ACCURACY IS GUARANTEED
Kentucky Broker Law Questions with Detailed
Verified Answers for Accuracy
Agency
✓✓ A legal relationship in which one party, called the principal,
authorized another, called the agent, to act on the principal's
behalf
Real Estate Brokerage
✓✓ a single, multiple, or continuing act of dealing in time
shares or options, selling or offering for 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
Commission
✓✓ means the Kentucky Real Estate Commission
Net Listing
✓✓ means a listing agreement that provides for a stipulated net
price to the owner and the excess over the stipulated net price
to be received by the licensee as the fee compensation or other
valuable consideration
Principal broker
, ACCURACY IS GUARANTEED
✓✓ means a person licensed as a broker under KRS 324.046
who, in addition to performing acts of real estate brokerage or
transactions comprehended by that definition, is the single
broker responsible for the operation of the company with which
he or she is associated
Real estate
✓✓ means real estate in its ordinary meaning and includes
timeshares, options, leaseholds, and other interests less than
leaseholds
Sales associate
✓✓ means any person licensed in accordance with KRS
324.046(2) that is affiliated with a Kentucky-licensed principal
broker- and who, when engaging in real estate brokerage, does
so under the supervision of the principal broker
Approved real estate school
✓✓ means: a school that has been given a certificate of
approval by the Kentucky Commission on Proprietary
Education or other regulatory bodies that exercise jurisdiction
over accreditation and approval and the Kentucky Real Estate
Commission.
Approved real estate school
✓✓ A National Association of Realtors recognized program
which has been reviewed by the Kentucky Real Estate
Commission and deemed an
_______________________________________
, ACCURACY IS GUARANTEED
Accredited institution
✓✓ means a college or university accredited by appropriately
recognized educational associations or chartered and licensed
in Kentucky that grants credits toward a program for either an
associate, baccalaureate, graduate, or professional degree
Property management
✓✓ means the overall management of real property for others
for a fee, compensation, or other valuable consideration, and
may include the marketing of property, the leasing of property,
collecting rental payments on the property, payment of notes,
mortgages, and other debts on the property, coordinating
maintenance for the property, remitting funds and accounting
statements to the owner, and other activities that the
commission may determine by administrative regulation
Broker
✓✓ means any person who is licensed under KRS 324.046 (1)
and performs acts of real estate brokerage
Designated manager
✓✓ means a licensed sales associate or broker who manages a
main or branch office for the principal broker, at the principal
broker's direction, and has managing authority over the
activities of the sales associates at that office
Regular employee
, ACCURACY IS GUARANTEED
✓✓ means an employee who works for an employer, whose
total compensation is subject to withholding of federal and
state taxes and FICA payments, and who receives from the
employer a fixed salary governed by federal wage guidelines
that is not affected by specific real estate transactions
Designated agency
✓✓ means a form of agency relationship that exists when a
principal broker, in accordance with KRS 324.121, identifies
different licensees in the same real estate brokerage firm to
separately represent more than one party in the same real
estate transaction
Affiliation
✓✓ means the relationship agreed upon between a licensee and
a principal broker and reported to the commission where the
licensee places his license with the principal broker for
supervision of the licensee's real estate brokerage activity
Canceled
✓✓ means the status of a license when a licensee fails to renew
a license, writes the commission a check for fees that is not
honored, fails to re-affiliate with a principal broker, or fails to
complete requirements for continuing or post-license education
Suspended
✓✓ means the status of a license when disciplinary action has
been ordered against a licensee that prohibits the brokerage of
real estate for a specific period of time
Kentucky Broker Law Questions with Detailed
Verified Answers for Accuracy
Agency
✓✓ A legal relationship in which one party, called the principal,
authorized another, called the agent, to act on the principal's
behalf
Real Estate Brokerage
✓✓ a single, multiple, or continuing act of dealing in time
shares or options, selling or offering for 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
Commission
✓✓ means the Kentucky Real Estate Commission
Net Listing
✓✓ means a listing agreement that provides for a stipulated net
price to the owner and the excess over the stipulated net price
to be received by the licensee as the fee compensation or other
valuable consideration
Principal broker
, ACCURACY IS GUARANTEED
✓✓ means a person licensed as a broker under KRS 324.046
who, in addition to performing acts of real estate brokerage or
transactions comprehended by that definition, is the single
broker responsible for the operation of the company with which
he or she is associated
Real estate
✓✓ means real estate in its ordinary meaning and includes
timeshares, options, leaseholds, and other interests less than
leaseholds
Sales associate
✓✓ means any person licensed in accordance with KRS
324.046(2) that is affiliated with a Kentucky-licensed principal
broker- and who, when engaging in real estate brokerage, does
so under the supervision of the principal broker
Approved real estate school
✓✓ means: a school that has been given a certificate of
approval by the Kentucky Commission on Proprietary
Education or other regulatory bodies that exercise jurisdiction
over accreditation and approval and the Kentucky Real Estate
Commission.
Approved real estate school
✓✓ A National Association of Realtors recognized program
which has been reviewed by the Kentucky Real Estate
Commission and deemed an
_______________________________________
, ACCURACY IS GUARANTEED
Accredited institution
✓✓ means a college or university accredited by appropriately
recognized educational associations or chartered and licensed
in Kentucky that grants credits toward a program for either an
associate, baccalaureate, graduate, or professional degree
Property management
✓✓ means the overall management of real property for others
for a fee, compensation, or other valuable consideration, and
may include the marketing of property, the leasing of property,
collecting rental payments on the property, payment of notes,
mortgages, and other debts on the property, coordinating
maintenance for the property, remitting funds and accounting
statements to the owner, and other activities that the
commission may determine by administrative regulation
Broker
✓✓ means any person who is licensed under KRS 324.046 (1)
and performs acts of real estate brokerage
Designated manager
✓✓ means a licensed sales associate or broker who manages a
main or branch office for the principal broker, at the principal
broker's direction, and has managing authority over the
activities of the sales associates at that office
Regular employee
, ACCURACY IS GUARANTEED
✓✓ means an employee who works for an employer, whose
total compensation is subject to withholding of federal and
state taxes and FICA payments, and who receives from the
employer a fixed salary governed by federal wage guidelines
that is not affected by specific real estate transactions
Designated agency
✓✓ means a form of agency relationship that exists when a
principal broker, in accordance with KRS 324.121, identifies
different licensees in the same real estate brokerage firm to
separately represent more than one party in the same real
estate transaction
Affiliation
✓✓ means the relationship agreed upon between a licensee and
a principal broker and reported to the commission where the
licensee places his license with the principal broker for
supervision of the licensee's real estate brokerage activity
Canceled
✓✓ means the status of a license when a licensee fails to renew
a license, writes the commission a check for fees that is not
honored, fails to re-affiliate with a principal broker, or fails to
complete requirements for continuing or post-license education
Suspended
✓✓ means the status of a license when disciplinary action has
been ordered against a licensee that prohibits the brokerage of
real estate for a specific period of time
