Kentucky State Real Estate Exam Questions With Correct Answers

Administrative Hearing - Answer The Hearing conducted by the kentucky real estate commission in its enforcement of the license law to determine if a licensee has violated the license law Commissioners - Answer These are the five people appointed by the governor to manage the kentucky Real Estate Commission and to carry out its duties as required by KRS 324 Kentucky Real Estate Commission(KREC and Commission) - Answer The administrative agency created by the Kentucky legislature to protect the interests of the public by regulating real estate licenses. License exams and disciplining licenses who violate the license laws . Prima Facie Case - Answer A case that appears on its face to have been a violation of the licensing law Real Estate Education, Research and Recovery Fund - Answer This fund is created by statute, administered by the Kentucky Real Estate Commission, and funded by real estate licensee fees, to provide funds for real estate licensee education, to assist in real estate research, and to compensate consumers who may have been damaged by fraudulent acts of real estate licensees Realtor - Answer The Designation used by Real Estate Licensees that belong to the national association of REALTORS Who has the power to discipline licensees? - Answer Kentucky Real Estate Commission Who duties are to provide educational seminars and courses for continuing education within the field of real estate? - Answer Kentucky Real Estate Commission(KREC) All fees and charges paid by licensees to the Commission shall be - Answer Deposited into the general fund of the state treasury How much is the Sales associate's Real Estate Exam? - Answer $100.00 How much is the license fee for broker's and sales associate's? - Answer $30.00 How much is the fee when a licensee wants to transfer from one broker to another broker? - Answer $10.00 What is the annual licensee's payment to the real estate education, research, and recovery fund? Paid first time when getting licence and when license is renewed. - Answer $30.00 KAR - Answer Kentucky Association Of REALTORS When do you pay your fee for renewal or new license with? - Answer before or on april 1st of each year Licenses shall be granted only to people who are - Answer Trustworthy and competent Applicants for initial licensure must be at least - Answer 18 years old Sales associates wanting to become brokers must have - Answer a sales associates license and been actively engaged in the real estate business for a period of two years. During the two year period, the applicant must have worked an average of 20 hours per week. Broker must sign a notarized affidavit that this requirement has been met An exception to the two year experience is made when - Answer the applicant has an associate degree or a baccalaureate degree with a major or minor in real estate Every applicant must state whether or not he has ever had - Answer a license suspended or revoked, must include the name of the person or company that he will be affiliated with, along with the location of the company, must state his business and residence address, and must state how long he has been in real estate business. If the applicant has at least 28 hours from a post-secondary school - Answer the applicant may submit proof of those hours instead of sending a copy of the high school or G.E.D diploma with the application The sales associate applicant, prior to taking the licensing examination, must have completed - Answer sex academic credit hours at an accredited college or university in real estate classes or 96 classroom hours from a kentucky approved real estate school. An applicant has 60 days - Answer to apply for a license after passing the examination All licenses expire on - Answer March 31st of each year Licenses are automatically renewed - Answer Upon receipt of the renewal fee as long as the licensee has completed all continuing education requirements and is it good standing with the KREC