In Missouri, a 'lis pendens' filed against a property notifies potential buyers that:
- In Missouri, fee simple absolute ownership provides the owner with:
- In Missouri, a 'deed restriction' or 'restrictive covenant' runs with the land and:
- Missouri law provides for a 'homestead exemption' that:
- A Missouri property owner who grants an easement by express grant must:
- In Missouri, 'riparian rights' refer to a landowner's rights regarding:
- In Missouri, a condominium owner owns:
- In Missouri, a 'partition action' is a court proceeding where:
- In Missouri, a 'prescriptive easement' is similar to adverse possession because it requires:
- In Missouri, 'deed in lieu of foreclosure' involves:
- Missouri's 'right of redemption' after a deed of trust foreclosure:
- A Missouri 'ground lease' is a lease of:
- Under Missouri law, which type of property ownership automatically avoids probate upon death?
- In Missouri, a 'community land trust' (CLT) model provides:
- Missouri's 'Rule Against Perpetuities' affects real estate by:
- Missouri's 'Marketable Record Title Act' helps property owners by:
- In Missouri, a 'time-share' ownership interest in a resort property is regulated under:
- In Missouri, a 'cooperative' (co-op) housing arrangement differs from a condominium because:
- Missouri's 'Condominium Act' requires that before selling condominium units, developers must provide buyers with a:
- In Missouri, 'mineral rights' can be:
- In Missouri, a 'power of attorney' for real estate transactions allows:
- Missouri's 'Uniform Disposition of Unclaimed Property Act' can affect real estate when:
- In Missouri, 'abstract of title' refers to:
- In Missouri, 'riparian rights' apply to landowners whose property is adjacent to a non-navigable stream. These owners:
- In Missouri, a 'private deed restriction' limiting property to single-family residential use is enforceable by:
- When Missouri farmland is passed through a will to multiple heirs, the most likely ownership type created is:
- In Missouri, 'escheat' occurs when:
- In Missouri, a 'trust deed' (used in financing) differs from a 'living trust' deed because:
- In Missouri, 'deed restrictions' that have been abandoned through widespread violation in a subdivision:
- In Missouri, a 'conservation easement' donated to a qualified land trust allows the donor to:
- Under Missouri law, a property owner who wants to prevent a neighbor from using an easement across their property can terminate a prescriptive easement by:
- In Missouri, a 'beneficial interest' in a land trust differs from direct ownership because the beneficiary:
- Missouri's 'Uniform Residential Landlord and Tenant Act' (URLTA) provides a framework for:
Environmental
122 questions- Which Missouri state agency oversees environmental regulation of real property, including hazardous waste sites?
- Under the Missouri Clean Water Law, it is illegal to:
- A federal law requiring disclosure of lead-based paint hazards in homes built before 1978 is:
- Radon gas is a concern in Missouri real estate because:
- CERCLA (Superfund) in Missouri creates liability for cleanup costs. Who can be held liable under CERCLA?
- Asbestos is most hazardous to building occupants when it is in what condition?
- Underground storage tanks (USTs) in Missouri are regulated primarily because they can:
- A Missouri seller's disclosure statement must disclose which of the following environmental issues if known?
- Mold in a Missouri property is primarily a concern because:
- Which federal law governs the cleanup of contaminated sites using a 'Superfund' trust?
- A Missouri property owner near the Meramec River has wetlands on their land. Development of these wetlands may require a permit from:
- PCBs (polychlorinated biphenyls) found in Missouri commercial buildings are hazardous because:
- The Missouri Brownfields/Voluntary Cleanup Program assists property owners in:
- A seller's disclosure in Missouri must include information about which of the following if known?
- The EPA's lead paint disclosure rule (Title X) requires the seller to provide the buyer with:
- In Missouri, a Phase I Environmental Site Assessment is typically conducted to:
- The Missouri Clean Water Law requires operators of point-source discharges to obtain a:
- Electromagnetic fields (EMFs) from high-voltage power lines near Missouri properties are a concern because:
- A property in Missouri used as a dry-cleaning facility for 30 years is most likely contaminated with:
- A Missouri real estate agent who becomes aware of a potential environmental hazard on a property they are listing should:
- In Missouri, a property owner who discovers petroleum contamination from an unknown prior source may seek cleanup assistance from the:
- A Missouri property in a FEMA Special Flood Hazard Area (SFHA) requires flood insurance for:
- Which Missouri environmental hazard is most commonly associated with older homes built before 1978?
- In Missouri, carbon monoxide (CO) detectors are required in residential units that have:
- RCRA (Resource Conservation and Recovery Act) in Missouri regulates:
- A Missouri commercial property near a former industrial site has detected elevated benzene in groundwater. Benzene is regulated because it is:
- What is the EPA's action level for radon gas in a building that triggers mitigation?
- A Missouri property owner who discovers asbestos-containing materials (ACM) in a commercial building must:
- The innocent landowner defense under CERCLA in Missouri requires the property owner to show they:
- Missouri's Cave Resources Act is particularly relevant to real estate because:
- In Missouri, a property with a closed landfill nearby may require disclosure because of potential:
- Missouri properties in areas with expansive clay soils may suffer from:
- The Missouri Clean Water Law requires wastewater treatment facilities to obtain operating permits. These permits are issued by:
- A Missouri agricultural property that has used pesticides and fertilizers for decades may have concerns about:
- In Missouri, a property owner who builds over a wetland without a permit may face:
- Missouri's Karst terrain (sinkholes and caves) creates which unique real estate concern?
- Under the Toxic Substances Control Act (TSCA), polychlorinated biphenyls (PCBs) must be:
- In Missouri, a potential buyer of a property with an on-site well should be advised to:
- The Missouri Air Conservation Law regulates which type of emissions affecting real property?
- A Missouri property next to a former dry-cleaning facility should be investigated for which specific contaminant?
- In Missouri, a gas station's leaking underground storage tank (LUST) cleanup is overseen by:
- A Missouri commercial real estate buyer should include a Phase I ESA requirement in the purchase contract primarily to:
- In Missouri, radon is most likely to accumulate in what area of a home?
- Missouri's hazardous waste regulations require generators of hazardous waste to:
- Which of the following is a federal law that regulates the management of solid and hazardous waste from cradle to grave?
- In Missouri, a residential property located adjacent to a former coal gas plant site (manufactured gas plant) may have contamination from:
- In Missouri, a property owner who suspects their water supply is contaminated should:
- NEPA (National Environmental Policy Act) requires federal agencies in Missouri to prepare an Environmental Impact Statement (EIS) when:
- A Missouri property owner converting agricultural land to residential development may need to address which environmental concern related to farm chemical use?
- In Missouri, the federal Safe Drinking Water Act protects public water supplies by:
- Missouri's Ozark National Scenic Riverways is relevant to real estate because:
- In Missouri, a property adjacent to a former dry-cleaning business may have which type of soil contamination?
