Kentucky state re portion Flashcards

Kentucky state re portion Flashcards Justin is placing a listing ad for a soon-to-be-built expensive home in a Harrodsburg gated community. He includes the words "exclusive" and "ultra-conservative community" in his ad. Is Justin in danger of violating Fair Housing laws?Yes, because it implies that the listing is suitable only for a particular type of buyer.When property managers in Kentucky receive any sort of money for a property they manage, they should enter the account information in ______.the owner and tenant ledgers prima faciebased on the first impression; accepted as correct until proved otherwise In Kentucky, a revoked license may only be reinstated after ______ years and with KREC's approval.

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By when must all Kentucky real estate sales associates complete post-licensing education requirements?Within two years of obtaining and activating a license

when do you need to pay e and o insurance by march 31 11:50 pm

Which of the following is true about deposit of Kentucky earnest money funds?Earnest money must be immediately available if a buyer's offer isn't accepted by all parties, so it shouldn't be deposited in an escrow account until the contract is signed.Matt is a Kentucky licensee representing a seller whose home was the site of a murder/suicide. According to Kentucky's ______, Matt isn't required to affirmatively disclose this information to prospective buyers.The Property Conveyance Law says that licensees have no affirmative duty to disclose information that isn't specifically required to be disclosed.A licensee's principal broker or the broker's designated representative must attend the hearing for license law violations in Kentucky if the accused licensee ______.is a sales associate What can happen if a licensee doesn't meet the requirements of a delinquency plan with KREC for failure to complete CE requirements?KREC may suspend a licensee's license for up to six months.Your seller client is filling out the Seller's Disclosure of Property Conditions form and asks you to explain what urea-formaldehyde is. How do you respond?it's a product once used as foam insulation that could cause health issues for certain people.When KREC finds that individuals have performed unlicensed brokerage activities, it will file a civil case in the ______ where offenders are located or where the unlawful acts took place.When KREC finds that individuals have committed unlicensed brokerage activities, it will file a civil case in the circuit court where offenders are located or where the unlawful acts took place.Marla forgot to renew her Kentucky real estate license and has been charged with engaging in unlicensed brokerage.Which of the following is true?Marla may not face penalties if she reactivates her license.In accordance with the Closing Costs section of the KREC Real Estate Purchase Offer or Contract, who pays for the transfer tax and preparation of the deed?The seller pays the transfer tax for the deed, as well as for the deed's preparation. The buyer pays for the opinion of title unless the title is found to be defective, in which case

the seller must reimburse the buyer for any actual costs.

In accordance with the Closing Costs section of the KREC Real Estate Purchase Offer or Contract, who pays for the opinion of title, unless the title is found to be defective?the buyer pays Licensees who fail to complete the post-license education requirements (within 60 days) will have their license automatically cancelled To meet the requirements of the statute of frauds in Kentucky, an agreement must clearly identify the subject matter of the contract, present the essential terms and conditions of the contract, and ______.identify the contracting parties if you do not meet the delinquency plan, how long could the KREC suspend your license

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Which of the following statements is true about agency at Kentucky real estate brokerages?Kentucky allows principal brokers to choose if their brokerage will use designated agency, dual agency without designated agency, or no dual agency.Jenna's firm in Lexington issues a check to First In Line Title Company because it referred a buyer to Jenna and subsequently closed the transaction. The buyer approved the payment. This is an example of ______.an illegal kickback Jean, a broker for Clean Green Realty, paid Francisco, the buyer, a portion of the commission Clean Green received from the sale. This is known as ______.a rebate How many classroom hours of pre-licensing education are required for a sales associate to become a broker in Kentucky?336 hrs After a Kentucky seller client has completed and signed the Seller's Disclosure of Property Conditions form, who keeps the original?When you're the listing agent, deliver the original signed form to your broker to keep in the brokerage files. This is verification that you've performed your duties regarding seller disclosure according to the law.In keeping with the Uniform Residential Landlord and Tenant Act adopted by Kentucky, which of these describes a landlord's obligation for handling security deposit funds?The funds should be deposited into a bank account used solely for the purpose of holding the security deposit.As a Kentucky listing agent, when are you required to deliver the completed Seller's Disclosure of Property Conditions form to a prospective buyer?upon the prospective buyer's request To whom may a closing company in Frankfort disburse commission checks?To whomever is authorized by the listing firm's principal broker In Kentucky, if your seller client asks you to complete the Seller's Disclosure of Property Conditions form on the seller's behalf, what should you do?Comply with the request and have the seller sign the section of the form that holds the agent harmless.when must you enter into the delinquency plan by feb Kentucky buyer Chewy enters into a contract to purchase a condominium unit. Chewy's agent advises him that the seller is expected to give him a completed Condominium Seller's Certificate. If the seller doesn't give this disclosure

to Chewy, what can happen?Chewy has a right to cancel the contract at any time before conveyance of the property.You're the listing agent for Melinda, who's selling her old Kentucky home. She tells you that her son had been using