Kansas Real Estate License Crash Course (2024)

Name: Kansas Real Estate License Crash Course (2024)
Uploaded: 2024-12-11T00:43:38+00:00
Duration: 38 min 36 s

0:00
picture yourself as a chef who must disclose all the ingredients in their world famous
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dish but how on Earth is that scenario related to real estate
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disclosures well get ready to link the dots between real estate and everyday
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scenarios from car buying to cooking our crash course will transform your
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understanding of key Concepts and make sure that you feel confident and prepared for your exam in a few minutes
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you will master all the key Concepts and become a pro at tackling even the
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trickiest exam questions at real estate license wizard we make learning fun and
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memorable with relatable examples that's stick so grab some snacks a pen and a
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piece of paper and get ready to master the cancer real estate exam real estate
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exam prep just got a whole lot easier and more fun
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question number one agent Rachel receives a bonus check for selling one of her clients houses so quickly what
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must Rachel do with the bonus check turn it down since bonuses are illegal in
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Kansas accept the check with no strings attached accept the check but put it
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into escra give the check to her broker what do you think what is the answer
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here
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here and the correct answer is give the check to her broker according to Kansas real estate
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law only Brokers can directly receive fees or bonuses after the bonus is
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received then the broker can distribute the funds to the salesperson in our case
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Rachel think of a bonus check like like a chocolate cake for a kids party the
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cake should be given to the birthday boy AKA the broker first and then he can
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decide how to distribute it to the rest of his friends AKA salespersons like
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Rachel question number two under agency law in Kansas dual agency is illegal
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legal with the consent of one party legal with the consent of the broker or
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legal with the consent of all parties take a few seconds and think about your
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answer and the answer is illegal did you get it right dual agency is illegal in
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Kansas the state has what is is called a transaction broker where agents can
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represent neither party and can simply write up the contract and let both the buyer and the seller know what their
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options are but cannot advise them imagine you have two friends Alice
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and Bob who are in a disagreement and need help resolving it in Kansas it's
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like having a friend who can't take sides and act as a mediator instead of being a dual agent and representing both
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friends the mediator can only help by explaining their options and letting them make their own
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decisions question number three if a broker terminates a relationship with the salesperson and sends the license
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back to the commission what is the status of the license cancelled
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suspended revoked or redistributed take a few seconds and
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think about your answer
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and the answer is cancelled if a broker decides to terminate an affiliation with
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one of their salespersons they must send the license back to the commission and it is then cancelled from there the
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salesperson can request it to be sent to another broker picture a membership card
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to an exclusive Club if the club's management this decides to terminate someone's membership they take back the
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membership card and cancel it the person can then request that their membership
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card be transferred to another club but their previous membership is officially
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cancelled similarly if a broker terminates their relationship with the salesperson the license is sent back to
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the commission and cancelled and the salesperson can request to have it
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transferred to a new broker question number four in terms of
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property management in Kansas what is the detailed accounting of income property code a ledger a pme account an
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escrow account or an income statement I'll take your time and think it
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through and the answer is a ledger every property management will keep an ey
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official Ledger for all income produced in applicable property imagine you have a family piggy
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bank that everyone contributes to the piggy bank keeps track of all the money that goes in and out and it's called the
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family Ledger similarly when managing income properties in Kansas property
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managers keep a detailed Ledger that tracks all the income generated by the property it's like the piggy bank of the
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property management world question number five how many hours of
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continuing education are required for Kansas real estate salespersons 8 12 14 or 15 take a few
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seconds and think about the correct
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answer and the answer is 12 all individuals who hold an active Kansas
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real estate license are required to complete 12 hours of commission approved continuing education during each 2-year
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renewal period question number six not a member
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of the Kansas Real Estate Commission but is employed staff and in charge of
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keeping records who is that person the keeper the auditory the director or the