- The Toxic Release Inventory (TRI) in Missouri helps real estate professionals by:
- In Missouri, the presence of Chinese drywall (sulfur-emitting drywall) in a home is an environmental and material defect concern because:
- Missouri's Department of Natural Resources can issue a 'No Further Remediation' (NFR) letter for a contaminated site, which means:
- In Missouri, lead paint hazard disclosure requirements apply to:
- A Missouri property owner near a high-voltage power line may find the property stigmatized because:
- In Missouri, a 'risk-based remediation' approach for contaminated sites means:
- Which of the following environmental issues is most commonly associated with older commercial buildings in Missouri's urban core?
- In Missouri, a buyer purchasing a commercial property as a 'bona fide prospective purchaser' (BFPP) under CERCLA is protected from inherited liability if they:
- Missouri's Petroleum Storage Tank Insurance Fund (PSTIF) provides coverage for:
- In Missouri, the Department of Natural Resources (DNR) administers which program for voluntary cleanup of contaminated properties?
- Under federal CERCLA, an 'innocent landowner' defense requires that the owner:
- A Missouri homebuyer's Phase I ESA reveals a 'recognized environmental condition' (REC). The next recommended step is:
- Missouri's Clean Water Law (Chapter 644 RSMo) is administered by:
- Which federal law requires disclosure of known lead-based paint in housing sold or rented built before 1978?
- In Missouri, radon gas is a concern primarily because:
- Asbestos-containing materials (ACM) in a Missouri commercial building are regulated during renovation or demolition under:
- Missouri's karst topography in the Ozarks region creates a concern for:
- A Missouri seller's disclosure form asks about underground storage tanks. If the seller knows of an abandoned UST on the property and fails to disclose it, this could constitute:
- Missouri has significant lead contamination concerns in older urban areas like St. Louis primarily due to:
- Missouri's Show-Me Green Sales Tax Holiday exempts certain energy-efficient appliances from state sales tax. This relates to real estate because:
- In Missouri, a 'brownfield' site is a property where:
- Which Missouri-specific environmental issue affects agricultural land in the Bootheel region?
- A Missouri property near an old dry-cleaning business may have contamination concerns from:
- Missouri's well water quality is a disclosure concern because:
- The Resource Conservation and Recovery Act (RCRA) regulates:
- In Missouri, the presence of Chinese drywall (installed approximately 2004-2007) in a home is a concern because:
- Missouri's Meramec River and other rivers create flood risks. Properties in designated FEMA flood zones require:
- In Missouri, the West Lake Landfill site (St. Louis County) is significant because it:
- In Missouri, the presence of methane gas in soil near a former landfill is a concern for real estate because:
- In Missouri, a property with a septic system requires disclosure because:
- Missouri's 'environmental covenant' allows:
- In Missouri, the discovery of naturally occurring arsenic in well water is a concern primarily in:
- A Missouri homebuyer discovers an old oil tank in the backyard after closing. The buyer's remedies may include:
- In Missouri, 'polychlorinated biphenyls' (PCBs) are a concern in real estate because they:
- Missouri's 'Solid Waste Management Law' (Chapter 260 RSMo) affects real estate by:
- A Missouri property near a former gasoline station should be evaluated for:
- In Missouri, the presence of knob-and-tube wiring or aluminum wiring in a home is:
- Missouri's Ozark region has numerous caves and springs. For real estate, this creates concerns about:
- Under Missouri's disclosure requirements, sellers must disclose if the property is located in a FEMA Special Flood Hazard Area (SFHA) because:
- In Missouri, an 'environmental lien' may be placed against a property when:
- In Missouri, the presence of a 'dry well' on a property may be a concern because:
- A Missouri buyer discovers the property was previously used as a dry cleaner. The most appropriate due diligence step is:
- In Missouri, the 'Right-to-Know' law requires:
- In Missouri, 'indoor air quality' issues that may be disclosed in a seller's disclosure include:
- Missouri's 'Priority Sites' list, maintained by Missouri DNR, identifies:
- In Missouri, the presence of 'formaldehyde' emissions from building materials is a concern because:
- A Missouri property adjacent to a former agricultural chemical mixing facility would raise concerns about:
- Missouri's regulation of 'wetlands' primarily falls under:
- In Missouri, 'electromagnetic fields' (EMFs) from high-voltage power lines near a property are:
- Missouri's Department of Natural Resources' 'Storage Tank Program' regulates underground and aboveground storage tanks because they:
- In Missouri, the discovery of 'mercury' contamination from an old thermometer manufacturing plant near a property would require:
- Missouri's floodplain management requirements under the NFIP are important for real estate agents because:
- In Missouri, a seller must disclose if the property has been used for methamphetamine manufacturing because:
- In Missouri, a 'Phase I Environmental Site Assessment' is conducted to:
- In Missouri, 'volatile organic compounds' (VOCs) are environmental concerns in real estate because they:
- Missouri's 'Jordan Creek' and similar urban stream restoration projects in Springfield demonstrate how:
- A Missouri property near a nuclear power plant (like Callaway Nuclear Plant in Callaway County) may have what real estate consideration?
- Missouri has significant lead mining history in the Tri-State Mining District (Joplin area). This creates what environmental concern for real estate?
- In Missouri, 'stormwater runoff' from developed properties is regulated because:
- A Missouri homebuyer discovering an abandoned propane tank on the property should:
- In Missouri, an 'environmental indemnification clause' in a commercial real estate contract:
- Missouri's 'Hazardous Waste Management Law' (Chapter 260 RSMo) creates liability for:
- In Missouri, a buyer of contaminated commercial property can potentially limit CERCLA liability through the 'bona fide prospective purchaser' (BFPP) provision by:
- Missouri's 'lead abatement' requirements apply primarily to:
- Missouri has significant concerns about nitrogen and phosphorus loading in rivers because these nutrients:
- Missouri's 'Missouri River' floodplain has been significantly altered by levee construction. This is relevant to real estate because:
- In Missouri, the proximity of a property to a 'Superfund' (CERCLA) site can affect it by:
- Missouri's 'Agricultural Products' formula (like anhydrous ammonia for fertilizer) stored on farms creates which real estate concern?
- Missouri's 'drinking water source protection' programs are important for real estate because:
- Missouri's 'ambient air quality standards' affect real estate near industrial facilities because:
Property Valuation
117 questions- A Missouri appraiser values a property using the income approach. The property has gross rental income of $48,000/year, vacancy and collection losses of 5%, and operating expenses of $18,000. What is the NOI?
- An appraisal report in Missouri must conform to standards set by:
- The principle of contribution holds that:
- A comparable property sold 6 months ago at $300,000 in a market with 2% annual appreciation. What is the time-adjusted value of the comparable for today?
- The sales comparison approach to value is MOST appropriate for:
- In Missouri appraisal, an adjustment is made to a comparable sale for a feature the subject property lacks. This adjustment is:
- Which type of depreciation in Missouri is considered incurable because the cost to fix it exceeds the value added?
- The income capitalization approach values a Missouri property by:
- A Missouri appraiser using the cost approach determines the replacement cost new is $280,000 and total depreciation is $40,000. The land value is $60,000. What is the indicated value?
