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Terms Used In Kentucky Statutes > Chapter 324 - Real Estate Brokers and Salesmen
Which of these Kentucky brokers is not required to maintain a place of business in the state?A non-resident broker is not required to maintain an active place of business in the state if they maintain a business place in the state of the original licensure, or if the state of original licensure does not require Kentucky licenses holding licenses in that state to maintain an office in that state.
In what way s do Tennessee consumers compensate brokers for their services?In what way(s) do consumers compensate brokers for their services? Consumers generally compensate brokers for their services in the form of a percentage of the sales price of the property, but other options include a flat fee or fee for service.
Why does the Kentucky Real Estate Commission offer two versions of the Consumer Guide to agency relationships?KREC provides the Consumer Guide to Agency Relationships model policies in two versions, which allows brokerages to use the version that matches its use of designated or dual agency. Brokerages can modify the form to be company-specific.
What's the purpose of the mortgage contingency provision in a Kentucky sales contract?A mortgage contingency is a clause written into a home sale agreement which can void the sale if certain conditions aren't met. This clause is usually added to protect both the homebuyer and seller if the buyer is unable to secure mortgage financing.
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