University of Kentucky

yes Can CE classes be taken out of state of Ky? February 10 If there is a true hardship license he must request in writing an extension for CE classes by what date Pay $500 and create a delinquency plan to be completed by June 15 or place it in escrow What must a licensee do if they failed to complete the CE requirements on time? Complete CE classes and pay fees To activate a license that is an escrow what steps must be taken? Cancelled What status is a license i...

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 by any of the following EXCEPT merger of the titles Timeshare ownership programs MOST often use which of the following ownership forms? Tenancy in common Real property can be converted ...

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 owner MUST include all of the following information EXCEPT the: 1. amount of rent to be charged for each unit 2. address of the real estate being managed and the number of units 3. amount or method ...

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 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 Commissio...

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 The Kentucky Real Estate Commission is responsible for what? Protecting the public interest through regulations, examinations and licensing of KY real estate licensees. Broker Any person ...

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 for 24 months prior to becoming a broker and supervises other licensees Sponsoring broker Principal broker who agrees to supervise and hold the licenses of sales associates Errors and ...

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 Commissioner? 3 How many Commissioners can belong to the same political party? The Commissioners select the chairperson Who selects the chairperson of the Commission? No Can t...

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: $20,000 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 tim...

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 by any of the following EXCEPT merger of the titles Timeshare ownership programs MOST often use which of the following ownership forms? Tenancy in common Real property can be converted ...

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 administrators and executors, individuals selling property under court order, Employees of the owner or principal broker of a property management firm who perform administrative tasks, Individuals selli...