reglab/statecodes huggingface dataset:
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 4 - Licenses › Section 20 CSR 2250-4.075 - Professional Corporations

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes guidelines for real
				  estate salespersons who wish to incorporate as a professional
				  corporation.
(1) Only
				salespersons and broker-salespersons who are licensed to render the services
				mentioned in section 339.010.2, RSMo may be licensed as professional
				corporations.
(2) All applications
				for licensure as a professional corporation shall be subject to the provisions
				of
				20 CSR
				2250-3.010 and all applicable provisions of Chapter
				339, RSMo.
(3) Before a
				professional corporation license will be issued, the proposed corporate name
				must be approved by the commission. The applicant shall file with the
				commission an application for name approval accompanied by the required
				fee.
(4) All professional
				corporation licenses shall be issued in the name of the salesperson or
				broker-salesperson to whom the license is issued. No fictitious names will be
				accepted. The name shall contain the words Professional Corporation or the
				abbreviation P.C. and the licensee shall use that designation in the course of
				rendering any professional service.
(5) All stock or shares in a professional
				corporation must be held by the salesperson or broker-salesperson to whom the
				professional corporation license is issued.
(6) At the time of issuance of a license to a
				professional corporation, the applicant or licensee shall file with the
				commission an application, accompanied by the required fee and the certificate
				of incorporation.
(7) Upon
				dissolution of a licensed professional corporation, the professional
				corporation is subject to the provisions of
				20
				CSR 2250-4.050.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995, 1999, 2004,
					 2008.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 4 - Licenses › Section 20 CSR 2250-4.080 - Nonresident Licenses; Reciprocity

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule clarifies and qualifies who may
				  obtain a nonresident license and the condition for its renewal.
(1) A nonresident person, partnership,
				association or corporation seeking a license to engage in the real estate
				business in Missouri shall apply for an appropriate license on a form provided
				by the commission accompanied by the required fee.
(2) An individual who holds a real estate
				license in another state or jurisdiction desiring to obtain a real estate
				license in Missouri, must fulfill the following requirements:
(A) Salesperson Requirements:
1. An individual holding a current and active
				salesperson license in another state or jurisdiction at the time of application
				for a Missouri salesperson license must pass the state portion of the Missouri
				salesperson exam and complete the twenty-four (24)-hour Missouri Real Estate
				Practice Course. The Missouri Real Estate Practice Course may be taken before
				or after the exam date, but must be taken prior to applying for licensure. The
				forty-eight (48)-hour Missouri salesperson pre-examination course shall be
				waived. Application for licensure must be submitted to the commission within
				six (6) months of passing the state portion of the Missouri salesperson exam;
				and
2. A license (history)
				certification issued from the real estate commission of the state or
				jurisdiction from where applying must be provided with the application for
				licensure. The nonresident certification must be issued no more than three (3)
				months prior to application for a Missouri license.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 5 - Fees › Section 20 CSR 2250-5.010 - Payment

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes that fees are to be
				  paid by cashier's check or money order and sets a penalty for unpaid checks.
				  The term of licenses and the no-refund policies are
				  established.
(1) All fees
				shall be paid by personal check, cashier's check or money order made payable to
				the Missouri Real Estate Commission. All fees are nonrefundable.
(2) No license fee or portion of the license
				fee will be refunded should any license be surrendered, suspended or revoked
				during the term for which the license is issued.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 5 - Fees › Section 20 CSR 2250-5.020 - Application and License Fees

