Which Kentucky rule applies when Commission member compensation is discussed?
Correct Answer
D) Voting members must be compensated at least $300 per day for official business, subject to a $6,000 annual maximum
Kentucky law sets a per-diem compensation rate and an annual cap for KREC voting members; this statutory rule cannot be waived by brokerages or by private agreement.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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