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commissioner think about the answer for this a
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second and the answer is the director the director is in charge of keeping
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records they are not members of the commission but are employed
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staff picture the Kansas Real Estate Commission as a student council in a high school the council members AKA
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commission members make important decisions while the class secretary aka the director keeps detailed records and
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manages the day-to-day tasks the secretary isn't a council member but
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they are a crucial part of the council team ensuring everything runs smoothly
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the secretor is like the glue that holds the council together keeping track of
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everything and making sure everyone stays on track question number seven in Kansas
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what fiduciary duty continues to exist upon the expiration or termination of an
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agency agreement accounting loyalty disclosure or
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confidentiality well think it through and come up with your
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answer and the answer is confidentiality according to Kansas real
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estate law confidentiality continues after after the relationship ends unless
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law specifies otherwise imagine you are sharing secrets with your best friend
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and then you have a falling out and stop being friends your ex-friend still knows
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all your secrets and has a responsibility to keep them to themselves even though you are no longer
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friends similarly in Kansas real estate law confidentiality continues to exist
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even after the agency agreement ends question number eight if the Kansas
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real estate recovery revolving fund is less than $100,000 and the commission imposes an
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additional fee for licenses what happens if any licenses do not pay the fee their
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license is cancelled their license is suspended they will be mailed a formal
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warning get two and their license is revoked or they will be mailed a formal
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warning get three and their licenses revoked well take a few seconds and
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think about your
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answer and the answer is their license is suspended did you get it right if the
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cancer real estate recovery revolving fund is less than $100,000 and the commission imposes an
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additional fee for licenses and any lenses do not pay the fee within 30 days
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their license will be suspended imagine you are in a group project at school and everyone needs to
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contribute money for supplies if some group members don't pay their share they won't be allowed to continue working on
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the project until they do similarly in Kansas real estate if
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licenses don't pay an additional fee within 30 days they won't be able to
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continue working until they do their license will be put on hold AK is
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suspended until they pay the fee question number nine do patent defects
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have to be disclosed in Kansas yes but only on commercial
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property yes but only on residential property yes or no no take a few seconds
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and think it
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through and the answer is no in canas a patent defect is obvious and does not
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have to be disclosed all hidden defects must be disclosed though imagine you are
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buying a used car if there's a big dent on the car that's easy to see it's like
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a patent effect the sell doesn't need to specifically point it out because it's
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obvious but if there's an issue with the engine that's not immediately visible
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it's like a hidden defect the seller must disclose it to you just like with
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cars patent defects in cancas properties don't need to be disclosed because they
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are already noticeable question number 10 how long
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do members of the Kansas Real Estate Commission serve 2 years 3 years 4 years
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or
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indefinitely and the answer is 4 years the Kansas Real Estate Commission members serve for terms of 4
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years question number 11 ideally the Kansas real estate recovery revolving
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fund should be at $100,000 $200,000
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$250,000 or
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$500,000 and the answer is $100,000 the fund should be at
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$100,000 if it is lower the commission may ask for additional funds from the
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states current licenses imagine you have a savings account that you want to
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maintain at a specific balance like $100,000 if the balance Falls below that
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amount you might need to add more money to reach the Ideal Balance again similarly the Kansas real estate
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recovery revolving fund should be ideally at $100,000 if it drops below that amount
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additional funds may be requested from current licenses to reach the Ideal Balance it's like maintaining a savings
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account balance to ensure it stays at an ideal
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level question number 12 the limit of dispersement for the cancas real estate
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recovery revolving fund is $5,000 per transaction $10,000 per lensey per year
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$40,000 per licy per lifetime or $10,000
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per transaction $20,000 per liy per year
