A Kentucky licensee encounters the duration of property management authority is set. What should the licensee remember?
Correct Answer
B) The agreement must include effective dates and state whether the client agrees to automatic annual renewal
201 KAR 11:121 Section 10 requires effective dates and any automatic annual renewal provision. Source basis: 201 KAR 11:121 Section 10 and KRS 324.111, Kentucky Legislative Research Commission official sources: property management agreements, ledgers, deposit timing, escrow/management accounts, and property-management account records; checked 2026-04-30.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
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