- The principle of substitution in Missouri appraisal states that:
- In Missouri, the 'highest and best use' of a property is defined as the:
- A gross rent multiplier (GRM) for a Missouri rental property is calculated as:
- External obsolescence affecting a Missouri farm adjacent to a new industrial park is an example of:
- Reconciliation in the appraisal process involves:
- In Missouri, economic life of an improvement refers to:
- Effective age in Missouri appraisal is defined as:
- The principle of contribution in Missouri appraisal states that:
- Plottage (assemblage) in Missouri refers to:
- Regression in appraisal (Missouri) means a high-value property loses value when:
- In Missouri, the assessed value used for property taxes is based on:
- A Missouri appraiser adjusts a comparable sale for time because:
- Functional obsolescence caused by an outdated floor plan in a Missouri home is an example of:
- The gross income multiplier (GIM) approach values a Missouri property by:
- Under Missouri property tax law, the assessment ratio for commercial property is:
- A Missouri appraiser completes an appraisal for mortgage purposes. The report format most commonly required by lenders is:
- A broker price opinion (BPO) in Missouri is different from a formal appraisal because:
- The principle of anticipation in Missouri appraisal states that:
- The principle of conformity in Missouri appraisal means that:
- Remaining economic life in Missouri appraisal is used to:
- In Missouri, the income capitalization approach is MOST reliable for valuing:
- A Missouri property is over-improved when:
- Which of the following is NOT a step in the sales comparison approach used by Missouri appraisers?
- In Missouri, when the cost approach is used for a new building, depreciation is:
- Missouri law requires that licensed appraisers follow:
- A Missouri appraiser uses paired sales analysis to:
- In Missouri, a property with an undesirable easement (e.g., utility corridor) would most likely sell for:
- In Missouri, the sales comparison approach requires a minimum of how many comparable sales?
- In Missouri, the term 'market value' as used in appraisal means:
- Which approach is typically used to value a new special-purpose property, such as a Missouri fire station?
- A Missouri appraiser making a time adjustment uses a market conditions analysis. In a rapidly appreciating Missouri market, older comparable sales would be adjusted:
- Which of the following is a characteristic of a 'buyer's market' in Missouri?
- A Missouri seller's market is characterized by:
- In Missouri, 'depreciation' in appraisal refers to:
- A Missouri appraiser's letter of engagement typically includes all of the following EXCEPT:
- In Missouri, the assessment ratio for personal property (business equipment, vehicles) is:
- An income property appraiser in Missouri is given a projected first-year NOI of $60,000 for a property listing at $750,000. What is the implied cap rate?
- A Missouri appraiser uses a cost approach on a 20-year-old home with an economic life of 50 years. The percentage depreciation using age-life method is:
- A Missouri home has a replacement cost new of $220,000, total depreciation of 25%, and land value of $50,000. What is the cost approach value?
- When two nearly identical properties in Missouri differ only in that one has a swimming pool and the other does not, and they sell for $240,000 and $225,000 respectively, the value of the pool is estimated at:
- A Missouri appraiser's 'scope of work' determination under USPAP refers to:
- Missouri's homestead preservation credit provides relief by limiting the annual increase in a homeowner's:
- Under Missouri's property tax assessment cycle, reassessments typically occur:
- In Missouri, a property owner who disagrees with their tax assessment may appeal to the:
- In Missouri, a 'cap rate compression' (declining cap rates) typically indicates:
- In Missouri, an appraiser who values property for property tax purposes is called an:
- The principle of change in Missouri appraisal recognizes that:
- A Missouri appraiser must disclose all limiting conditions and assumptions in their appraisal report. This is required by:
- In Missouri, the market data approach (sales comparison) requires the appraiser to make adjustments for differences between comparable sales and the subject property. An adjustment for a feature the subject has but the comparable lacks is:
- A Missouri appraiser concludes a value of $285,000. They note that the sales comparison approach was given the most weight because:
- In Missouri, the correlation (reconciliation) process in appraisal gives the appraiser the opportunity to:
- A Missouri appraisal using 'extraordinary assumption' means:
- In Missouri, a 'desk review' of an appraisal involves:
- In Missouri, a 'field review' appraisal differs from a desk review in that it involves:
- In Missouri, a property's assessed value for tax purposes is appealed to the county Board of Equalization. The BOE's decision may be further appealed to the:
- In Missouri, a property that is 'under-improved' relative to its highest and best use is one where:
- In Missouri, when a property is appraised for estate tax purposes, the standard of value is typically:
- In Missouri appraisal, 'supply and demand' affects value because:
- A Missouri appraiser who discovers that a comparable sale was a distressed sale (foreclosure or estate sale) should:
- A 'reconciled' value in a Missouri appraisal of $285,000 means:
- In Missouri, a property's 'insurable value' is used for:
- A Missouri appraiser who uses 'hypothetical conditions' in an appraisal must:
- In Missouri, a 'going concern value' appraisal for a hotel includes:
- In Missouri, a 'market rent' appraisal determines:
- In Missouri, when an appraiser uses a 'before and after' appraisal method in a partial condemnation, they are calculating:
- A Missouri appraiser notes that a property in the St. Louis metro has 'curable deferred maintenance' of $8,000. This means:
- In Missouri, the appraisal process begins with defining the:
- In Missouri, a property's 'potential gross income' (PGI) differs from 'effective gross income' (EGI) because:
- A Missouri appraiser's 'certification' in an appraisal report is the appraiser's:
- A Missouri property is listed at $325,000. Three comparable sales showed values of $315,000, $320,000, and $318,000. The indicated market value is approximately:
- A Missouri appraiser using the sales comparison approach makes a negative adjustment for a feature the subject property lacks but the comparable has. This means:
- In Missouri, the assessed value of residential property is typically:
- An appraiser determines a Missouri commercial building has a remaining economic life of 25 years. Using straight-line depreciation with a total economic life of 50 years, the depreciation rate per year is:
- When appraising a unique property in Missouri with no comparable sales, an appraiser would most likely rely on the:
- A Missouri residential property's gross rent multiplier (GRM) is 120, and it rents for $1,500/month. Its estimated market value is:
- In Missouri, property tax appeals are heard by the:
- Missouri assessors must reassess all real property how often?
- The principle of 'substitution' in real estate appraisal states that:
- When appraising income-producing property in Missouri, the 'effective gross income' is:
- In Missouri, an appraiser who is asked to determine value for a lawsuit involving eminent domain would typically use which standard of value?
- External obsolescence in a Missouri property is caused by:
- A Missouri appraiser's reconciliation process involves:
- The 'highest and best use' principle in Missouri appraisal requires analysis of which criteria?
- In Missouri, the 'income approach' is typically MOST appropriate for which property type?
- In Missouri, the 'cost approach' to appraisal estimates value as:
- An appraisal 'review' in Missouri is performed to:
- A 'broker price opinion' (BPO) in Missouri is:
- In Missouri, 'functional obsolescence' in a home includes:
- When Missouri residential real estate is assessed every two years, property owners who disagree with their assessment have how many days to file an appeal with the County Board of Equalization?
