Law 4 - Practice Flashcards
Commercial real estate involves multifamily residential purposes involving ____ units or more.
5
An out of state broker and their licensee ____ engage in brokerage if requirements are satisfied.
may
Transactions by the out-of-state broker shall only list commercial real estate if the real estate is _________ with a KY cooperating broker.
co-listed
Advertising must include with equal prominence the same identifying information for the _________________________ and relevant licensees.
Kentucky cooperating broker
Any licensee who promotes who promotes property outside of KY shall first __________________________.
apply to the commission
The registration required does not apply to : ____________ , or _________________, _____________.
an owner government agency court order
Sellers of time-shares shall file and _______________________ form.
Affidavit of Timeshare Developer
Buyers of time-shares may cancel a contract within ____________________________.
3 business days
A condo purchaser has a right to receive a ______________________________ certificate.
Condominium Sellers
If an association fails to provide the completed certificate or later than ____ days then the contract will be voidable until it is provided.
10
An association may charge up to ______ or ____ percent of monthly assessment fee to prepare the certificate.
$225.00 80
If a client does not know about the 2011 Condo Act, a licensee should advise them to ___________________________________.
contact a private attorney.
A licensee must complete and deliver the __________________________ prior to : entering a __________ agreement to provide brokerage services, entering and ______ agreement to provide brokerage services; or prior to signing an ______________________.
Guide to Agency Relationships
written
oral
agency agreement
The duties an agent owes to clients is called _____________ duties.
fiduciary
When you are a seller’s agent you have the following fiduciary duties: (hint) OLDCAR
Obey, Loyalty, Disclose, Confidential Information, Accounting, and Reasonable Care
Representing a seller and buyer in the same transaction is called ________ Agency.
Dual
In the case of Designated of Dual Agency, the broker always acts as ______ agent, and cannot advocate one client over another.
Dual
As a dual agent, the principal broker shall not _________________________________.
disclose confidential information
It is illegal to discriminate bases on: (9 answers)
race, religion, color, sex, familial status, disability, national origin, sexual orientation in some counties, gender identity in some counties
The agency consent agreement is given at the time an ________________________.
agency is formed
Is the person represented by a seller, buyer, or none?
People came to your open house.
none
Is the person represented by a seller, buyer, or none?
Some buyers talk to agent at a new subdivision.
none
Is the person represented by a seller, buyer, or none?
You listed a house for some people.
seller
Is the person represented by a seller, buyer, or none?
You show some friends a couple of open houses.
none
