KY Real Estate Law - PSI Practice Exam Questions With Correct Answers
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Course
KY Real Estate Law
Institution
KY Real Estate Law
KY Real Estate Law - PSI Practice Exam
Questions With Correct Answers
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 ...
KY Real Estate Law - PSI Practice Exam
Questions With Correct Answers
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
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
How many hours of PLE (post-license education) do you have to have? As of when? - answer✔-
14 hours
- Jan 2016
What is "Grandfather Clause"? - answer✔- If you got your license prior to 1976 you do not have
to do continuing education
How many hours per year of continuing education is required? - answer✔6
Your certificate of completion for each course must say they were completed by what date each
year? - answer✔December 31st
You do not have to have continuing education if... - answer✔Your license is in escrow
What is the fine for not completing continuing education by Dec. 31st? - answer✔$500
If you failed to do continuing education in time you can do what? - answer✔File for a
delinquency plan
If you fail to take continuing education, what must you do?
What will happen if you do not? - answer✔- put your license in escrow
- file a delinquency plan
- It will be canceled
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