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Members of KREC
- 5 members of the KREC are appointed by the governor. Prior to their appointment 4 members of the commission must have been residents of the state and active licensed agents for 10 years.
- The term of a commissioner is 4
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Citizen at large commissioner
cannot be associated with or have a financial interest in the real estate brokerage business
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no more than ____ of anyone party can serve on the KREC at the same time
3
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Commissioner shall be automatically removed from the KREC if
- a licensed commissioner loses a license
- the consumer member obtains a real estate license
- a commissioner pleads guilty or is found guilty of a felony
- a member ceases to be a bona fide resident of the state
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Who appoints the Chairperson of the commission
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The KREC cannot draft any regulations that establishes fees or set rates at which licensees are compensated, this would violation of
Sherman Anti Trust Act
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Members of the KREC are paid
15000 per year, plus actual and necessary expenses
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Fees for the operation of the KREC come from
license fees, fines, renewal fees, and transfer fees
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Examination fees
original and renewal fees
transfer fee
certification of status
recovery fund fee
criminal record check
- Examination fees $100
- original and renewal fees 30
- transfer fee 10
- certification of status 10
- recovery fund fee 30
- criminal record check 30
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affiliation fee
is defined as a fee charged by broker for holding the license of an associate, affiliation fees are illegal in KY
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Licensee in escrow
- licensee is inactive while in escrow and cannot conduct any real estate activity for others
- shall pay annual renewal fees, however, they are not required to pay E&O insurance fee
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Notice in writing shall be given to the KREC for the following changes
business address, firm name, surname or transfer from one broker to another. The KREC shall be notified of a change of residence address within 10 days
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A seller of a 4 unit of less residential dwelling shall complete and sign a
disclosure of property condition form at thee time of execution of any listing or similar agreement.
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Seller disclosure form items
condition of basement, roof, source and condition of the water supply, sewage service, working condition of component systems, and other matters deemed important by the KREC
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disclosure form must be delivered by the listing agent to the prospective buyer or buyer's agent within
72 hours of receipt of a written and signed offer to purchase
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When selling a property without a listing (FSBO) the licensee must provide a blank form to the seller and request that the form be completed and signed
120 hours
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_______ shall retain the original seller disclosure form.
listing broker
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Exemptions from seller disclosure form
New homes with warranty, real estate sold at auction, and court supervised foreclosure sales are exempt from use of form
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Errors and Omissions Requirements
All agents, except those in escrow, shall have errors and omissions insurance. E&O insurance may be obtained through KREC or independently
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The cost of E&O insurance through the commission group plant cannot exceed
$200
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Original license applicants shall pay____ to te Real Estate Education, Research and Fund, upon renewal, a fee not to exceed ____ will be charged for Real Estate Education, Research and Recovery
$30
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The KREC may pay an aggrieved party a sum not to exceed _____ per claimant if the licensee refuses to pay the sum within 20 days of an order to do so. Combined payments to all claimants cannot exceed ______.
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The KREC shall maintain a min of ______ for recovery purposes.
400,000
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Before the KREC will pay recovery funds to an aggrieved party...
A complaint must be filed and a hearing must be held. In cases where damages cannot be determined, damages will be determined by a circuit court in the county where the violation took place
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When recovery funds are paid put...
the license of the agent will be suspended or may be permanently revoked until the funds are paid back plus 10% interest
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In order to recover a claim, an aggrieved party must commence action within _____ from actual knowledge of a violation
- 2 years
- Claims paid out from the recovery funds are compensatory damages
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