Kansas Principles of Real Estate Exam Questions & Answers 100% Verified
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Course
Kansas Principles
Institution
Kansas Principles
Kansas Association of Realtors KAR - ANSWER-professional trade association that provides a wide variety of programs and services
Kansas Real Estate Commission KREC - ANSWER-governs real estate licenses and how they are earned and maintained. approval of schools
Not required to have a license ...
Kansas Principles of Real Estate Exam 2023-2024 Questions & Answers 100% Verified
Kansas Association of Realtors KAR - ANSWER-professional trade association that provides a wide variety of programs and services
Kansas Real Estate Commission KREC - ANSWER-governs real estate licenses and how they are earned and maintained. approval of schools
Not required to have a license - ANSWER-buying or selling your own property, authorized by a court, working for the government, your an attorney, you are power of attorney and not paid, an employee who owns at least 5% of stock, mls service, nonprofit, leasing.
Qualify for a License - ANSWER-1. be 18, 2. complete 30 hour pre-license course, 3. criminal background 4. 30 hour Kansas Practice Course 5. No more than 6 months after
exam file application for license, 6. character references
Maintain your license - ANSWER-1. 12 hours of CE courses every 2 years 2. 9 must be KREC approved 3. 3 hour course specific subject
Broker license qualifications - ANSWER-24 hour broker pre-license course within 12 months of exam, 2 of 5 years must be licensed, background check, in 6 months of exam
submit license application, 12 hour CE every 2 years, 6 mandatory and 6 elective
REC grants license upon: - ANSWER-suspension of a license, plead guilty to crimes any felony will not get a license, false statements on application
Non-resident brokers want a Kansas license - ANSWER-complete a 4 hour Kansas license law course and have a background check
Brokers pay commissions to - ANSWER-Licensees affiliated with them only.
Licensee can pay assistant - ANSWER-if employed by same broker with permission
brokers can pay fees to out of state broker - ANSWER-as long as the payment is not resulting in a rebate
Home office - ANSWER-ok as long as it is in compliance with zoning requirements and have room for records to be reviewed by KREC Display licenses - ANSWER-with the supervising brokers office
Trust account - ANSWER-hold funds for people. $100 can be commingled, held in brokers name, reviewed by KREC, can be established by branch office
Trust account can be deposited with escrow agent - ANSWER-with KREC notice
Trust account funds must be deposited - ANSWER-within 5 business days from the date of the contract unless otherwise agreed and not prior to contract acceptance unless special
Trust fund earnest money - ANSWER-seller must give written consent prior to acceptance that is not cash.
Payments from trust account - ANSWER-at closing, with written consent of both parties,
court order
trust account records are - ANSWER-deposit slips, bank statements, ledger for each transaction
When can deposit to trust be made prior to contract acceptance? - ANSWER-a transaction number must be assigned for each offer, deposit date must be used as the contract date, if accepted the contract number must be same as offer, if rejected prior to
acceptance the broker must return money to buyer and record rejection
Keep records for 3 years - ANSWER-seller and buyer agreements, sales contracts and closing statements, correspondence regarding property, trust account records
Prizes, gifts, gratuities are allowed - ANSWER-Not able to offer client rebate or help finance any part. only able to reduce commission
blind ads - ANSWER-ad must include brokers trade name
licensees selling own property not listed - ANSWER-no rules apply only to note that owner has a license
KREC has copy of agreement - ANSWER-for brokers to use the trade name or logo of another entity
customer - ANSWER-some with whom a licensee does not have agency
buyer - ANSWER-is the customer of the seller's agent
seller - ANSWER-is the customer of the buyers agent
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