Kentucky Real Estate

HOW MUCH IS THE ACTIVATION FEE PAID TO THE KY REAL ESTATE COMISSION FOR OPENING A BROKERAGE? A. $10 b. $50 C $100 d $75 A. THIS FORM SETS FORTH THE SPECIFIC AGENCY RELATIONSHIP PROPOSED BETWEEN THE CLIENT AND PRINCIPAL BROKER OF THE REAL ESTATE BROKERAGE COMPANY: A. AGENCY CONSENT AGREEMENT B. DISCLOSURE OF PROPERTY CONDITION C. GUIDE TO AGENCY RELATIONSHIPS D. SALES CONTRACT A. A LEGAL RELATIONSHIP IN WHICH ONE PARTY, CALLED THE PRINCIPAL, AUTHORIZES ANOTHER, CALLED THE ...

What is the fee for the real estate license exam? A fee not to exceed $30. A fee not to exceed $150. There are no real estate license exam fees. A fee not to exceed $100. A fee not to exceed $100. Who appoints the members of the Kentucky Real Estate Commission? The Governor The Attorney General Public ballot The outgoing members of the Commission The Governor How can a licensee whose license was suspended following payment from the recovery fund have his or her licens...

If a licensed affiliate misrepresents facts in a sworn statement, all of the following are TRUE EXCEPT: he cannot be fined by the KREC unless the circuit court agrees to the fine 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. Examination fees that may be charged by the KREC are: in an amount not to exceed $100. W...

1 How many Commissioners are appointed as a citizen- at- large? 4 How many years is the term of a Commissioner? 2 How many consecutive terms can a Commissioner have? Kentucky Association of Realtors Where does the Governor get the list of people to select an appointment of a Commissioner? 3 How many Commissioners can belong to the same political party? The Commissioners select the chairperson Who selects the chairperson? No Can the Commission fix ...

An Illegal Kickback Jenna's firm in Lexington issues a check to First In Line Title Company because it referred a buyer to Jenna and subsequently closed the transaction. The buyer approved the payments. This is an example of _____________. The Verbiage, "Equal Opportunity Housing" Monty is advertising a number of listings in the local Prospect newspaper and includes the fair housing logo in the ad. What else is required? Venus and Megan are single agents. Kentucky licensees V...

In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind of legal description should be used in MOST transactions? The same one used in prior transfers of the parcel, verified by a surveyor. A legal easement can be created by any of the following EXCEPT merger of the titles Timeshare ownership programs MOST often use which of the following ownership forms? Tenancy in common Real property can be converted ...

Property Management Agreement The business name and address of the licensed agent's company. The name and address of the owner. The address of the real estate being managed and the number of units. The date when the agreement begins and ends, and a provision stating whether the owner agrees or not to automatic annual renewal. A provision stating the method for early termination. The amount of, or the method for, computing the amount of compensation to the licensee. The amount of, or the ...

On a settlement statement the buyer can expect to see entries for property and transfer taxes Which of the following terms is NOT associated with a legal life estate? Dower, Curtesy, Community property, Homestead Community property Which of the following is an example of a conventional uninsured loan? Loan where the borrower must pay MIP, VA loan negotiated by a veteran, Loan with a loan-to-value ratio of 80%, Loan where the borrower must pay PMI Loan with a loan-to-value ration...

You represent Kelsey, who's selling her one-bedroom condominium unit in Mount Sterling. Kelsey makes a written request to the condominium association to complete the Condominium Seller Certificate. The association has ______ from the time it receives Kelsey's request to return the completed form and attachments. 10 Days 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 o...