Ky real estate law Study guides, Class notes & Summaries

Kentucky Real Estate Law UPDATED Exam Questions and CORRECT Answers Contract Deposit - CORRECT ANSWER- means money delivered to a licensed agent as part of an offer to enter a contract for the sale of real property after: (a) The offer or counteroffer is accepted; and (b) An executory contract exits. Required Disclosure - CORRECT ANSWER- a) In print advertising, that the disclosure shall be in letters at least twenty-five (25) percent the size of the largest letters in the advertisemen...

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? - Answer 2 Years The Kentucky Real Estate Commission is responsible for what? - Answer Protecting the public interest through regulations, examinations and licensing of KY real estate licensees. Broker - An...

Ky Board of Auctioneer Test with 100% verified questions and answers Absolute Auction - CORRECT ANSWER After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - CORRECT ANSWER when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right ...

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? - 2 Years The Kentucky Real Estate Commission is responsible for what? - Protecting the public interest through regulations, examinations and licensing of KY real estate licensees. Broker - Any person who i...

KY Real Estate Law - PSI Practice Exam With 100% Verified Solutions

KY Real Estate Practice - Law Portion 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

Real estate brokerage a single, multiple, or continuing act of dealing in time shares or options, selling or offering for sale, buying or offering to buy, negotiating the purchase, sale, or exchange of real estate, engaging in property management, leasing or offering to lease, renting or offering for rent, or referring or offering to refer for the purpose of securing prospects, any real estate or the improvements thereon for others for a fee, compensation, or other valuable consideration ...

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 ...

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...