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

KY Real Estate Practice - Law Portion "The examination shall be of the scope and wording sufficient in the judgment of the commission to establish the _________________ of the applicant to act as a broker or sales associate in a manner to protect the interests of the public." - competency - professionalism - proficient - qualified ️competency A buyer in Kentucky that alleges discrimination by a real estate agent and elects to file a complaint with the Kentucky Commission on Human ...

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

Real Estate Complete Guide A buyer client in Kentucky is suing Janet for an inadvertent mistake she made in a real estate transaction. What insurance policy covers this type of situation? ️Errors and omissions insurance (E&O insurance covers licensees who are sued by consumers for inadvertent mistakes in a real estate transaction) A Kentucky licensee sells a property for $325,000. The total commission rate is 6%, which is split evenly with the cooperating agent. What amount goes t...

Cedric helps his neighbor sell his home by assisting with negotiations. He receives no compensation for his assistance. Based on this one transaction, Cedric ______. - Answer-Doesn't need a real estate license Which one of these activities does NOT require a real estate license in Indiana? - Answer-Charging a homeowner to landscape before the home is put up for sale Which of the following individuals is exempt from needing an Indiana real estate license? - Answer-Rachel's friend wants to...

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 evidence at a commission hearing held March 19. How long does the co...

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 time in - any state except Kentucky Kentucky A lic...

How often is continuing education required for Kentucky real estate salespersons? - correct 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: - correct answer 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)? - correct answer The Governor Which of the following is a ...

How often is continuing education required for Kentucky real estate salespersons? correct answersEvery 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: correct answersHe/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)? correct answersThe Governor Which of the following is a violat...

Notary Questions and Answers 100% Pass A commissioned Notary Public completes a notarial certificate they know to be false. What would the Notary would be found guilty of? A. A Felony B. An Infraction C. A Misdemeanor C. A Misdemeanor Samantha is sending a real estate document internationally and needs to have it notarized before requesting an apostille. The document was drawn up in Kentucky and has Kentucky Acknowledgment notarial wording included in the document. She brings it...

KY State Exam Practice Verified Answers A licensee's principal broker or the broker's designated representative must attend the hearing for license law violations in Kentucky if the accused licensee ______. A. Has held a license for fewer than five years B. Is a new licensee C. Is a sales associate D. Is a trainee C. Is a sales associate Amanda helps her neighbor sell his home in Louisville by assisting him with the negotiations. She receives no compensation for her assistance....