Missouri License Law
Missouri MREC prohibits a licensee from accepting compensation from which of the following without the knowledge and consent of all parties?
AOnly the seller
BBoth the buyer and seller simultaneously (dual compensation)✓ Correct
COnly the buyer
DOnly the lender
Explanation
Missouri MREC rules prohibit licensees from accepting compensation from both buyer and seller in the same transaction without full disclosure to and consent from all parties involved.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
State-Specific Concepts
License Law
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