Real Estate Classes Quiz Questions Chapter 6

What license status would require no continuing education hours in order for the license to renew?

Inactive

Which of the following would not need to have a real estate license to auction vacant land?

A government employee conducting official duties

A licensee is a stockholder of a corporation looking to purchase property. The corporation does not enter into any buyer agency agreement. The corporation advertises it is looking for properties to purchase. What must be in the advertising?

A licensed real estate agent is an owner of the corporation and is involved in the transaction

A $5,000 fine for an aggravated offence can be assessed in which of the following situations?

A licensee causes a risk of loss for the client

The KREC had reasonable evidence that a broker was misappropriating escrowed funds. What would the KREC most likely do?

Get an emergency suspension of his license.

Which of the following actions could a licensee legally do?

Give a copy of the listing agreement to the principal within a reasonable time.

As a real estate agent, you can do all of the following except

Give the buyer money for the down payment

Which of the following describes what a transaction broker can do?

Give to the seller and buyer what their closing costs will be

A buyer client of a real estate firm is shown one of the firm's listings. The real estate firm would need to

Have both the buyer and seller sign a transaction broker addendum

Which of the following activities would require a real estate license?

Helping an auctioneer acquire bids at a real estate auction

Which of the following statements best describes the duties of a transaction broker

Make sure no personal confidential information is transferred from 1 party to another

A person was employed by a utility company to acquire easements on behalf of the utility. Which of the following statements is true?

No license would be required if the person acquired gross easements, not appurtenant easements

A salesperson forgets to renew their license. In order to renew within the next 6 months, the salesperson would need to

Pay a late fee of $100

Which of the following would not be required documentation upon renewing a license?

Pending civil litigation

According to the BRRETTA, a written agreement is required for all of the following except

Selling property owned by a federal government agency.

When can a broker sign papers on behalf of a seller (principal)?

When the broker has a property certified POA

Which of the following does not have to be included in a sales contract?

Zoning

The last day a salesperson has to renew the license is

On the expiration date

A broker has been found guilty of 2 violations of the KS License law that were not considered to be aggravated offenses. What is the max fine that can be imposed by the KREC?

$2,000

A licensee must submit to the supervising or branch broker any document that must be maintained by the broker within how many business days?

10

If a KS licensee is rejected for licensure in another state, how many days does this person have in which to notify the KREC?

10

A real estate licensee purchased a home that was in foreclosure. How many days does the licensee have in which to give written notice to the mortgage holder of the licensee's purchase?

20 days

The number of continuing education hours required for a salesperson for the mandatory core is

3

How long must a broker keep real estate records

3 years

A person was attempting to obtain a salesperson's license. The person had taken the 30 hour pre-exam class and passed the test. In order to complete the licensing process, a broker should suggest to the applicant to complete a

30 hour practice class

How soon does a broker have to deposit earnest money into an escrow account?

5 business days after offer and acceptance of the contract

The KREC is made up of

5 members appointed by the govenor

Which of the following activity would be allowed under the KS License Law?

A broker calling a seller who was listed with another broker under and open listing.

Upon the first willful violation of any provision of the license act, which of the following could apply?

A max sentence of 1 year in prison

A licensee is selling a listed property. The licensee is aware that the property has an encroachment. Which of the following statements best describes what the licensee should do?

Advise the buyer to see an attorney to check on the title

An auctioneer, who had a broker's license, received a listing to auction some vacant land. Which of the following would not be allowed?

Allowing unlicensed employees to help point out bidders to the auctioneer

What information must a salesperson submit if the salesperson is under investigation for a possible law violation?

Any information or document requested by the KREC

Which of the following is true when a salesperson transfers their license to a different brokerage company?

Any listings the salesperson was involved with stays with the original brokerage

Under BRRETA, when does an agent have to give the agency brochure to members of the public?

At the 1st practical opportunity

An itemization of closing costs must be given to a buyer?

At the time of the offer being written

How often are licenses renewed?

Biennially based on a renewal schedule

A broker put a sales transaction together with a seller and buyer with earnest money being part of the agreement. The buyer defaulted on the agreement. The broker sent out a certified letter to both parties stating that the broker was going to give the earnest money to the seller. 10 days elapsed with no response from the buyer. In order for the broker to do this, there must have been written agreement of

Both buyer and seller in sales contract

A salesperson works for Broker G. The salesperson informs Broker G that he is going to switch companies and work for Broker H. Which of the following statements is true regarding this procedure?

Broker G must notify the KREC upon termination of employment and request deactivation of the salesperson's license.

In which document does a buyer's agency have to be disclosed to the seller?

Contract of sale

A licensee had the licensee's real estate license revoked by the KREC. The licensee could appeal their decision to the

Court for judicial review

Which of the following could a buyer's agent legally do?

Deposit earnest money into an escrow account without a fully executed contract

A seller and buyer agree on a sales contract. Prior to closing, the seller tells the listing agent that the inspector missed disclosing on adverse material fact about the property. What should the listing agent do?

Disclose to the buyer as this is a material fact.

A licensee is working for a corporation partnership or association and is selling real estate for them. What should the licensee do?

Disclosure licensure in the contract between the buyer and the seller.

A buyer contracted to buy a house but was turned down on the loan. He demanded to have his earnest money returned to him. In which case can the broker do this?

