Kentucky Real Estate Sales Associate Exam Questions With Verified Answers

What are all the KREC statute categories? - Answer 1. Licensing, education, and testing requirements 2. Advertising 3. Consumer and administrative complaints; discipline; administrative hearings 4. Definitions 5. Education provider requirements 6. Errors and omissions insurance 7. Standards of Professional Conduct Do Sales Associate applicants need to apply in writing on forms prepared by KREC? - Answer Yes How many hours of post license education are Sales Associates required to complete? - Answer 48 What licensees are exempt from continuing education requirements? - Answer those who got their license before June 19, 1976. How many CEU's do licensees need to complete each year? - Answer 12 annually, 6 bi-annually. 6 due by March 31 and another 6 due by December 31 What is required to obtain a Sales Associate license? - Answer 1. 6 academic credit hours by: a pre-license education provider/an accredited institution 2. submit FBI check 3. submit a Score Report/License Application obtained from the testing center 4. proof of high school education 5. proof of 6 academic credit hours or pre-license education 6. proof of error and omission insurance 7. submit $60 license fee and $60 recover fund fee -within 10 days of getting license number must create online portal how long is the license test score considered valid? - Answer 60 days how many times can applicant retake the test? - Answer 3 times, after 3rd time applicant needs to wait 30 days after 3rd attempt to take test again how long is the FBI report valid? - Answer no more than 90 days before taking the exam, and no more than 90 days after Can an applicant submit a Criminal History Affidavit? - Answer yes, if applicant's fingerprints were rejected and applicant has to submit proof they got their prints from law enforcement agency How long does applicant have to submit the FBI check after receiving report of rejected prints and submitting sales associate application? - Answer 10 days When conducting a background check what does KREC look for? - Answer felony convictions within the previous 10 years, or a misdemeanor conviction in the previous 5 years How long does KREC have to notify licensee if they are discharged or change brokerages and submit a release form? - Answer 30 days What must a licensee do if they want to change brokerages? - Answer 1. submit a Acceptance and Release form 2. request license to be placed in Inactive status until they officiate with new broker 3. failure to comply results in license cancellation When does real estate license need to be renewed? - Answer by March 31st, can be renewed online or with License Renewal Form How to you update your license? (change names, address, brokerage, etc.) - Answer 1. complete a License Status and Personal Information Update form 2. pay $10 fee 3. complete Company Change of Principal Broker form (if also changing brokerages) 4. must submit notification to commission within 10 days of change Does an applicant have to retake a core course if they have had an inactive license for 4 years or more? - Answer yes What types of CEU's are required? - Answer 3 hours must be in law and 3 in electives must licensee's complete a core course every 4 years even if their license is already active? - Answer Yes what happens if a licensee fails to complete CEU's on time? - Answer 1. has to file delinquency plan and pay a $1000 fine and completes missed CEU's by April 30th, or place license into inactive status 2. if licensee can show a hardship reason for not complaint CEU's on time, KREC can show leniency how long does licensee have to complete delinquency plan? - Answer within 20 days of agreed completion date, if not the license will be suspended for 6 months. -if licensee doesn't reinstate license after 3 months after suspension, license will be cancelled