- In Missouri, 'paired sales analysis' is a technique appraisers use to:
- In Missouri, a property's value that is established for the purpose of an insurance claim is called:
- In Missouri, an appraiser's determination of 'market value' assumes:
- An appraiser determines that a Missouri industrial property's highest and best use is residential development rather than its current industrial use. The appraiser should:
- In Missouri, the Uniform Standards of Professional Appraisal Practice (USPAP) apply to:
- A Missouri commercial property has 10,000 sq ft at $20/sq ft annual rent, 5% vacancy, and $80,000 operating expenses. The NOI is:
- In Missouri, an appraiser's 'scope of work' decision determines:
- An appraiser using the 'land residual technique' in Missouri is trying to determine:
- In Missouri, a 'certified residential appraiser' may appraise:
- In Missouri, 'comparable sales' used in the sales comparison approach should be:
- The 'principle of progression' in Missouri real estate appraisal suggests that:
- In Missouri appraisal practice, 'accrued depreciation' is the difference between:
- In Missouri, an 'automated valuation model' (AVM) like those used by online real estate sites:
- In Missouri, a 'detached garage' added to a residential property would typically be classified as:
- In Missouri, an appraiser's 'extraordinary assumption' is used when:
- In Missouri, the 'income multiplier' method for quick commercial property valuation uses:
- When comparing Missouri residential properties, a '3/2 split' and a '3/2 ranch' may have different values primarily because:
- In Missouri, 'interim value' of land during development refers to:
- In Missouri, which of the following best describes 'arm's length transaction' in appraisal terminology?
Agency
115 questions- Missouri's agency disclosure law requires a licensee to provide a written disclosure:
- A Missouri buyer's agent who also represents the seller in the same transaction must:
- Under Missouri agency law, a seller's agent's duty of confidentiality means the agent CANNOT disclose:
- A Missouri 'transaction broker' is best defined as an agent who:
- The fiduciary duty of 'accounting' in a Missouri agency relationship requires the agent to:
- An agent's authority to perform all acts necessary to manage a client's property is called:
- In Missouri, when must an agent provide the agency disclosure form to a buyer?
- A Missouri agent representing both the buyer and seller in the same transaction is called a:
- Under Missouri agency law, a seller's agent owes which duty to the buyer?
- What is a 'designated agency' arrangement in Missouri?
- Which of the following best describes a transaction broker in Missouri?
- Under the law of agency, the principal in a real estate transaction is the:
- If a Missouri buyer's agent discovers that a listing has undisclosed foundation damage, they must:
- An implied agency in Missouri can be created by:
- In Missouri, what fiduciary duty requires an agent to keep the client's information private?
- A subagent in Missouri is:
- In Missouri, an agent has a duty of 'obedience' to their client. This means the agent must:
- The duty of 'accounting' requires a Missouri real estate agent to:
- When a Missouri buyer's agent also represents the seller in the same transaction, the agent must disclose this to:
- A Missouri listing expires without a sale. The agent's duty of confidentiality to the former seller:
- A Missouri agent who discloses a buyer's maximum price to the seller without authority has violated the duty of:
- In Missouri, a buyer who signs a buyer representation agreement creates a(n):
- Which of the following is NOT a fiduciary duty owed by a Missouri buyer's agent to their client?
- A Missouri seller's agent learns that the buyer is willing to pay $20,000 more than their offer. The agent's duty of loyalty to the seller requires:
- Estoppel agency in Missouri arises when:
- In Missouri, material facts that a seller's agent must disclose to buyers include:
- In Missouri, an exclusive right-to-sell listing means the broker earns a commission if the property sells during the listing period:
- An exclusive agency listing in Missouri differs from an exclusive right-to-sell because:
- An open listing in Missouri allows the seller to:
- A net listing in Missouri is one in which the broker's commission is:
- Which of the following statements about the Missouri seller's disclosure requirement is TRUE?
- A Missouri buyer's agent who negotiates a lower price on behalf of their buyer client is fulfilling the duty of:
- Under Missouri agency law, the duty of 'reasonable care and diligence' requires an agent to:
- Which of the following Missouri agency relationships requires the MOST disclosure and consent?
- In Missouri, a listing broker's duty to disclose the seller's listed property defects to prospective buyers comes from:
- In Missouri, can a buyer's agent share their buyer's pre-approval letter with the listing agent?
- When a Missouri buyer's agent represents a buyer in purchasing a home that belongs to the agent's relative, the agent must:
- In Missouri, can an agent represent a buyer in a transaction where the agent also owns the property being sold?
- Termination of a Missouri listing agreement by the seller before the expiration date may result in:
- The NAR Code of Ethics requires Missouri REALTORS® to put clients' interests above their own. This aligns with the fiduciary duty of:
- A Missouri agent who recommends a home inspector who pays the agent a referral fee must:
- In Missouri, a seller's listing agreement authorizes the broker to do all of the following EXCEPT:
- An agent in Missouri who is a transaction broker does NOT owe which duty?
- Under Missouri agency law, 'ratification' of an unauthorized act means:
- A Missouri buyer's agent is required to present all offers to the buyer. What is the primary purpose of this obligation?
- A Missouri listing agent receives two offers simultaneously. Their duty is to:
- In Missouri, an agent who discovers that a home has an undisclosed underground oil tank is obligated to:
- In Missouri, an agent receives a signed offer from a buyer. The seller has not yet responded. The offer can be:
- An agent who fails to present an offer because they believe it is 'too low' has most likely violated the duty of:
- Under Missouri agency law, an agent's authority to bind a principal is called:
- A Missouri buyer's agent who does not have written buyer representation agreement with a buyer is:
- In Missouri, the agency disclosure form must be provided at the first 'substantive contact.' This term means when:
- Under Missouri agency law, an agent's duty of 'reasonable care' extends to:
- In Missouri, a buyer's agent who also works for the selling broker's office on a dual agency transaction must:
- A Missouri listing agent who learns that a buyer is pre-approved for $50,000 more than their offer must:
- In Missouri, which of the following terminates an agency relationship?
- In Missouri, a buyer's agent who finds that the listing agent has not disclosed a known roof defect should:
- Which of the following best describes the duty of 'loyalty' owed by a Missouri buyer's agent?
- A Missouri agent discovers that a property their buyer wants to purchase is actually owned by the agent's brother-in-law. The agent must:
- Under Missouri agency law, a buyer's agent who is also licensed in the state and wants to purchase a property their buyer is considering must:
- Which Missouri document formalizes the buyer-agent relationship and specifies compensation?
