Law 1 - Quiz Flashcards
All of the following are required of an individual wishing to obtain a Kentucky license after engaging in unlicensed brokerage activity in Kentucky EXCEPT:
A. Disgorging any fees earned as a result of the unlicensed activity
B. Obtain the FBI criminal background report
C. Appearing at a hearing before the Commission.
D. Completing required pre-license education
C. Appearing at a hearing before the Commission.
John Sellsalot, a Kentucky Real Estate Broker, wants to sell interests in a limited partnership. John needs…
A. an associate’s license
B. a broker’s license
C. a securities license
D. a dealer’s license
C. a securities license
An unlicensed individual has offered to sell your property for a commission. After calling the Kentucky Real Estate Commission, you discover that all of the following are TRUE EXCEPT…
A. an unlicensed person may receive compensation for selling your property if they have been ordered by a court to sell the property.
B. the Commission can obtain injunctive relief with a cease and desist order against an unlicensed individual
C. an unlicensed individual may sell your property if they have your permission
D. an unlicensed person may sell your property if they have your power of attorney
C. an unlicensed individual may sell your property if they have your permission
In order to obtain a license in Kentucky, license applicants must…
A. complete required hours from a National Association of REALTORS approved course
B. be a resident of the state
C. have a high school diploma or GED Equivalency Certificate
D. be 20 years old if they are applying for a broker’s license
C. have a high school diploma or GED Equivalency Certificate
In certain circumstances, all of the following may sell real estate without a license EXCEPT…
A. attorneys
B. trustors of bankruptcy
C. executors
D. a notary public
D. a notary public
Which of the following individuals must hold a real estate license to manage property for a fee, compensation or other valuable consideration?
A. A regular employee of owner.
B. An individual who receives the use of a rental unit as primary compensation.
C. A regular salaried employee of the principal broker.
D. A relative of an owner who has moved out of town.
D. A relative of an owner who has moved out of town.
Which of the following is TRUE regarding a manager of real property?
A. He/She must have a sales associate’s license to manage property.
B. He/She must have a broker’s license to manage property.
C. No license is required to manage if the manager is a regular salaried employee of the principal broker hired for the purpose of managing the property.
D. A resident manager must have a real estate license.
C. No license is required to manage if the manager is a regular salaried employee of the principal broker hired for the purpose of managing the property.
- Which of the following is not a requirement for employee status?
A. The individual’s total compensation is subject to state and federal taxes and FICA withholding.
B. The individual receives a fixed salary.
C. The salary is not affected by real estate transactions such as commissions would be.
D. A written signed contract of employment exists.
D. A written signed contract of employment exists.
Which of the following is NOT a requirement for a broker license applicant?
A. having a college degree.
B. completing a course in brokerage management.
C. having worked as a sales associate at least 20 hours per week for two years.
D. completing at least 21 semester credit hours in real estate courses
A. having a college degree.
After placing her license inactive, associate Markson sold her neighbor’s property and collected a commission. Regarding this situation, which of the following is TRUE?
A. It’s OK as long as associate Markson receives her commission through a principal broker.
B. Associate Markson is in violation of the Kentucky’s
license law.
C. Associate Markson’s license is revoked while inactive.
D. It’s OK. Associate Markson is still licensed, she is just inactive.
B. Associate Markson is in violation of the Kentucky’s
license law.
Upon the death or incapacity of a principal broker, the KREC may appoint a sales associate to close the broker’s existing business for a period not to exceed…
A. six months
B. five years
C. three months
D. one year
A. six months
A person found guilty of engaging in unlicensed brokerage activity may be subject to all of the following penalties EXCEPT:
A. repayment of any fees or commissions earned.
B. court costs and attorney fees for the prosecuting party.
C. a fine of up to $1,000.
D. imprisonment not to exceed six months.
B. court costs and attorney fees for the prosecuting party.
A sales associate has been asked by his/her broker to manage the office while the broker is in the hospital having major surgery. The associate agrees to the broker’s request. Which of the following is TRUE?
A. The sales associate can supervise the other associates, but only while the broker is in the hospital.
B. The sales associate can mange the office.
C. The sales associate may manage with the permission of the KREC only for the purpose of completing and closing the business within 6 months.
D. The sales associate cannot manage the office under any circumstances.
C. The sales associate may manage with the permission of the KREC only for the purpose of completing and closing the business within 6 months.
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 does not show the properties to prospective tenants. Regarding this situation, all of the following are TRUE EXCEPT:
A. Alice can conduct her business without a license and collect a fee.
B. Alice is in violation of Kentucky License Law.
C. Alice can have a license and still conduct her business separate and apart from her real estate practice.
D. Alice is not in violation of Kentucky License Law.
B. Alice is in violation of Kentucky License Law