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment increases original issuance
				  and renewal fees.
(1) An
				application fee of fifty dollars ($50) in addition to the original issuance fee
				shall be paid upon original application for a broker or salesperson license to
				defray the expense of processing and investigating the application.
(2) The following fees shall be paid for
				original issuance:
(A) Broker, Inactive Broker, Broker-Partner,
							 Broker-Associate, Broker-Officer, or Broker-Salesperson
$100
(B) Salesperson
$ 50
(C) Partnership, Association, Corporation, or
							 Professional Corporation
$100
(3)
				The following fees shall be paid for renewal of licenses:
(A) Broker, Inactive Broker, Broker-Partner,
							 Broker-Associate, Broker-Officer, or Broker-Salesperson
$ 75
(B) Salesperson or Inactive Salesperson
$ 65
(C) Partnership, Association, Corporation, or
							 Professional Corporation
$ 75
(D) Delinquent Fee
(per month or partial month elapsed since date of
							 expiration not to exceed a maximum delinquent fee)
$ 50
$200
(4)
				The following fees shall be paid for the appropriate transtions:
(A) Transfer/Status Change
$50
(B) Replacement of a Lost, Destroyed, or Stolen
							 License
$25
(C) Certification of Licensure
$10
(D) Professional Corporation Name Approval Fee
$10
*Original authority: 339.090, RSMo 1941, amended 1978, 2001
					 and 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993, 1995, 1999,
					 2004.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 5 - Fees › Section 20 CSR 2250-5.030 - Miscellaneous Fees

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes and fixes certain fees
				  and charges statutorily authorized to be made by the Missouri Real Estate
				  Commission by the provisions of section
				  610.026,
				  RSMo.
(1) The following
				miscellaneous fees for certain services rendered by the Missouri Real Estate
				Commission are as follows:
(A) Duplicate Pin
				Card Fee $25
(B) Bad Check
				Replacement Fee $25
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 5 - Fees › Section 20 CSR 2250-5.040 - Application Fees for School Accreditation and Course Approval

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes application and course
				  approval fees.
(1) The
				following fees are established for school accreditation:
(A) Initial School Accreditation Application
				Fee $200
(B) Course Approval
				Application Fee for courses over twelve (12) hours (per course per delivery
				method) $400
(C) Course Approval
				Application Fee for courses less than or equal to twelve (12) hours (per course
				per delivery method) $100
(D)
				School Accreditation Renewal Application Fee $100
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 6 - Educational Requirements › Section 20 CSR 2250-6.060 - Content of Salesperson and Broker Pre-Examination Courses and the Missouri Real Estate Practice Course

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes course content of the
				  pre-examination courses and the Missouri Real Estate Practice
				  Course.
(1) Schools
				accredited to teach the forty-eight (48)-hour Salesperson Pre-Examination
				Course and the forty-eight (48)-hour Broker Pre-Examination Course shall
				develop these courses based on the detailed content outline as provided by the
				professional testing service contracted to administer the examination for the
				Missouri Real Estate Commission. This detailed content outline shall be based
				on the testing service's most recent job analysis of real estate
				professionals.
(2) The twenty-four
				(24)-hour Missouri Real Estate Practice Course must address the following
				topics:
(A) Broker Disclosure Form;
(B) Listing a Property.
1. Types of seller agency
				agreements.
2. Elements of seller
				agency agreements;
(C)
				Buyer Representation.
1. Types of buyer
				agency agreements.
2. Elements of
				buyer agency agreements;
(D) Acting as a Dual Agent or Transaction
				Broker;
(E) Termination of
				Brokerage Relationships;
(F)
				Compensation;
(G) Cooperating with
				Other Licensees;
(H) Obligations of
				Agents to Clients and
Customers;
(I) Pricing Property;
(J) Role of the Appraiser;
(K) Types of Financing;
(L) Estimating Closing Costs;
(M) Contracts;
(N) Earnest Money;
(O) Avoiding Misrepresentation; and
(P) Types of Construction.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 7 - Schools › Section 20 CSR 2250-7.020 - Application for Accreditation

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule identifies the requirements to
				  seek accreditation or renewal of accreditation for a school offering real
				  estate prelicense or continuing education in Missouri.
(1) Any person or entity seeking
				accreditation or renewal of accreditation for a school offering a real estate
				classroom course of study in Missouri shall submit a completed application on a
				form prescribed by the commission and accompanied by supporting documents
				specified in the application.
(2)
				Any person or entity seeking accreditation or renewal of accreditation for a
				school offering any real estate course of study by distance delivery must
				submit the following:
(A) A completed
				application on a form prescribed by the commission and accompanied by
				supporting documents specified in the application; and
(B) An acknowledgement that the school has
				the means to reasonably capture the average time each student took to complete
				each distance delivered course.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 7 - Schools › Section 20 CSR 2250-7.060 - Instructor Standards

