Western Kentucky University

Offer to purchase contracts must include all of the following EXCEPT: the amount of commission to be paid to the broker. When a sales associate receives an earnest money deposit, he/she should: turn it over to his/her principal broker. Alice Gogetter has opened a business to help renters locate available property. Alice supplies her clients with a list of properties which are available for rent and she charges $40 for the list. Alice does not have a real estate license and she do...

The Kentucky Real Estate Commission determined that a buyer was damaged by the fraudulent action of a licensee in the amount of $50,000. If the responsible licensee does not pay the claim, the Commission may pay out from the Real Estate Education, Research, and Recovery Fund a MAXIMUM amount of: $20,000.00 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 ...

A buyer, hoping to beat out all other offers, included a clause in the offer that reads, "Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer on acceptance." What type of offer is this? Escalator A buyer, hoping to beat out all other offers, included a clause in the offer that reads, "Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer on ac...

A broker must maintain a copy of all of the following EXCEPT: buyer's new deed. The Kentucky Real Estate Commission does NOT have the right to: order discipline against an unlicensed person. Written property management agreements may include a provision: that automatically renews the agreement. The KREC has received a complaint against a licensee and has forwarded the complaint to the licensee. The licensee: has 20 days to answer the complaint. A homeowner calls ...

he Kentucky Real Estate Commission Which of the following is responsible for drafting rules and regulations regarding the practice of real estate in KY? Payment of KREC expenses The Education, Research, and Recovery Fund CANNOT be used for enhance the broker's business One of the major purposes of professional property management would be to the for-sale-by-owner The one listed below that WOULD have to complete a seller's disclosure of property conditions form is ...

Which of the following fees that a broker charges an agent is a violation of the Kentucky Revised Statutes? - desk fee - long distance charges - affiliation fee - coffee fee affiliation fee Most of the time (with certain law exceptions) licensed Kentucky brokers shall maintain a definite place of business in what state? - Kentucky - the state in which the broker was born in - the state where the broker spends the most time in - any state except Kentucky Kentucky A lic...

Kentucky Real Estate Commission (duties and powers) - Issue, suspend, and revoke licenses - Hold disciplinary hearings and penalize licensees who violate regulations - Investigate complaints against licensees - Conduct examinations or contract with exam providers - Examine and audit escrow accounts - Scrutinize licensees' background checks Kentucky Real Estate Commission (members) - Seven members: Six licensed and living in Kentucky for at least the 10 previous years, one unlicens...

Provided are Ch.4 in-class notes.

Provided are Ch.3 in-class notes.

Provided is Ch.2 in-class notes.