KENTUCKY PORTION — REAL ESTATE EXAM
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 following is a violation of Kentucky license law?
A) a net listing
B) a general warranty deed
C) an open listing agreement
D) selling over the sales threshold for your brokerage - A) net listing.
In Kentucky, all of the following are legal except for Net listings. A net listing is where
the seller specifies a minimum acceptable sales price, and the listing agent receives as
commission any completed offer over that price.
How long are the terms for members of the KREC? - Three years
When is KREC annual E&O coverage paid? - Coverage is paid with license renewal
and has its cost published to the licensee 30 days before license renewal.
How many members are there in the KREC? - Seven
Seven total, at least six of whom, immediately prior to the date of their appointment
have been residents of the state for ten years and whose vocation for a period of at
least ten years shall have been that of an active real estate licensee.
An agent changed her surname. The agent - Must give written notification to the KREC
of the change.
Kentucky have a real estate license reciprocity agreement with: - All States.
Per Kentucky Law, the specific consensual relationship between the principal broker
and the client for a contemplated transaction, by oral or written agreement: - Agency.
Per 201 KAR 11:011 (5), the specific consensual relationship between the principal
broker and the client for a contemplated transaction, by oral or written agreement is an
Agency.
Earnest money delivered to a licensee in conjunction with a real estate sales contract:
A) Offer
B) Counter offer
, C) Down deposit
D) Contract deposit - a contract deposit is earnest money delivered to a licensee in
conjunction with a real estate sales contract.
Any person engaging in real estate activity at a brokerage without a license shall be
guilty of a - Class A misdemeanor for a first offense and a Class D felony for any
subsequent offenses.
Under agency law in Kentucky dual agency is:
A) illegal.
B) legal with the written consent of one party.
C) legal with the written consent of the broker.
D) legal with the written consent of all parties. - Legal with the written consent from all
parties prior to entering into negotiations.
A physical place of business for a real estate brokerage company in addition to the main
office location that the commission may enter to inspect required documents or
allegations of violations of KRS Chapter 324: - A branch office
The minimum amount that Kentucky law requires that may be maintained in the Real
Estate Education, Research and Recovery Fund:
A) $20,000
B) $100,000
C) $200,000
D) $400,000 - $400,000
what is the maximum that the real estate education, research and recovery fund will pay
for combined payments to all claimants against any one licensee?
A) $75,000
B) $20,000
C) $100,000
D) $50,000 - D) $50,000
If a license, acting in the capacity of a licensee, has been duly
found guilty of fraud in the violation of one (1) or more of the provisions of KRS 324.160,
and upon the conclusion of a final order entered by the commission, or by the courts, if
appealed, the commission, may pay to the aggrieved person or persons an aggregate
amount not to exceed twenty thousand dollars ($20,000) per claimant with combined
payments to all claimants against any one licensee, not to exceed fifty thousand dollars
($50,000), if the licensee has refused to pay the claim within a period of twenty (20)
days of entry of a final order and if the amount or amounts of money in question are
certain and liquidated.
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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 following is a violation of Kentucky license law?
A) a net listing
B) a general warranty deed
C) an open listing agreement
D) selling over the sales threshold for your brokerage - A) net listing.
In Kentucky, all of the following are legal except for Net listings. A net listing is where
the seller specifies a minimum acceptable sales price, and the listing agent receives as
commission any completed offer over that price.
How long are the terms for members of the KREC? - Three years
When is KREC annual E&O coverage paid? - Coverage is paid with license renewal
and has its cost published to the licensee 30 days before license renewal.
How many members are there in the KREC? - Seven
Seven total, at least six of whom, immediately prior to the date of their appointment
have been residents of the state for ten years and whose vocation for a period of at
least ten years shall have been that of an active real estate licensee.
An agent changed her surname. The agent - Must give written notification to the KREC
of the change.
Kentucky have a real estate license reciprocity agreement with: - All States.
Per Kentucky Law, the specific consensual relationship between the principal broker
and the client for a contemplated transaction, by oral or written agreement: - Agency.
Per 201 KAR 11:011 (5), the specific consensual relationship between the principal
broker and the client for a contemplated transaction, by oral or written agreement is an
Agency.
Earnest money delivered to a licensee in conjunction with a real estate sales contract:
A) Offer
B) Counter offer
, C) Down deposit
D) Contract deposit - a contract deposit is earnest money delivered to a licensee in
conjunction with a real estate sales contract.
Any person engaging in real estate activity at a brokerage without a license shall be
guilty of a - Class A misdemeanor for a first offense and a Class D felony for any
subsequent offenses.
Under agency law in Kentucky dual agency is:
A) illegal.
B) legal with the written consent of one party.
C) legal with the written consent of the broker.
D) legal with the written consent of all parties. - Legal with the written consent from all
parties prior to entering into negotiations.
A physical place of business for a real estate brokerage company in addition to the main
office location that the commission may enter to inspect required documents or
allegations of violations of KRS Chapter 324: - A branch office
The minimum amount that Kentucky law requires that may be maintained in the Real
Estate Education, Research and Recovery Fund:
A) $20,000
B) $100,000
C) $200,000
D) $400,000 - $400,000
what is the maximum that the real estate education, research and recovery fund will pay
for combined payments to all claimants against any one licensee?
A) $75,000
B) $20,000
C) $100,000
D) $50,000 - D) $50,000
If a license, acting in the capacity of a licensee, has been duly
found guilty of fraud in the violation of one (1) or more of the provisions of KRS 324.160,
and upon the conclusion of a final order entered by the commission, or by the courts, if
appealed, the commission, may pay to the aggrieved person or persons an aggregate
amount not to exceed twenty thousand dollars ($20,000) per claimant with combined
payments to all claimants against any one licensee, not to exceed fifty thousand dollars
($50,000), if the licensee has refused to pay the claim within a period of twenty (20)
days of entry of a final order and if the amount or amounts of money in question are
certain and liquidated.
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