General - Chapter 11 Lesson 2

Question 1

KREC is…

Answer 1

a state agency that governs real estate practices, issues your license, and enforces license law. Licensees must abide by the statutes and regulations under the jurisdiction of the commission

Question 2

local, state, and national association of REALTORS are…

Answer 2

private industry groups that provide member services and advocates on behalf of the real estatindustry. Requried to abide by the code of ethics and other rules under the membership agreement, in many areas governs the MLS rules and regulations

Question 3

The Kansas Real Estate commission has been in existence since…

Answer 3

1951

Question 4

The KREC is made up of…

Answer 4

5 members chosen by the governor (each serves a four-year term)

Question 5

of the 5…

Answer 5

one from each congressional district, other 1 can be from wherever in KS. 3 must have served as brokers for 5 year, 1 must have no broker experience and must not work as one during their term (all must be resident of KS 5 years)

Question 6

quorum of the 5

Answer 6

3

Question 7

commission’s responsibilities include…

Answer 7

accepting applications for licenses from brokers and salespersons, administers the provisions of this act and the BRRETA II

Question 8

Commissions responsibilities

Answer 8

licensing and renewal, education and training, consumer protection and oversight, enforcement

Question 9

Routine audits

Answer 9

KREC may conduct periodic audits or reviews of licensee records and transactions to ensure compliance with state laws and regulaitons

Question 10

Tips from other sources

Answer 10

news reports, industry insiders, or other government agencies

Question 11

red flags

Answer 11

unusual or suspicious activities by a licensee during its regular activities, it can initiate an investigation to determine whether any violations have occured

Question 12

random selection

Answer 12

randomly select licensees for investigation to maintain a level of unpredictability and deterrence

Question 13

KREC enforcement powers

Answer 13

investigate complaints, conduct audits, subpoena records, and interview relevant parties

Question 14

Real estate recovery fund

Answer 14

designed to reimburse people who have suffered monetary damages due to the actions of real estate licensees in the sale of real estate or leasing of commercial property

Question 15

in order for a person to make a claim against the fund they must have…

Answer 15

taken the licensee to court, received a final court judgment, and been unable to collect from the licensee the amount awarded by the court