General - Chapter 11 Lesson 4 Flashcards
(32 cards)
Kansas requires a real estate broker to maintain a…
physical office location
A primary office may be located in…
the broker’s place of residence (consult local zoning ordinances)
Must notify the commission of location change within…
5 days
Each primary office in KS must have a…
designated supervising broker to oversee the office as well as the activities of affiliated licensees assigned to that office
Supervising broker does not need to be the…
primary broker in charge
business names must be…
registered with the commission
branch offices
secondary offices separate from the main office
Each branch office within a brokerage must…
assign a branch broker to supervise the office and activities of the licensees
the state requires proper record keeping for…
regulatory compliaince
Kansas may conduct…
audits of real estate brokerages to check whether all necessary documents are properly filed and mainted
Many brokerages have transitioned to…
the use of digital copies of documents that are sent and signed electronically
What documents must be maintained
sales contracts, option agreements, lease agreements where broker involved, closing statements, receipts for escrow deposits, bank statements, voided checks, registers and ledgers that keep track of deposits and disbursements
How long should you keep these documents on file
3 years (just forever is best)
Change to licensee’s personal information, status, or information on a legal proceeding must be submitted to KREC within
10 days
What must be reported to KREC
change in name, address, email, denial by another jurisdiction of an application made for broker/salesperson license, charge, arrest, indictment, no-contest plea, conviction (misdemeanor/felony), suspension/revocation of a broker’s or salesperson’s license in another jurisdiction, denial, suspension, revocation, or voluntary surrender of any other professional license or certification held by a real estate licensee in KS
Steps to switch brokerages
log in to MyLicense E-Gov, select “affiliation change”, select “change”, review change summary, email sent to new brokerage
Advertisements can’t…
be inaccurate or misleading, include trademark or logo of organization without authorization, include an office not designated as a primary office or branch office with KREC, advertise name to mislead that licensee is a supervising broker
All advertising must…
include the name of the supervising broker and display or announce supervising broker’s name in a readable and identifiable manner
If broker license is suspended all advertising under that broker’s name must be removed within
5 calendar days
Language in KS residential sales contract must be
clear, concise, and comprehensive
Required Statutory Disclosures Addendum
includes all the required language outlined in the KS statutes (brokerage relationships disclosure, potential proximity of registered offenders to property, radon notice, brokerage relationships disclosure)
brokerage relationships disclosure includes
seller and buyer acknowledgment, real estate licensees’ functions, and disclosure of information
Potential proximity to registered offenders
KS licensees must explain to buyers that they can find information regarding registered offenders by visiting KBI website or contacting local sheriff’s office
Radon notice
exposure to radon gas, leading cause of lung cancer, legal requirement for disclosure, recommendation for radon testing, qualified radon testing, radon mitigation, importance of required contractual language