- In Missouri, a buyer's agent's commission is typically paid by:
- Under Missouri agency law, when an agent has 'apparent authority,' this means:
- A Missouri buyer's agent who recommends a service provider (e.g., lender, inspector) in which the agent has a financial interest must:
- In Missouri, an agent's duty to present all offers to the seller ceases when:
- In Missouri, a listing agreement that creates an agency relationship between the seller and broker must contain:
- A Missouri seller authorizes their broker to accept an offer on their behalf. This is an example of:
- In Missouri, a listing agent who discovers during a showing that there is a material defect (e.g., foundation crack) not previously known has a duty to:
- In Missouri, an agent who enters into a transaction without authority and the principal later approves the transaction has created an agency by:
- A Missouri real estate team leader assigns buyers to individual team members. The team leader/listing agent's duties to those buyers are governed by:
- Under Missouri law, when a licensee provides property management services without a written management agreement, they:
- In Missouri, if a buyer's agent fails to point out a material defect they observed during a showing, they may be liable for:
- In Missouri, the listing broker is responsible for the acts of salespersons affiliated with their brokerage because of the:
- A Missouri agent who negotiates for their own account to buy a property they are listing must:
- In Missouri, a seller who is also a licensed real estate agent selling their own home must:
- Under Missouri agency law, 'diligence' in performing agency duties means the agent must:
- In Missouri, a seller's agent who provides information to an unrepresented buyer is providing:
- A Missouri buyer's agent discovers a material defect in a property their buyer is considering. The agent's duty is to:
- Under Missouri agency law, a designated agent is:
- In Missouri, which agency relationship requires written consent from ALL parties involved?
- When a Missouri salesperson changes brokers, what happens to their existing buyer representation agreements?
- Under Missouri agency disclosure law, when must a licensee disclose their agency relationship to a consumer?
- Under Missouri law, a buyer's agent who locates a property for a buyer earns compensation:
- In Missouri, when a buyer's agent shows their client a listing from their own firm, the potential conflict is:
- Missouri's seller disclosure form is required for:
- A Missouri listing agent who receives an offer that is unfavorable to the seller must:
- The fiduciary duty of 'loyalty' in Missouri agency means the agent must:
- In Missouri, a transaction broker relationship means the licensee:
- Under Missouri law, a listing agreement with a seller is a contract between:
- A Missouri seller's agent who learns that the buyer is under financial stress and would likely pay more should:
- In Missouri, an agent who represents neither buyer nor seller as a fiduciary but assists both parties is called a:
- A Missouri buyer who tours homes online and then contacts a listing agent directly without a buyer's agent has:
- Missouri's seller disclosure law requires disclosure of all EXCEPT:
- When a Missouri buyer's agent refers a client to a specific home inspector, lender, or title company for compensation, the agent must:
- In Missouri, 'express agency' is created when:
- In Missouri, an agent who receives a gift from a buyer or seller in a transaction without the other client's knowledge may have violated:
- Under Missouri law, a real estate agent's duty of 'accounting' requires them to:
- In Missouri, a real estate licensee who is also a party to a transaction (buying or selling their own property) must:
- A Missouri seller's agent who learns the property has undisclosed plumbing problems through another source (not the seller) should:
- The duty of 'obedience' in a Missouri agency relationship means the agent must:
- In Missouri, an 'exclusive agency listing' differs from an 'exclusive right to sell listing' because:
- Missouri's 'buyer representation agreement' protects the buyer by:
- In Missouri, when a buyer's agent and listing agent are from the same brokerage, and the brokerage does NOT use designated agency, the result is typically:
- In Missouri, the NAR Code of Ethics applies to:
- A Missouri licensee who provides 'customer service' to an unrepresented party (not a client) owes that party:
- In Missouri, an 'open listing' allows a seller to:
- Missouri's 'anti-steering' provisions in fair housing primarily protect buyers from:
- Under Missouri law, a seller's agent must disclose to buyers the existence of any known material defects. What is the consequence if the agent knows of a defect but the seller asks them not to disclose it?
- In Missouri, 'sub-agency' occurs when:
- A Missouri buyer's agent who receives a referral from an out-of-state broker owes duties to:
- A Missouri licensee who has a personal financial interest in a property they are listing for a client must:
- In Missouri, a listing agent presenting competing offers to a seller should:
- Missouri's 'buyer-broker compensation' agreements post-NAR settlement changes mean that:
- Missouri's 'procuring cause' doctrine in agency determines:
- Under Missouri law, a licensee's duty of 'confidentiality' continues after a transaction closes because:
Property Management
103 questions- In Missouri, a property manager acting as agent for a landlord has a fiduciary duty to:
- Which Missouri law governs residential landlord-tenant relationships?
- Under Missouri law, the maximum security deposit a landlord may collect for a residential lease is:
- A Missouri landlord must return a tenant's security deposit within how many days after the tenant vacates?
- The implied warranty of habitability in Missouri requires a landlord to:
- A gross lease in Missouri means the tenant pays:
- A net lease in Missouri commercial real estate requires the tenant to pay:
- Under a percentage lease commonly used for Missouri retail tenants, rent is calculated as:
- In Missouri, eviction of a residential tenant for non-payment of rent begins with serving the tenant a:
- A Missouri property manager's trust account for tenant security deposits must:
- Under Missouri law, a residential lease for more than one year must be:
- A tenancy at will in Missouri can be terminated by:
- A holdover tenant in Missouri who remains after a lease expires becomes a:
- In Missouri, a property manager must have a real estate broker's license if they:
- A Missouri commercial tenant's triple net (NNN) lease requires the tenant to pay:
- The capitalization rate for a Missouri commercial property rises. This generally means property values:
- An operating expense ratio (OER) in Missouri property management is calculated as:
- Constructive eviction in Missouri occurs when:
- A Missouri property manager who misappropriates client funds is subject to:
- In Missouri, a management agreement between a property manager and owner should specify all of the following EXCEPT:
- A Missouri commercial property manager who collects rent from tenants must hold those funds in a:
- In Missouri, a residential tenant who reports code violations to the local housing authority is protected from retaliatory eviction under:
- When a Missouri tenant abandons a property before the lease ends, the landlord generally has a duty to:
- A Missouri commercial lease assignment requires the:
- A Missouri 'sale-leaseback' transaction means:
- In Missouri, a tenant's right to withhold rent due to substandard conditions is:
- A Missouri landlord who self-helps an eviction (e.g., changes locks or removes belongings without a court order) may face:
- Under Missouri landlord-tenant law, the tenant's security deposit may be used for all of the following EXCEPT:
- A Missouri commercial property manager who signs leases on behalf of the owner needs:
- In Missouri, annual income and expense reports for a managed property are provided to the owner primarily to:
- In Missouri, 'actual eviction' occurs when a landlord:
- Under Missouri landlord-tenant law, notice to terminate a year-to-year tenancy requires at least:
- In Missouri, an ADA-compliant building modification for a commercial property is the responsibility of:
- A Missouri lease with a 'first right of refusal' to purchase gives the tenant:
- In Missouri, a net lease for a commercial property typically requires the tenant to pay:
- In Missouri, a residential landlord must give a tenant advance notice of entry except in cases of:
- A Missouri commercial tenant who subleases their space to another business without landlord consent has likely violated the:
- In Missouri, the 'covenant of quiet enjoyment' in a lease means the tenant has the right to:
- A Missouri residential tenant who is in the military and receives deployment orders may terminate a lease early under:
- A Missouri property manager reviews a rental application and denies it based solely on the applicant's credit score of 580. This is:
- Under Missouri law, a landlord who fails to return the security deposit within 30 days without a valid reason may forfeit:
- A Missouri commercial property NOI is $120,000 and annual debt service is $90,000. The debt coverage ratio (DCR) is:
- In Missouri, a property manager's authority is limited by the terms of the:
- In Missouri, an 'anchor tenant' in a commercial property is significant because they:
- A Missouri office building's common area maintenance (CAM) charges billed to tenants represent:
- A Missouri property manager who fails to deposit security deposits in a separate trust account is in violation of:
- In Missouri, a 'CAM cap' in a commercial lease limits the amount that:
- A Missouri property manager who advertises a rental should include which of the following to avoid fair housing issues?