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$40,000 per liy per lifetime or $155,000 per transaction $330,000 per
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licy per year and $50,000 per licy per
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lifetime or $220,000 per transaction $40,000 per licy per year and $100,000
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per licy per lifetime
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and the answer is $115,000 per transaction $30,000 per
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licy per year and $50,000 per licy per
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lifetime imagine you are at an all you can eat buffet with specific serving limits you can take
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$115,000 worth of food per visit AKA transaction $30,000 worth of food per
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year lensy per year and $50,000 worth of food in total
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throughout your life licy per lifetime just like the buffet limits how
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much food you can take the Kansas real estate recovery revolving fund limits how much money can be dispersed in a
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transaction per licy per year and per licy per lifetime it's like a buffet for
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five Financial disbursement with specific serving limits to ensure Fair
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distribution question number 13 in conviction of a real estate fraud issue
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who is entitled to collect from the real estate recovery revolving fund the broker the agent and the court cost the
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broker and the licy or the person who lost money because of the licenses fraudulent actions take a few seconds
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and thinkink the scenario
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through and the answer is the person who lost money because of the license's
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fraudulent actions the only party that collects from the fund is the person
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lost money because of the licenses fraudulent actions imagine you are playing a game
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of tag and someone cheats causing another player to lose the player who
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lost gets a chance to regain what they lost similarly in a real estate fraud
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issue the person who lost money because of the license's fraudulent actions gets
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to collect from the real estate recovery revolving fund helping them recover what
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they lost just like in tag someone cheats and causes another player to Lose
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the person who lost gets a chance to make things right
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again question number 14 any application for compensation from the Kansas real
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estate recovery revolving fund must be brought within 30 days 60 days one year
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or 2 years from the final determination of or expiration of appeal rights
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concerning any judgment take a few seconds and think
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about your your own
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answer and the answer is any application for compensation from the Kansas real
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estate recovery revolving fund must be brought within 2 years from the date that final judgment is
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entered question number 15 how many members does the Kansas Real Estate
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Commission have four five 6 or eight wait take a few seconds and think it
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through and the answer is five did you get it right I hope so the Kansas Real
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Estate Commission consists of five people appointed by the governor to serve four years at least three members
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must have been licensed Brokers for 5 years and at least one member must be an outside party imagine you are playing a
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team sport like basketball where the ideal team sizes five players just like a basketball team needs five players to
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function e efficiently the Kansas Real Estate Commission also consists of five members appointed by the governor the
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commission members work together to regulate and oversee the real estate
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industry in Kansas ensuring fair and ethical
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practices question number 16 Jacob a seasoned broker wants to buy buy a gift
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card to his unlicensed friend for bringing him a client how much can he give in terms of monetary value anything
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below $100 anything below $500 as much as he wants or none since
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it's against Kansas law take a short time and think about your
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answer and the answer is none since it's against Cancer's law all s persons in
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Kansas are prohibited from giving anything of value to an onl sensy for bringing a broker or client in this case
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Jacob cannot give anything of monetary value imagine you're a teacher and one
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of your students brings you a gift as a token of appreciation right before the
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end of semester is he trying to get a better grade well maybe as a teacher
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it's important to maintain professional boundaries and avoid accepting gifts that could be seen as a form of bribery
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similarly in Kansas real estate a broker like Jacob cannot give anything of monetary value to a non liy for bringing
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him a client just like a teacher must maintain professional ethics Brokers
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must also adhere to rules that prevent unfair influence in real estate
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transactions question number 17 choose who's the best answer Brett's main goal
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is to Define Realtors on their jobs make the role of a leny clear and practical
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Define equity transactions in an understandable manner or address the
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Kansas real estate commission's financial
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needs and the answer is make the role of a ly
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clear and practical I hope you found the right answer Brett's main goal is to make the
