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Mississippi is a state where many people want to buy, sell and invest in real estate. The Mississippi Real Estate Commission created the rules of licensure to help protect consumers while promoting fair business practices in the industry. With that said, it’s important for individuals interested in this sector to know how they can become licensed agents and brokers.
To earn your Mississippi real estate license, you must complete 60 hours of prelicensing coursework recognized by the Mississippi Real Estate Commission (MREC) and join a sponsoring firm. Aside from that, you’ll need fingerprints and a background check, as well as to apply for your license, pass your licensing test, and get errors and omissions insurance. We’ll walk you through the process of becoming a real estate agent in Mississippi, step by step.
1. Comply with Mississippi’s Legal Requirements for a Real Estate License
To be eligible for a Mississippi real estate license, you must fulfill the state’s legal standards. All real estate agent candidates in Mississippi must be residents of the state at the time of application and be at least 18 years old.
What if I told you that Although there are no official reciprocity agreements in place in Mississippi, you may be eligible for licensing if you have similar coursework and tests in your present state. You must complete the Non-Resident/Reciprocal Salesperson License Application, submit a background check, get a certificate of completion from a real estate school, and pass the Mississippi component of the real estate test. Take a look at the Reciprocal Instruction Form for further details.
Mississippi is also a cooperative state when it comes to mobility. It permits out-of-state real estate agents and brokers to physically do business in the state. Out-of-state agents, on the other hand, must have a co-brokerage agreement with a licensed in that state in order to operate on a real estate transaction.
It may be difficult to acquire a real estate license in Mississippi if you have a criminal record. Certain offenses, such as fraud, dishonesty, breach of trust, and money laundering, will prevent you from receiving your driver’s license. Regardless of any infractions, you have the opportunity to appeal to the MREC for approval to become licensed.
2. Complete all pre-licensing courses that are required.
You’re ready to begin your prelicensing coursework after you’ve validated your legal licensure requirements. Mississippi needs 60 hours of coursework, which may be accomplished either in person or online via a recognized real estate school. The following subjects are covered at prices ranging from $199 to $595:
- Controls and limitations on land use
- Market research and valuation
- Financing
- Agency principles in general
- Disclosures about the property
- Contracts
- Property management and leasing
- Transfer of ownership
- Real estate practice
- Calculations for real estate
- The real estate commission’s powers and responsibilities
- Disclosures on the state of the property
- Parties’ rights and responsibilities in relation to agency disclosure
- Brokers and developers from other states
- Accounts of trust
- Responsibilities of the broker, include management of salespeople
- Documents and records
- Internet, marketing, and advertising
You may be eligible to waive these requirements if you’ve completed real estate college courses equal to 60 hours of the required education. A three-semester hour course is equivalent to 45 classroom hours, and the credit must come from a Southern Association of Colleges-accredited college or a school with a similar regional accrediting body.
To get started on your prelicensing classes right away, consider the online self-paced courses from Real Estate Express. Choose from bundled course packages that include a variety of tools like exam prep, instructor support, e-books, and instructor Q&A. Even more, their pass guarantee ensures that you will pass your exam on the first attempt or get your money back.
3. Decide the company you want to work for.
You must locate a sponsoring brokerage to affiliate your license in order to keep it active in Mississippi.
4. Get Fingerprints & Background Check
Both the Mississippi central crime database and the FBI database conduct fingerprint-based criminal history checks on all applicants. To pay for the background check, you must fill out the Authorization to Release Information form and attach a $50 check or money order made payable to the MREC.
Fingerprints may be taken at a local law enforcement agency, a UPS shop, or directly at the MREC by contacting 601-321-6974 to schedule an appointment. Depending on the fingerprinting provider, you may also be accountable for any extra expenses.
5. Get Your Mississippi Driver’s License
You must submit your license application to the MREC for approval before taking your real estate test. Your paper application, together with a $120 fee, must be submitted or delivered to the MREC. Keep in mind that both you and your sponsoring brokerage must sign and notarize the application, which must also contain the following documents:
- Mississippi Approved Prelicensing Education Provider transcripts or Certificates of Completion
- A fee of $120.00 is required.
- Photographs (full face and profile views)
- Certification of Licensure (if applicable) if you are licensed in another state
- (If applicable) A written statement with complete details and evidence of the occurrence if you have a criminal record(s)
After your application has been approved for eligibility, you must schedule an appointment to take the test within two months. Your application money will be lost and your file closed if you do not arrange your test within two months.
6. Take the real estate exam in Mississippi.
After the MREC has accepted your application, you may arrange your Mississippi real estate licensing test. Your test will be taken on a computer, and you will be given a score report as soon as it is completed. If you pass, you’ll be notified of your success and may proceed with the licensure procedure.
If you fail, you’ll get a diagnostic report outlining your strengths and shortcomings, allowing you to plan for a retake. Within two months, you must pass both the national (generic) and state portions of the test.
The national part may be taken as many times as necessary to get a passing score. The state portion, on the other hand, may only be failed twice. After failing the sales test twice, you must wait three months to repeat it.
Details about the Mississippi Real Estate Exam
Make Your Exam Appointment
PSI, a leading supplier of state licensing examinations, administers the Mississippi real estate exam. To begin scheduling, you must first register for a PSI account, which will get you access to the scheduling portal.
For more exam information, you will get a copy of the Mississippi Candidate Information Bulletin. The test costs $75 and may be paid with a credit or debit card immediately on the website. The MREC Rules and Regulations form contains extra rules and regulations.
Consider getting test prep help to ensure you pass both the national and state components of the exam. PrepAgent offers flashcards, e-books, audio, and video lectures, and vocabulary exercises to help you become a real estate agent in Mississippi. With access choices ranging from one week to one year, you may study at your own pace and jumpstart your real estate career right now.
7. Acquire Errors & Omissions Insurance
After you’ve passed your exam and are ready to activate your Mississippi real estate license, you’re required to have errors and omissions insurance (E&O). This is used to protect real estate businesses from mistakes made during professional service.
Some brokerages may provide their brokers with E&O. Otherwise, you’ll have to purchase it yourself and submit a Conformity Endorsement or the Declaration Page from your E&O carrier. MREC works closely with Rice Insurance Services, LLC to provide affordable options.
8. Get Your Real Estate Career Started
You’re ready to begin your professional real estate career now that you’ve learned how to become a real estate agent in Mississippi.
Frequently Asked Questions
How long does it take to get an MS real estate license?
It takes approximately six months to get a license, but there is no guarantee.
How hard is the Mississippi real estate exam?
The Mississippi real estate exam is very difficult, but if youve studied hard and have a strong work ethic, it shouldnt be too much of an issue.
