KS Real Estate cheat sheet

Fiduciary duties to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); a listing broker is typically a special agent.

A valid contract requires offer, acceptance, consideration, competent parties, and lawful purpose; real estate sale contracts and leases over one year must satisfy the Statute of Frauds.

Deed warranty order is general warranty > special warranty > quitclaim; delivery and acceptance are required for a deed to transfer title.

Recording gives constructive notice; actual notice, constructive notice, and inquiry notice can all affect priority of interests.

LTV = loan amount ÷ property value (or purchase price, whichever is lower); down payment = purchase price − loan amount.

One discount point = 1% of the loan amount; points paid upfront can buy down the interest rate.

PITI = principal + interest + property taxes + homeowners insurance; lenders use housing and total debt ratios to qualify borrowers.

Sales comparison approach is preferred for residential resale; cost approach for new or special-purpose property; income approach for income property.

Cap rate = NOI ÷ value; GRM = price ÷ gross rent; commission = sale price × commission rate.

KREC licenses and regulates Kansas brokers and salespersons under the Kansas Real Estate Brokers' and Salespersons' License Act.

A Kansas salesperson must be at least 18, have a high school diploma or equivalent, complete KREC-approved prelicense education, pass the exam, and be sponsored by a licensed Kansas broker.

Kansas salespersons are paid through their sponsoring broker; a salesperson cannot accept compensation directly from a client for brokerage services.

The Kansas Brokerage Relationships Act recognizes seller/landlord agency, buyer/tenant agency, and transaction brokerage; agency relationships must be in writing.

Kansas property tax = assessed value × mill levy ÷ 1,000; assessed value = appraised value × assessment rate.

Kansas assessment rates include residential 11.5%, commercial/industrial 25%, and agricultural 30% of appraised value.

Kansas homestead protection generally covers 160 rural acres or one urban acre plus the dwelling against forced sale, except taxes, mortgages, and specified debts.

Kansas deeds are recorded with the county register of deeds; recording gives constructive notice, and the county appraiser sets appraised value for tax purposes.

Kansas licenses renew biennially through KREC, and licensees must meet KREC continuing-education requirements to renew.