KY Real Estate Law - PSI Practice Exam Correct 100%

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 - Answer Any person who is licensed under the KY Statutes and performs acts of real estate brokerage. A sales associate may manage an office branch if... - Answer - they have 2 yr experience - they average 20 hours per week for 1 year - the office is within 100 miles of the main branch Referral Fee - Answer A broker may pay to another outside of KY for referring a client to the KY broker. A person engaging in real estate w/o a license will be guilty of... - Answer - 1st offense misdemeanor - all others will be a class B Felony 6 exceptions on who can perform brokerage activities. - Answer - owner/leaser/employee - attorney in fact - attorney at law - receiver, trustee, admin, or executor - someone under the supervision of the broker - property management: regular employee or person given a rental unit Hours required for pre-license in KY? - Answer 96 Applicants must be how old for a license? - Answer 18 How many days do you have to apply for a license after passing the exam? - Answer 60 When do you request a copy of you record? - Answer Before the exam All licensees shall comply with what in KY? - Answer Laws and regulations All licensees must renew their license by what date each year? - Answer March 31st How many days do you have to notify the commission after moving to a new home? - Answer 10 How many days do you have to turn in your criminal record to the commission if it comes back with a felony or misdemeanor? - Answer 5 How many hours of PLE (post-license education) do you have to have? As of when? - Answer - 14 hours - Jan 2016 What is "Grandfather Clause"? - Answer - If you got your license prior to 1976 you do not have to do continuing education How many hours per year of continuing education is required? - Answer 6 Your certificate of completion for each course must say they were completed by what date each year? - Answer December 31st You do not have to have continuing education if... - Answer Your license is in escrow What is the fine for not completing continuing education by Dec. 31st? - Answer $500 If you failed to do continuing education in time you can do what? - Answer File for a delinquency plan If you fail to take continuing education, what must you do? What will happen if you do not? - Answer - put your license in escrow - file a delinquency plan - It will be canceled What is the fine for not completing continuing education on time? - Answer $200 What must be done if you transfer to another brokerage or you change your surname? - Answer written notice must be given to the commission When terminating with a broker, what will an agent have to turn over to that broker? - Answer All listin info If your license is in escrow, you may not... - Answer Engage in any real estate activity KREC will not charge a fee to an agent for their... - Answer Affiliation No real estate advertising shall be intentionally... - Answer False, misleading or deceptive How many years experience does an agent have to have in order for their name to b e in the firm name? - Answer 2 A sign can not be placed in a yard w/o written - Answer Written concent Real estate advertising shall include the name of... - Answer The company or it's principal broker Even if there is not a written listing agreement, an agent may still... - Answer Advertize public info A real estate company's home page must include... - Answer The company's full non-abbreviated name or name of broker An agent's home page must include... - Answer - Agent's name - Company or broker's name - Address - Phone number A non-licensed assistant may not write advertisements w/o... - Answer Being reviewed by the agent What must an agent be so an assistant can get in contact with them? - Answer Reasonably accessable All agents with active licenses must carry... - Answer Errors and Omissions insurance