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PSI Exam state Portion > Ass > Flashcards

Ass Flashcards

1
Q

The KREC is located at 10200

A

Linn station road, Louisville, KY, 40223

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2
Q

The principal broker holds the salespersons

A

License

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3
Q

The KREC does not regulate

A

HOAs

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4
Q

KREC is subject to

A

Open records laws

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5
Q

Commissioner without a real estate license is called

A

Citizen at large

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6
Q

Amount of time an aggrieved party has to file a complaint with the commission

A

Statue of limitations

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7
Q

Pool of money maintained by the commission

A

Real estate education, research and recover fund

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8
Q

The KREC website does not contain

A

A list of licensees who have been disciplined

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9
Q

If a license is suspended, it cannot be activated again for

A

A period that depends on the final order of the commissioners

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10
Q

The KREC may not establish

A

Fees to be charged by brokers to the client

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11
Q

A KREC commissioner can live

A

Out of state as long as they are available for conference calls.

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12
Q

All licensees must take continuing education each year, except

A

Those who were licensed prior to June 19, 1976.

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13
Q

Sales associate licenses contain all of the following info except

A

Age of the licensee

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14
Q

Statue of limitations for obtaining money from the recovery fund is

A

Two years

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15
Q

Fees for services provided by the KREC are set by

A

Statutes.

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16
Q

There can be no more than __ commissioners from the same political party at one time.

A

3

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17
Q

The statutory mandate for the KREC is to

A

Protect the public

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18
Q

If a principal broker receives a subpoena from the KREC,

A

They must attend

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19
Q

The KREC form number for the complaint is

A

Form # 701

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20
Q

If a KREC complaint is filed and does not make out a prima facie case, the KREC will

A

Give the complainant 10 days to revise and supplement the complaint.

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21
Q

Once the investigation is complete the investigator files their reports, the commission may do all of the following except

A

Assess a $1,000 fine against the licensee.

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22
Q

A complainant will only be given ___ status if the commission believe ___ may have been committed.

A

Party; fraud

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23
Q

Mediation is or is not required before the hearing is held

A

Not required

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24
Q

If a party is unhappy with the outcome of the case of the hearing, the case may be appealed in the circuit court

A

In the county where the respondent has their place of business.

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25
Q

An investigation can be instituted by the KREC if there is _________ and if they receive info of possible ___ violations.

A

A verified written complaint, license law violations.

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26
Q

When the complainant nailed the complaint to the KREC, she failed to have her signature notarized. The KREC will likely

A

Return it to her to get her signature notarized.

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27
Q

Referral fee form # is

A

Form # M101

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28
Q

Class records must be kept for

A

3 years.

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29
Q

Applicants for a brokers license must take an additional

A

21 academic credit hours or 336 classroom hours

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30
Q

The KREC May extend the deadline for completing continuing educational hours if they have

A

Shown a true hardship or other food cause.

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31
Q

E&O insurance is required for

A

All active licensees in Kentucky.

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32
Q

Because there may be a delay by the FBI I returning the criminal background check, applicants may

A

Use the optional affidavit process pending receipt of the FBI information.

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33
Q

If the optional affidavit process is used, the FBI report, when received, must be delivered to the KREC within

A

5 days.

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34
Q

Person appointed under a power of attorney to act for the principal.

A

Attorney in fact

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35
Q

Fraud is one of the ___ under the ___ policy.

A

Exclusions; E&O

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36
Q

Facts that are true “on their face” are known as

A

Prima facie

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37
Q

The brokerage cannot use what for the brokerage name?

A

Sales associates name.

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38
Q

A brokerage may have two principal brokers if

A

One is closing his office, has no affiliated licensees, and no consumers will be adversely effected.

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39
Q

Licensees must give the signers copies of all forms signed

A

Immediately upon signing.

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40
Q

An unlicensed assistant may not

A

Attend a real estate closing without a licensee.

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41
Q

Unlicensed assistants can accept confidential information from clients but

A

Can only disclose the information either eh supervising licensee.

42
Q

A buyers agent may advertise their participation in the sale

A

After a binding contract is created.

43
Q

The KREC has the authority to oversee advertisements for

A

Out of state property advertised in Kentucky

44
Q

Eduardo decides he wants to be a principal broker for 3 brokerages that will market different types of property. Eduardo must

A

Have separate escrow accounts for each company.

45
Q

A broker may be a principal broker for

A

Any number of brokerages at the same time.

46
Q

RESPA doe/does not permit referral fees in the mortgage service process.

A

Does not

47
Q

The seller in a guaranteed sales plan may or may not be required to purchase another property through the listing broker.

A

They may

48
Q

Loan originators are regulated by the

A

Kentucky department of financial institutions

49
Q

Use of fair housing logo by real estate brokerages shows

A

The principal broker and affiliates support fair housing.

50
Q

An affiliate may accept ____ from who?

A

Compensation; only from his or her principal broker.

51
Q

Steward, a commercial broker from Colorado wants to represent a buyer in Kentucky who is buying a nursing home. There is a provision in the license law for steward to represent the buyer

A

Without a Kentucky license.

52
Q

Licensee marva ran into she at the grocery store. Sue told marva she had her house listed, but wasn’t happy with her agent. Marva gave sue a card and suggest sue tell her current agent she wanted to terminate the listing. Marva’s actions were

A

Inappropriate because marva made the suggestion to sue to terminate the contract.

