How often is the 6 hour course Every 4 years

Kentucky Real Estate Law Flashcards Who hold the hearing?The commission Who appoints the CommissionGovernor If a principal broker has his or her license revoked, what happens to the sales associates affiliated to the broker?It causes the licenses of all licensees affiliated to the principal broker to be automatically rendered inactive.Where must a property manager deposit a tenant's rent money?Into an escrow account or management account without unreasonable delay.How often is the 6 hour courseEvery 4 years Contract Depositmeans money delivered to a licensed agent as part of an

offer to enter a contract for the sale of real property after:(a)

The offer or counteroffer is accepted; and(b) An executory contract exits.Can a licensee whose license has been cancelled renew that license?Yes, provided the licensee pays all the required renewal fees and meets all the other requirements for renewing an active license within 1 year of the cancellation date.How long to complete identification record 90 Days Broker's and sales associate's license cost and renewal$60 How much does a commission member get paid? $6,000 Affiliation FeesIllegal. A licensee would pay the broker Education Requirementsdegree, 21 hours for broker or 6 for associate What is a passing score?75% If a broker dies or is incapacitated a sales associate affiliated with the broker may be permitted by the Commission to complete and close any existing business for a temporary 6-month period.Limit of liability must not be less than $100,000 For one claim List some of the things an out-of-state broker working under a cooperation agreement do.Work in cooperation with a Kentucky cooperating broker at all times.Provide the Kentucky cooperating broker with a copy of the out-of-state principal broker's current real estate license.Only engage in acts of commercial real estate transactions as referenced in the cooperation agreement.Provide the Kentucky cooperating broker with all documentation relating to the specific transaction governed by the cooperation agreement.Keep the Kentucky cooperating broker fully informed of all activities through prompt communications.Perform all actions under the direct supervision and control of the Kentucky cooperating broker.Be bound by and comply with Kentucky real estate law and the regulations of the Commission at all times.Not engage in improper conduct.End of Pag What must a property manager maintain for each tenant renting property that is being managed?A tenant ledger, in electronic or written form.

f a real estate transaction involves agents from the same real estate brokerage company, which section of the agency disclosure statement must be completed and what must be designated?Section II must be completed and it must designate whether the transaction involves designated agency or dual agency by checking the appropriate box.Real Estate Education, Research and Recovery Fund Paying outstanding court orders against licensees who have caused financial harm upon citizens through improper, fraudulent, or dishonest conduct.Keep $400,000Advancing education and research in the field of real estate.Broker Management course3 of the 12 hours What will the Commission do if it receives a record check revealing a felony conviction?Investigate Charges and order hearing How many continuing education hours?12, with 6 in law every two years Education review costs$50, $75 for distance A broker must keep records relating to all real estate transactions for a minimum of

• years from the consummation of the transaction.

How can a licensee whose license was revoked obtain another license?Only by the discretion of the Commission after 5 years from the revocation.Limit of liability for annual claims must not be less than$1,000,000 for 1-40 and $2,000,000 for 41 or more How many years to be a broker2, unless a degree then 1 A license will not be canceled for non-fulfillment of the continuing education requirements if by February 10, the licensee enters into a written

delinquency plan, pays a $500 fine, and either:Places his

or her license in inactive: orAgrees in the delinquency plan

to complete the delinquent continuing education requirements for the previous calendar year on or before June 15th.A broker mails his client a final accounting 90 days after being fired as the property manager. Did the agent act properly or not?No, he was required to send the final paperwork within 60 days How much does the licensing exam cost?$100 What is the premium for group errors and omissions?$200 Required Disclosurea) In print advertising, that the disclosure shall be in letters at least twenty-five (25) percent the size of the largest letters in the advertisement;(b) In radio advertising, that the disclosure shall be verbal and clearly understandable;

and(c) In television advertising, that the disclosure shall:Be

verbal and clearly understandable; orBe written and appearing on the screen at least three (3) seconds for the first line of lettering and one (1) second for each additional

line of lettering, and in letters:Which are eighteen (18)

video scan lines in size for letters which are all uppercase; orWhich are twenty-four (24) video scan lines in size for upper case capitals if upper case capitals and lower-case letters are used.

If an identification record shows a felony conviction, how soon must the applicant submit the record to the Commission?

