University of Kentucky
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Chapter 3 notes from ASC101 at the University of Kentucky. Notes taken from both the book and lectures.
Notes from Chapter 2 in ASC101 at the University of Kentucky. Notes taken both from the book and lectures.
Notes from Chapter 1 of Animal Science at the University of Kentucky. Chapter notes taken from both the book and lectures.
Jenna's firm in Lexington issues a check to First In Line Title Company because it referred a buyer to Jenna and subsequently closed the transaction. The buyer approved the payments. This is an example of _____________. 
An Illegal Kickback 
 
 
 
Monty is advertising a number of listings in the local Prospect newspaper and includes the fair housing logo in the ad. What else is required? 
The Verbiage, "Equal Opportunity Housing" 
 
 
 
Kentucky licensees Venus and Morgan are both affiliated ...
Legal Concept of Land 
surface area of the earth 
everything beneath the surface area of the earth, extending to it's core 
all natural things permanently attached to the earth 
minerals and water on or below the earth's surface 
 
 
 
Parcel/Tract 
portion of land delineated by boundaries 
 
 
 
Physical Characteristics of Land 
immobility, indestructibility, and heterogeneity 
 
 
 
Economic Characteristics of Land 
D.U.S.T.S 
Demand 
Utility 
Scarcity 
Transferability 
Situs 
 
 
 
Legal Co...
which of the following statements is true about the Kentucky Statute of frauds and the sale of real estate? 
all essential terms of the contract must be in writing 
 
 
 
which of the following statements is true regarding Kentucky real estate brokerages? 
the principal broker may choose to use designated agency, dual agency, without designated agency or no dual agency at the brokerage 
 
 
 
if the licensee can't pay or refuses to pay an aggrieved party after being found guilty of fraud in Ken...
The law which requires that an applicant receive a good faith estimate within three days of loan application is 
RESPA. 
 
RESPA requires borrowers to receive a good faith estimate (GFE) within three days of loan application. 
 
 
 
Upon passing the exam and sending the proper documentation to the KREC, the license of the new agent will be sent to the 
broker, at his business address. 
 
 
 
1. The law which requires that an applicant receive a good faith estimate within three days of loan appli...
What is a free hold estate 
an exclusive right to use and possess a real property for an indefinite period of time 
 
 
 
What are the 2 types of free hold estates 
fee simple and life estate 
 
 
 
Define fee simple estate 
Absolute ownership includes all the rights associated with ownership. Highest type of ownership that can be held in real property. 
 
 
 
Define life estate 
an estate whose duration is limited by the life of the party holding it or a third person(remainderman) 
 
 
 
what i...
yes 
Can CE classes be taken out of state of Ky? 
 
 
 
February 10 
If there is a true hardship license he must request in writing an extension for CE classes by what date 
 
 
 
Pay $500 and create a delinquency plan to be completed by June 15 or place it in escrow 
What must a licensee do if they failed to complete the CE requirements on time? 
 
 
 
Complete CE classes and pay fees 
To activate a license that is an escrow what steps must be taken? 
 
 
 
Cancelled 
What status is a license i...
In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind of legal description should be used in MOST transactions? 
The same one used in prior transfers of the parcel, verified by a surveyor. 
 
 
 
A legal easement can be created by any of the following EXCEPT 
merger of the titles 
 
 
 
Timeshare ownership programs MOST often use which of the following ownership forms? 
Tenancy in common 
 
 
 
Real property can be converted ...