Kentucky Portion — Real Estate Exam with Guaranteed Accurate Answers

How often is continuing education required for Kentucky real estate salespersons? - correct answer 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: - correct answer 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)? - correct answer 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 - correct answer 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? - correct answer Three years When is KREC annual E&O coverage paid? - correct answer Coverage is paid with license renewal and has its cost published to the licensee 30 days before license renewal. How many member