- In Missouri, the management fee is typically based on:
- A Missouri commercial tenant on a 'full service gross lease' pays:
- In Missouri, a tenant's right to 'repair and deduct' allows them to:
- A Missouri industrial property manager must be especially aware of which regulatory requirement?
- In Missouri, an owner who wants to convert a rental property to condominiums must comply with:
- A Missouri property manager's fiduciary duties to the property owner include all of the following EXCEPT:
- In Missouri, a property manager who receives a kickback from a maintenance contractor for referrals without the owner's knowledge has violated:
- A Missouri landlord's failure to provide adequate heat in winter may constitute:
- In Missouri, a residential tenant on a month-to-month lease can be required to move with how many days' notice?
- A Missouri property manager who discovers environmental contamination in a managed property should:
- Under Missouri law, a commercial property manager who has authority to sign leases under the management agreement is acting as the owner's:
- In Missouri, a property manager's monthly report to the owner should typically include:
- Under Missouri's landlord-tenant law (Chapter 441 RSMo), a landlord must return a security deposit within how many days after the tenant vacates?
- Missouri law limits residential security deposits to a maximum of:
- A Missouri property manager who collects rents and holds security deposits must maintain these funds in:
- Under Missouri law, a landlord who wrongfully withholds a tenant's security deposit is subject to damages of:
- A Missouri tenant abandons a rental property and leaves personal property behind. Under Missouri law, the landlord should:
- In Missouri, a residential lease for more than one year must be:
- The Missouri Condominium Act (Chapter 448 RSMo) governs:
- A Missouri property manager is asked by the owner to discriminate against prospective tenants based on national origin. The property manager should:
- Under Missouri law, a tenant who receives a rent demand notice for non-payment of rent can typically cure the default by:
- In Missouri, a property management agreement is a contract between:
- A Missouri residential lease provides for automatic renewal. To prevent automatic renewal, the tenant typically must provide notice:
- In Missouri, a residential landlord has a 'duty to mitigate' damages when a tenant breaks a lease. This means the landlord must:
- A Missouri property manager should conduct regular property inspections to:
- Under Missouri law, what is the minimum notice required for a landlord to enter a tenant's unit for non-emergency repairs?
- A Missouri commercial lease 'holdover' clause typically provides that if a tenant remains after lease expiration without a new agreement:
- A Missouri property management company that manages 200 residential units would typically use a management fee structure based on:
- A Missouri property manager who collects more rent than is owed and keeps the excess is guilty of:
- A Missouri residential tenant whose landlord fails to maintain the property in habitable condition may have the right to:
- A Missouri property manager who discriminates in tenant selection based on source of income (housing vouchers) may violate:
- When a Missouri commercial tenant's business fails and they cannot pay rent, the landlord may:
- A Missouri property manager's annual management report to property owners should include:
- Under Missouri law, a tenant who is the victim of domestic violence may have the right to:
- In Missouri, a commercial tenant with a 'percentage lease' pays:
- When a Missouri property manager prepares a monthly owner's statement, it should show:
- A Missouri property manager receives an application from a tenant with a criminal background. Under fair housing guidance, the manager should:
- In Missouri, a 'gross lease' for commercial property means the tenant pays:
- A Missouri landlord who enters a tenant's unit without notice and without an emergency can face a claim for:
- In Missouri, a 'month-to-month tenancy' can be terminated by either party with:
- A Missouri property manager who fails to make necessary repairs after being informed of them may be liable for:
- The operating expense ratio for a Missouri income property is calculated as:
- Under Missouri law, a commercial tenant's 'covenant of quiet enjoyment' protects the tenant from:
- A Missouri apartment complex manager should maintain on-site what types of records for each tenant?
- Under Missouri law, a landlord who engages in 'retaliatory eviction' — attempting to evict a tenant for complaining about habitability — may be liable for:
- In Missouri, a 'lease renewal' versus a 'new lease' is important because:
- A Missouri commercial property manager maintaining a 'capital reserve fund' is setting aside money for:
- Under Missouri's Chapter 535, an eviction proceeding (unlawful detainer) typically begins when:
- In Missouri, a landlord who fails to maintain safe and habitable premises and the tenant is injured as a result may face liability for:
- A Missouri commercial property manager who receives a contractor's invoice for $15,000 in repairs should:
- In Missouri, when a commercial lease requires the tenant to maintain certain hours of operation, this type of clause is called a:
- A Missouri property manager handling a tenant's request for a lease modification must:
- A Missouri property manager receiving a 'notice of pending judgment lien' against a property owner should:
- In Missouri, a property manager who hires independent contractors for maintenance must verify:
- A Missouri property manager implementing a 'preventive maintenance program' reduces costs by:
Fair Housing
97 questions- The Missouri Human Rights Act provides housing discrimination protection for which additional class beyond the federal Fair Housing Act?
- Under the Fair Housing Act, advertising that states 'No Section 8' in Missouri may constitute discrimination based on:
- A HUD administrative law judge who finds a Fair Housing Act violation may award all of the following EXCEPT:
- Under the Fair Housing Act, which exemption allows a private individual to sell a single-family home without complying with all fair housing rules?
- The Missouri Human Rights Act is enforced by the:
- Under the Federal Fair Housing Act, which of the following is a protected class?
- Steering in real estate occurs when an agent:
- Blockbusting is the illegal practice of:
- Redlining in Missouri refers to:
- Which of the following is a reasonable accommodation under the Fair Housing Act for a person with a disability?
- Under the Fair Housing Act, a complaint must be filed with HUD within:
- In Missouri, the protected class of 'ancestry' under the Missouri Human Rights Act most directly adds protection for:
- Which of the following advertising practices violates the Fair Housing Act?
- The Americans with Disabilities Act (ADA) primarily applies to real estate in which context?
- The Missouri Fair Housing Act protects against discrimination in housing based on all of the following EXCEPT:
- Under the Fair Housing Act, a disability is defined as:
- A landlord in Missouri refuses to rent to a family with three children. This most likely violates the Fair Housing Act based on:
- Disparate impact in fair housing means:
- The Equal Housing Opportunity logo with the house and equal sign symbol should be displayed by:
- The Fair Housing Act specifically covers which of the following types of housing?
- Under the Fair Housing Act, an owner selling their own single-family home can be exempt if they:
- A Missouri seller instructs their agent to reject offers from buyers of a certain religion. The agent should:
- The Kansas City metro market spans Missouri and Kansas. This dual-state metropolitan area means Missouri REALTORS® may need:
- In the St. Louis metro market, an agent who avoids showing properties in certain zip codes to minority buyers is guilty of:
- Sexual harassment by a landlord in Missouri that creates a hostile housing environment violates the Fair Housing Act under which protected class?
