University of Kentucky
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Latest notes & summaries University of Kentucky
which of the following statements is true about the Kentucky Statute of frauds and the sale of real estate? 
all essential terms of the contract must be in writing 
 
 
 
which of the following statements is true regarding Kentucky real estate brokerages? 
the principal broker may choose to use designated agency, dual agency, without designated agency or no dual agency at the brokerage 
 
 
 
if the licensee can't pay or refuses to pay an aggrieved party after being found guilty of fraud in Ken...
The law which requires that an applicant receive a good faith estimate within three days of loan application is 
RESPA. 
 
RESPA requires borrowers to receive a good faith estimate (GFE) within three days of loan application. 
 
 
 
Upon passing the exam and sending the proper documentation to the KREC, the license of the new agent will be sent to the 
broker, at his business address. 
 
 
 
1. The law which requires that an applicant receive a good faith estimate within three days of loan appli...
What is a free hold estate 
an exclusive right to use and possess a real property for an indefinite period of time 
 
 
 
What are the 2 types of free hold estates 
fee simple and life estate 
 
 
 
Define fee simple estate 
Absolute ownership includes all the rights associated with ownership. Highest type of ownership that can be held in real property. 
 
 
 
Define life estate 
an estate whose duration is limited by the life of the party holding it or a third person(remainderman) 
 
 
 
what i...
yes 
Can CE classes be taken out of state of Ky? 
 
 
 
February 10 
If there is a true hardship license he must request in writing an extension for CE classes by what date 
 
 
 
Pay $500 and create a delinquency plan to be completed by June 15 or place it in escrow 
What must a licensee do if they failed to complete the CE requirements on time? 
 
 
 
Complete CE classes and pay fees 
To activate a license that is an escrow what steps must be taken? 
 
 
 
Cancelled 
What status is a license i...
In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind of legal description should be used in MOST transactions? 
The same one used in prior transfers of the parcel, verified by a surveyor. 
 
 
 
A legal easement can be created by any of the following EXCEPT 
merger of the titles 
 
 
 
Timeshare ownership programs MOST often use which of the following ownership forms? 
Tenancy in common 
 
 
 
Real property can be converted ...
If a sales associate's license is NOT renewed by the required date, which of the following will be held accountable? 
1. Principal broker 
2. Sales associate 
3. Sales manager 
4. Owner of the brokerage company 
Sales associate 
 
 
 
A property management agreement between a principal broker and owner MUST include all of the following information EXCEPT the: 
1. amount of rent to be charged for each unit 
2. address of the real estate being managed and the number of units 
3. amount or method ...
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? 
2 
 
 
 
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 Commissio...
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? 
2 Years 
 
 
 
The Kentucky Real Estate Commission is responsible for what? 
Protecting the public interest through regulations, examinations and licensing of KY real estate licensees. 
 
 
 
Broker 
Any person ...
Types of real estate licenses in Kentucky 
Sales associate and broker 
 
 
 
Sales associate 
A person who holds an entry-level license and performs real estate services under the supervision of a licensed broker 
 
 
 
Broker 
A person who has been in real estate for an average of 20 hours per week for 24 months prior to becoming a broker and supervises other licensees 
 
 
 
Sponsoring broker 
Principal broker who agrees to supervise and hold the licenses of sales associates 
 
 
 
Errors and ...
1 
How many Commissioners are appointed as a citizen- at- large? 
 
 
 
4 
How many years is the term of a Commissioner? 
 
 
 
2 
How many consecutive terms can a Commissioner have? 
 
 
 
Kentucky Association of Realtors 
Where does the Governor get the list of people to select an appointment of a Commissioner? 
 
 
 
3 
How many Commissioners can belong to the same political party? 
 
 
 
The Commissioners select the chairperson 
Who selects the chairperson of the Commission? 
 
 
 
No 
Can t...