Kentucky Portion — Real Estate Exam / Questions
& Verified Answers.
Terms in this set (65)
How often is continuing Every year.
education required for An individual obtaining their first, original Kentucky license is
Kentucky real estate exempt for the first two calendar years.
salespersons?
When a licensee pays back He/she must pay back all the reimbursed funds plus 10%
the Recovery Fund: interest on the amount.
Who appoints the members The Governor
of the Kentucky real estate
commission (KREC)?
Which of the following is a A) net listing.
violation of Kentucky license In Kentucky, all of the following are legal except for Net
law? listings. A net listing is where the seller specifies a minimum
acceptable sales price, and the listing agent receives as
A) a net listing
commission any completed offer over that price.
B) a general
warrantydeed
C) an open
listingagreement
D) selling over the
salesthreshold for your
brokerage
How long are the terms for Three years
members of the KREC?
When is KREC annual E&O Coverage is paid with license renewal and has its cost
coverage paid? published to the licensee 30 days before license renewal.
,How many members are Seven
there in the KREC? 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 Must give written notification to the KREC of the change.
surname. The agent
Kentucky have a real estate All States.
license reciprocity
agreement with:
Per Kentucky Law, the Agency.
specific consensual Per 201 KAR 11:011 (5), the specific consensual
relationship between the relationship between the principal broker and the
principal broker and the client for a contemplated transaction, by oral or
client for a contemplated written agreement is an Agency.
transaction, by oral or
written agreement:
What is one of the main For people to get recourse of uncollected judgement against
purposes of the Real licensees.
Estate Education,
The Real Estate Education, Research and Recovery
Research and Recovery
Fund? 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.
$20,000
Currently, the Real Estate
Education, Research and
Recovery Fund aggregate
amount may not exceed:
, Under Kentucky law, a 5 years.
broker is required to keep
copies of records for
Catherines license has been At the end of five years since her license was revoked.
revoked by the Kentucky Real
Estate Commission. When
can she apply to get her
license reissued?
Broker Misty moved into By April 15th
her new home on April The commission shall be notified in writing of a change of
5th. The KREC should residence address within ten (10) days.
receive notice of her
move:
Kentucky Real Estate Law The purpose is to protect agents against claims of inadequate work
mandates agents have errors or negligent actions.
and omissions insurance.
What is the purpose of the
insurance? Errors and omissions insurance is a type of professional
liability insurance that protects agents against claims of
inadequate work or negligent actions.
How many hours of All individuals who hold an active Kentucky salespersons
continuing education are license are required to complete 6 hours of Commission
required for Kentucky real approved continuing education during each renewal period.
estate salesperson's?
& Verified Answers.
Terms in this set (65)
How often is continuing Every year.
education required for An individual obtaining their first, original Kentucky license is
Kentucky real estate exempt for the first two calendar years.
salespersons?
When a licensee pays back He/she must pay back all the reimbursed funds plus 10%
the Recovery Fund: interest on the amount.
Who appoints the members The Governor
of the Kentucky real estate
commission (KREC)?
Which of the following is a A) net listing.
violation of Kentucky license In Kentucky, all of the following are legal except for Net
law? listings. A net listing is where the seller specifies a minimum
acceptable sales price, and the listing agent receives as
A) a net listing
commission any completed offer over that price.
B) a general
warrantydeed
C) an open
listingagreement
D) selling over the
salesthreshold for your
brokerage
How long are the terms for Three years
members of the KREC?
When is KREC annual E&O Coverage is paid with license renewal and has its cost
coverage paid? published to the licensee 30 days before license renewal.
,How many members are Seven
there in the KREC? 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 Must give written notification to the KREC of the change.
surname. The agent
Kentucky have a real estate All States.
license reciprocity
agreement with:
Per Kentucky Law, the Agency.
specific consensual Per 201 KAR 11:011 (5), the specific consensual
relationship between the relationship between the principal broker and the
principal broker and the client for a contemplated transaction, by oral or
client for a contemplated written agreement is an Agency.
transaction, by oral or
written agreement:
What is one of the main For people to get recourse of uncollected judgement against
purposes of the Real licensees.
Estate Education,
The Real Estate Education, Research and Recovery
Research and Recovery
Fund? 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.
$20,000
Currently, the Real Estate
Education, Research and
Recovery Fund aggregate
amount may not exceed:
, Under Kentucky law, a 5 years.
broker is required to keep
copies of records for
Catherines license has been At the end of five years since her license was revoked.
revoked by the Kentucky Real
Estate Commission. When
can she apply to get her
license reissued?
Broker Misty moved into By April 15th
her new home on April The commission shall be notified in writing of a change of
5th. The KREC should residence address within ten (10) days.
receive notice of her
move:
Kentucky Real Estate Law The purpose is to protect agents against claims of inadequate work
mandates agents have errors or negligent actions.
and omissions insurance.
What is the purpose of the
insurance? Errors and omissions insurance is a type of professional
liability insurance that protects agents against claims of
inadequate work or negligent actions.
How many hours of All individuals who hold an active Kentucky salespersons
continuing education are license are required to complete 6 hours of Commission
required for Kentucky real approved continuing education during each renewal period.
estate salesperson's?
