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The most important step to getting your Kentucky Real Estate License is to understand what the licensing requirements are in order for you to be eligible. If you’re looking at becoming a real estate agent, this article will help you get started.
Getting Your KY Real Estate License: What You Need To Know
The “kentucky real estate license online course” is a good way to get your Kentucky Real Estate License. The process includes taking a test, and then you’ll have to complete an application and pay the required fees.
Before you can start your real estate career in Kentucky, you must complete 96 hours of Kentucky Commission on real estate transactions (KREC) approved prelicensing courses, submit fingerprints for a background check, pass the test, and choose a sponsoring firm. However, the procedure is more easier than it seems. Join us as we go through the processes to earning your Kentucky real estate license with a bucket of Dirty Bird and a side of Betty.
1. Comply with Kentucky’s Legal Requirements for a Real Estate License
All applicants for the position of real estate agent in Kentucky must be at least 18 years old, have a high school diploma or GED, and be a legally admitted immigrant or U.S. citizen.
What if I told you that
If you want to operate in states other than Kentucky, you must be aware of Kentucky’s real estate license reciprocity and portability requirements. Kentucky only has reciprocity agreements with Ohio, however if you have had an Ohio real estate license for at least a year, you may get your Kentucky real estate license by completing 40 hours of reciprocal licensing law study, submitting fingerprints, and taking the reciprocal license test.
In terms of mobility, Kentucky is also a turf state. Out-of-state agents and brokers are not permitted to do business in a turf state, either in person or remotely. Working with customers in a turf state is limited to referring them to a turf state licensee. Check out our real estate license reciprocity and portability page for more information about real estate license portability in Kentucky.
2. Complete all pre-licensing courses that are required.
You may begin your prelicensing education if you fulfill the state’s legal criteria. Courses may be completed in person or online via a Kentucky-based recognized real estate school for $349 to $679. The following subjects will be covered in the KREC-approved classes:
- Having a piece of real estate is a
- Controls and limitations on land use
- Market research and valuation
- Financing
- Agency principles in general
- Disclosures about the property
- Contracts
- Management of real estate and leasing
- Transfer of ownership
- Real estate practice
- Calculations for real estate
- Commission on real estate transactions
- Obtaining a license requires the fulfillment of certain requirements.
- Activities and obligations related to brokering
- Contracts must comply with licensing laws.
- Management of real estate
What if I told you that
You may utilize six academic credit hours in real estate courses from an approved college or university to meet your 96 hours of prelicensing education requirements.
To finish your 96 hours of instruction, you may select from a variety of certified real estate colleges. Kaplan may be a wonderful alternative for starting your real estate career from the convenience of your own home, with livestream or self-paced online real estate courses available.
Pay a visit to Kaplan.
3. Complete Fingerprints & Background Check
After you’ve finished your real estate education, you’ll need to have your fingerprints taken before you can register for your Kentucky real estate licensing test and submit your application form. You have two choices for obtaining your fingerprints for a criminal background check:
- Option 1: Fill out the application information form and send your fingerprints to the FBI. Fingerprints may be taken at a local US Post Office and submitted in with your email confirmation form using the Standard Fingerprint Form. The $18 payment may be made on the website using a credit card, PayPal, or Amazon account. The processing period is around one week.
- Option 2 – Kentucky State Police: You may arrange your fingerprint appointment with the Kentucky State Police using IndentoGo. Make an appointment using the KREC Service Code 27GJR5 by clicking on “Schedule or Manage Appointment.” A credit or debit card payment of $51.25 may be done immediately on the website.
4. Take the Real Estate Exam in Kentucky.
It’s time to pass your test when you’ve completed your prelicensing coursework and fingerprints. The Kentucky real estate test has a pass rate of about 50%, which is lower than other states. There is no time restriction for taking the test after completing your courses, therefore you are urged to do so if you need more study time.
Because the Kentucky real estate licensing test is taken on a computer, you will get your results very soon after completing it. You will be given a successful notice if you pass, and a diagnostic report including your strengths and flaws if you fail. The good news is that if you fail either part of the test, you may reschedule within 24 hours and retake that part as many times as you need within four months. If you go more than four months without passing both parts of the test, you’ll have to redo the whole thing.
Details about the Kentucky Real Estate Exam
Make Your Exam Appointment
PSI, a leading supplier of state licensing examinations, administers the Kentucky real estate exam. To begin scheduling, you must first register an account on the PSI website, after which you will have access to the scheduling portal. For more exam information, you will get a copy of the Kentucky Candidate Information Bulletin. The test costs $100 and may be paid with a credit or debit card immediately on the internet.
Check out the supplementary study tools from Real Estate Exam Scholars to ensure you pass the Kentucky real estate agent exam on the first try. It provides excellent test preparation at a low cost, as well as a money-back guarantee if you don’t pass the first time.
Real Estate Exam Scholars is a great place to start.
5. Decide the company you want to work for.
You must locate a sponsoring brokerage to affiliate your Kentucky real estate license in order to keep it valid. Check out our in-depth guide on choose the appropriate real estate business to work with to make your decision a little simpler. Although the Bluegrass State has several profitable brokerages, the top five brokerages reported for 2021 are shown here.
(Image courtesy of Real Trends 2021.)
Cities in Kentucky with the Highest Median Sales Price in 2021
The greater the price that a house sells for, the more commission chances there are. Check out the sales statistics from Towncharts.com below to get a feel of which communities in Kentucky are bringing in the big bucks:
6. Acquire Errors & Omissions Insurance
All active Kentucky agents must have errors and omissions insurance (E&O), which is used to protect real estate businesses from mistakes made during professional service. E&O can be purchased through the KREC or a private company.
Rice Insurance Services Company, LLC works closely with KREC to offer reasonable solutions, but be sure to check with your principle broker to confirm their firm’s coverage needs. For further information, go to the KREC website.
7. Obtain a Kentucky real estate license.
The last step is to submit your real estate application once you’ve decided which brokerage to associate your license with. After completing the test, you must apply for your license within 60 days. You will get a paper application from the testing site after completing the exam, which you may fill out and submit to the KREC. You may also apply online; within two days of taking the test, you will get an email from ppc.krec@ky.gov with a link to apply online.
The following are the forms you’ll need to submit with your application:
- Certificate of completion of the pre-licensing training for sales associates
- a copy of your high school diploma, GED, or transcripts from college
- Proof of insurance coverage for mistakes and omissions
- If you have previously had or now hold a real estate agent license in another state, you must submit a licensing history certification for each state in which you have previously held or currently hold a license.
- Licensing costs are $130 for active licenses and $120 for inactive licenses.
- Payment may be paid by cheque or money order for the paper application.
- Payment for the online application may be done using a credit or debit card, as well as an electronic check (ACH)
Individuals with a criminal background are not automatically disqualified from obtaining a Kentucky real estate license. The KREC examines applications on a case-by-case basis to decide whether to issue a license, with a particular emphasis on whether the applicant’s offense is directly related to the real estate agent’s profession. The KREC will either order the applicant to appear for a hearing or approve the application after investigating the offense. Visit the KREC website’s FAQs section for further information.
8. Get Your Real Estate Career Started
You’re ready to begin your real estate career now that you’ve studied how to become a real estate agent in Kentucky. Here are some of our articles with material that is ideal for new real estate agents if you want to learn more:
The “kentucky real estate license cost” is the amount of money that one must pay to obtain a Kentucky Real Estate License.
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