Law 7 - Practice

Question 1

Every broker must maintain a _______________________________.

Answer 1

definite place of business

Question 2

Any branch office over ______ miles from the main office must have a __________ managing it, or a salesperson if they have at least ___ years experience.

Answer 2

100
broker
2

Question 3

All contract deposits shall be deposited in an escrow account __________________________.

Answer 3

without unreasonable delay.

Question 4

Interest earned from escrow accounts accrues to the ____________________________________.

Answer 4

person agreed to in writing.

Question 5

All money received from earnest money is _____________________________________.

Answer 5

given to the broker.

Question 6

The release process involves waiting ___ days after notifying the parties.

Answer 6

60

Question 7

A sales associate that owns rental property shall not be required to use the broker’s management account for the property, unless __________________________.

Answer 7

required by the broker

Question 8

Brokers must maintain records for ___ years, these shall include… (8 things)

Answer 8

5
any written offers to lease or purchase
disbursement of any monies
listing and safe contracts
closing sheets
seller and condo disclosure forms
agency consent agreement
Guide to agency relationships
Timeshare Records

Question 9

At time of signing a document, a broker shall deliver a ________ to all parties who signed it.

Answer 9

copy

Question 10

No real estate broker shall be a party to an exclusive listing contract which shall contain an _________________________________.

Answer 10

automatic continuation

Question 11

A brokers lien must be filed within _______________.

Answer 11

6 months

Question 12

After filing a lien you must seek action in court within ________________.

Answer 12

12 months

Question 13

No commissioner shall serve more than ___ consecutive ___ year terms, and are paid _________ annually.

Answer 13

2
3
$6,000

Question 14

The governor appoints __ persons to serve on the Commission.

Answer 14

7

Question 15

Members are appointed from a list supplied from the __________________________________.

Answer 15

Kentucky Association of Realtors.

Question 16

There can be no more than __ of any political party serving on the commission.

Answer 16

4

Question 17

Any action taken by the commission shall be ___________________.

Answer 17

appealable.

Question 18

The Commission chairperson is ___________ among the members of the commission.

Answer 18

elected from

Question 19

All commission records are ________________________.

Answer 19

open to the public

Question 20

The fee for license or renewal shall not exceed _________.

Answer 20

$30

Question 21

The real estate recovery fund is used when a licensee is found guilty of _________.

Answer 21

fraud

Question 22

The recovery fund will pay an amount not to exceed ____________ per claimant.

Answer 22

$20,000

Question 23

The recovery fund is maintained with a minimum amount of _________________.

Answer 23

$400,000

Question 24

The main purpose of the real estate education, research and recovery fund is _______________.

Answer 24

education

Question 25

The amount of damages may have to be determined by a ____________________.

Answer 25

circuit court

Question 26

Action for collection from the recovery fund must be commenced within _______ from ______________________ of the cause of action.

Answer 26

2 year

actual knowledge

Question 27

The commission may investigate a licensee on written complaint or its _______________________.

Answer 27

own initiative

Question 28

All complaints shall be submitted to the commission on _____________________________________.

Answer 28

forms furnished by the commission.

Question 29

Prior to any disciplinary action the commission shall order a _____________.

Answer 29

hearing

Question 30

A complaint may be withdrawn if made within ______________.

Answer 30

20 days