• Days

What is the interest rate for a revoked license 10% per annum How many members of the commission7 Maximum deductibles$2,500 for judgement and $1,000 for cost of investigation If a licensee places his or her license in inactive status, what must the licensee do?Not engage in any real estate activity and pay the renewal fees.Who elects the chairperson each year?commission When must education be completed each year December 31st If an out-of-state principal broker or an out-of-state licensee fails to comply with the Kentucky statutes governing engaging in commercial real estate brokerage by out-of-state principal brokers and out-of-state licensees or engages in improper conduct as set out in Kentucky license law, the Commission may impose one or more of the

following sanctions or penalties against that person:

Levy a fine of up to $1,000.Issue a formal or informal reprimand.Report any misconduct to the licensing authority of any state.Revoke or suspend the authority of the out-of-state principal broker or out-of-state licensee to perform acts of commercial real estate brokerage.Publish and maintain a public registry of any sanctions or penalties imposed by the Commission.Report suspected violations of Kentucky statutes governing perjury and other offences to the Commonwealth's attorney of the county in which the office of the Commission is located.If a third party acquires an interest in property being sold, how is a licensee representing a party in the sale obligated to disclose information to the third party?A licensee representing a party in the sale of real property has no obligation to disclose to a party who acquires an interest in that real property, any information not required by Kentucky license law or applicable federal law.When should the seller complete the disclosure of conditions form?When they execute the listing agreement. Must be provided by listing agent within 72 hours of an offer to purchase When can someone file a complaint?Within 1 year of knowledge of the action On a separate sheet, list the changes a licensee must notify the Commission of

A license must notify the Commission to changes of:The

licensee's principal business location.The licensee's firm name.A sales associate's transfer from one principal broker to another.A licensee's surname.When the Commission receives a sales associate's license from a principal broker, following the release of the sales associate by the broker, the Commission will notify the

salesperson that:

The sales associate must re-affiliate with another broker within 30 days, or;The sales associate must request by letter that his or her license be placed in escrow.Under what circumstances can an out-of-state principal broker engage in commercial real estate brokerage in Kentucky?If the out-of-state principal broker has a valid cooperation agreement with a Kentucky-licensed cooperating broker.How much is the fine if you fail to renew on time?$200 A person filing a complaint may withdraw the complaint

provided:

An answer has not been filed, and the withdrawal is made within 20 days of the date the complaint was filed, orThere is good cause for withdrawal, and the Commission approves the withdrawal.The one member of the commission must be a citizen who is not associated with and has no financial interest in the practice or business of real estate.

What must the Commission do before denying an application for a license or ordering disciplinary action against a licensee?The Commission must order a hearing.A "Registration of out-of-state properties and timeshare"

form should contain:

Legal description of property.Names of developers, owners and persons involved in promotional activities.Type of offering.Form of ownership of property.Encumbrances on property.Current and anticipated improvements.Taxes and assessments.Facilities and services offered or to be offered in the future.Description of promotional activities to be conducted in Kentucky.Who is the likeliest to issue subpoenas to review financial records from a Commission meeting?Commission member A sales associate with 2 years' experience in real estate may manage a branch office inside a 100-mile radius of the main office.If a licensee has committed an escrow account violation, what action will the Commission take?The Commission may conduct an emergency hearing.In addition to the penalties set out in the Kentucky license laws, a Circuit Court may impose an additional penalty on a person found violating any provision of Kentucky license

law by:

Issuing a fine of between $100 and $1,000.Issuing a jail sentence of up to 6 months.Issuing a fine of between $100 and $1,000 and a jail sentence of up to 6 months.Prima Facie CaseA case in which the plaintiff has produced sufficient evidence of his or her claim that the case will be decided for the plaintiff unless the defendant produces evidence to rebut it.Can an applicant for a license or a licensee appeal a decision against them by the Commission?Yes, an applicant who is not granted a license or a licensee who has a disciplinary action ordered against himself or herself may appeal the decision.Can a licensee whose license was revoked or cancelled continue to earn commission on real estate transactions?Only if the compensation was earned before to the date of the cancellation or revocation.How long does a member of the commission serve? 3 years, total 2 consecutive terms How soon do people get notified of changes in the policy?at least 30 days before What is the maximum the Commission will pay from the recovery fund per claimant?

$20,000

How long does an expired license have to renew? 1 year On a separate sheet, list the disclosures that must be included on a seller's disclosure of conditions form.The seller's disclosure of conditions form must provide

disclosure by the seller of:Basement condition and whether

it leaks.Roof condition and whether it leaks.Source and condition of water supply.Source and condition of sewage service.Working condition of component systems.Information about construction or remodeling.Homeowners association information.Methamphetamine contamination.Any other matters the Commission deems appropriate.How many candidates for one seat on the commission?3