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KY Real Estate Salesperson > CHP 64 - Licensing > Flashcards

CHP 64 - Licensing Flashcards

1
Q

Who are criminal record checks conducted thru

A

FBI

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2
Q

If records shows a felony how soon must record be submitted to the commission

A

5 days

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3
Q

If an order denies applicant what will it state

A

If and when app will be eligible to submit app

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4
Q

How many hours of academic credit must an applicant for a sales associate’s license have completed?

A

6

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5
Q

What must an applicant for a broker’s license provide as proof of experience in real estate?

A

A sworn notarized statement signed by the principal broker or other documentation satisfactory to the Commission

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6
Q

An applicant for a broker’s license must first attend what?

A

A 3-hour academic credit brokerage management skills course

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7
Q

CE required each year

A

6 hours

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8
Q

What is required of licensees once every 4 years?

A

That they attend a Commission-approved 6-hour core education course

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9
Q

License Renewal PEriod

A

April 1 - March 31st bi-annually

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10
Q

If not renewed license will be

A

Cancelled

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11
Q

HOw to renew

A

apply in writing and pay fee

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12
Q

Fine for failure to renew

A

$200

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13
Q

Once a license is suspended following a hearing, how long does the licensee have to reinstate his or her license before it is canceled?

A

90 days

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14
Q

How to avoid cancellation

A
  • go inactive
  • agree to dq plan
  • Submit $500 fine
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15
Q

What happens to a license not renewed

A

Auto expires

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16
Q

A license must notify the Commission to changes of:

A

The licensee’s principal business location.
The licensee’s firm name.
A sales associate’s transfer from one principal broker to another.
A licensee’s surname.

17
Q

Min E&O insurance limit of liability for 1 claim

A

$100K

18
Q

How many days must you notify change of address

A

10 days

19
Q

How to have expired license reativated

A

Pay delinquent fees within 1 yr of expiration

20
Q

Can a sales associate manage a branch office

A

Yes if they have 2 yrs experience and branch is inside a 100 mile radius of main office

21
Q

Record retention tiem frame

A

5 yrs

22
Q

Branch offices must be regsitered within __ days

A

10

23
Q

What’s an agents obligation at absolute auction

A

Sell to highest bidder

24
Q

WHat happens a associate does not re-affiliate with a broker

A

License will be canceled

25
Q

What % of RE attachs were against women

A

66%

26
Q

When receiving a doc by email you should…

A

immediately place it in a file

27
Q

A licensee must deliver a completed Consumer Guide to Agency Relationships before what?

A

Before receiving confidential information from a prospective party; or before entering a representation agreement; or at the conclusion of the second contact between the licensee and a prospective party.

28
Q

When must an agency disclosure agreement be given to a consumer and signed?

A

At the time a buyer is making an offer and at the time a seller is reviewing that offer.

29
Q

If a real estate transaction involves agents from the same real estate brokerage company, which section of the agency disclosure statement must be completed and what must be designated?

A

Section II must be completed and it must designate whether the transaction involves designated agency or dual agency by checking the appropriate box.

30
Q

Can a broker designate himself as a designated agent

A

NO

31
Q

What must a licensee provide to an owner selling a property without a listing agreement?

A

A blank disclosure of conditions form

32
Q

What is a disclosure of conditions form not required for?

A

Residential purchases of new home if warranty is offered

Auction sales

Court foreclosure

33
Q

When is it necessary for a licensee to provide a debit and credit type closing statement to the buyer and seller upon closing a real estate transaction?

A

When the financial institution or the attorney involved in the real estate transaction fails to furnish a closing statement.

34
Q

Listing contract must include

A 
price
date and time of signatures
expiration date
fees
address
owners signature
35
Q

How must an agreement for compensation be set

A

in writing

36
Q

When must property disclosures be delivered

A

120 hours

KY Real Estate Salesperson (57 decks)

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