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule outlines standards for
				  instructors.
(1) Each school
				is responsible for hiring only appropriately trained instructors with practical
				experience or formal education/training on the subject matter being
				presented.
*Original authority: 339.090, RSMo 1941, amended 1978, 2001
					 and 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993, 1995, 1999,
					 2004.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 7 - Schools › Section 20 CSR 2250-7.080 - Additional Requirements for Approved Schools Offering Distance Delivered Courses

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule outlines additional requirements
				  for real estate schools offering prelicense or continuing education courses by
				  distance delivery.
(1)
				Schools desiring to offer the Salesperson and/or Broker Pre-Examination Course,
				the Missouri Real Estate Practice Course and/or continuing education course(s)
				by distance delivery must provide, in addition to the properly completed
				application, the following:
(A) An exact copy
				or access to the entire course as it will be offered to the student to
				demonstrate how the student will interact and acquire knowledge of the required
				subjects;
(B) For each three (3)
				hour course, two (2) final examination forms (primary and alternate) of thirty
				(30) multiple choice items each, with no duplication of items and a key showing
				correct responses. For each pre-examination course, Missouri Real Estate
				Practice Course, or continuing education course of more than three (3) hours,
				two (2) final examination forms (primary and alternate) of at least fifty (50)
				multiple choice items each, with no duplication of items and a key showing
				correct responses. Examinations must reflect sound test development practices
				and must measure knowledge of the subject matter of the entire course as set
				out in the learning objectives as well as reflect the level of knowledge
				presented in the program;
(C) A
				copy of all examination questions and answer key, and if any question pool is
				used, an explanation as to how pooled exam questions are selected;
(D) A statement setting out the methods the
				school will use to assure that examinations are maintained securely;
				and
(E) A statement attesting that
				within ten (10) days following administration of the final examination, the
				school shall deliver to the student who achieves a score of at least
				seventy-five percent (75%) a certificate of course completion on a form
				prescribed by the commission.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.010 - Place of Business

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule affirms the fact that a broker who
				  holds him/herself out to the public as a broker must clearly identify
				  him/herself and his/her location and maintain regular business
				  hours.
(1) Every resident
				broker, except those who have placed their licenses on inactive status or those
				not actively engaged in real estate business, shall maintain a regularly
				established place of business in this state, which shall be open to the public
				during usual business hours or at regular stated intervals. No salesperson may
				be associated with a broker not maintaining a regularly established place of
				business or a broker not actively engaged in the real estate business. This
				rule does not apply to a broker-salesperson or to broker-partners,
				broker-associates or broker-officers of a firm which maintains a regular place
				of business.
(2) A broker's
				business sign of sufficient size to identify it and bearing the name under
				which the broker or the broker's firm is licensed, or the regular business
				name, shall be displayed outside of the broker's regular place of
				business.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.020 - Broker Supervision and Improper Use of License and Office

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule explicitly prohibits a broker from
				  using his/her license to permit a salesperson to function as a real estate
				  brokerage firm.
(1)
				Individual brokers, designated brokers, and office managers/supervising brokers
				shall be responsible for supervising the real estate related activities
				including the protection of any confidential information as defined under
				339.710.8, RSMo of all licensed and unlicensed persons associated with them,
				whether in an individual capacity or through a corporate entity, association or
				partnership. A broker shall not be held responsible for inadequate supervision
				if-
(A) A licensed or unlicensed person
				violates a provision of Chapter 339, RSMo or the rules for it in conflict with
				the supervising broker's specific written policies or instructions;
(B) Reasonable procedures have been
				established to verify that adequate supervision was being performed;
(C) The broker, upon learning of the
				violation, attempted to prevent or mitigate the damage;
(D) The broker did not participate in the
				violation;
(E) The broker did not
				ratify the violation; and
(F) The
				broker did not attempt to avoid learning of the violation.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.030 - Branch Offices

