KY Real Estate Law - PSI Exam Actual Questions and Answers 2024

KY Real Estate Law - PSI Exam Actual Questions and Answers 2024 An action for recovery from the Kentucky Real Estate Education, Research, and Recovery Fund MUST be commenced within how many years from actual knowledge of the cause of action or the time when circumstances would reasonably have put the aggrieved party on notice of the cause of action? - Answer ️️ -2 Years The Kentucky Real Estate Commission is responsible for what? - Answer ️️ -Protecting the public interest through regulations, examinations and licensing of KY real estate licensees. Broker - Answer ️️ -Any person who is licensed under the KY Statutes and performs acts of real estate brokerage. A sales associate may manage an office branch if... - Answer ️️ -- they have 2 yr experience - they average 20 hours per week for 1 year - the office is within 100 miles of the main branch Referral Fee - Answer ️️ -A broker may pay to another outside of KY for referring a client to the KY broker. A person engaging in real estate w/o a license will be guilty of... - Answer ️️ -- 1st offense misdemeanor - all others will be a class B Felony 6 exceptions on who can perform brokerage activities. - Answer ️️ -- owner/leaser/employee - attorney in fact - attorney at law - receiver, trustee, admin, or executor - someone under the supervision of the broker - property management: regular employee or person given a rental unit Hours required for pre-license in KY? - Answer ️️ -96 Applicants must be how old for a license? - Answer ️️ -18 How many days do you have to apply for a license after passing the exam? - Answer ️️ -60 When do you request a copy of you record? - Answer ️️ -Before the exam All licensees shall comply with what in KY? - Answer ️️ -Laws and regulations All licensees must renew their license by what date each year? - Answer ️️ -March 31st How many days do you have to notify the commission after moving to a new home? - Answer ️️ -10 How many days do you have to turn in your criminal record to the commission if it comes back with a felony or misdemeanor? - Answer ️️ -5