PSI General Portion Content Outline – Contracts

VII. Contracts (Salesperson 17%; Broker 18%) A. General knowledge of contract law Requirements for validity Factors affecting enforceability of contracts Void, voidable, unenforceable contracts Rights and obligations of parties to a contract Executory and executed contracts Notice, delivery and acceptance of contracts Breach of contract and remedies for breach Termination, rescission and cancellation of contracts…

PSI General Portion Content Outline – Leasing and Property Management

VIII. Leasing and Property Management (Salesperson 3%; Broker 5%) A. Basic concepts/duties of property management B. Lease Agreements Types of leases, e.g., percentage, gross, net, ground Key elements and provisions of lease agreements C. Landlord and tenant rights and obligations D. Property manager’s fiduciary responsibilities E. ADA and Fair Housing compliance in property management F….

PSI General Portion Content Outline – Practice of Real Estate

X. Practice of real estate (Salesperson 13%; Broker 14%) A. Trust/escrow accounts Purpose and definition of trust accounts, including monies held in trust accounts Responsibility for trust monies, including commingling/conversion B. Federal fair housing laws and the ADA Protected classes Prohibited conduct (red-lining, blockbusting, steering) Americans with Disabilities (ADA) Exemptions C. Advertising and technology Advertising…

PSI General Portion Content Outline – Real Estate Calculations

XI. Real estate calculations (Salesperson 10%; Broker 8%) A. Basic math concepts Loan-to-value ratios Discount points Equity Down payment/amount to be financed B. Calculations for transactions Property tax calculations Prorations Commission and commission splits Seller’s proceeds of sale Buyer funds needed at closing Transfer fee/conveyance tax/revenue stamps PITI (Principal, Interest, Taxes and Insurance) payments C….

PSI Kentucky State Content Outline – Real Estate Commission

Real Estate Commission (Sales Associate 5 Items, Broker 7 items) 1. General Powers a. Authority to issue licenses b. Examination and audit of records c. Administration of Education, Research, and Recovery Fund 2. Enforcement Powers a. Investigations, hearings, and appeals, emergency suspension b. Sanctions a. fines b. license suspension, revocation and other action c. criminal…

PSI Kentucky State Content Outline – Brokerage Activities and Requirements

Brokerage Activities and Requirements (Sales Associate 18 Items, Broker 18 Items) Broker/sales associate relationship a. Team and group management and rules (broker only) Commissions Advertising Handling of monies Handling of documents Place of business Records Escrow accounts Improper conduct Unlicensed assistants Broker lien law Zero (no-call) list Brokerage management (broker only) Unlicensed brokerage

PSI Kentucky State Content Outline – Requirements for a License

Requirements for a License (Sales Associate 10 items, Broker 8 items) Activities requiring a license Eligibility Renewal of License License procedures a. license changes and information to be reported b. Inactive license Continuing and post-licensing education Errors & Omissions insurance, ERP required to deactivate license Criminal background check