Mississippi real estate commission has different roles as the Mississippi state agency that is in charge of the real estate industry, including producing real estate licenses to brokers, realtors, and real estate companies. Mississippi real estate commission endeavors public license lookup and verifications, create and implement real estate regulation and legislation, state real estate publications, creating education programs, and many more.
Role of Mississippi Real Estate
Mississippi real estate is Mississippi state real estate agency that administers services and information such as –
- Real Estate Licenses
- Broker & Relator Licenses
- License Lookup & Verification
- Brokers & Relator Exams
- Regulation & Legislation
- Real Estate Compliance
- Education Programs & Compliance
- Public Records Management
How does a real estate agent commission works in Mississippi?
There are usually two real estate agents involve in a home sale such as –
- The seller’s agent (also known as the listing agent), who epitomizes the home seller
- The buyer’s agent, whoepitomizes the person buying the home
Both agents earn a percentage of the home’s final price when the sale of residential property closes. This payment is term as real estate agent commission, and it is scorch into the sale price when you sell your residential property. The average commission split in Mississippi has 50.0% of the commission going to the listing real estate agent and 50.0% going to the buyer’s real estate agent.
Who pays real estate fees in Mississippi?
In Mississippi, home sellers pay real estate commission fees out of the final sale proceeds for both real estate agents convoluted in a real estate deal. However, since this Mississippi real estate commission is baked into the sales price, you could say that the home buyer is paying atleast in part through a higher price.
What is the average real estate commission in Mississippi?
Mississippi has seen an average increase in median home value at 6.9% v/s the national average of 8.7%. With the total homes for sale inventory down 4.1% year over year. Homeowners fronting to sell their real estate property find themselves in an encouraging market. For any real estate market, the key to selling your residential home fast and at a great price is to work with a top-performing real estate agent.
Steps for getting the Mississippi real estate agent exam
The steps for getting the Mississippi real estate commission agent exam are such as –
- Need of a Real estate License – A real estate salesperson must have a license in the state of Mississippi to betoken real estate clients in the sale or purchase of real estate that is stationed in Mississippi.
- Who grants a real estate license? Real estate licenses are acknowledged by the Mississippi real estate commission (“MREC”).
- Qualifications to receive a real estate license – A candidate must complete 60 hours of study at an MREC approved real estate school. All candidates must pass a school-administered final exam, and pass a state real estate exam. All candidates must pass a school-administered final exam, and pass a real estate state exam. They need to attain the age of atleast 18 years. For more information about qualifications for how to get a real estate license in Mississippi, one needs to visit the MDOC website.
- Applying for the real estate exam – Before applying for the real estate exam, candidates need to apply for licensure with MREC. Upon approval of the candidate application form, MREC administers the candidate with a letter of approval. This letter of approval is proof of the eligibility to take the real estate state exam. Within two months of receiving the letter of approval, a candidate needs to create an account, and need to apply to take the state exam through the PSI website scheduling page. The candidate needs to know their school approval code to complete the scheduling process.
- Test Content – TheMississippi state real estate licensing exam is encompassing of two different portions, i.e. the national portion, and the state-specific portion. There are 5-10 questions disbursed throughout both portions of the real estate exam that are considered “experimental” questions and are not scored. Both portions of the test consist of multiple-choice questions with four answer choices provided for each question.
Test takers are assigned 2.5 hours to complete the national portion, and 1.5 hours to complete the state portion. To accomplish a passing score on the national portion of the exam. The test taker requires to correctly answer 56 questions out of 80 questions. To get a passing score on the state-specific portion. The test taker requires to correctly answer 30 questions out of 40 questions regarding real estate property. The real estate is granted in a computer-based format. But the accommodations for paper-based tests or oral testing can be provided with special arrangements.
Wrap Up
Mississippi endeavor friendly Mississippi real estate commission culture combined with a cost of living that is among the lowest in the US region.
