Study guides, Class notes & Summaries

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 ...

If a sales associate's license is NOT renewed by the required date, which of the following will be held accountable? 1. Principal broker 2. Sales associate 3. Sales manager 4. Owner of the brokerage company Sales associate A property management agreement between a principal broker and owner MUST include all of the following information EXCEPT the: 1. amount of rent to be charged for each unit 2. address of the real estate being managed and the number of units 3. amount or method ...

An action for recovery from the Kentucky Real Estate Education, Research, and Recovery Fund MUST be commenced within how many years from actual knowledge of the cause of action or the time when circumstances would reasonably have put the aggrieved party on notice of the cause of action? 2 The Kentucky Real Estate Commission determined that a buyer was damaged by the fraudulent action of a licensee in the amount of $50,000. If the responsible licensee does not pay the claim, the Commissio...

An action for recovery from the Kentucky Real Estate Education, Research, and Recovery Fund MUST be commenced within how many years from actual knowledge of the cause of action or the time when circumstances would reasonably have put the aggrieved party on notice of the cause of action? 2 Years The Kentucky Real Estate Commission is responsible for what? Protecting the public interest through regulations, examinations and licensing of KY real estate licensees. Broker Any person ...