Kentucky Portion — Real Estate Exam 2024 with 100% correct answers

How often is continuing education required for Kentucky real estate salespersons? correct answersEvery 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: correct answersHe/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)? correct answersThe 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 correct answersA) 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? correct answersThree years When is KREC annual E&O coverage paid? correct answersCoverage 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? correct answersSeven 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.