Final answer:
MREC requires E&O insurance with set minimum limits for real estate professionals to protect against financial loss from errors or omissions. Licensees must maintain continuous insurance coverage and should consult MREC for exact details on policy requirements.
Step-by-step explanation:
The Mississippi Real Estate Commission (MREC) imposes specific demands on Errors and Omissions (E&O insurance) for real estate professionals. These requirements are designed to protect both the agents and their clients in the event of an unintentional error or omission that causes a financial loss. Real estate licensees are required to maintain continuous coverage with minimum limits as set by MREC. The exact requirements can vary, so it is essential for licensees to consult with MREC or a professional insurance provider for the precise details regarding policy limits, coverage specifics, and whether individual or group policies are necessary.