- Under the Missouri Human Rights Act, what is the first step in filing a housing discrimination complaint?
- The Fair Housing Act requires multifamily dwellings of four or more units built after March 13, 1991, to include accessible design features. This is called the:
- An insurance company in Missouri that charges higher homeowner premiums based on the racial composition of a neighborhood may be engaging in:
- The National Association of REALTORS® Code of Ethics in Missouri requires members to provide equal professional services to all clients and customers. This aligns with:
- Which of the following describes 'source of income' as a fair housing protection in Missouri?
- A Missouri property manager refuses to rent to a person because they have a hearing impairment. This violates the Fair Housing Act's protected class of:
- Missouri's fair housing laws apply to:
- Which of the following is NOT considered a fair housing violation?
- A Missouri real estate agent who shows only certain neighborhoods to buyers based on their national origin is engaging in:
- Under the Fair Housing Act, a landlord's refusal to make a reasonable accommodation for a disabled tenant who needs a designated parking spot near the entrance violates which protected class?
- In Missouri, an agent who is sued for fair housing violations may be personally liable even if the broker is also sued. This is because:
- Which of the following is an example of a reasonable modification under the Fair Housing Act for a person with a disability?
- In Missouri, the Equal Housing Opportunity poster must be displayed in a real estate broker's office:
- Missouri's Civil Rights Act of 1945 has been updated to include housing protections. Which agency enforces it at the state level?
- In Missouri, a religious organization operating a group home may be exempt from fair housing laws only if:
- Which of the following questions may a Missouri landlord legally ask a rental applicant?
- The 'Mrs. Murphy exemption' under the Fair Housing Act allows a landlord to discriminate if:
- What type of housing is exempt from the familial status protections of the Fair Housing Act?
- An agent in Missouri who uses a dog-whistle phrase like 'great for church-goers' in advertising is potentially guilty of:
- A Missouri REALTOR® who belongs to NAR is subject to the NAR Code of Ethics. NAR's code on fair housing is found primarily in:
- In Missouri, a property owner who refuses to sell to a buyer based on the buyer's disability is violating:
- In Missouri, which of the following organizations can file a fair housing complaint on behalf of a victim?
- Under the Fair Housing Act, the maximum civil penalty for a second violation of fair housing laws (within 5 years) is approximately:
- In Missouri, a tenant who believes they were discriminated against in housing has a right to file a lawsuit in federal court within:
- A Missouri property owner publishes a newspaper advertisement saying 'Spanish-speaking preferred.' This likely violates the Fair Housing Act based on:
- Under the FHA, 'handicap' (disability) includes which of the following?
- In Missouri, a landlord who requires only minority applicants to provide references but not white applicants has engaged in:
- In Missouri, sexual orientation and gender identity are protected classes under:
- A Missouri landlord who refuses to rent to someone because they use a wheelchair has violated the Fair Housing Act. The landlord's defense that 'the unit is too small' is:
- Under Missouri fair housing law, a real estate agent who 'testers' (fair housing testers who pose as buyers or renters) can use to detect discrimination. Testers are:
- In Missouri, a landlord who adds a new 'no criminal background' policy that disproportionately excludes certain racial groups may face:
- Under the Fair Housing Act, advertising a property as 'in a great neighborhood with no problems' while steering away from showing it to minority buyers is:
- Missouri's Kansas City adopted a local ordinance expanding fair housing protections to include:
- A Missouri real estate company can be held liable for the discriminatory acts of its agents under the concept of:
- The Missouri Human Rights Act (MHRA) adds which protected class NOT found in the federal Fair Housing Act?
- A Missouri landlord refuses to rent to a family with two children, saying the apartment is 'too small for kids.' This is most likely a violation of:
- In Missouri, complaints about housing discrimination under the Missouri Human Rights Act are filed with:
- A Missouri real estate agent steering a Hispanic buyer away from predominantly white neighborhoods and toward predominantly Hispanic neighborhoods is committing:
- Under the Fair Housing Act, a landlord must make reasonable accommodations for a tenant with a disability. 'Reasonable accommodation' means:
- Under the Fair Housing Act, 'disparate impact' occurs when:
- Blockbusting in Missouri real estate is illegal and involves:
- Under the Fair Housing Act, housing designed and built for first occupancy after March 13, 1991 with four or more units must include:
- A Missouri landlord says 'I only rent to people from my church.' This is:
- Under HUD's rules, an assistance animal (service animal or emotional support animal) in rental housing:
- A Missouri lender who charges higher interest rates to minority borrowers in similar financial situations as non-minority borrowers is engaged in:
- A Missouri housing advertisement that says 'quiet Christian neighborhood' is:
- Under the Fair Housing Act, the term 'familial status' protects:
- A Missouri landlord with a property built before 1978 must provide prospective tenants with:
- Missouri's senior housing exemption under the Fair Housing Act allows age-55-or-older housing to:
- A Missouri advertising statement: 'Great neighborhood for young professionals' most likely violates fair housing because it:
- Under Missouri fair housing law, a person with a disability requesting a 'reasonable modification' to their rental unit:
- In Missouri, the fair housing complaint process under federal law requires filing with HUD within:
- Under Missouri's Human Rights Act, discrimination in 'commercial real property' transactions is:
- A Missouri real estate developer who violates the Fair Housing Act's accessibility requirements for new multifamily construction faces:
- Under Missouri's Human Rights Act, a real estate professional who refuses to show a Black buyer homes in a predominantly white suburb is committing:
- In Missouri, Section 8 Housing Choice Vouchers are administered by:
- Under the Americans with Disabilities Act (ADA), which Missouri properties must provide accessible features?
- In Missouri, the 'protected class' of 'national origin' under the Fair Housing Act covers discrimination based on:
- A Missouri lender who offers mortgage loans only in high-income neighborhoods while refusing to lend in lower-income (often minority) neighborhoods is engaging in:
- In Missouri, 'testing' for fair housing compliance involves:
- Missouri's Kansas City 'source of income' ordinance specifically prohibits:
- In Missouri, a landlord may screen rental applicants using credit, rental history, and income criteria. To comply with fair housing laws, the screening criteria must be:
- Under the Fair Housing Act, which of the following is an example of 'quid pro quo' sexual harassment in housing?
- Missouri's MCHR has concurrent jurisdiction with HUD to investigate fair housing complaints. The complainant generally:
- In Missouri, a property manager's policy of 'no government assistance' for renting would potentially violate:
- Under the Fair Housing Act, a Missouri landlord who requires a higher security deposit only from tenants with disabilities is:
- In Missouri, a landlord advertising 'perfect for young couples without kids' is potentially advertising a preference for those without children (familial status discrimination). What should the advertisement say instead?
- Under Missouri's Human Rights Act, the protected class of 'sex' includes protection against:
- Under Missouri law, a housing provider who receives a complaint from HUD or MCHR must:
- In Missouri, a housing provider's policy requiring a minimum income of 3x the monthly rent is:
- Missouri's 'equal access' rules for housing programs require that Missouri government housing programs:
- Missouri's St. Louis City and County have local human rights ordinances that may provide additional fair housing protections beyond state and federal law. This demonstrates that:
Escrow & Title
97 questions- In Missouri, which type of foreclosure does NOT require court proceedings?
