Ass Flashcards
(100 cards)
The KREC is located at 10200
Linn station road, Louisville, KY, 40223
The principal broker holds the salespersons
License
The KREC does not regulate
HOAs
KREC is subject to
Open records laws
Commissioner without a real estate license is called
Citizen at large
Amount of time an aggrieved party has to file a complaint with the commission
Statue of limitations
Pool of money maintained by the commission
Real estate education, research and recover fund
The KREC website does not contain
A list of licensees who have been disciplined
If a license is suspended, it cannot be activated again for
A period that depends on the final order of the commissioners
The KREC may not establish
Fees to be charged by brokers to the client
A KREC commissioner can live
Out of state as long as they are available for conference calls.
All licensees must take continuing education each year, except
Those who were licensed prior to June 19, 1976.
Sales associate licenses contain all of the following info except
Age of the licensee
Statue of limitations for obtaining money from the recovery fund is
Two years
Fees for services provided by the KREC are set by
Statutes.
There can be no more than __ commissioners from the same political party at one time.
3
The statutory mandate for the KREC is to
Protect the public
If a principal broker receives a subpoena from the KREC,
They must attend
The KREC form number for the complaint is
Form # 701
If a KREC complaint is filed and does not make out a prima facie case, the KREC will
Give the complainant 10 days to revise and supplement the complaint.
Once the investigation is complete the investigator files their reports, the commission may do all of the following except
Assess a $1,000 fine against the licensee.
A complainant will only be given ___ status if the commission believe ___ may have been committed.
Party; fraud
Mediation is or is not required before the hearing is held
Not required
If a party is unhappy with the outcome of the case of the hearing, the case may be appealed in the circuit court
In the county where the respondent has their place of business.