KY Real Estate study guide
KY Real Estate · Work through your exam, one topic at a time.
The Kentucky Real Estate Sales Associate license is the entry-level credential that allows a person to engage in real estate brokerage activity in Kentucky while working under a licensed broker. Licensing and regulation are administered by the Kentucky Real Estate Commission, which describes its role as protecting the public interest through regulation, examination, and licensing of Kentucky real estate sales associates and brokers pursuant to Kentucky Revised Statutes, Chapter 324. The KY Real Estate study guide has 5 sections and about 1,508 words.
01Kentucky License Law, Commission Rules, and Statutory Requirements
Kentucky regulates brokerage through the Real Estate Commission (KREC). A sales associate must be affiliated with and supervised by a principal broker; a broker may operate as a principal broker or work under one, depending on license status.
310 words, about 2 min02Agency Relationships, Fiduciary Duties, and Contracts
Agency is consensual: the client authorizes the licensee to act, and the licensee accepts. Kentucky recognizes seller and buyer agency, disclosed dual agency, and designated agency when the required written disclosures and consents are used.
313 words, about 2 min03Real Property Ownership, Interests, Descriptions, and Transfer
Fee simple absolute is the largest estate; defeasible fees and life estates are limited. Co-ownership includes tenancy in common (distinct shares, no survivorship) and joint tenancy (right of survivorship, requiring clear language).
310 words, about 2 min04Real Estate Finance, Valuation, and Appraisal
The promissory note is the borrower's promise to pay; the mortgage or deed of trust is the security instrument. Key math: loan-to-value = loan ÷ value; a point is 1% of the loan; PITI includes principal, interest, taxes, and insurance; impounds/escrow collect those items monthly.
283 words, about 1 min05Practice of Real Estate: Listing, Marketing, Settlement, and Fair Housing
Exclusive right to sell pays the broker regardless of who procures the buyer; exclusive agency leaves the seller the right to sell without commission; open listings are non-exclusive. Avoid net listings, which pit the broker's compensation against the seller's best price.
292 words, about 1 min