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule qualifies a branch office and
				  stipulates who may manage and direct same.
(1) If a broker maintains a branch office(s),
				each shall be operated under the same name and license as the parent office and
				every such place of business shall comply with the provisions of
				20 CSR
				2250-8.010.
(2) Project sales, leasing, or management
				offices maintained on-site in an apartment building, development project,
				duplex, apartment complex, court, office building, shopping center, or
				industrial development are not required to be registered as branch
				offices.
(3) A branch office shall
				be under the direct supervision of either a licensed broker,
				broker-salesperson, or a broker-partner, broker-associate, or broker-officer of
				the principal licensed broker; provided that nothing contained in this rule
				shall be construed to relieve the principal licensed broker from responsibility
				for all brokerage activities conducted at the branch office. Nothing in this
				section shall be construed as to prohibit the office manager from engaging in
				the listing and sale of real estate.
(4) A broker shall notify the commission, in
				writing, within ten (10) days after opening or making any change in the address
				or managing licensee of a branch office.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995, 1999, 2004,
					 2008.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.040 - Sales Manager

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines who may be a sales
				  manager.
(1) Any licensee who
				acts in the capacity of a sales manager or assistant sales manager for the
				broker shall be required to hold a broker-salesperson license or to be licensed
				as a broker-partner, broker-associate or broker-officer of the
				broker.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.050 - Clerical Personnel

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines clerical personnel and
				  their limitations.
(1) The
				activities of unlicensed clerical or office employees of a broker shall be
				limited to the duties normally attributed to those positions. Unlicensed
				persons shall not do, or attempt to do, any of the activities set out under
				339.010.1.(1)-(10), RSMo.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.060

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.070 - Advertising

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment enacts legislative changes
				  effective August 28, 2021 that restricts real estate advertisement by
				  unlicensed entities and use of certain terms that leads the general public to
				  believe the unlicensed entity is a licensed real estate firm.
(1) Disclosure.
(A) A licensee shall not advertise to sell, buy, exchange, rent,
				lease or manage property in any manner indicating that the offer to sell, buy,
				exchange, rent, lease or manage the property is being made by a private party
				not engaged in the real estate business. If any part of the offering,
				negotiation or completion of a real estate transaction is to be handled by,
				through or under the direction or supervision of a licensee, directly or
				indirectly, the licensee shall not advertise or represent to the public in any
				manner that the property is for sale or lease by the owner.
(B) If a licensee advertises to sell, buy,
				exchange, rent, lease or manage property in which the licensee has an interest,
				and if the property is not listed by a brokerage entity, the advertisement
				shall contain, in a prominent fashion, one (1) of the following:
1. By owner-broker;
2. By owner-salesperson; or
3. By owner-agent.
(C) Nothing in this section shall be
				construed to eliminate the disclosure requirements found elsewhere in these
				rules, including those contained in
				20 CSR
				2250-8.110.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.080 - Franchises; Trade Names; Insignia

