Kentucky State Real Estate Exam Practice Correct 100%

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 _____________. - Answer 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? - Answer The Verbiage, "Equal Opportunity Housing" Kentucky licensees Venus and Morgan are both affiliated with broker Jamie. Venus and Morgan are each acting as listing agents in transactions where the buyer is represented by a licensee from another brokerage. What's true about this situation? - Answer Venus and Megan are single agents. Kentucky property managers are expected to provide receipts promptly and ensure moneys are deposited without delay. ____________________ needs to be entered into either the tenant and/or owner ledger for all moneys received. - Answer The dollar amount and the unit number. In Kentucky, when someone pays a commission to an unlicensed individual who is not exempt from licensing law, this is known as ______________. - Answer Kickback If a licensee fails to renew her license, when will KREC cancel it? - Answer April 1 Kentucky licensee Kaylee is working with a buyer client who has a written agency agreement with Kaylee's brokerage firm. Based on Kentucky law, which of the following duties does Kaylee owe her client? - Answer Promptly submit her client's written offer to the seller. In the sale of a Kentucky residential condominium unit, who's responsible for requesting the Condominium Seller's Certificate? - Answer The seller. 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 his a portion of his commission when he closed on his Lincoln Street transaction. Under what circumstances would this be legal? - Answer If Bryant was a party to the transaction and this was a cash rebate paid by Toby's principal broker. Dan is the designated agent of a Kentucky buyer, Matilda, who's purchasing a property listed by his firm. Dan will complete the __________________ portion of the Agency Disclosure Statement when Matilda is ready to make an offer. - Answer Transaction involving two agents int he same brokerage: Designated Agency. By what date do licensees need to complete their biennial CE requirement in Kentucky? - Answer December 31 KREC cancelled Holly's license because she didn't complete the 48-hour post-licensing education requirement. What does this mean for her? - Answer She'll need to start all over again by meeting the pre-licensing requirements, including completing all pre-licensing course, passing the state exam, and paying the required application fees. A Kentucky individual accused of engaging in unlicensed brokerage for the first time may be charged with which of the following? - Answer A Class A Misdemeanor The maximum recovery fund compensation that may be granted on behalf of multiple aggrieved parties against one licensee in Kentucky is _____________. - Answer $50,000 If a complaint for a license law violation in Kentucky does not constitute a prima facie case, the complainant has ________________ days to revise and supplement the case. - Answer 10 Kentucky's Property Management agreement details the financial arrangement between the agent and the owner for managing, leasing, or even selling the property under which section? - Answer Agent Compensation Damien's been notified that his escrow accounts are being audited. What entity is responsible for performing the audit to ensure his firm's in compliance with Kentucky's escrow account license laws? - Answer The KREC Two years ago, Marlene was convicted of engaging in unlicensed brokerage in Kentucky. She's now being charged again. What charges may be filed? - Answer Class D Felony How many classroom hours of pre-licensing education are required for a sales associate to become a broker in Kentucky? - Answer 336 hours How much time does an aggrieved party have to file a fraud claim with the Kentucky Real Estate Education, Research, and Recovery Fund? - Answer One year In Kentucky, under which of these is the seller obligated to pay the listing agent a commission if the agent is working under an exclusive agency agreement? - Answer If any agent secures the buyer How many hours of post-licensing education courses must sales associates in Kentucky complete? - Answer 48 hours How often does the KREC meet? - Answer Monthly Cyndi failed to complete her CE requirements by the end of the year, so now she has until _________________ to either enter into a delinquency plan with KREC or place her license in inactive status. - Answer March 31