CHP 63 - KREC

Question 1

Without unreasonable delay means…

Answer 1

within 3 business days of contract creation

Question 2

Commission member requirements

Answer 2

6 members must be residents of KY and active licensee for 10 yrs; 1 member not in the field

Question 3

How long does a commission member serve

Answer 3

3 years + waiting period

Question 4

Limit to serve

Answer 4

2 consecutive terms

Question 5

COmmission Duties

Answer 5

Hold disciplinary hearings

Conduct exam for applicants eligible for real estate licenses

Investigate irregularities

Conduct necessary educational seminars courses

Question 6

Commission members compensation

Answer 6

$6,000 per year

Question 7

Investment Fund minimum level

Answer 7

$400,000

Question 8

If a license is found guilty how do recovery fund funds get dispursed

Answer 8

• If licensee refuses to pay claim fund can pay out in 20 days
  -Cannot exceed $20K
  -

Question 9

Renewal Fee

Answer 9

$60

Question 10

Max commission claim

Answer 10

$20K

Question 11

Time period for filing a complaint

Answer 11

1 year

Question 12

What happens if a payment is made against a licesnee

Answer 12

license immediately suspended or permanently revoked

Question 13

If license is revoked how long does it last

Answer 13

Until licesnee has reimbursed the fund in full plus interest 10% per year

Question 14

Can interest and legal fees be paid from the fund

Answer 14

No - only actual financial harm