Kentucky Portion — Real Estate Actual Exam
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Terms in this set (65)
How often is continuing education Every year.
required for Kentucky real estate An individual obtaining their first, original
salespersons? Kentucky license is exempt for the first two
calendar years.
When a licensee pays back the He/she must pay back all the reimbursed funds
Recovery Fund: plus 10% interest on the amount.
Who appoints the members of the The Governor
Kentucky real estate commission
(KREC)?
,Which of the following is a violation A) net listing.
of Kentucky license law? In Kentucky, all of the following are legal except
A) a net listing for Net listings. A net listing is where the seller
B) a general warranty deed specifies a minimum acceptable sales price, and
C) an open listing agreement the listing agent receives as commission any
D) selling over the sales threshold completed offer over that price.
for your brokerage
How long are the terms for Three years
members of the KREC?
When is KREC annual E&O Coverage is paid with license renewal and has its
coverage paid? cost published to the licensee 30 days before
license renewal.
How many members are there in Seven
the KREC? 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. Must give written notification to the KREC of the
The agent change.
Kentucky have a real estate license All States.
reciprocity agreement with:
Per Kentucky Law, the specific Agency.
consensual relationship between Per 201 KAR 11:011 (5), the specific consensual
the principal broker and the client relationship between the principal broker and the
for a contemplated transaction, by client for a contemplated transaction, by oral or
oral or written agreement: written agreement is an Agency.
, What is one of the main purposes For people to get recourse of uncollected
of the Real Estate Education, judgement against licensees.
Research and Recovery Fund? The Real Estate Education, Research and
Recovery Fund is a special fund established by
Kentucky Real Estate Code to provide
reimbursement to persons who are victims of
fraud, misrepresentation or deceit committed by
real estate licensees during the course of any
transaction for which a license is required. It also
funds additional things like education for
licensees as well as research; its primary focus is
to protect consumers though.
Currently, the Real Estate $20,000
Education, Research and Recovery
Fund aggregate amount may not
exceed:
Under Kentucky law, a broker is 5 years.
required to keep copies of records
for
Catherines license has been At the end of five years since her license was
revoked by the Kentucky Real revoked.
Estate Commission. When can she
apply to get her license reissued?
(Latest Update) Questions & Correct
Answers (100% Correct Verified Answers)
Already Graded A+
Save
Terms in this set (65)
How often is continuing education Every year.
required for Kentucky real estate An individual obtaining their first, original
salespersons? Kentucky license is exempt for the first two
calendar years.
When a licensee pays back the He/she must pay back all the reimbursed funds
Recovery Fund: plus 10% interest on the amount.
Who appoints the members of the The Governor
Kentucky real estate commission
(KREC)?
,Which of the following is a violation A) net listing.
of Kentucky license law? In Kentucky, all of the following are legal except
A) a net listing for Net listings. A net listing is where the seller
B) a general warranty deed specifies a minimum acceptable sales price, and
C) an open listing agreement the listing agent receives as commission any
D) selling over the sales threshold completed offer over that price.
for your brokerage
How long are the terms for Three years
members of the KREC?
When is KREC annual E&O Coverage is paid with license renewal and has its
coverage paid? cost published to the licensee 30 days before
license renewal.
How many members are there in Seven
the KREC? 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. Must give written notification to the KREC of the
The agent change.
Kentucky have a real estate license All States.
reciprocity agreement with:
Per Kentucky Law, the specific Agency.
consensual relationship between Per 201 KAR 11:011 (5), the specific consensual
the principal broker and the client relationship between the principal broker and the
for a contemplated transaction, by client for a contemplated transaction, by oral or
oral or written agreement: written agreement is an Agency.
, What is one of the main purposes For people to get recourse of uncollected
of the Real Estate Education, judgement against licensees.
Research and Recovery Fund? The Real Estate Education, Research and
Recovery Fund is a special fund established by
Kentucky Real Estate Code to provide
reimbursement to persons who are victims of
fraud, misrepresentation or deceit committed by
real estate licensees during the course of any
transaction for which a license is required. It also
funds additional things like education for
licensees as well as research; its primary focus is
to protect consumers though.
Currently, the Real Estate $20,000
Education, Research and Recovery
Fund aggregate amount may not
exceed:
Under Kentucky law, a broker is 5 years.
required to keep copies of records
for
Catherines license has been At the end of five years since her license was
revoked by the Kentucky Real revoked.
Estate Commission. When can she
apply to get her license reissued?
