Tom holds a Kentucky salesperson license affiliated with Bluegrass Realty. His principal broker, Carol, decides to close the brokerage and surrender her broker's license. Tom has not yet found a new sponsoring broker. Under Kentucky law, what is the status of Tom's license?
Correct Answer
A) Tom's license is placed on inactive status and he may not engage in real estate brokerage activities until he affiliates with a new principal broker
Under KRS Chapter 324, a salesperson's license must be held under a principal broker at all times. When a principal broker's license is surrendered or terminated, the affiliated salesperson's license is placed on inactive status. Tom cannot engage in any real estate brokerage activities while on inactive status. He must affiliate with a new principal broker and notify KREC to reactivate his license.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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