Free Kansas Real Estate Practice Exam Questions (November 2024) 30+

Dual Agency is illegal in Kansas the state has what is called a "Transaction Broker" where agents can represent neither party and can simply write up the contract and let both the buyer and seller know what their options are but cannot advise them.

In Kansas, a patent defect is obvious and does not have to be disclosed. All hidden defects must be disclosed though.

In Kansas, licensed activity is defined as anyone who lists, sells, leases, or deals in real estate transactions. If someone does any of those activities without a license it is considered unlicensed activity. In order to do prior tasks they must hold an active real estate license.

All individuals who hold an active Kansas real estate license are required to complete 12 hours of Commission approved continuing education during each two year renewal period.

The Director is in charge of keeping records. They are not members of the commission, but are employed staff.

BRRETA’s main goal is to make the role of a licensee clear and practical. This act is what defines brokerage, buyers and sellers, relationships for the state of Kansas.

The only party that collects from the fund is the person lost money - because of the licensee's fraudulent actions.

Kansas real estate law states an agent cannot advertise a listing without permission from the owner or the owner's agent.

If any money is paid from the Real Estate Recovery Revolving Fund the licensee’s license is revoked automatically without a hearing until debt is repaid.

The limit of disbursement for the Kansas Real Estate Recovery Revolving Fund is $15,000 per transaction, $30,000 per licensee per year, $50,000 per licensee per lifetime. This includes attorney fees for claimant.

ALL Kansas real estate agents wishing to buy property must disclose their license status in purchase agreement documents.

The fund should be at $100,000.00. If it is lower the Commission may ask for additional funds from the state's current licensees. Per Kansas Commission Statutes, Rules and Regulations. 58-3066

The Recovery revolving fund is a special fund established by Kansas Real Estate Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The recovery revolving fund is designed to protect consumers.

The only case this can happen is if the buyer and seller agree within the terms of the contract. Remember the buyer and the seller are free to negotiate the terms of a contract.

The Kansas Real Estate Commission members serve for terms of 4 years.

All salespersons in Kansas are prohibited from giving anything of value to a non-licensee for bringing a broker a client. In this case, Jacob cannot give anything of monetary value.

Violation of license law or BRRETA is labeled as a misdemeanor. The first violation can result in up to 1 year in jail and fines of $100 to $1000, or both. Second violation is 1 year in jail and fines of $1000 to $10000. For this question the maximum penalty imposed would be a fine of $1,000 and imprisonment for a period of one year.

According to Kansas real estate law ONLY brokers can directly receive fees or bonuses. After the bonus is received then the broker can distribute the funds to the salesperson in our case Rachel.

Trust account funds must be deposited within 5 business days from the date of the contract unless otherwise agreed and not prior to contract acceptance.

Any application for compensation from the Kansas Real Estate Recovery Revolving Fund must be brought within two years from the date that final judgment is entered. Per Kansas Commission Statutes, Rules and Regulations.58-3068.

BRRETA is defined as the Brokerage Relationships in Real Estate Transactions Act. This act is what defines brokerage, buyers and sellers, relationships for the state of Kansas.

The Kansas Real Estate Commission consists of 5 people appointed by the governor to serve 4 years. At least 3 members must have been licensed brokers for 5 years, and at least one member must be an outside party

Every property manager will keep an official ledger for all income produced in applicable property.

Real estate includes condominiums. Here is the official definition from Kansas Law: ‘‘Real estate’’ means any interest or estate in land, including any leasehold or condominium, whether corporeal, incorporeal, freehold or non freehold and whether the real estate is situated in this state or elsewhere, but does not include oil and gas leases, royalties and other mineral interests, and rights of way and easements acquired for the purpose of constructing roadways, pipelines, conduits, wires and facilities related to these types of improvement projects for private and public utilities, municipalities, federal and state governments, or any political subdivision. Per Kansas Commission Statutes, Rules and Regulations 58-3035

Pretty self explanatory. All real estate agents MUST follow not only the state laws that apply to them but the national ones as well.

The Governor is in charge of handling the appointment of Commission members.

According to Kansas real estate law ONLY brokers can directly receive fees or bonuses. After the fee is received then the broker can distribute the funds to the salesperson if applicable.

All individuals who hold an active Kansas real estate license are required to complete 12 hours of Commission approved continuing education during each two year renewal period.

Violation of license law or BRRETA is labeled as a misdemeanor. The first violation can result in up to 1 year in jail and fines of $100 to $1000, or both. Second violation is 1 year in jail and fines of $1000 to $10000. For this question the maximum penalty imposed would be a fine of $10,000 and imprisonment for a period of one year.

According to Kansas real estate law confidentiality continues after the relationship ends unless law specifies otherwise.