If both seller and buyer agree to this in writing

A real estate broker's license can only be issued to a

Individual

A licensee continues to sell real estate after the license expired. The KREC could do all except

Issue a retroactive license

Which of the following is true regarding earnest money?

It must be cash unless all parties agree to it in writing otherwise

According to the license law, a listing agent must present additional offers to the seller even after the seller accepts an offer unless

It was in the listing contract not to present subsequent offers after 1 had been accepted

A written agency agreement

Must be in writing prior to an offer being written

A broker who moves his personal residence should do which?

Notify the KREC in writing within 10 days

A licensee functioning as a transaction broker for a seller presents an offer to the seller. The seller counteroffers back to the buyer. In the meantime, a different offer for cash comes in on the seller's property. What should the licensee do?

Present the cash offer to the seller

A buyer makes an offer on a listed property that would result in the seller losing money. The listing agent is a transaction broker for the seller. What should the listing agent do?

Present the offer and let the seller determine whether or not to accept the offer

A fine not exceeding $5,000 per violation may be imposed with aggravating circumstances such as when a licensee

Purposely withholds information regarding material facts about a client's or customer's ability to perform according to an agreement

A broker is guilty of commingling if he takes earnest money and

Puts it in his commercial account

Under KS Law, which of the following must be disclosed with specific words in a residential sales contract?

Radon gas

Broker X has a home listed. Q called the broker saying he has a contract o present with earnest money. Broker X made an appointment to present the offer at 7 pm. At 6:30pm, Q called and said he did not want it presented. What should Broker X do?

Return the earnest money immediately to Q

A licensed Florida broker is doing seminars on FL property at dinners in various places in KS. Some people have asked her if they can purchase the properties. Which is true regarding her need for a KS license?

She needs a KS license to market FL properties in KS

Which of the following best describes an "immediate family member" under KS license law?

Spouse, parent, child, sibling

A cooperative (selling) broker who has written an offer on another broker's exclusive listing should

Submit the offer to the listing broker

Which of the following would not be considered a ministerial act?

Suggesting a fair offering price to a buyer customer

With regard to sales contracts, people ultimately responsible for assigning transaction numbers are

Supervising brokers

Who is responsible for providing suggested contract forms for real estate agents under the Brokerage Relationships in Real Estate Transactions Act (BRRETA)?

The KREC

An agent has a signed written buyer agency agreement with a buyer client/ Which is incorrect?

The agent does not have to disclose this agency status to the seller

Who can de-activate a license?

The licensee himself

Which of the following statement is true regarding interest earned on a broker's escrow account?

The broker can keep the interest with written consent of all parties

A broker listed a residential property for 180 days. After the listing expired, the seller asked the broker to rent it out. Which of the following statements best describes the broker's obligations?

The broker could hire an unlicensed person to rent the property

Which of the following statements is true regarding a broker wanting to use a name for the brokerage company other than the broker's own name?

The broker must obtain approval to use the name from the KREC

A salesperson and a relative buy property together that is listed by the sales person's broker. The salesperson does not disclose in the contract that the salespersons is a licensee. Which of the following statements would be true?

The salesperson may be subject to discipline by the KREC

J is the owner and supervising broker of his own company. J's license is suspended by the KS Real Estate Commission for 6 months. Which of the following statements would be true?

The salespersons could continue to work at the brokerage if another supervising broker was brought in to run and supervise the company.

A designated buyer's agent is showing a buyer client a home that is on the market as a "for-sale-by-owner." All of the following statements are true regarding disclosure of brokerage relationships except

The selling agent would also be a seller's agent

Who would pay a salesperson for referrals or broker price opinions in a cooperative real estate transaction?

The supervising broker

A salesperson hires 3 other licensed agents to help her work with buyer clients. Which of the following statements would be true regarding this situation?

The supervising broker supervises all of the licensees

All of the following statements regarding advertisement are true except

The team name can be in letters more conspicuous than the brokerage name

A KS broker was going to pay a referral fee to an out of state broker. The KS broker knows that the out of state broker is going to give part of that referral money to an unlicensed person. Which of the following statements is correct concerning this situation?

This would be a law violation as the KS broker knows the money is going to an unlicensed person.

All advertising on listed property must contain the

Trade or business name of the broker

A supervising broker allowed designated agency as a brokerage option. One salesperson in the company was appointed as a designated seller's agent and a different salesperson was appointed as a designated buyer's agent. If those 2 salespersons put a transaction together with their seller and buyer clients, the supervising broker would function as a

Transaction broker

When can earnest money be disbursed out of an escrow account in the event of a dispute between buyer and seller?

Upon order of the court

A registered sex offender is applying for a real estate license. In applying for the license, this person must

Wait 15 years after discharge from post-release supervision

A licensee signs a buyer to a designated buyer agency agreement. The buyer enters into an agreement to purchase a seller's property. When would the designated buyer agency agreement terminat?

When the real estate transaction is closed

A salesperson wants to be paid commission money from another salesperson or associate broker in the brokerage office. This could only be one

With permission of the supervising broker

A buyer gave an expensive necklace as earnest deposit to a broker. The broker should

Write on the contract that the earnest deposit is in the form of a necklace