State Test 12: Requirements for a Kentucky License Flashcards

State Test 12: Requirements for a Kentucky License Flashcards

Which of the following activities requires a real estate license?a. A lawyer handling a real estate closing for his clientb. An individual negotiating the sale of a property for a feec. homeowner selling her own homed. A trustee listing a deceased individual's home for sale An individual negotiating the sale of a property for a fee Continuing education must be completeda. every 12 months prior to the license expiration date.b. by December 31 each year.c. by December 31 every 3 years.d. by March 31 every 3 years.December 31 each year.Within 10 days of being issued a license,a sales associate licensee must submit proof of errors and omissions insurance coverage.b. enroll in a post-licensing course.c.send the national criminal history report to the principal broker.d. create an online services portal account.create an online services portal account.To quality for a reciprocal sales associate license ina.Kentucky, nonresident applicants must a pass the Kentucky state license exam.b. pass the national and Kentucky state license exam.c. pass the national section of the license exam.d. not re-take either the national or state license exam since the applicant holds a license in the resident state.pass the national and Kentucky state license exam.Sales associate licensees must complete_ hours of post-license education.a. 10b. 15c. 30d. 48 48 Commission will investigate a national criminal history check that reveals a felony conviction within the previously.a. 4 years.b. 6 years.c. 8 years.d. 10 years.10 years.What must a licensee do to reactivate a license that was canceled for failure to timely renew the license?a.Reactivate the license within 1 year by paying the delinquent renewal fee.b. Meet the requirements for a new license.c. Complete extra continuing education and apply for reactivation of the license within 1 year.d. Nothing; canceled licensees may never be reactivated.Reactivate the license within 1 year by paying the delinquent renewal fee.Licenses must be renewed bya. December 31 each year.b.March 31 of the renewal year.c. September 30 of the renewal year.d. January 1 of the renewal year.March 31 of the renewal year.How often must sales associate and broker licenses be renewed?a. Annuallyb. Every 2 yearsc. Every 3 yearsd.Every 4 years Every 2 years Who is required to submit a national criminal history check with a license application?a. Sales associate applicants

onlyb. Broker applicants onlyc. Reciprocal license applicants onlyd. Sales associate, broker, and reciprocal license applicants Sales associate, broker, and reciprocal license applicants

The licensed individual who oversees and directs brokerage operations is thea. principal broker.b. office manager.c. associate broker.d. salesperson.principal broker.A sales associate who has been terminated by a principal broker has another broker or place the license on inactive status.a. 15b. 20C. 30d. 60 30 Active licensees must earry errors and omissions coverage with a minimum limit of liability of at leasta. $50,000 for one claimb. $75,000 for one claimc. $100,000 for one claimd.$250,000 for one claim12,25 The $100,000 for one claim When a licensee fails to timely complete the required continuing education, the status of his or hera.suspended.b. resigned.c. revoked.d. canceled.canceled.Which of the following is true about errors and omissions insurance?a. It is required for all active licensees.b.Licensees must obtain coverage through the Commission's group E&O policy.c. Only brokers are required to maintain E&O insurance.d. It is optional for all licensees.It is required for all active licensees.A principal broker must notify the Commission of any change in the firm's name or location withina. 5 days.b. 10 days.c. 30 days.d. 45 days.10 days.Which of the following is true when a principal broker's license is suspended or revoked?a. Affiliated licensees licenses become inactive.b. Affiliated licensees' licenses are immediately revoked.c. Affiliated licensees' licenses are immediately transferred to another broker.d. Affiliated licensees' licenses are not affected Affiliated licensees licenses become inactive Sales associates and brokers who want to place their license out inactive status musta. complete all CE requirements prier to becoming inactive.b. obtain prior approval from the principal broker.c. obtain extended reporting period insurance for l year.d. engage in limited brokerage activity while the license is inactive.obtain extended reporting period insurance for l year.Sales associates must complete 48 hours of post- license educationa. within 2 years of receiving or activating their license.b. within every 2-year license term. within 60 days from the initial license dated. within 12 months after the initial license issue date within 2 years of receiving or activating their license.Licensees must notify the Commission of any changes in theira. commission rate.b. advertising campaigns.c.residential address.d. marital status.residential address.To qualify for licensure, a sale associate applicant must complete education. of prelicenseea. 40 hoursb. 80 hoursc.96 hoursd. 120 hours 96 hours

After a sales associate terminates affiliation with a principal broker, the broker musta. notify all affiliated licensees in the company.b. return the sales associate's license to the Commission within 5 business days.c. return the sales associate's license to the licensee.d. ensure the sales associate finds another broker to affiliate with.return the sales associate's license to the Commission within 5 business days.Which of the following is true regarding the experience requirements for brokers?a. They must have worked as a sales associate during the prior 24 months, working at least 20 hours per week.b. They must have worked as a sales associate during the prior 5 years, working at least 20 hours per weekc. They must have worked as a licensee during the prior 6 years, working at least 30 hours per week.d. They must have worked as a sales associate for at least 6 months.They must have worked as a sales associate during the prior 24 months, working at least 20 hours per week.Active licensees must complete the 6-hour Kentucky core law coursea. every year.b. every 2 years.c. every 3 years,d. every 4 years.every 4 years.When must a licensee purchase an extended reporting period insurance policy?a. The license is activated for the first time,b. The license is placed on inactive status.c. The license is suspended.d. The license is canceled due to failure to complete continuing education.The license is placed on inactive status.