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Kentucky Broker Law Latest
Questions and Graded Answers
Agency
Ans: A legal relationship in which one party, called
the principal, authorized another, called the agent, to
act on the principal's behalf
Real Estate Brokerage
Ans: a single, multiple, or continuing act of dealing
in time shares or options, selling or offering for sale,
or exchange of real estate, engaging in property
management, leasing or offering to lease, renting or
offering for rent, or referring or offering to refer for
the purpose of securing prospects, any real estate or
the improvements thereon for others for a fee,
compensation, or other valuable consideration
Commission
Ans: means the Kentucky Real Estate Commission
Net Listing
Ans: means a listing agreement that provides for a
stipulated net price to the owner and the excess over
the stipulated net price to be received by the licensee
as the fee compensation or other valuable
consideration
Principal broker
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Ans: means a person licensed as a broker under KRS
324.046 who, in addition to performing acts of real
estate brokerage or transactions comprehended by
that definition, is the single broker responsible for
the operation of the company with which he or she is
associated
Real estate
Ans: means real estate in its ordinary meaning and
includes timeshares, options, leaseholds, and other
interests less than leaseholds
Sales associate
Ans: means any person licensed in accordance with
KRS 324.046(2) that is affiliated with a Kentucky-
licensed principal broker- and who, when engaging in
real estate brokerage, does so under the supervision
of the principal broker
Approved real estate school
Ans: means: a school that has been given a
certificate of approval by the Kentucky Commission
on Proprietary Education or other regulatory bodies
that exercise jurisdiction over accreditation and
approval and the Kentucky Real Estate Commission.
Approved real estate school
Ans: A National Association of Realtors recognized
program which has been reviewed by the Kentucky
Real Estate Commission and deemed an
_______________________________________
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Accredited institution
Ans: means a college or university accredited by
appropriately recognized educational associations or
chartered and licensed in Kentucky that grants
credits toward a program for either an associate,
baccalaureate, graduate, or professional degree
Property management
Ans: means the overall management of real property
for others for a fee, compensation, or other valuable
consideration, and may include the marketing of
property, the leasing of property, collecting rental
payments on the property, payment of notes,
mortgages, and other debts on the property,
coordinating maintenance for the property, remitting
funds and accounting statements to the owner, and
other activities that the commission may determine
by administrative regulation
Broker
Ans: means any person who is licensed under KRS
324.046 (1) and performs acts of real estate
brokerage
Designated manager
Ans: means a licensed sales associate or broker who
manages a main or branch office for the principal
broker, at the principal broker's direction, and has
managing authority over the activities of the sales
associates at that office
Regular employee
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Ans: means an employee who works for an employer,
whose total compensation is subject to withholding
of federal and state taxes and FICA payments, and
who receives from the employer a fixed salary
governed by federal wage guidelines that is not
affected by specific real estate transactions
Designated agency
Ans: means a form of agency relationship that exists
when a principal broker, in accordance with KRS
324.121, identifies different licensees in the same
real estate brokerage firm to separately represent
more than one party in the same real estate
transaction
Affiliation
Ans: means the relationship agreed upon between a
licensee and a principal broker and reported to the
commission where the licensee places his license
with the principal broker for supervision of the
licensee's real estate brokerage activity
Canceled
Ans: means the status of a license when a licensee
fails to renew a license, writes the commission a
check for fees that is not honored, fails to re-affiliate
with a principal broker, or fails to complete
requirements for continuing or post-license
education
Suspended
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Kentucky Broker Law Latest
Questions and Graded Answers
Agency
Ans: A legal relationship in which one party, called
the principal, authorized another, called the agent, to
act on the principal's behalf
Real Estate Brokerage
Ans: a single, multiple, or continuing act of dealing
in time shares or options, selling or offering for sale,
or exchange of real estate, engaging in property
management, leasing or offering to lease, renting or
offering for rent, or referring or offering to refer for
the purpose of securing prospects, any real estate or
the improvements thereon for others for a fee,
compensation, or other valuable consideration
Commission
Ans: means the Kentucky Real Estate Commission
Net Listing
Ans: means a listing agreement that provides for a
stipulated net price to the owner and the excess over
the stipulated net price to be received by the licensee
as the fee compensation or other valuable
consideration
Principal broker
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Ans: means a person licensed as a broker under KRS
324.046 who, in addition to performing acts of real
estate brokerage or transactions comprehended by
that definition, is the single broker responsible for
the operation of the company with which he or she is
associated
Real estate
Ans: means real estate in its ordinary meaning and
includes timeshares, options, leaseholds, and other
interests less than leaseholds
Sales associate
Ans: means any person licensed in accordance with
KRS 324.046(2) that is affiliated with a Kentucky-
licensed principal broker- and who, when engaging in
real estate brokerage, does so under the supervision
of the principal broker
Approved real estate school
Ans: means: a school that has been given a
certificate of approval by the Kentucky Commission
on Proprietary Education or other regulatory bodies
that exercise jurisdiction over accreditation and
approval and the Kentucky Real Estate Commission.
Approved real estate school
Ans: A National Association of Realtors recognized
program which has been reviewed by the Kentucky
Real Estate Commission and deemed an
_______________________________________
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Accredited institution
Ans: means a college or university accredited by
appropriately recognized educational associations or
chartered and licensed in Kentucky that grants
credits toward a program for either an associate,
baccalaureate, graduate, or professional degree
Property management
Ans: means the overall management of real property
for others for a fee, compensation, or other valuable
consideration, and may include the marketing of
property, the leasing of property, collecting rental
payments on the property, payment of notes,
mortgages, and other debts on the property,
coordinating maintenance for the property, remitting
funds and accounting statements to the owner, and
other activities that the commission may determine
by administrative regulation
Broker
Ans: means any person who is licensed under KRS
324.046 (1) and performs acts of real estate
brokerage
Designated manager
Ans: means a licensed sales associate or broker who
manages a main or branch office for the principal
broker, at the principal broker's direction, and has
managing authority over the activities of the sales
associates at that office
Regular employee
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Ans: means an employee who works for an employer,
whose total compensation is subject to withholding
of federal and state taxes and FICA payments, and
who receives from the employer a fixed salary
governed by federal wage guidelines that is not
affected by specific real estate transactions
Designated agency
Ans: means a form of agency relationship that exists
when a principal broker, in accordance with KRS
324.121, identifies different licensees in the same
real estate brokerage firm to separately represent
more than one party in the same real estate
transaction
Affiliation
Ans: means the relationship agreed upon between a
licensee and a principal broker and reported to the
commission where the licensee places his license
with the principal broker for supervision of the
licensee's real estate brokerage activity
Canceled
Ans: means the status of a license when a licensee
fails to renew a license, writes the commission a
check for fees that is not honored, fails to re-affiliate
with a principal broker, or fails to complete
requirements for continuing or post-license
education
Suspended
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