Kentucky Real Estate Pre-Exam Flashcards

Kentucky Real Estate Pre-Exam Flashcards 1The license law authorizes the Kentucky Real Estate Commission toA)require certain designations for buyer brokerage.B)issue licenses for the conduct of real estate brokerage in Kentucky.C)set commission rates and fees for real estate brokerage activity.D)require all Kentucky licensees to belong to a trade association.B)issue licenses for the conduct of real estate brokerage in Kentucky.The license law authorizes the Commission to issue real estate licenses. The Commission has no authority over commission rates, trade association

membership, or real estate designations.Reference: Real

Estate Commission A Kentucky broker acting under the terms of a listing contract with a seller must submit all written offersA)to purchase without any delay.B)within two days of receiving the offer.C)within five days of receiving the offer.D)within three days of receiving the offer.A)to purchase without any delay.When a Kentucky broker signs a listing contract with a seller, the broker is bound to submit to the seller all written offers to purchase the seller's property as soon as possible and without any delay, unless they have special instructions from the sellers

otherwise.Reference: License Law Requirements for

Contracts Thomas, a neighbor of Fred, a principal broker, introduces Fred to a former college roommate who is now a professional athlete moving to Kentucky and looking for a home. Fred signs a buyer brokerage agreement with the athlete and assists him in the purchase of a home listed by another broker. How may Fred pay Thomas for his referral?A)Fred may not pay Thomas for the referral.B)Fred may pay Thomas only if he uses funds from the firm's operating account.C)Fred may pay Thomas only if he discloses that payment to all parties in the transaction.D)Fred may pay Thomas for the referral with the written permission of the listing broker.A)Fred may not pay Thomas for the referral.A Kentucky broker may not pay an unlicensed person a referral fee. No permissions or disclosures permit Fred to pay Thomas. A broker may pay a fee to a licensed auctioneer if the auctioneer has collaborated with the broker in the sale of a

property.Reference: Brokerage Activities and

Requirements A buyer of a condominium unit in Kentucky has the right to void a purchase contractA)at no time after the signing of a valid purchase contract for the condominium.B)within three days of receipt of the Condominium Sellers Certificate.C)within seven days of receipt of the Condominium Sellers Certificate.D)within five days of receipt of the Condominium Sellers Certificate.D)within five days of receipt of the Condominium Sellers Certificate.Once the buyer of a condominium in Kentucky has received from the seller the Condominium Sellers Certificate, the buyer may void the purchase contract within

five days of receiving the certificate documents.Reference:

Disclosures and Agency Issues A licensee may place signage advertising the sale of a homeA)only with the written consent of the property owner.B)only with written consent of her principal broker.C)if the property appears abandoned.D)with an oral agreement with the property owner.A)only with the written consent of the property owner.A property owner must give written consent for her property to be advertised for sale or lease. A licensee may not

advertise the property without that consent.Reference:

Brokerage Activities and Requirements Improper conduct of a licensee includes all of the following EXCEPTA)representing more than one party in a transaction without the written consent of all parties in the transaction.B)using a registered nickname in place of the

licensee's first name in conducting real estate business.C)making false statements or misrepresentations in applying for a license.D)attempting to negotiate a brokerage agreement with a consumer knowing that the consumer has an existing exclusive brokerage engagement with another licensee.B)using a registered nickname in place of the licensee's first name in conducting real estate business.A licensee may use a nickname registered with the Commission in place of the licensee's first name in conducting real estate

business. Making false statements in applying for a license, representing more than one party without written consent, and negotiating a brokerage agreement when an exclusive brokerage engagement exists are all actions that may result in sanctions or other disciplinary action by the

Commission.Reference: Brokerage Activities and

Requirements A salesperson appointed by a broker to manage an office 35 miles away from the firm's main office mustA)be supervised by an onsite associate broker.B)have at least five years' experience as a salesperson.C)have two years' experience, with an average of at least 20 hours per week over the past 24 months.D)take a Commission-approved brokerage management course.C)have two years' experience, with an average of at least 20 hours per week over the past 24 months.The license law authorizes the Commission to issue real estate licenses. The Commission has no authority over commission rates, trade association membership, or real

estate designations.Reference: Real Estate Commission

A licensee advertising a guaranteed sales plan must disclose all of the following EXCEPTA)the email address of the licensee's principal broker.B)if an exclusive buyer agency agreement is required.C)how the purchase price of the property is determined.D)whether a fee is involved for participation in the plan.A)the email address of the licensee's principal broker.An advertisement for a guaranteed sales plan must disclose whether there is a fee involved, whether the purchase price is determined by the licensee or a third party, and whether a buyer agency agreement is required. The email address

of the firm's principal broker is not required.Reference:

Brokerage Activities and Requirements A Kentucky broker may engage in property management for a property ownerA)only with a signed and current property management agreement with the owner.B)with permission of the Commission.C)with an oral agreement if the management is for a period of less than one year.D)with only whom the broker has had a previous seller or buyer brokerage agreement with.A)only with a signed and current property management agreement with the owner.A Kentucky broker may engage in property management only with a signed and current property management agreement. The broker does not need the Commission's permission. The broker is not required to have had a previous relationship with an owner

to engage in property management.Reference: Property

Management Jonathan is a retired accountant who once managed his own accounting business with six employees. He has signed an agreement with an owner who owns an apartment building with 14 units to manage the apartment complex in exchange for his living in a two-bedroom apartment in the complex. To manage the complex, JonathanA)must be licensed as a salesperson under a principal broker.B)must be licensed as an association manager under a principal broker.C)must reactivate his accountant's license.D)is not required to have a Kentucky real estate license.D)is not required to have a Kentucky real estate license.The license law exempts a person who receives the use of rental property as a principal residence from having a real estate license. Jonathan is not required to manage the property under a broker's supervision, or to be an

active accountant.Reference: Requirements for a License

If a page of a licensee's website does NOT contain the required content for advertising,A)the website includes no more than 6 viewable pages.B)the website includes no more than 10 viewable pages.C)the page is exempt from any required content if the main page of the licensee's

website includes the full name of the broker or of the brokerage firm.D)the page must include a clear, visible, clickable, and direct link to a page, post, or user account that contains the content.D)the page must include a clear, visible, clickable, and direct link to a page, post, or user account that contains the content.Each viewable page of internet advertisement, social media advertisement or other online advertisement is considered an individual advertisement and is subject to