- A Missouri deed of trust differs from a mortgage in that a deed of trust involves:
- A judgment lien attaches to all real property owned by the debtor in Missouri when it is:
- In Missouri, constructive notice means:
- A Missouri title search typically examines records going back:
- Which type of deed provides the greatest protection to a buyer in Missouri?
- A quitclaim deed in Missouri conveys:
- In Missouri, who typically selects the title company?
- An owner's title insurance policy in Missouri protects:
- Missouri does NOT impose a state real estate transfer tax. This means:
- A deed in Missouri must be acknowledged (notarized) primarily to be:
- The closing disclosure (CD) in a Missouri transaction must be provided to the borrower at least how many days before closing?
- In Missouri, a lis pendens is:
- A deed of trust in Missouri is executed by which parties?
- Constructive notice in Missouri means:
- A lender's title insurance policy in Missouri protects:
- Which of the following encumbrances is a financial claim against a Missouri property?
- A mechanic's lien in Missouri is filed by:
- Priority of liens in Missouri is generally determined by:
- A Missouri title commitment is issued before closing to:
- In Missouri, property taxes are a lien on the property. Unpaid property taxes have what lien priority?
- A special assessment lien in Missouri arises from:
- In Missouri, a general warranty deed includes which covenants to the grantee?
- A trustee's deed in Missouri is typically used when:
- In Missouri, which of the following types of deeds is most commonly used for residential sales between private parties?
- A Missouri special warranty deed warrants title only against:
- Actual notice in Missouri real estate law means:
- A Missouri title insurer discovers a defect in title after issuing a policy. The insurer is obligated to:
- In Missouri, an abstract of title is a(n):
- In Missouri, a warranty deed transfers property with which level of title protection?
- When a Missouri property is sold, the deed must be delivered and accepted to:
- In Missouri, property taxes are assessed as of January 1 of each year. At a closing occurring in August, what is typically true regarding proration?
- A Missouri title company's escrow officer is responsible for:
- In Missouri, a buyer receives equitable title when:
- In Missouri, a 'cloud on title' refers to:
- A Missouri 'quiet title action' is a court proceeding used to:
- Which of the following would NOT be covered by a standard Missouri owner's title insurance policy?
- Missouri title companies are licensed and regulated by the:
- In Missouri, after a deed of trust foreclosure, the trustee's deed is delivered to the:
- In Missouri, a deed that conveys property 'to A for life, then to B' creates what interest for B?
- Missouri's 'race-notice' recording statute means that a subsequent buyer wins over a prior unrecorded claim if the subsequent buyer:
- When a Missouri mortgage is fully paid off, the lender must provide the borrower with a:
- A Missouri foreclosure that results in a sale price less than the outstanding loan balance may create a:
- In Missouri, a deed restriction that violates the Fair Housing Act (e.g., a racial restriction) is:
- In Missouri, which type of property conveyance does NOT require a deed?
- In Missouri, which of the following creates an involuntary lien against a property?
- In Missouri, an executor's deed is used to convey property that is part of:
- In Missouri, a deed from a trustee of a revocable living trust to a buyer is called a:
- In Missouri, a sheriff's deed is issued after a:
- In Missouri, a 'subordination clause' in a lease provides that if the landlord gets a new mortgage, the:
- A Missouri SNDA agreement (Subordination, Non-Disturbance, Attornment) protects the tenant by:
- In Missouri, an 'affidavit of title' given by the seller at closing serves to:
- In Missouri, a property with a 'marketable title' means:
- Which of the following best describes 'insurable title' in Missouri?
- In Missouri, a 'judgment lien' becomes effective against all of the debtor's real property in a county when it is:
- In Missouri, a deed must include which of the following to be valid?
- A Missouri buyer discovers after closing that their neighbor claims an easement over the property not disclosed in the title search. The buyer should:
- In Missouri, a 'release of lien' or 'satisfaction of mortgage' must be recorded to:
- In Missouri, a 'gap' in the chain of title means:
- In Missouri, the party who traditionally pays for the owner's title insurance policy is:
- A Missouri warranty deed contains covenants by the grantor. Which covenant guarantees that the grantor has the right to convey the property?
- In Missouri, a deed must be recorded in the:
- Under Missouri's recording acts, an unrecorded deed is valid between the parties but:
- A 'quiet title' action in Missouri is a court proceeding to:
- A Missouri title insurance policy protects against title defects that:
- In Missouri, a ALTA (American Land Title Association) extended coverage title insurance policy differs from a standard policy because it:
- In a Missouri closing, the settlement statement (Closing Disclosure) shows charges and credits. An item that is a debit to the seller and a credit to the buyer would be:
- A Missouri quitclaim deed conveys:
- Missouri does NOT have a state real estate transfer tax. This means:
- A Missouri title search typically examines public records going back:
- In Missouri, a 'special warranty deed' (sometimes called a limited warranty deed) warrants title only against:
- In Missouri, a 'certificate of title' differs from title insurance because:
- In Missouri, a 'release deed' (also called deed of reconveyance) is used when:
- A Missouri title company performing escrow services acts as:
- A Missouri deed must contain which of the following essential elements to be valid?
- In Missouri, a 'survey exception' in a title policy means the policy does NOT cover:
- Missouri's 'torrens system' of land title registration is:
- A Missouri buyer discovers after closing that a neighbor has been using part of the purchased property as a driveway for many years. This could be a(n):
- In Missouri, 'prorations' at closing are calculated using a:
- In Missouri, 'constructive notice' means the public is legally deemed to know about recorded interests because:
- A Missouri 'sheriff's deed' is typically issued when:
- In Missouri, a 'deed of trust' foreclosure sale (trustee's sale) requires:
- In Missouri, a 'Closing Disclosure' is provided to the buyer:
- Missouri's 'boundary by acquiescence' doctrine can affect title when:
- A Missouri buyer receiving an ALTA Homeowner's Policy of title insurance receives protection for:
- In Missouri, a 'title binder' (also called a commitment for title insurance) is issued before closing to:
- In Missouri, 'constructive fraud' in a real estate transaction may occur when:
- In Missouri, a 'joint tenancy severance' occurs when a joint tenant:
- A Missouri 'administrator's deed' (or 'executor's deed') is used when:
- In Missouri, the 'priority' of a mechanics lien relative to a prior recorded mortgage is:
- In Missouri, 'escrow' in a mortgage typically refers to:
- In Missouri, 'proration' of property taxes at closing is necessary because:
- In Missouri, a property owner who wants to give someone else the ability to make real estate decisions during a temporary illness would use a:
- In Missouri, a 'gap endorsement' to title insurance covers:
- Missouri's title insurance rate structure is generally:
- In Missouri, a 'co-insurance' provision in a property insurance policy may affect a real estate owner who:
- In Missouri, a '1031 exchange intermediary' (qualified intermediary) in a like-kind exchange must:
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