KENTUCKY REAL ESTATE PACKAGE DEAL 2023/24

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship wit...

How much of a the fee for every real estate license and license renewal goes to the Kentucky Real Estate Education and Recovery Fund? $30 This agency is responsible for overseeing the licensure and enforcement of real estate agents and brokers in Kentucky. Kentucky Real Estate Commission ...

Land rights Surface, all natural things attached to it, subsurface, and air above the surface Real estate rights Land + man made permanent attachments Real property rights Real estate + bundle rights Bundle of Rights PUTEE (possess, use, transfer, exclude, encumber) R...

Real estate brokerage a single, multiple, or continuing act of dealing in time shares or options, selling or offering for sale, buying or offering to buy, negotiating the purchase, sale, or exchange of real estate, engaging in property management, leasing or offering to lease, renting or offering f...

Upon death of incapacitation of a principal broker, KREC may give permission for a sales associate to manage firm for how long? Up to 6 months Individuals that are exempt from a real estate license Attorneys performing real-estate related duties, Bankruptcy receivers and trustees, estate ad...

In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind of legal description should be used in MOST transactions? The same one used in prior transfers of the parcel, verified by a surveyor. A legal easement can be created b...

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: $2...

1 How many Commissioners are appointed as a citizen- at- large? 4 How many years is the term of a Commissioner? 2 How many consecutive terms can a Commissioner have? Kentucky Association of Realtors Where does the Governor get the list of people to select an appointment of a...

Types of real estate licenses in Kentucky Sales associate and broker Sales associate A person who holds an entry-level license and performs real estate services under the supervision of a licensed broker Broker A person who has been in real estate for an average of 20 hours per week...

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? 2 Years ...

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? 2 Th...

If a sales associate's license is NOT renewed by the required date, which of the following will be held accountable? 1. Principal broker 2. Sales associate 3. Sales manager 4. Owner of the brokerage company Sales associate A property management agreement between a principal broker and o...