Contracts & Disclosures
This is the term for an offer that has been accepted and signed by all parties.
What is a valid contract?
This is the minimum age required to apply for a Kentucky real estate license.
What is 18?
You must renew your Kentucky real estate license every ___ year(s).
What is one?
This type of agent represents a client in one specific transaction.
What is a special agent?
This term describes ownership by one person.
What is severalty?
In Kentucky, the Seller’s Disclosure Form is required for this type of property.
What is a residential property with 1 to 4 units?
Before receiving a license, you must complete this many classroom hours of pre-licensing education.
What is 96 hours?
Failing to disclose material defects may result in this disciplinary action.
What is license suspension or revocation?
A licensee must always place the client’s interest above their own, which is this duty.
What is loyalty?
In Kentucky, this type of ownership is common for married couples.
What is tenancy by the entirety?
This clause in a contract allows a buyer to void if financing fails.
What is a financing contingency?
This body oversees real estate licensing in Kentucky.
What is the Kentucky Real Estate Commission (KREC)?
This fund compensates consumers harmed by licensee misconduct.
What is the Real Estate Education, Research, and Recovery Fund?
This Kentucky document outlines agency relationships and must be disclosed in writing.
What is the Consumer Guide to Agency Relationships?
A lien placed by a contractor who hasn't been paid is called this.
What is a mechanic's lien?
This clause in a contract allows a buyer to void if financing fails.
What is the Lead-Based Paint Disclosure?
After passing the exam, you must affiliate with this type of individual to activate your license.
What is a principal broker?
All complaints must be filed with the Commission within this time frame from the date of the violation.
What is one year?
A dual agency relationship requires this from both parties.
What is written informed consent?
A defect that cannot be seen during a normal inspection is called this.
What is a latent defect?
A person under 18 entering a contract is considered this.
What is legally incompetent?
This document must be filed within 60 days after passing the exam to receive your license.
What is the license application?
A licensee may be fined up to this amount for violating license law.
What is $1,000 per violation?
This is the term for duties owed to customers, not clients.
What is honesty and fair dealing?
This document transfers ownership of real property.
What is a deed?