Kentucky State Real Estate | Questions and Answers with complete

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 time when circumstances would reasonably have put the aggrieved party on notice of the cause of action? - Two (2) Years The Kentucky Real Estate Commission is NOT responsible for the following activities - commission or fee dispute arbitrations. A licensee negotiating the sale of a condominium tells a prospective buyer that the licensee absolutely guarantees that if the buyer closes on the property now, and resells it in a year, the buyer will realize no less than a $10,000 profit. The buyer purchases the condominium, and sells it a year later at a $5,000 loss. Which of the following situations is a possible consequence to the licensee? - The licensee may be subject to possible penalty by the Kentucky Real Estate Commission. If a sales associate's real estate license has been revoked, the Kentucky Real Estate Commission will NOT issue another license for a period of how many years from the date of revocation? - Five (5) years. What action MUST be completed prior to the awarding of funds from the Kentucky Real Estate Education, Research, and Recovery Fund? - A Commission Hearing Real estate licensees MUST obtain errors and omissions insurance coverage in which of the following manners? - From their own insurance agent or through the Kentucky Real Estate Commission group policy. Which of the following MUST occur when licensees change their principal residence? - The Kentucky Real Estate Commission must be notified of the new address in writing by the licensee within ten days.