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role of a leny clear and practical this act is what defines brokerage buyers and
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sellers relationships for the state of Kansas imagine you are a tour guide
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leading a group of visitors through a city your main goal is to provide clear and practical information about the
21:28
city's attractions and landmarks similarly the Brea's main goal is to make the role of a real estate licensing
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clear and practical by defining the relationship between Brokers buyers and sellers in Kansas just like a tour guide
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helps visitors navigate a city the Brea helps clarify the rules and responsibilities of real estate
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Professionals in the state question number 18 if any money is
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paid from the real estate recovery revolving fund the license is put on the commission's watch list the licensees
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license is terminated and cannot practice real estate ever again the
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license is license is revoked automatically without a hearing until that is repaid or the license is
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licensed is suspended automatically without a hearing until that is repaid think about your own answer and
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come back in a few seconds
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and the answer is the licensees license is revoked automatically without a
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hearing until that is repaid imagine you borrow money from a
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friend but you agree that until you pay them back you won't hang out with them
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similarly if money is paid from from the real estate recovery revolving fund the license is license is automatically
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revoked without a hearing until the repay they repay the debt it's like
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putting a friendship on hold until you settle your financial
23:13
obligations question number 19 under Kansas law at which point is a broker
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allowed to put up a for sale sign on a property whenever if they find a
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property they want to sell with a verbal agement or with a written
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[Music] agreement and the answer is with a
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written agreement placing a sign on any property offering it for sale or lease without
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the written consent of the owner or the owner's authorized agent is a violation
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of Kansas law it's essential agents get written permission before they put down
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a for sale sign imagine you want to borrow your friend's bike and go for a ride before you take their bike you need
24:12
to get their written permission or else it would be considered stealing similarly in Kansas a broker must have
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written consent from the property's owner or their authorized agent before placing a for sale sign on the property
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just like borrowing a friend's bike it's important to get permission in this case in writing to avoid any
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misunderstandings or violations of the law question number 20 what is true
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about an associate broker in Kansas an associate broker is the same as a salesperson an associate broker
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typically makes less than other real estate agents an associate broker has to be commissioned directly by the acting
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commissioner or an associate broker May perform form any real estate brokerage
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act that requires a
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license and the correct answer is an associate broker May perform any real
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estate brokerage act that requires a license associate Brokers means an
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individual who has a broker's license and who is employed by another broker or
25:32
is associated with another broker as an independent contractor per canas commission statutes rules and
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regulations 58335 meaning they may perform any
25:44
brokerage act that would typically require a brokerage license imagine a family of superheroes
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where each member has unique powers the associate broker is like the superhero
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who has all all the powers of the other family members combined just like how the associate
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broker can perform any real estate brokerage act that requires a license
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this superhero can use any superpower making them a valuable asset to the
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theme question number 21 who appoints the members of the Kansas Real Estate
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Commission the governor the state senators the state's Representatives or
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the national Real Estate Commission take a short while and think about your
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answer and the answer is the governor the governor is in charge of handling
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the appointment of commission members question number 22 Kansas Law
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requires anyone who lists sells leases or deals in real estate transactions to
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live in Kansas hold an active driver's license hold an active real estate license or hold an active commissioner
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approved dealing license think about your own
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answer and the answer is hold an active real estate license in Kansas licensed
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activity is defined as anyone who lists sales EES or deals in real estate
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transactions if someone does any of those activities without a license it is considered unlicensed activity in order
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to do prior tasks they must hold an active real estate license a
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cardiologist for example can diagnose and treat heart conditions right while a
27:47
neurologist can diagnose and treat brain disorders in the same way Kansas Law
27:52
requires anyone who engages in real estate transactions such as listings selling leasing or dealing in properties
28:00
to hold an active real estate license just like how each doctor needs a specific medical license to practice in
28:06
their field real estate Professionals in Kansas must have an active real estate license to legally perform their duties
28:14
it's like having a professional seal of approval for Real Estate activities question number 23 a seller
