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License Finder

License Finder

Real Estate Broker
License Description General information terms and definitions It shall be the duty of the responsible broker to instruct the licensees licensed under that broker in the fundamentals of real estate practice ethics of the profession and the Mississippi Real Estate License Law and to exercise supervision of their real estate activities for which a license is required. A. Agency shall mean the relationship created when one person the Principal (client) delegates to another the agent the right to act on his behalf in a real estate transaction and to exercise some degree of discretion while so acting. Agency may be entered into by expressed agreement implied through the actions of the agent and or ratified after the fact by the principal accepting the benefits of an agent's previously unauthorized act. An agency gives rise to a fiduciary relationship and imposes on the agent as the fiduciary of the principal certain duties obligations and high standards of good faith and loyalty. B. Agent shall mean one who is authorized to act on behalf of and represent another. A real estate broker is the agent of the principal (client) to whom a fiduciary obligation is owed. Salespersons licensed under the broker are subagents of the Broker regardless of the location of the office in which the salesperson works. C. Client shall mean the person to whom the agent owes a fiduciary duty. It can be a seller buyer landlord tenant or both. D. Compensation is that fee paid to a broker for the rendering of services. Compensation when considered alone is not the determining factor in an agency relationship. The relationship can be created regardless of whether the seller pays the fee the buyer pays the fee both pay the fee or neither pays a fee. E. Customer shall mean that person not represented in a real estate transaction. It may be the buyer seller landlord or tenant. General Licensure Requirements Any active individual broker active broker-salesperson or active salesperson must carry Errors and Omissions coverage through the insurance carriers approved by the MS Real Estate Commission and provided on a group policy bases. The coverage and policy must meet the minimum requirements of the MS Real Estate Commission. An individual broker active broker-salesperson or active salesperson may have independent coverage provided the coverage meets the minimum requirements set by the MS Real Estate Commission. Licensees having independent coverage shall submit proof of coverage by the beginning of the policy period as set forth above. Any deficiency in supplying proof of coverage must be corrected within no more than 30 days after the beginning of the policy period. Proof of coverage shall be by a Certificate of Insurance provided by the independent insurance carrier. Licenses shall be granted only to persons who present and to corporations partnerships companies or associations whose officers associates or partners present satisfactory proof to the commission that they are trustworthy and competent to transact the business of a real estate broker or real estate salesperson in such manner as to safeguard the interests of the public. Every person who applies for a resident license as a real estate broker (a) shall be age twenty-one (21) years or over and have his legal domicile in the State of Mississippi at the time he applies; (b) shall be subject to the jurisdiction of this state subject to the income tax laws and other excise laws thereof subject to the road and bridge privilege tax laws thereof; (c) shall not be an elector in any other state; (d) shall have held a license as an active real estate salesperson for twelve (12) months immediately prior to making application for the brokers examination hereafter specified; (e) shall have successfully completed a minimum of one hundred twenty (120) hours of courses in real estate as hereafter specified; and (f) shall have successfully completed the real estate brokers examination as hereafter specified; and (g) shall have successfully been cleared for licensure by the commissions background investigation as provided in Section 73-35-10. An applicant who has not held an active real estate salespersons license for a period of at least twelve (12) months immediately prior to submitting an application shall have successfully completed a minimum of one hundred fifty (150) classroom hours in real estate courses which courses are acceptable for credit toward a degree at a college or university as approved by the Southern Association of Colleges and Schools. The residency requirements set forth in this section shall not apply to those licensees of other states who qualify and obtain nonresident licenses in this state. The commission is authorized to exempt from such prelicensing educational requirements in whole or in part a real estate licensee of another state who desires to obtain a license under this chapter; provided however that the prelicensing educational requirements in the other state are determined by the commission to be equivalent to prelicensing educational requirements in this state and provided that such state extends this same privilege or exemption to Mississippi real estate licensees. The issuance of a license by reciprocity to a military-trained applicant or military spouse shall be subject to the provisions of Section 73-50-1 of Mississippi Law. A nonresident may apply for a nonresidents license in Mississippi provided the individual is (i) a licensed broker in another state or (ii) is a broker/salesperson or salesperson affiliated with a resident or nonresident Mississippi broker or (iii) is a nonresident who applies for a brokers license and who will maintain an office in Mississippi. The nonresident broker need not maintain a place of business within Mississippi provided he is regularly actively engaged in the real estate business and maintains a place of business in the other state. The nonresident licensee or applicant shall be subject to all the provisions of this chapter except for the residency requirement and approved equivalent pre-licensing education. A. An applicant for a broker's license must pass the National Portion of the broker's examination with a grade of at least 75% and must pass the State Specific Portion of the examination with a grade of at least 80%. B. An applicant for a salespersons license must pass the National Portion of the salespersons examination with a grade of at least 70% and must pass the State Specific Portion of the examination with a grade of at least 75%. C. An application fee must accompany the application and will not be refunded after the applicant is scheduled for the examination. D. The approved Examination Testing Provider will administer examination in various locations in and near the State of Mississippi. Applicants will arrange the time and place of their examination with the Testing Provider. E. When an applicant is approved for either examination applicant has two months in which to take and pass both the National Portion and the State Specific Portion of the examination. If the applicant fails to appear for the examination within the two months allowed applicants fee will be forfeited and their file closed. If the applicant fails to pass the first examination applicant will be allowed to take the next examination with the payment of an additional fee to the Testing Provider. If the applicant fails to appear for the second examination fees will be forfeited and their file closed. F. If a corporation has been chartered by the state of Mississippi the license will be issued in the corporate name except that no license will be issued for a corporation company or trade name where there exists in that county or trade area a real estate broker or real estate agency having a substantially similar name. G. A real estate licensee of another state who desires to obtain a license under this chapter shall be exempt from the examination provided the examination administered in the other state is determined by the Commission to be equivalent to such examination given in this state and provided that such other state extends this same privilege or exemption to Mississippi real estate licensees. Background check required To qualify for a Mississippi real estate brokers license or a Mississippi resident license as a real estate salesperson or a nonresidents license in Mississippi an applicant must have successfully been cleared for licensure through an investigation that shall consist of a determination that the applicant does not possess a background which calls into question public trust as set forth in applicable MS Law and verification that the prospective licensee is not guilty of or in violation of any statutory ground for denial of licensure as set forth in Section 73-35-21 of MS Law. The commission must ensure that applicants for real estate licenses do not possess a background that could call into question public trust. An applicant found by the commission to possess a background which calls into question the applicants ability to maintain public trust shall not be issued a real estate license. Each application for license shall also be accompanied by two (2) photographs of the applicant in such form as the commission may prescribe. Each application or filing made under this section shall include the social security number(s) of the applicant in accordance with Section 93-11-64 Mississippi Code of 1972.
Licensing Agency
Mississippi Real Estate Commission
P.O. Box 12685
Jackson, MS 39236-0000
(601) 321 6970
info@mrec.state.ms.us
Active Status Active
Continuing Education No continuing education requirement to maintain license
Criminal Record No criminal record prohibitions
Education No educational requirements
Exam No exam required
License Type Stand-alone license
License Updated 08/14/2023
Physical Requirements No physical requirements
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