Ky Law Real Estate Exam Questions (126 Terms) With Verified Definitions Updated 2024

Offer to purchase contracts must include all of the following EXCEPT: {Ans: the amount of commission to be paid to the broker.}A broker has a written offer which was rejected by the seller. The broker should: {Ans: keep a copy of the rejected offer in his/her files for five (5) years.}In order for an aggrieved party to apply for reimbursement from the recovery fund, the action must be commenced: {Ans: within two years of the actual knowledge of the cause of action or from the time he/she should have reasonably known the cause of action.}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 {Ans: Alice is in violation of Kentucky License Law.}To place a sign, advertise, or promote, property {Ans: Broker must have owners written authorization}Max fine imposed by KREC against a licensee {Ans: $1000}Fee for name change on license {Ans: