Which of the following is a power of the Kentucky Real Estate Commission?

The statutes give the commission broad powers in regulating the conduct of Kentucky real estate licensees. That power includes everything from issuing and revoking licenses to the supervision of brokers handling client funds.

Which of the following is the Kentucky Real Estate Commission empowered to do?

Which of the following is the Kentucky Real Estate Commission empowered to do? Investigate complaints against licensees and irregularities of the law.

What is the main purpose of the Kentucky Real Estate Commission?

The Commission is charged with the responsibility of protecting the public interest through regulation, examination and licensing of Kentucky real estate brokers and sales associates.

How are Kentucky Real Estate Commission vacancies filled?

– Kentucky Association of REALTORS® gives the governor a list of at least three potential members to choose from in appointing a licensed member. – Mid-year vacancies may be filled from those remaining on the list or from a new list KAR supplies.

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What are standard real estate commissions?

The typical real estate commission fee averages about 5 percent to 6 percent of the home’s sales price. The exact terms of an agent’s commission vary between sales and by which firm they work for.

Who selects the Kentucky Real Estate Commission Chairperson?

The Kentucky real estate commissioners are appointed by: State governor.

Which of the following best describes a Kentucky escrow account?

Which of the following best describes a Kentucky escrow account? An escrow account must be separate from the broker’s individual or office account, and must be identified to the Commission in writing. Can a sales associate manage a branch office of a real estate company?

What is the main purpose of the Kentucky Real Estate Commission quizlet?

what is the main purpose of the Kentucky Real Estate Commission? to put into effect and make known the administrative regulations to effectively carry out and enforce the provisions of the Kentucky statutes governing real estate. who must a principal broker supervise in a real estate office?

Which statement accurately describes the requirement to hold a real estate license in Kentucky?

Which statement accurately describes the requirement to hold a real estate license in Kentucky? It is unlawful for any person who is not licensed as a real estate broker or sales associate to engage in or practice real estate. What type of insurance is mandatory for all active licensees? sub-prime loans.

How do I report a real estate agent in KY?

If you have a question about Kentucky Real Estate Laws, please contact the Kentucky Real Estate Commission at (888) 373-3300.

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What type of listing agreement provides for payment of a commission to the broker?

With an exclusive agency listing, one broker is authorized to act as the exclusive agent for the seller. The seller retains the right to sell the property without obligation to the broker. However, the seller is obligated to pay a commission to the broker if the broker is the procuring cause of the sale.

How much does a realtor make in KY?

The average salary for a real estate agent in Kentucky is around $46,162 per year.

What’s the purpose of the agency disclosure statement used in Kentucky residential transactions?

Agency Disclosure Statement (201 KAR 11:121 – Section 6) – If an offer is presented to a party (from buyer to seller or seller to buyer), the receiving party’s agent must provide the appropriate disclosure statement to advise their client of their role in the proposed transaction.

What is Remax commission?

RE/MAX commission split FAQs

However, typically, in a real estate transaction, the seller will pay commission of 5-6% at the closing of a real estate deal. This commission is usually split 50/50 between the seller’s agent and the agent who brought the buyer to the sale.

How do you calculate Realtor commission?

The real estate commission calculator works by calculating a simple equation: The agreed-upon payment percentage/100 x the price of the property. For example, if a homeowner sells their home for $200,000, and the commission rate is 5%, the equation would be (5/100) x 200,000 = $10,000 commission.

Why do real estate agents charge so much?

They charge a lot because it takes work and money to market, it is hard to get licensed and become a real estate agent, they have to pay for dues and insurance and real estate agents usually have to split their commissions with their broker. The biggest reason a real estate agent gets paid so much is they are worth it!

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