Kentucky - State Real Estate Practice Exam Test Bank Exam
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Kentucky listing agent Ana gives her seller client a blank Seller's Disclosure of
Property Conditions form. How should Ana advise her client about this
form?
"It's your responsibility to complete this form honestly, according to your
actual knowledge of the property."
If the licensee can't pay or refuses to pay an aggrieved party after being found
guilty of fraud in Kentucky, who pays the aggrieved party?
KREC
If a licensee fails to renew her license, when will the Kentucky Real Estate
Commission cancel it?
April 1. Licensees who fail to renew their licenses should expect KREC to
cancel their license by April 1. KREC also charges a late renewal fine of $200 if
the licensee does eventually renew.
,Marla forgot to renew her Kentucky real estate license and has been charged
with engaging in unlicensed brokerage. Which of the following is true?
Marla may not face penalties if she reactivates her license. KREC may exempt a
previous licensee from penalty if the licensee takes appropriate steps to
reactivate the license.
What's the purpose of the Agency Disclosure Statement used in Kentucky
residential transactions?
To confirm the role of the agent and obtain consent from the client
Rickie is a real estate licensee in Horse Cave. She makes regular calls to
customers and past clients to market her services. If someone she calls asks
to be put on her internal "do not call" list, what is Rickie required to do?
Immediately place the customer's number on her internal do not call list, and
avoid making unsolicited calls from that point forward
A Kentucky real estate license is required _.
When performing real estate activities for others, for compensation of any kind.
What options do licenses have when it comes to purchasing e and o insurance?
In Kentucky, licensees have three potential options for E&O insurance: a
program KREC administers, independent insurers, or their principal broker.
Not all principal brokers offer E&O insurance.
,Marty has worked for Wildcat Brokerage for seven years. He decides to
transfer to his father-in-law's firm. What does he need to do?
He needs to notify KREC of his firm change and pay a $10 fee.
KREC cancelled Holly's license because she didn't complete the 48-hour post-
licensing education requirement. What does this mean for her?
She'll need to start all over again by meeting the pre-licensing requirements,
including completing all pre-licensing course, passing the state exam, and
paying the required application fees.
As the seller's broker, Jenson paid a cooperating commission to an unlicensed
individual and it was legal. Which of the following statements about the person
who received the cooperating commission in Kentucky is true?
The individual is an attorney who performed brokerage services for the buyer.
, Mickey is a designated agent for the Latimers, who are selling their Kentucky
home. When he receives an offer to purchase from designated agent Valerie,
what should he do before he reviews the offer with his clients
When Mickey's clients receive an offer to purchase, he'll complete the seller
version of the Agency Disclosure Statement and present it to his clients for
signature.
What is a power of the Kentucky Real Estate Commission?
Holding disciplinary hearings
Burt is a property manager in Bowling Green. He just received a $1,000 deposit
from his newest tenant, Mary. What's he required to do now?
Deposit the money into an escrow account.
In Kentucky, which residential sales contract provision specifies the date on
which the sales transaction will be finalized and ownership of the property
will be transferred to the buyer?
Closing
Which agency regulates the rules and requirements Kentucky licensees must
follow to keep her license?
Kentucky Real Estate Commission
The Kentucky Real Estate Commission is empowered to when investigating alleged
license law violations.
Inspect all pertinent documents at a brokerage office
||Most Recent Exam Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Newest
Exam | Just Released!! 2026-2027
Kentucky listing agent Ana gives her seller client a blank Seller's Disclosure of
Property Conditions form. How should Ana advise her client about this
form?
"It's your responsibility to complete this form honestly, according to your
actual knowledge of the property."
If the licensee can't pay or refuses to pay an aggrieved party after being found
guilty of fraud in Kentucky, who pays the aggrieved party?
KREC
If a licensee fails to renew her license, when will the Kentucky Real Estate
Commission cancel it?
April 1. Licensees who fail to renew their licenses should expect KREC to
cancel their license by April 1. KREC also charges a late renewal fine of $200 if
the licensee does eventually renew.
,Marla forgot to renew her Kentucky real estate license and has been charged
with engaging in unlicensed brokerage. Which of the following is true?
Marla may not face penalties if she reactivates her license. KREC may exempt a
previous licensee from penalty if the licensee takes appropriate steps to
reactivate the license.
What's the purpose of the Agency Disclosure Statement used in Kentucky
residential transactions?
To confirm the role of the agent and obtain consent from the client
Rickie is a real estate licensee in Horse Cave. She makes regular calls to
customers and past clients to market her services. If someone she calls asks
to be put on her internal "do not call" list, what is Rickie required to do?
Immediately place the customer's number on her internal do not call list, and
avoid making unsolicited calls from that point forward
A Kentucky real estate license is required _.
When performing real estate activities for others, for compensation of any kind.
What options do licenses have when it comes to purchasing e and o insurance?
In Kentucky, licensees have three potential options for E&O insurance: a
program KREC administers, independent insurers, or their principal broker.
Not all principal brokers offer E&O insurance.
,Marty has worked for Wildcat Brokerage for seven years. He decides to
transfer to his father-in-law's firm. What does he need to do?
He needs to notify KREC of his firm change and pay a $10 fee.
KREC cancelled Holly's license because she didn't complete the 48-hour post-
licensing education requirement. What does this mean for her?
She'll need to start all over again by meeting the pre-licensing requirements,
including completing all pre-licensing course, passing the state exam, and
paying the required application fees.
As the seller's broker, Jenson paid a cooperating commission to an unlicensed
individual and it was legal. Which of the following statements about the person
who received the cooperating commission in Kentucky is true?
The individual is an attorney who performed brokerage services for the buyer.
, Mickey is a designated agent for the Latimers, who are selling their Kentucky
home. When he receives an offer to purchase from designated agent Valerie,
what should he do before he reviews the offer with his clients
When Mickey's clients receive an offer to purchase, he'll complete the seller
version of the Agency Disclosure Statement and present it to his clients for
signature.
What is a power of the Kentucky Real Estate Commission?
Holding disciplinary hearings
Burt is a property manager in Bowling Green. He just received a $1,000 deposit
from his newest tenant, Mary. What's he required to do now?
Deposit the money into an escrow account.
In Kentucky, which residential sales contract provision specifies the date on
which the sales transaction will be finalized and ownership of the property
will be transferred to the buyer?
Closing
Which agency regulates the rules and requirements Kentucky licensees must
follow to keep her license?
Kentucky Real Estate Commission
The Kentucky Real Estate Commission is empowered to when investigating alleged
license law violations.
Inspect all pertinent documents at a brokerage office
