30 Miss. Code R. § 1601-3.1

Current through April 22, 2024

Rule 30-1601-3.1 - General Rules

A. 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.

B. A real estate broker who operates under the supervision of a responsible broker must not at any time act independently as a broker. The responsible broker shall at all times be responsible for the action of the affiliated broker to the same extent as though that licensee were a salesperson and that affiliated broker shall not perform any real estate service without the full consent and knowledge of his employing or supervising broker.

However, should the responsible broker agree that a broker under his supervision may perform certain real estate services outside the responsible broker's supervision or direction, the responsible broker shall notify the Commission in writing as to the exact nature of such relationship and the names of the broker or brokers involved. The responsible broker shall immediately notify the Commission in writing upon the termination of such relationship.

C. A licensed Mississippi broker may cooperate with a broker licensed in another state who does not hold a Mississippi license through the use of a cooperative agreement. A separate cooperative agreement must be filed for each property, prospective user or transaction with said writing reflecting the compensation to be paid to the Mississippi licensed broker. The listing or property management agreement for the Mississippi real property shall in such cases remain in the name of the Mississippi licensed broker.

The commissions or other compensation resulting from the sale/rent/lease/property management or auction of the Mississippi real property and which are earned during the period the cooperative agreement is in force shall be divided on a negotiable basis between the Mississippi broker and the nonresident broker.

A responsible (principal) nonresident broker described herein is defined as an active, licensed responsible real estate broker of another state who does not possess an active responsible nonresident real estate broker's license issued by the Mississippi Real Estate Commission (MREC). A Mississippi broker described herein is a responsible (principal) real estate broker whose license is on active status and whose license was issued by MREC either as a responsible resident Mississippi broker or as a responsible nonresident Mississippi broker.

The responsible nonresident broker cannot place any sign on real property located in the state of Mississippi without the written consent of the cooperating responsible Mississippi broker. When the consent is obtained, the sign of the responsible Mississippi broker must be placed in a prominent place and in close proximity to the responsible nonresident broker's sign. Any licensed responsible Mississippi broker assisting or cooperating in the sale, lease, property management, rental or auction of real property within the state of Mississippi with a responsible nonresident broker who fails or refuses to list his or her name in such advertisement, or fails or refuses to cross-list such property with him or her, in writing, shall be deemed in violation of Section 73-35-11 of the Real Estate Broker's License Act, and shall be subject to a revocation or suspension of his or her license. In such instance herein where a responsible Mississippi broker enters into a cooperative agreement with a responsible nonresident broker pertaining to the sale of real property within the state of Mississippi, the responsible Mississippi broker must file two copies of the cooperating agreement with the Mississippi Real Estate Commission.

D. A responsible broker must maintain an office and display the license therein. If the broker has more than one office, the broker shall display a branch office license in each branch office. The broker is responsible for the real estate practices of those licensees.

E. No licensee shall pay any part of a fee, commission, or other compensation received by such licensee in buying, selling, exchanging, leasing, auctioning or renting any real estate except to another licensee through the licensee's responsible broker.

No licensee shall knowingly pay a commission, or other compensation to a licensed person knowing that licensee will in turn pay a portion or all of that which is received to a person who does not hold a real estate license.

A licensee who has changed to inactive status or who has transferred to another responsible broker may receive compensation from the previous responsible broker if the commission was generated from activity during the time that the licensee was under the supervision of that responsible broker.

F. Any licensee who fails in a timely manner to respond to official Mississippi Real Estate Commission written communication or who fails or neglects to abide by Mississippi Real Estate Commission's Rules and Regulations shall be deemed, prima facie, to be guilty of improper dealing.

G. A real estate broker or salesperson in the ordinary course of business may give an opinion as to the sales price of real estate for the purpose of a prospective listing or sale; however, this opinion as to the listing price or the sale price shall not be referred to as an appraisal and must be completed in compliance with Section 73-35-4 of the Real Estate Broker's License Act and must conform to the Standards established by the National Association of Broker Price Opinion Professionals (NABPOP).

H. When an offer is made on property owned by a party with whom a broker has entered into a listing agreement, such broker shall document and date the seller's personal acceptance or rejection of the offer and upon written request, shall provide a copy of such document to the person making the offer.

I. A real estate licensee shall not be exempt from disciplinary actions by the commission when selling property owned by the licensee.

30 Miss. Code. R. 1 app 1601-3.1

Miss. Code Ann. §§ 73-35-35