Kentucky real estate law - Study guides, Class notes & Summaries

When must license applicants apply for their license? - Answer 60 days after examination date. Errors and Omissions Insurance - Answer An agent is covered up to $100,000 for single claims and $1,000,000 for annual aggregate(multiple) claims. Does not cover fraud, criminal acts, libel, slander, sickness, or violations of the "Securities and Exchange Act". Continuing Education - Answer Anyone licensed after June 19, 1976 shall obtain 6hrs of continuing education each year and must complet...

KY Real Estate Law - PSI Practice Exam With 100% Correct Answers 2023

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: - Answer- $20,000 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 th...

Kentucky Portion — Real Estate Exam Questions and Answers Already Passed How often is continuing education required for Kentucky real estate salespersons? Every year. An individual obtaining their first, original Kentucky license is exempt for the first two calendar years. When a licensee pays back the Recovery Fund: He/she must pay back all the reimbursed funds plus 10% interest on the amount. Who appoints the members of the Kentucky real estate commission (KREC)? The Governor Which of the...

DC LICENSING EXAM – STATE QUESTIONS WITH VERIFIED SOLUTIONS The DC commission can impose civil fines for license law violations. Each violation may garner a fine up to ______. $5,000 Joan began a court case against a DC licensee who misrepresented a property, resulting in a financial loss for Joan. At this point, does Joan need to make any notifications to the mayor? Yes, Joan must notify the mayor within 30 days of the date she began her action DC licensee Jenna presented her ...

KY Real Estate Practice - Law Portion (2023/2024) Already Graded A Which of the following fees that a broker charges an agent is a violation of the Kentucky Revised Statutes? - desk fee - long distance charges - affiliation fee - coffee fee affiliation fee Most of the time (with certain law exceptions) licensed Kentucky brokers shall maintain a definite place of business in what state? - Kentucky - the state in which the broker was born in - the state where the broker spends the most tim...

Kentucky State Real Estate Practice Exam (Ky Law) 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

Kentucky Portion — Real Estate Exam Actual Questions and Answers 2024 with complete solution How often is continuing education required for Kentucky real estate salespersons? - Answer ️️ -Every year. An individual obtaining their first, original Kentucky license is exempt for the first two calendar years. When a licensee pays back the Recovery Fund: - Answer ️️ -He/she must pay back all the reimbursed funds plus 10% interest on the amount. Who appoints the members of the Kentu...

KY Real Estate Law – PSI UPDATED Exam Questions and 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? - CORRECT ANSWER- 2 Years The Kentucky Real Estate Commission is responsible for what? - CORRECT ANSWERProtecting the public intere...

Kentucky Real Estate UPDATED Exam Questions and CORRECT Answers What agreement is illegal in KY? - CORRECT ANSWER- Net listing How much time does an accused licensee have to file a notarized response to a license law violation complaint on KY real estate commission form? - CORRECT ANSWER- 20 days Are KREC one-time showing agreements required for both commercial and residential? - CORRECT ANSWER- No, only residential