License Law C1a

  1. Auctioneeer
    It is considered improper dealing for a licensed auctioneer to negotiate, advertise, or conduct a sale of real estate at auction without a real estate license by the KREC

    A licensed auctioneer and licensed broker may jointly conduct a sale of real estate at auction.
  2. Principal Broker
    is the single broker who is responsible for the operation of a brokerage firm. There is only principal broker per company
  3. Real Estate
    is defined as real estate in its ordinary meaning and includes timeshares, options, leaseholds, and other interest less than leasholds
  4. Sales Associate
    is anyone licensed under and who performs brokerage acts under the direction and control of a principal broker
  5. Property manager
    means the overall management of property for others for a fee and may include marketing, leasing, collecting rent, paying owner's debts, coordinating maintenance, and accounting for funds
  6. Designated agency
    is a form of agency relationship that exists when principal broker identifies different licensees in the same real estate brokerage firm to separately represent more than one party in the same real estate transaction
  7. Affiliation
    occurs when a sales associate or broker places their license with a principal broker. The principal broker is required to supervise all affiliated licensees
  8. Canceled
    Suspended
    Revoked
    Canceled- is the license status that occurs when a licensee fails to renew, fails to re-affilate, fails to complete continuing education, or writies a bad check to KREC

    Suspened- is the license status that occurs when the KREC disciplines a licensee by prohibiting the practice of real estate brokerage for a specific peroid of time

    Revoked- is the license status that occurs when the KREC disciplines a licensee by prohibiting the practice of real estate brokerage for min 5 years
  9. Requirments for continuing education
    All active licensee must have 6 hours of continuing education per year. At least 3 of the 6 hours must be in real estate law. Persons licensed prior to Jun19,1976 are exempt. Continuing education instructors must maintain a min rating as prescribed by the KREC
  10. License expiration; Fine for failure to renew
    A licensee has one year to renew an expired license by paying a fine not to exceed $200.

    A licensee who allows his or her license to remain expired for longer than one year can get the licenses back by taking state exam
  11. Branch Office
    All branch offices outside a 50 mile radius of a main office must have a broker to manage the office.

    An office inside a 50 mile radius may be managed by a sales associate providing the associate has been licensed 2 years and averaged 20 hours per week for 2 year period
  12. It is unlawful to act as a real estate broker or sales associate ________
    without a license issued by the Kentucky Real Estate Commission.
  13. A Kentucky______ may compensate or split fees with a broker __________
    • Broker ,
    • Broker licensed outside Kentucky
Author
Cshowalter
ID
333334
Card Set
License Law C1a
Description
License Law C1a
Updated