KY Law Real Estate Verified Guide

KY Law Real Estate Verified Guide A broker cannot charge ____________________________________________________ to any of their sales associates ️an affiliation fee A broker cannot designate themselves ️as the designated agent of a consumer A broker has a written offer which was rejected by the seller. The broker should: ️keep a copy of the rejected offer in his/her files for five (5) years. A broker must maintain a copy of all of the following EXCEPT: ️buyer's new deed. A criminal background check is NOT required for which of the following applicants? ️An applicant reinstating a license within three months of cancellation. A deceased broker may require appointed sales associate to shut down the business ️6 months: name can remain with company A licensed agent who wishes to contest a decision made by the Kentucky Real Estate Commission should first apply to: ️the Circuit Court in the county where the licensee has his/her principal place of business. A licensee has _____ days to file a response to any legitimate complaint ️20 days A principal broker can do all of the following EXCEPT: ️pay referral fees directly to sales associates in another office with the permission of the associate's principal broker. A real estate broker wants to give his neighbor a new video recorder for a lead which resulted in a sale. If the broker gives this gift, it is: ️a violation of the Kentucky License Law. A real estate licensee's Internet home page must include all of the following EXCEPT: ️the licensee's home address and phone number. A sales associate has been asked by his/her broker to manage the office while the broker is in the hospital having major surgery. The associate agrees to the broker's request. Which of the following is true? ️The sales associate may manage with the permission of the KREC only for the purpose of closing the business. A sales associate has listed a house for sale. The owners have to move and ask the sales associate to locate a tenant until a buyer can be found. The owners agree to pay the sales associate a modest fee for the management activities. Which of the following statements is MOST CORRECT regarding this situation? ️There must be a written management agreement between the principal broker and the owners. A violation may result in punishment only after ️a hearing ABC Realty will pay for a moving van for any client or customer who buys or sells a home through their brokerage firm. ABC Realty: ️may do so with written disclosure to the client or customer. According to Kentucky License Law, which of the following is TRUE regarding errors and omissions insurance? ️A broker can obtain errors and omissions insurance through a private carrier. advertising cannot ️be misleading, intentionally false, deceptive Agency disclosure form is required on - all up to 4plex ️ Agency form not required on ️auction property, property management, commercial Agent owes a customer ️honesty and fairness Agents owe clients ️fiduciary duties: care, obedience, loyalty, disclosure, accounting Alice Gogetter has opened a business to help renters locate available property. Alice supplies her clients with a list of properties which are available for rent and she charges $40 for the list. Alice does not have a real estate license and she does not show the properties to prospective tenants. Regarding this situation, all of the following are TRUE EXCEPT ️Alice is in violation of Kentucky License Law. All advertising must include ️the company/broker name All commissions must be paid through ️principal broker of he real estate company All funds collected by the KREC are paid through ️the general fund All of the following are TRUE regarding the termination of a sales associate EXCEPT: ️the principal broker has 10 days by statute, to hand over a sales associate's license upon termination. An agent cannot do anything relating to a selling property without ️a written listing agreement (cant space an ad, show the property, ect.) An insufficient complaint will be given ______ days to supplement their complain