53
Q

A licensee lists a house and state it has 1,756 square feet when it actually has 1,576 square feet. The square footage info was given to the licensee by the seller. Is this misrepresentation?

A

Yes, the licensee should take all steps possible to assure its accuracy.

54
Q

When answering a KREC complaint, the response does not have to include

A

Offers to purchase.

55
Q

The sellers were so happy with Kerry’s services that they gave her a $1,000 bonus. All of the following are true except

A

Kerry may keep the bonus because it was given to her directly by the sellers.

56
Q

A licensee convicted of a felony or misdemeanor involving ______ must report it to the KREC.

A

Sexual misconduct.

57
Q

When a licensee buys a property he must

A

Notify the seller in writing on the offer to purchase.

58
Q

You can send a personal check for your examination fee when you mail your registration form. T/F

A

False

59
Q

The primary statutory duty of the KREC is to

A

Discipline licensees.

60
Q

A seller called agent ron and asked him to do a listing presentation. During the conversation, the seller is complaining about all the illegal things his agent is doing. Ron realizes the sellers property is currently listed. Can Ron talk to the seller about the listing?

A

Yes, because the seller called him.

61
Q

If the compensation agreement is not in writing, the license law states the licensees conduct will be

A

Gross negligence

62
Q

The principal is the _____ in the listing contract.

A

The seller.

63
Q

The best way to terminate a listing is by

A

Performance.

64
Q

If fire destroys the property, the listing

A

Terminates.

65
Q

Under the license law _____ is not a requirement to be included on the listing contract, but is usually listed anyway.

A

Square footage.

66
Q

The anti trust laws are designed to

A

Keep the market competitive.

67
Q

The selling licensee is the

A

Agent of the buyer.

68
Q

Written offers must be presented without

A

Undue delay.

69
Q

The contract states which principal broker will

A

Hold the earnest money deposit.

70
Q

The license law requires a ____ contingency clause to be included in a purchase contract.

A

Financing.

71
Q

If a brokers lien is filed and the seller does not pay the earned commission, the principal broker may collect the lien by

A

Foreclosing the property.

72
Q

Listing contracts create ____, also known as special agency.

A

Limited agency.

73
Q

If a seller files for bankruptcy, the listing contract is

A

Terminated by operation of law.

74
Q

Listing contracts do not have to include the

A

Automatic extension clause.

75
Q

The sellers signed the listing agreement, but Mr. Seller failed to add the date and time he signed it. Under Kentucky license law, the listing broker is

A

In violation of the license law and may be fined.

76
Q

Kentucky license law does not require ______ date in an offer.

A

Occupancy.

77
Q

The listing contract may be terminated by the

A

Death of the seller.

78
Q

A transaction broker is a

A

Nonagent.

79
Q

The consumer guide to agency relationships is a KREC form that

A

Can be modified.

80
Q

Consumer guides are given to

A

Prospective buyers and sellers.

81
Q

If an agent is discussing or corresponding with a potential client about rendering real estate services, this is known as a

A

“Contact”

82
Q

The agency disclosure form is a 3 part form and you only complete

A

One section and leave the other two blank.

83
Q

Customers are not owed

A

Fiduciary duties.

84
Q

If the licensee marks buyer in part 3 of the agency disclosure form, the seller is most likely a

A

FSBO

85
Q

The sellers agency disclosure statement should be delivered to the seller at

A

The offer presentation.

86
Q

In a designated agency relationship, the selling agent is

A

The buyers agent.

87
Q

The sellers disclosure of property condition form is only required for

A

Single family residential transactions.

88
Q

There is an exemption from the delivery of the seller disclosure form when the property is

A

New construction and there is a builders warranty.

89
Q

Sellers disclosure forms are exempted with

A

Auctions and court supervised foreclosures.

90
Q

The heading for paragraph 3 of the sellers disclosure form is

A

Roof

91
Q

The listing licensee may complete the seller disclosure of condition form if the seller

A

Agrees to hold the licensee harmless from claims.

92
Q

Under Megan’s law, licensees have

A

No duty to inform their clients and customers where registered sexual offenders live.

93
Q

After buying a house at a court ordered foreclosure, the buyer discovered the seller had taken all of the copper out of the house. He is demanding a copy of the sellers disclosure form from the court, but

A

He will not receive one.

94
Q

Leroy buys a house at a court supervised foreclosure. He calls his agent to list the property. While listing the house, the agent delivers to Leroy the sellers property condition form. The agents actions are

A

Appropriate, because the house is no longer being sold in a court supervised foreclosure.

95
Q

Melody informed her buyers that a registered sex offender lived next door to a house she was showing. This was not tire. Melody has most likely made a

A

Material misrepresentation

96
Q

When the builder signed the offer and agreed to the buyers price, he specifically said he had changed his mind about including a warranty. The listing agent should

A

deliver the sellers disclosure form and ask him to complete it.

97
Q

A property manager does not have to maintain a

A

List of tenant complaints.

98
Q

One of the main requirements of the uniform residential landlord tenant act is the walk through inspection

A

Before the tenant occupies the property and when the tenant vacates the property.

99
Q

An employee who does not have a real estate license is managing property for he employer. The employee must be

A

Paid wages that cannot be based on the number of units rented.

100
Q

Licensees who own personal rental property are not required to

A

Lease the property through their principal broker unless required by the principal brokers.

PSI Exam state Portion (1 decks)

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