Western Kentucky University

What title guarantees will Jody have when she buys a property at a foreclosure auction? covenant of seisin Sondra, a buyer, signs all the required mortgage documentation, promising to make all payments to her lender. Unfortunately, Sondra falls on hard times and misses multiple payments, and the bank indicates that it's going to foreclose on her. The foreclosure proceedings are more difficult for the lender because Sondra holds the deed to the land. What kind of state does Sondra live i...

what happens with a Judicial foreclosure? the mortgaged property is sold under the supervision of a court broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? finding a property with good resale value real estate licensees should know enough about building ordinances to be able to... alert clients of potential problems in a home if an industrial property is described as "special-purpose" it is... unsuitable for many use...

What do Datums and Benchmarks measure? Elevation Joint Tenancy The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants. What is a Preliminary Report? Issued by title insurance companies - gives buyers an overview of title history and any liens/encumbrances - it outlines what insurance companies will...

There can be no more than _____ members of any political party serving on the Commission at one time. four A rebate could be: - a TV -A gift certificate - a return of paid commissions -none of the above a return of paid commissions The Commission has the ability to conduct a(n) ___________ when alleged escrow actions warrant emergency action. -trial -dispute -investigation -emergency hearing emergency hearing The seller's disclosure form must be completed at the...

Activities Requiring a License Licensing law is there to protect the consumer. Licensing provides the preparation licensees need and the oversight the public demands to practice real estate professionally. Anyone representing themselves to the public as a real estate broker or sales associate, or using any wording whatsoever that would convey or imply that they're a licensed real estate professional, must be licensed. If compensation is accepted for real estate services, a license is needed. ...

Offer to purchase contracts must include all of the following EXCEPT: the amount of commission to be paid to the broker. When a sales associate receives an earnest money deposit, he/she should: turn it over to his/her principal broker. 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 do...

The Kentucky Real Estate Commission determined that a buyer was damaged by the fraudulent action of a licensee in the amount of $50,000. If the responsible licensee does not pay the claim, the Commission may pay out from the Real Estate Education, Research, and Recovery Fund a MAXIMUM amount of: $20,000.00 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 ...

A buyer, hoping to beat out all other offers, included a clause in the offer that reads, "Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer on acceptance." What type of offer is this? Escalator A buyer, hoping to beat out all other offers, included a clause in the offer that reads, "Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer on ac...

A broker must maintain a copy of all of the following EXCEPT: buyer's new deed. The Kentucky Real Estate Commission does NOT have the right to: order discipline against an unlicensed person. Written property management agreements may include a provision: that automatically renews the agreement. The KREC has received a complaint against a licensee and has forwarded the complaint to the licensee. The licensee: has 20 days to answer the complaint. A homeowner calls ...

he Kentucky Real Estate Commission Which of the following is responsible for drafting rules and regulations regarding the practice of real estate in KY? Payment of KREC expenses The Education, Research, and Recovery Fund CANNOT be used for enhance the broker's business One of the major purposes of professional property management would be to the for-sale-by-owner The one listed below that WOULD have to complete a seller's disclosure of property conditions form is ...