KY Real Estate Law - PSI Practice Exam Flashcards

KY Real Estate Law - PSI Practice Exam Flashcards When terminating with a broker, what will an agent have to turn over to that broker?All listin info An agent who promotes property outside of KY shall...Apply to te commission first The sellers of timeshare need to fill out what form?Affidavit of Timeshare Development BrokerAny person who is licensed under the KY Statutes and performs acts of real estate brokerage.The registration required to promote a sale outside of KY does not apply too...

• Owner- Co-owner- Government agency

For an agent to be a sub-agent, he or she must... Work for a different broker than the selling agent What must an agent do to advertise a property as "A Guaranteed Sale"?Get written disclosure When is the agency Disclosure Statement given? At the time an offer is made How many years experience does an agent have to have in order for their name to b e in the firm name?2 If an agent receives confidential information about either party in a designated agency transaction, the agent must do what?Disqualify themselves After sending documents via fax or email, an agent should do what?Mail them if requested According to the Statute of Frauds in KY, all contracts for real estate must be...In writting What must happen for a sub-agency?Both parties must give written consent What is "imputed knowledge"?Is implied knowledge, the degree of responsibility of what an owner and their agent know about the property What is the fine for not completing continuing education on time?$200 How many units does a multi-family residential commercial purpose have to have?5 How many days do you have to apply for a license after passing the exam?60 A licensee may not engage in property management w/o...A property management agreement When you are a seller's agent, what 6 fiduciary duties do

you have to follow?Hint: OLD CAR

• obey- loyal- disclose all facts- confidentiality- account for

money- reasonable skill and care A sign can not be placed in a yard w/o written Written concent When do you request a copy of you record? Before the exam What is the fine for not completing continuing education by Dec. 31st?$500 It is a violation to fail to remit what? Any money within a reasonable time Your certificate of completion for each course must say they were completed by what date each year?December 31st

Besides disclosing known issues, an agent should disclose what?Issues they should know exist What must be done if you transfer to another brokerage or you change your surname?written notice must be given to the commission The Commission may levy a fine of what?- $1,000- 12 months probation It is improper to serve as an agent and loan originator unless you have what?The required disclosures An out of state broker may list a KY commercial property if...It is co-listed with a KY cooperating broker If a license is revoked what is the minimum length of time?5 years You do not have to have continuing education if...Your license is in escrow When a potential seller contacts an agent about listing their property but they already have an agreement with another agent, what must the agent do?Fill out the Seller Initiated Re-Listing form If an agent's buyers go under contract with a For Sale By Owner what must the agent do?Check for Seller's Disclosures and provide to seller if necessary How many years must a broker keep property management records?

• years

Real estate advertising shall include the name of...The company or it's principal broker What is actual knowledge?Seller has direct and clear awareness of a fact or condition of their property.What is "Grandfather Clause"?- If you got your license prior to 1976 you do not have to do continuing education If your license is in escrow, you may not... Engage in any real estate activity All agents with active licenses must carry... Errors and Omissions insurance An agent can accept money from a vendor as long as they have what?Written disclosure Hours required for pre-license in KY?96 A license application is a...Sworn statement If you failed to do continuing education in time you can do what?File for a delinquency plan A non-licensed assistant may not write advertisements w/o...Being reviewed by the agent Referral FeeA broker may pay to another outside of KY for referring a client to the KY broker.If an agent wants to compensate their client, it must be...In writing How many hours per year of continuing education is required?6 It is illegal to discriminate based on what 8 things?- race- color- religion- sex- familiar status- disability- sex orientation- gender identity An agent shall not pressure a potential client to do what?Break an agreement with another agent A back-up offer must include what?Special wording inserted by the agent in the counter offer Anytime someone signs a document, that person is entitled to what?Copies of that document

Even if there is not a written listing agreement, an agent may still...Advertize public info A sales associate may manage an office branch if...- they have 2 yr experience- they average 20 hours per week for 1 year- the office is within 100 miles of the main branch What kind of listings are illegal?Net listings Under a contract for deed, the purchaser has what type of interest in the property?An equitable interest in the property All listing and sales contracts must include what?Listing or purchase price If a commercial property is co-listed with an out of state agent, advertising must include what?

• equal prominence with the same identifying info- the

company names- relecent licensees What must a listing agent provide 72 hours after the offer to purchase?Seller's Disclosures It is illegal to sell a property using what techniques?A lottery, contest, or deceptive practice KREC will not charge a fee to an agent for their...Affiliation Every broker in KY must maintain what?A real and definite place of business No real estate advertising shall be intentionally...False, misleading or deceptive When must an escrow check be deposited after the accepted of the contract?Within 3 business days If you fail to take continuing education, what must you do?What will happen if you do not?

• put your license in escrow- file a delinquency plan- It will

be canceled A real estate company's home page must include... The company's full non-abbreviated name or name of broker If known, an agent may not disclosure what regarding a client?If they have HIV Errors and omissions does not cover...Fraud An agent has no affirmative duty to disclose what?Any information not required by law What is designated agency?Occurs when a buyer and seller are represented by two agents in the same brokerage?Minimum service means you must do what?Deliver the contracts to the client w/o delay How many days do you have to turn in your criminal record to the commission if it comes back with a felony or misdemeanor?5 What 2 types of ledgers must a licensee maintain for property management?

• Owner ledger- Tenant ledger

What is dual agency?When a single agent represents both the buyer and seller A condo association may charge up to how much for a preparation fee?

• $225 or 80% of monthly assessment

The max deductible for errors and omissions insurance is...- $2,500 for judgement- $1,000 for defense Can an out of state broker and their licensee engage in brokerage activities in KY?Yes, if requirements are met 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?

• Years

All licensees shall comply with what in KY? Laws and regulations The Kentucky Real Estate Commission is responsible for what?Protecting the public interest through regulations, examinations and licensing of KY real estate licensees.