Kentucky Portion — Real Estate Exam Questions and Answers Already Passed

Kentucky Portion — Real Estate Exam Questions and Answers Already Passed 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. What is one of the main purposes of the Real Estate Education, Research and Recovery Fund? For people to get recourse of uncollected judgement against licensees. 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 Education, Research and Recovery Fund aggregate amount may not exceed: $20,000 Under Kentucky law, a broker is required to keep copies of records for 5 years. Catherines license has been revoked by the Kentucky Real Estate Commission. When can she apply to get her license reissued? At the end of five years since her license was revoked. Broker Misty moved into her new home on April 5th. The KREC should receive notice of her move: By April 15th The commission shall be notified in writing of a change of residence