Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 3 - Administration/Conducting Business › Rule 30-1601-3.1 - General Rules

Current through June 25, 2024
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.
Miss. Code Ann.
				  §§
										73-35-35