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets forth the requirements that
				  the use of a trade name in advertising must be clearly revealed that the broker
				  owns and operates the entity and, if the franchisor has no legal liability,
				  that must also be revealed on all documents.
(1) If a broker maintains any business
				relationship or affiliation, whether by franchise agreement, contract or
				otherwise, with another organization and uses the name, trade name or insignia
				of the other organization in any manner in real estate advertising, the broker
				shall furnish the commission a copy of the franchise agreement or contract and
				such other related information as the commission may require.
(2) If the franchise agreement or contract
				under which a broker is operating provides that the franchisor or owner of the
				trade name or insignia has no legal liability for the actions of the broker
				using the trade name or insignia, the broker shall include in all listing
				agreements, contracts for sale and closing statements a clear and explicit
				statement to that effect in type reasonably calculated to gain the attention of
				the reader of the document.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.095 - Brokerage Relationship Disclosure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The commission is proposing this rule in
				  order to comply with provisions in HB 1601 of the 89th General Assembly and HB
				  866 of the 90th General Assembly.
(1) Licensees acting with or without a
				written agreement for brokerage services pursuant to sections
				339.710 to
				339.860, RSMo, are
				required to disclose such relationships in the following instances and manner:
(A) Seller's/Landlord's Agent or Subagent.
1. A licensee acting as an agent or sub-agent
				of the seller/landlord shall disclose this agency status no later than the
				first showing to a buyer/tenant who is not represented by or working with
				another licensee pursuant to sections
				339.710 to
				339.860, RSMo.
2. If the buyer/tenant is represented by
				another licensee, the disclosure may be made to the buyer/tenant or their agent
				upon first contact with the buyer/tenant or their agent, whichever occurs
				first.
3. If the
				seller's/landlord's agent is cooperating with another licensee under a written
				agreement of subagency or through a unilateral offer of subagency, the
				disclosure made by the subagent shall serve as the disclosure of the
				seller's/landlord's agent.
4. In a
				cooperative sale/lease between a seller's/landlord's agent and a licensee
				working with a buyer/tenant as a transaction broker, the seller's/landlord's
				agent shall make disclosure of this agency status to the buyer/tenant and also
				to the licensee assisting the buyer/tenant upon first contact with each
				respective party.
5. In a
				contemplated real estate transaction where no contact occurs with the
				buyer/tenant, their agent, or transaction broker, the seller's/landlord's agent
				shall disclose this agency status to the buyer's/tenant's agent or transaction
				broker when first contact is established pursuant to paragraph (B)5. or (E)5.
				of this section.
6. If the
				landlord's agent is conducting property management pursuant to
				20 CSR
				2250-8.200, the unlicensed office personnel may, in
				their performance of the duties enumerated in section 339.010.5(5)(a)-(e),
				RSMo, make the disclosure described herein on behalf of the landlord's
				agent;
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.096 - Brokerage Relationship Confirmation

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule outlines requirements for a
				  brokerage relationship confirmation.
(1) Licensees acting with or without a
				written agreement for brokerage services pursuant to sections
				339.710 to
				339.860, RSMo, are
				required to have such relationships confirmed in writing by each party to the
				real estate transaction on or before such party's first signature to the real
				estate contract. Nothing contained herein prohibits the written confirmation of
				brokerage relationships from being included or incorporated into the real
				estate contract, provided that any addendum or incorporated document containing
				the written confirmation must include a separate signature section for
				acknowledging the written confirmation that shall be signed and dated by each
				party to the real estate transaction.
(A)
				Written confirmation must-
1. Identify the
				licensee's brokerage relationship;
2. Identify the source or sources of
				compensation;
3. Confirm that the
				brokerage relationships, if required by rule or regulation, were disclosed to
				the seller/landlord and/or buyer/tenant or their respective agents and/or
				transaction brokers no later than the first showing, upon first contact, or
				immediately upon the occurrence of any change to that relationship;
4. Confirm the seller's/landlord's and
				buyer's/tenant's receipt of the Broker Disclosure Form prescribed by the
				commission;
5. Be signed and dated
				by the seller/landlord and buyer/tenant. If the landlord has entered into a
				written property management agreement pursuant to
				20 CSR
				2250-8.200-20
				CSR 2250-8.210, the landlord shall not be required to
				sign the written confirmation; and
6. Be signed and dated by the disclosing
				licensees on or before the contract date. If a landlord's agent or transaction
				broker is conducting property management pursuant to
				20 CSR
				2250-8.200-20
				CSR 2250-8.210, the unlicensed office personnel may,
				in their performance of the duties enumerated in 339.010.5(5)(a)-(e), sign the
				written confirmation on behalf of the landlord's agent or transaction
				broker.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.097 - Broker Disclosure Form

