Patricia holds an active Kentucky salesperson license under broker Frank at Lexington Homes Realty. She wants to also work part-time for a property management company under a different broker. Under Kentucky law, which of the following statements is correct?
Correct Answer
C) Patricia's Kentucky salesperson license may only be held under one principal broker at a time, so she cannot be licensed under two different brokers simultaneously
Under KRS Chapter 324, a Kentucky salesperson's license may only be held under one principal broker at a time. Patricia cannot be simultaneously licensed under two different brokers. If she wishes to work for the property management company in a licensed capacity, she would need to transfer her license to that broker and terminate her affiliation with Frank, or conduct only unlicensed administrative work that does not require a 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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