Kentucky License Law
The Kentucky Real Estate Commission (KREC) has the authority to:
ASet mortgage interest rates in Kentucky
BSuspend or revoke real estate licenses✓ Correct
CApprove real estate purchase contracts
DSet maximum commission rates
Explanation
KREC has authority to discipline licensees, including suspension or revocation of licenses, for violations of KRS Chapter 324.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
State-Specific Concepts
License Law
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