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tells their agent that a murder occurred in their house 15 years ago what is close users must be made to a seller it
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must be put in the listing contract it must be added onto the MLS as soon as
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the information is given to the agent none since it was past 10 years none
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since death disclosure is not required in Kansas what do you think what is the correct answer
28:56
here and the answer is none since death
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disclosure is not required in Kansas it is not a requirement to disclose death
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in a home however the agent may want permission to disclose if a buyer asks
29:13
about it question number 24 what is the only
29:20
case a buyer can use a promissary note instead of a bank draft if the broker
29:25
agrees within the terms of the contract if the salesperson agrees within the terms of the contract if the buyer and
29:32
the seller both agree within the terms of the contract or never it is
29:55
forbidden time's up the answer is if the buyer and the seller agree within the
30:00
terms of the contract the only case this can happen if both the buyer and the
30:06
seller agree within the terms of the contract remember the buyer and the seller are free to negotiate the terms
30:12
of a contract imagine you're ordering food at a restaurant with a friend and you
30:17
decide to split the bill you both agree to pay in a specific way like one of you using a credit card and the other using
30:25
cash similarly in a real State transaction if the buyer and seller agree within the terms of the contract
30:32
to use a promissary note instead of a bank draft that is perfectly
30:37
acceptable question number 25 if at any time the balance of the Kansas real
30:42
estate recovery revolving fund is less than $100,000 the commission shall assess
30:49
each licensed broker a fee of $25 each licensed broker the S and salesperson a
30:55
fee of $25 each licensed broker a fee of $10 and each licensed salesperson a fee
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of $5 or each licensed broker a fee of $15 and each licensed sales person a fee of
31:26
$10 now let's see what the answer is at any time that the balance remaining in the
31:32
real estate recovery revolving fund is less than $100,000 the commission without delay
31:38
shall access each licensed broker a fee of $10 and each licensed salesperson a
31:44
fee of $5 per cansas commission statutes rules and regulations
31:51
58366 imagine you are at a neighborhood potlock and everyone agrees to bring a dish to share
31:57
but if the food runs out and there's less than $100,000 worth of dishes the equivalent of the Kansas real estate
32:05
recovery revolving fund each person must contribute an additional $10 for Brokers
32:11
or $5 for salespersons to ensure that there's enough for everyone similarly if
32:16
the real estate recovery revolving fund balance drops below $100,000 licensed Brokers and
32:23
salespersons are assessed fees to maintain the balance and ensure the fund can continue to support real estate
32:30
transactions in Kansas it's like a neighborhood potlock where everyone pitches in to keep the fees
32:39
go question number 26 Marissa a real estate agent posted listings on her
32:45
social media from the analyst that belong to another broker is what she's doing permitted yes posting on social
32:53
media is allowed yes since MLS is public domain maybe if she used Instagram but not
33:00
Facebook or no she cannot advertise another property without the content of the salary wow what do you think what is
33:08
the correct answer
33:21
here and the answer is Kansas real estate law states and an agent cannot
33:28
advertise a listing without permission from the owner or the owner's agent I
33:33
hope you got it right imagine you are a filmmaker who
33:39
has spent countless hours creating a movie you're excited to release it and share it with the world on your own
33:45
terms however another filmmaker starts posting clips of your movie on social
33:50
media without your permission it's not fair for someone else to use your
33:55
creative work without your consent similarly in real estate Marissa cannot
34:01
advertise listings that belong to another broker without the consent of the seller question number 27 how often is
34:10
continuing education required for Kansas real estate licenses every year every 2
34:16
years every 3 years or every four
34:25
years all right let's see the answer and the
34:31
answer is every two years all individuals who hold an active Kansas real estate license are required to
34:38
complete 12 hours of commission approved continuing education during each 2-year renewal period question number 28 Kansas
34:47
real estate agents must follow National laws cancas state laws Kansas State and
34:54
National laws only local laws that Direct directly appli to
35:10
them and the correct answer is CS estate and National laws all real estate agents
35:17
must follow not only the state laws that apply to them but the national ones as well question number 29 do hidden
35:25
defects have to be dis Clos in Kansas yes but only on commercial property yes
35:31
but only on residential property yes or
35:43
no and the answer is yes in cancas a patent defect is obvious and does not
35:49
have to be disclosed all hidden defects however must be
35:54
disclosed imagine you're buying a used car and the seller tells you about a scratch on the bumper which is a patent
36:01
effect so you can see it however they don't mention that the engine has a hidden problem in Kansas just like when
36:08
buying a car sellers of real estate must disclose all hidden defect a hidden
36:14
defect is something that's not obvious like a problem with the plumbing or Foundation it's important for buyers to
36:20
know about these issues before making a purchase question number 30 which would
36:28
be a clear violation of Kansas license law transaction broker offering real
36:34
estate as price in a game of chance selling real estate to people who are not from Kansas or selling real estate
36:41
to another County within Kansas aside from your own take a few seconds and think about
36:47
your own
36:55
answer
37:02
and the answer is offering real estate as price in a game of chance under
37:07
Kansas license law offering real estate or improvements as prices in games of
37:13
chance is a violation of license
37:18
law imagine you're at a carnival and the game operator offers you a chance to win
37:24
a house if you can knock down all the bottles with with a ball it sounds exciting right but this scenario would
37:30
be a clear violation of Kansas license law as offering real estate as a price in a game of chance is not allowed just
37:37
like how winning a house at the carnival game might seem too good to be true the law is in place to protect buyers and
37:44
sellers and ensure ethical practices in real estate transactions so it's best to
37:50
stick to winning plush toys and candy at carnival games
37:55
instead congratulations on acing this wild rise
38:01
through the Kansas real estate exam prep now that you have tackled 30 questions
38:06
and uncovered the secrets to each answer you may want to test your new found knowledge on real estate licens
38:12
wizard.com or you may want to stick around and check out our real estate
38:18
practice exam and real estate exam crash course videos here on YouTube those will
38:24
definitely supercharge your confidence this video was just the beginning now
38:30
let's turn your new strong Foundation into a skyscraper of exam success

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