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule implements a statutory requirement
				  that licensees must present agency alternatives to the public using a Broker
				  Disclosure Form prescribed by the Missouri Real Estate
				  Commission.
(1) In a
				residential real estate transaction, at the earliest practicable opportunity
				during or following the first substantial contact by the designated broker or
				the affiliated licensees with a seller, landlord, buyer, or tenant who has not
				entered into a brokerage relationship as described in section 339.710.5, RSMo,
				the licensee shall provide that person with a written copy of the current
				Broker Disclosure Form prescribed by the Missouri Real Estate Commission. In
				any event, a licensee shall provide the party that has not entered into a
				brokerage relationship as described in section 339.710.5, RSMo, the Broker
				Disclosure Form upon obtaining any personal or financial information or before
				the signing of a brokerage service agreement, whichever occurs first. If a
				landlord's agent or transaction broker is conducting property management
				pursuant to
				20 CSR
				2250-8.200, the unlicensed office personnel may, in
				their performance of the duties enumerated in section 339.010.5(5)(a)-(e),
				RSMo, provide a tenant with a written copy of the current Broker Disclosure
				Form prescribed by the commission on behalf of the landlord's agent or
				transaction broker.
(2) The
				brokerage relationship marked as offered on the Broker Disclosure Form shall
				correspond to the written office policy adopted by the designated broker
				pursuant to 339.760.1, RSMo.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995, 1999, 2004, 2008 and 339.770, RSMo 1996, amended
					 1997, 1998, 2002.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.100 - Offers

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule affirms that all offers to sell
				  shall contain all the terms and conditions authorized by the owner. It demands
				  that all written offers to buy must be submitted promptly to the
				  seller.
(1) Every licensee
				shall make certain that all of the terms and conditions authorized by the
				principal in a transaction are specified and included in an offer to sell or
				buy and shall not offer the property on any other terms. Every written offer
				shall contain the legal description or property address, or both, and city
				where the property is located, or in the absence of, a clear description
				unmistakably identifying the property.
(2) Every licensee shall promptly tender to
				the seller or seller's agent every written offer to purchase and shall promptly
				tender to the buyer or buyer's agent any counteroffer made by the seller,
				including any back-up contracts properly identified as such, and upon procuring
				a proper acceptance of an offer to purchase shall promptly deliver copies of
				the same, signed by both buyer and seller, to each party to the transaction. A
				buyer or seller must be promptly advised when an offer or counteroffer has been
				rejected.
(3) Any change to a
				contract shall be initialed by all buyers and sellers. Acceptance of each fully
				executed contract shall include the date at which final agreement was reached
				either by 1) specific acknowledgement of final acceptance date; or 2) date of
				the last signature or initial to the contract.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.130 - Earnest and Escrow Money; Disputes

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule prohibits acceptance of
				  nonnegotiable securities as earnest money without the knowledge and consent of
				  the owner. In the event of a dispute over the return of an earnest money
				  deposit, it instructs the broker as to its proper disposition.
(1) A broker shall not accept any note,
				non-negotiable instrument or anything of value not readily negotiable as
				earnest money in a transaction without the signed, written consent of the owner
				of the real estate.
(2) In the
				event a dispute arises concerning the return or forfeiture of any monies or
				other valuables held by a broker in escrow, the broker shall continue to retain
				the money or valuables in escrow until a written release is obtained from all
				parties consenting to its disposition or until a civil action is filed to
				determine its disposition at which time payment may be made into the court.
				However, in the absence of a pending civil action or written release and upon
				passage of sixty (60) days from the date of the dispute, a broker may disburse
				escrow monies or valuables to either party to the transaction based upon a good
				faith decision by the broker that the opposite party has failed to perform as
				agreed, but this disbursement shall only be made after the broker has given
				fifteen (15) days' written notice by certified mail to all parties concerned at
				their last known address setting forth the broker's proposed action. The
				commission will not take disciplinary action against a broker who in good faith
				disburses escrow monies or other valuables pursuant to this rule; however,
				nothing in this rule relieves a broker of any civil action which the damaged
				party may file in a court of law nor does this rule require a broker to remove
				money or other valuables from the broker's escrow account when disposition is
				disputed by the parties.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.140 - Standard Forms

