Brokerage activities and requirements
Your Kentucky brokerage firm's administrative assistant wants to make room for newer files by moving some older files to the basement storage room you share with the maintenance staff. What should the principal broker tell this assistant?
"Let's explore converting those files to electronic format and then destroy the paper copies."
A Kentucky listing brokerage received a $25,000 check from a property sale, which was the brokerage's 2.5% split. The total commission was 5%. How much did the property sell for?
$1 million
In Kentucky, when someone pays commission to an unlicensed individual who is not exempt from licensing law, this is known as ______.
A kickback
Jean, a broker for Clean Green Realty, paid Francisco, the buyer, a portion of the commission Clean Green received from the sale. This is known as ______.
A rebate
Jenna's firm in Lexington issues a check to First In Line Title Company because it referred a buyer to Jenna and subsequently closed the transaction. The buyer approved the payment. This is an example of ______.
An illegal kickback
General brokerage and listing-specific advertising in Kentucky must contain which of the following?
Brokerage name
Two years ago, Marlene was convicted of engaging in unlicensed brokerage in Kentucky. She's now being charged again. What charges may be filed?
Class D felony
To whom may a closing company in Frankfort disburse commission checks?
Directly to the sales associates
Rickie is a real estate licensee in Horse Cave. She makes regular calls to customers and past clients to market her services. If someone she calls asks to be put on her internal "do not call" list, what is Rickie required to do?
Immediately place the customer's number on her internal do not call list, and avoid making unsolicited calls from that point forward
Which statement about real estate business in Kentucky is true?
Laura, a nonresident broker, maintains a place of business in her own state. Kentucky license law does not require her to maintain a place of business in Kentucky.
Marla forgot to renew her Kentucky real estate license and has been charged with engaging in unlicensed brokerage. Which of the following is true?
Marla may not face penalties if she reactivates her license.
What does a broker have to do in Kentucky to maintain their right to place a lien on a residential property?
Obtain the buyer's agreement in writing to compensate the broker for broker services rendered.
Ginny's firm performs property management tasks for several landlords in addition to its work with buyers and sellers. How many escrow accounts is the Kentucky firm required to have?
One
Carlisle is Robin's unlicensed personal assistant. In Kentucky, which activity may Carlisle legally perform?
Placing an advertisement
Kentucky licensee Giana manages Three Star Realty's main office. She's in charge of training and mentoring the firm's staff. What kind of licensee is she?
Principal broker
Jennifer plans to ask her assistant, Kate, to review the transaction files in the Olive Hill office and purge unnecessary ones. What should Jennifer tell Kate about this process? Topic: Brokerage Activities and Requirements Subtopic: Handling of documents
Put the purged documents in the locked bin for files that will be shredded.
You may not have control over your firm's records storage systems, but you can ______ to keep documents secure.
Take precautions to avoid being phished or opening your system to a virus
Monty is advertising a number of listings in the local Prospect newspaper and includes the fair housing logo in the ad. What else is required?
The verbiage, "Equal Opportunity Housing"
One advantage of using electronic documents and signatures in Kentucky is convenience. Another advantage is that ______.
They carry the same legal weight as hard-copy documents or "wet" signatures
Which of the following statements about Kentucky unlicensed assistants and the tasks they can perform is true?
Unlicensed assistants may not perform activities that require a license.
