C2b law

  1. money given as good faith deposit
    is considered a contract deposit when an offer has been accepted and an executory contract exists
  2. False, misleading, or deceptive advertising is
    an ad that is contrary to the fact, leads a person to a mistaken belief or conclusion, or one in which the agent knowingly made a representation, that is contrary to the fact.
  3. Fraud or Fraudulent dealings means
    a material representation that is known to be false, is made to induce an act, causes injury
  4. without unreasonable delay
    3 working days of the creation of an executory contract for sale or lease of real property
  5. Failure to notify the KREC of a change of business address, firm name, surname, or transfer from one broker to another will result
    cancellation of license
  6. All contracts subject to financing shall contain
    the manner of financing, the encumbrance, and who is to underwrite the financing
  7. Brokers shall preserve for______ a copy of all documents pertaining to real estate transaction. These records shall include....
    • 5 years
    • listings, sales, lease contracts, closing statements, receipts for deposits and disbursements, property disclosure forms and agency disclosure forms
  8. A broker shall furnish a closing statement, at ____ to ________ if the financial institution or attorney fail to do so.
    • closing
    • buyer and seller
  9. guaranteed sale plan
    an agent must disclose if a fee is being charged for participation, if the real estate must meet qualifications, how the purchase price will be determined, and if the owner must purchase other property listed by the licensee or his designee
  10. An associate has _____ to re affiliate with a new broker or to go into escrow when released by a broker. Agents who fail to find a new broker or go into escrow will have there license _____
    • 30 days
    • suspended or revoked
  11. Approved school must include a statement in the school applicationsĀ  that a ___
    criminal conviction may prevent an applicant from qualifying for license
  12. Promotion of out of state property
    everyone who want to engage in promotional activites in KY for properties located outside KY must register with the KREC and possibly the State's Attorney General
  13. The seller of a timeshare plan must orally and in writing tell a buyer that he or she has a _____.
    3 day right of rescission. Written disclosure of the 3 day right of rescission requires the disclosure to be in bold face type with a minimum size of 10 point font
  14. Exemptions from the registration rule
    owner in a single or isolated; government anyone under court order, anyone granted an exemption by the KREC; anyone who has registered under the Interstate Land Sales Full Disclosure Act
  15. Applicants who register for promotional activities with the KREC must pay
    $100 filing fee
  16. An aggrieved party has _____ from actual cause of knowledge to file complaint or from a time circumstance would have reasonably put the party on notice
    2 years
  17. an answer to a complaint shall
    id the respondent, state his responses to the complaint, be notarized, and include a copy of the listing contract, purchase contract, sellers disclosure form, agency disclosure form and a copy of the settlement statement
  18. if the facts or evidence presented with a complaint indicate a violation, the commission will schedule a hearing. All parties are given ____
    20 days notice to the hearing
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C2b law
C2b law