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule instructs a broker as to his/her
				  use and preparation of standard forms approved by counsel. S/he may not
				  complete these forms for a separate charge for persons in which s/he is not
				  acting as a broker, unless s/he is one of the parties to the contract or
				  instrument.
(1) When acting
				as a broker in a transaction, a broker may use current standardized forms
				including, but not limited to, contracts, agency disclosures, property
				management agreements, listing agreements, warranty deeds, quit claim deeds,
				trust deeds, notes, security instruments and leases, prepared or approved by
				the broker's counsel or by the counsel for a trade association of which the
				broker is a member or associate member, or by a Missouri state or local bar
				association and may complete them by filling in blank spaces to show the
				parties, property description and terms necessary to close the transaction the
				broker has procured.
(2) A real
				estate broker shall not make a separate charge for completing any standardized
				forms and shall not prepare those forms for persons in transactions in which
				s/he is not acting as a broker, unless the broker is one of the parties to the
				contract or instrument or owns or is employed by an escrow company or closing
				firm which is handling the closing.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.150 - Closings and Closing Statements

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule requires that a broker deliver a
				  closing statement, containing a complete, accurate and detailed statement
				  showing all receipts and disbursements at the time a contract is consummated to
				  the interested party. If the closing is handled by anyone other than the
				  broker, it is the listing broker's responsibility to deliver the closing
				  statement to the buyer and seller.
(1) Every broker shall deliver or cause to
				have delivered to the buyer and the seller in every real estate transaction
				where s/he acts as a broker, at the time the transaction is consummated, a
				complete, accurate and detailed statement showing all material financial
				aspects of the transaction, including the true sale price, the earnest money
				received, any mortgages or deeds of trust of record, all money received by the
				broker in the transaction, the amount, and payee(s) of all disbursements made
				by the broker. If the buyer and seller are represented by different brokers, it
				shall be the responsibility of the listing broker to deliver, or cause to have
				delivered, the closing statements. If a broker personally handles a closing, on
				the day of closing the broker shall sign and date the closing
				statement.
(2) A broker may arrange
				for a closing to be administered by a title company, an escrow company, a
				lending institution or an attorney, in which case the broker shall not be
				required to sign the closing statement; however, it shall remain each broker's
				responsibility to require closing statements to be prepared, to review the
				closing statements to verify their accuracy and to deliver the closing
				statements to the buyer and the seller or cause them to be delivered. The
				detailed closing statement shall contain all material financial aspects of the
				transaction, including the true sale price, the earnest money received, any
				mortgages or deeds of trust of record, all monies received by the broker,
				closing agent or company in the transaction, the amount, and payee(s) of all
				disbursements made by the broker, closing agency or company and the signatures
				of the buyer and seller.
(3) The
				brokers for the buyer and the seller shall retain legible copies of both
				buyer's and seller's signed closing statements.
(4) A salesperson shall not conduct the
				closing of any real estate transaction except under the direct supervision of
				the manager or broker with whom the salesperson is associated.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.155 - Closing a Real Estate Brokerage Firm

