Study guides, Class notes & Summaries

Types of real estate licenses in Kentucky Sales associate and broker Sales associate A person who holds an entry-level license and performs real estate services under the supervision of a licensed broker Broker A person who has been in real estate for an average of 20 hours per week for 24 months prior to becoming a broker and supervises other licensees Sponsoring broker Principal broker who agrees to supervise and hold the licenses of sales associates Errors and ...

1 How many Commissioners are appointed as a citizen- at- large? 4 How many years is the term of a Commissioner? 2 How many consecutive terms can a Commissioner have? Kentucky Association of Realtors Where does the Governor get the list of people to select an appointment of a Commissioner? 3 How many Commissioners can belong to the same political party? The Commissioners select the chairperson Who selects the chairperson of the Commission? No Can t...

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 Commission may pay out from the Real Estate Education, Research, and Recovery Fund a MAXIMUM amount of: $20,000 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 tim...

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 ...

Upon death of incapacitation of a principal broker, KREC may give permission for a sales associate to manage firm for how long? Up to 6 months Individuals that are exempt from a real estate license Attorneys performing real-estate related duties, Bankruptcy receivers and trustees, estate administrators and executors, individuals selling property under court order, Employees of the owner or principal broker of a property management firm who perform administrative tasks, Individuals selli...

Real estate brokerage a single, multiple, or continuing act of dealing in time shares or options, selling or offering for sale, buying or offering to buy, negotiating the purchase, 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 ...

Land rights Surface, all natural things attached to it, subsurface, and air above the surface Real estate rights Land + man made permanent attachments Real property rights Real estate + bundle rights Bundle of Rights PUTEE (possess, use, transfer, exclude, encumber) Riparian rights (rivers and streams) = R Navigable: own land to water's edge Not navigable: own underlying land to midpoint of stream Littoral rights (lakes and seas) = L Own to high water m...

How much of a the fee for every real estate license and license renewal goes to the Kentucky Real Estate Education and Recovery Fund? $30 This agency is responsible for overseeing the licensure and enforcement of real estate agents and brokers in Kentucky. Kentucky Real Estate Commission A person signs a document that contains the name of the borrower, the name of the lender, the amount borrowed, the interest rate, the date the note was signed, and the first payment due date. Thi...

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license in escrow or find another broker Disciplinary actions that can be taken by the ...

Accretion Increase of land by deposit of sand or soil washed up naturally from a river, lake or sea ADA Tenant Tenant with disability. Must accommodate for tenants/residents with disabilities. Priority is to get party to the door. Can make changes, must be giving parking if available, do not have to ask to make changes Broker's License License to act as intermediary on behalf of others for a commission. Bringing together of parties interested in making a real estate transaction...