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Kentucky Real Estate Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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Kentucky Real Estate Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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Kentucky Portion — Real Estate Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20PortionKentucky Portion — Real Estate Exam
1. How often is continuing education required for Kentucky real estate sales- persons?
ANS Every year.
An individual obtaining their first, original Kentucky license is exempt for the first two calendar
years.
2. When a licensee pays back the Recovery Fund
ANS He/she must pay back all the reimbursed funds plus 10% interest on the amount.
3. Who appoints the members of the Kentucky real estate commission (KREC)?
ANS The Governor
4. Which of the following is a violation of Kentucky license law?
A) a net listing
B) a general warranty deed
C) an open listing agreement
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D) selling over the sales threshold for your brokerage
ANS A) net listing.
In Kentucky, all of the following are legal except for Net listings. A net listing is where the seller
specifies a minimum acceptable sales price, and the listing agent receives as commission any
completed offer over that price.
5. How long are the terms for members of the KREC?
ANS Three years
6. When is KREC annual E&O coverage paid?
ANS Coverage is paid with license renewal and has its cost published to the licensee 30 days
before license renewal.
7. How many members are there in the KREC?
ANS Seven
Seven total, at least six of whom, immediately prior to the date of their appointment have been
residents of the state for ten years and whose vocation for a period of at least ten years shall have
been that of an active real estate licensee.
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8. An agent changed her surname. The agent
ANS Must give written notification to the KREC of the change.
9. Kentucky have a real estate license reciprocity agreement with
ANS All States.
10. Per Kentucky Law, the specific consensual relationship between the prin- cipal broker
and the client for a contemplated transaction, by oral or written agreement
ANS Agency.
Per 201 KAR 11;011 (5), the specific consensual relationship between the principal broker and the
client for a contemplated transaction, by oral or written agreement is an Agency.
11. What is one of the main purposes of the Real Estate Education, Research and
Recovery Fund?
ANS For people to get recourse of uncollected judgement against licensees.
The Real Estate Education, Research and Recovery Fund is a special fund estab- lished by
Kentucky Real Estate Code to provide reimbursement to persons who are victims of fraud,
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misrepresentation or deceit committed by real estate licensees during the course of any
transaction for which a license is required. It also funds
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