Real estate kansas stuvia - Study guides, Class notes & Summaries

Kansas Association of Realtors KAR - ANSWER-professional trade association that provides a wide variety of programs and services Kansas Real Estate Commission (KREC) - ANSWER--governs real estate licenses and how they are earned and maintained -approval of schools -insures the public is treated fairly Real Estate - ANSWER-land and anything artificial attached to it Who is required to have a license - ANSWER-anyone who receives compensation for direct involvement in the process of buyi...

Activities requiring a license - ANSWER-Compensation to do 1) Sell 2) Purchase 3) Lease COMMERCIAL property 4) Auction OR assist by procuring bids Activity NOT requiring a license in Kansas - ANSWER-Residential leasing OR 1) FSBO 2) Attorney performing attorney's duties for hourly fee, NOT commission 3) Person acting under court's authority, ie. trustee 4) Gov officers performing gov duty 5) Railroad/Utilities on GROSS EASEMENTS 6) Employees that own minimum 5% corporate stock 7...

Who is required to have a license? - ANSWER-anyone who receives compensation for direct involvement in the process of buying, selling, or exchanging real estate (other than their own) NOTE: Kansas does not require a license to do residential rental Real estate includes... - ANSWER--freehold estates -non-freehold estate (leasehold) People exempt from licensing requirements... - ANSWER--Owner dealing with their own property -someone acting under power of attorney -Person acting u...

Kansas Real Estate Practice Test Questions and Answers Which of the following is a closing custom in KS - ANSWER-Buyers and sellers split the closing fee KREC recently updated the Real Estate Brokerage Relationship brochure in order to - ANSWER-Better clarify how designated agency works What is the most important reason for licensees to review the most recent version of the Kansas Real Estate license Law Book - ANSWER-It helps them stay up-to-date on any license law changes What are the f...

Kansas Real Estate Test Practice Questions and Answers In deciding on whether to make a residential home loan, a lender would normally consider the borrower's - ANSWER-debt to income ratio A property sold for $200,000 with an 80% loan to value ratio. The lender charged 1 discount point in connection with the loan. What was the amount for the discount points? - ANSWER-$1,600 A buyer is inquiring as to what the principal and interest payment will be on a property that is being purchased....

Kansas salesperson real estate exam Study Guide Solutions acceleration clause - ANSWER-a clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. the most common reason for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender. adjustable-rate mortgage - ANSWER-a mortgage in which the interest changes periodically, according to corresponding fluctuatio...