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule informs licensees of the
				  procedures they need to follow when closing a real estate firm.
(1) Voluntary Closing.
(A) A real estate brokerage shall be closed
				in the following manner. The individual broker or the designated broker shall-
1. Notify the commission in writing on a form
				prescribed by the commission of the effective date of the closing, the location
				where the records will be stored, and that all requirements of
				20 CSR
				2250-8.155(1) have been
				met;
2. Notify all licensees
				associated with the brokerage in writing of the effective date of closing. The
				licenses of any licensees associated with the brokerage at the time of closing
				must be returned to the commission with the closing statement;
3. Notify all current listing, buyer or
				tenant agreement, and management contract clients as well as parties and
				co-brokers to existing contracts, in writing, advising of the date the
				brokerage will close. All listing, buyer, tenant, and management clients must
				be advised in writing that they may enter into a new listing, buyer, tenant, or
				management agreement with the broker of their choice;
4. Remove all advertising signs from all
				properties which were listed with or managed by the brokerage. Arrange to
				cancel all advertising in the name of the brokerage, including office signs and
				telephone listing advertisements;
5. Maintain all escrow or trust accounts
				until all monies are transferred to a title company, an escrow company, or an
				attorney for closing of the transaction, or are otherwise properly disbursed as
				agreed to in writing by the parties having an interest in the funds;
				and
6. Arrange for pending
				contracts to be closed by a title company, a lending institution, an escrow
				company, or an attorney. In the case of a sale, transfer, or merger of an
				existing brokerage, the acquiring broker may close the pending transactions
				acquired from the selling broker after having first obtained the express
				written consent of all parties to the transactions. Notify all parties involved
				in pending transactions as to the name, address, and telephone number of the
				closing agent.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.160 - Retention of Records

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule mandates that all records relating
				  to each real estate transaction handled by the broker be retained for three (3)
				  years and the broker make them available for commission inspection at all
				  times.
(1) Every broker shall
				retain for a period of at least three (3) years true copies of all business
				books; accounts, including voided checks; records; contracts; brokerage
				relationship agreements; closing statements and correspondence relating to each
				real estate transaction that the broker has handled. The records shall be made
				available for inspection by the commission and its authorized agents at all
				times during usual business hours at the broker's regular place of business. No
				broker shall charge a separate fee relating to retention of records.
(2) Every broker shall retain for a period of
				at least three (3) years true copies of all property management agreements,
				correspondence or other written authorization relating to each real estate
				transaction relating to leases, rentals or management activities the broker has
				handled. The broker must also retain all business books, accounts and records
				unless these records are released to the owner(s) or transferred to another
				broker by written detailed receipt or transmittal letter agreed to in writing
				by all parties to the transaction.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995, 1999 and 339.770, RSMo 1996, amended 1997, 1998,
					 2002.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.170 - General

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule stipulates the commission's
				  authority to present a complaint to the Administrative Hearing Commission
				  against any licensee who is acting in any manner inimical to the public
				  interest.
(1) Failure of a
				licensee to respond in writing, within thirty (30) days from the date of the
				commission's written request or inquiry, mailed to the licensee's address
				currently registered with the commission, will be sufficient grounds for taking
				disciplinary action against that licensee.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.200 - Management Agreement Required

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule regulates the employment contract
				  between a broker and a member of the public so that the public will know what
				  s/he may expect from the licensee who is managing the leasing or rental of real
				  estate.
(1) When managing
				property a licensee shall not rent or lease, offer to rent or lease, negotiate,
				or offer or agree to negotiate, the rent or lease, list or offer to list for
				lease or rent, assist or direct in procuring of prospects calculated to result
				in the lease or rent, assist or direct in the negotiation of any transaction
				calculated or intended to result in the lease or rent, or show that property to
				prospective renters or lessees unless the licensee's broker holds a current
				written property management agreement or other written authorization signed by
				the owner of the real estate or the owner's authorized agent.
(2) A licensee who is managing the leasing or
				rental of real estate shall not act as an agent in the sale or exchange of that
				real estate unless the licensee complies with the requirements of
				20 CSR
				2250-8.090.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993, 1995, 1999, 2004,
					 2008.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 8 - Business Conduct and Practice › Section 20 CSR 2250-8.230 - Security Deposits: Disputes

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule points out that disputes over
				  security deposits are governed by other law.
(1) The return of security deposits to
				lessees and disputes with lessees are governed by section
				535.300,
				RSMo and any other applicable law.
*Original authority: 339.120, RSMo 1941, amended 1963,
					 1967, 1981, 1988, 1993.