Real Estate Flashcards | Questions and Correct Solutions 2024

Real Estate Flashcards | Questions and Correct Solutions 2024 Toby is a sales associate with Louisville Slugger Realty. Toby's principal broker promised his brother, Bryant, who is unlicensed and not an attorney or trustee, that he would pay him a portion of his commission when he closed on his Lincoln Street transaction. Under what circumstances would this be legal? A. If Bryant was a party to the transaction and this was a cash rebate paid by Toby's principal broker. B. If it was a referral fee. C. If it was paid after the fact by Toby. D. If it was paid through Toby's principal broker. - Answer - A. If Bryant was a party to the transaction and this was a cash rebate paid by Toby's principal broker. The maximum recovery fund compensation that may be granted to a single aggrieved party in Kentucky is ______. A. $20,000 per claimant B. $30,000 per claimant C. $40,000 per claimant D. Unlimited - Answer - $20,000 per claimant KREC requires that electronic documents be ______. A. Converted to paper and stored on site B. Immediately available upon KREC request C. Protected by encryption and cloud-based backup D. Used for all document storage - Answer - B. Immediately available upon KREC request The annual deadline to pay the errors and omissions insurance premium obtained through the Kentuc