Kentucky Portion Property Valuation
Comprehensive Resource To Help You Ace 2026-2027
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!!
Current Update!!
1. Regarding a broker's duties, which of the following is true
A) The broker must maintain a trust account.
B) The broker must maintain sufficient and proper records on each client's
deposits.
C) The broker must have a separate trust account for each client.
D) The broker must have books audited annually. - Correct Answer: B) broker
must maintain sufficient and proper records on each client's deposits.
There are no requirements that a broker maintain a trust account; there are no
requirements that a broker's records be audited, though they may be. The broker
does not have to have a separate account for each client's funds, but would make
a separate entry in the account ledger for each transaction of funds.
2. The Real Estate Code of Ethics was created by:
A) English common law.
B) Real Estate Commission.
C) National Association of Real Estate Boards.
,D) State Legislature. - Correct Answer: C) National association of real estate
boards.
The Code of Ethics is not law. It consists of broad guidelines that define the
professional standards expected of Realtors (that is, members of local boards
associated with the National Association of Realtors).
3. A contractor in Kentucky would consider the following to be an indirect expense
in the construction of an improvement:
A) Labor cost
B) Material cost
C) Building permit
D) Any subcontract - Correct Answer: C) Building permit
4. In Kentucky, dower and curtesy:
A) Are recognized for the first marriage only
B) Can be waived by either spouse, if waived in writing
C) Are recognized for all marriages
D) Are no longer recognized in Kentucky - Correct Answer: C) recognized for
all marriages.
Dower and curtesy are recognized in Kentucky. Dower is the wife's interest in her
husband's property and curtesy is the husband's interest in the wife's property.
The rights of dower and curtesy may not be waived by either spouse.
,5. An agency relationship may be terminated by all of the following methods
except:
A: Destruction of the subject matter with which the agency is concerned.
B: Resignation of the agency by the real estate broker.
C: Mutual termination by both the agent and the principal.
D: Revocation by the principal if the agent has an interest in the agency. -
Correct Answer: D) revocation by the principal if the agent has an interest in the
agency.
When the agent has an interest in the agency, it cannot be revoked by the
principal.
6. What is the maximum that the real estate education, research and recovery
fund will pay per claim?
A) $200,000
B) $50,000
C) $20,000
D) $100,000 - Correct Answer: C). 20,000
If a license, acting in the capacity of a licensee, has been duly found guilty of fraud
in the violation of one or more of the Kentucky provisions, and upon the
conclusion of a final order entered by the commission, or by the courts, if
appealed, the commission, may pay to the aggrieved person or persons an
aggregate amount not to exceed twenty thousand dollars ($20,000) per claimant
with combined payments to all claimants against any one licensee, not to exceed
fifty thousand dollars ($50,000), if the licensee has refused to pay the claim within
, a period of twenty (20) days of entry of a final order and if the amount or
amounts of money in question are certain and liquidated.
7. A salesperson sold a home listed with a broker who is cooperating with her
employing broker. She may receive an advance against her commission from:
A) Listing broker, when the purchase price is deposited in escrow.
B) Listing broker, if she signs a note.
C) Listing broker.
D) Employing broker. - Correct Answer: D) employing broker
The Real Estate Law stipulates that a salesperson may receive compensation only
through his/her employing broker.
8. What is a sales associate in the state of Kentucky?
A) any person that sells real estate in Kentucky
B) any person that is affiliated with a Kentucky-licensed principal broker
C) any person licensed that is affiliated with a Kentucky-licensed principal broker
D) any person licensed that is affiliated with any licensed principal broker -
Correct Answer: C) "Sales associate" means any person licensed in accordance
with KRS 324.046(2) that is affiliated with a Kentucky-licensed principal broker and
who, when engaging in real estate brokerage, does so under the supervision of
the principal broker;
9. An attachment is:
A) An assessment
Comprehensive Resource To Help You Ace 2026-2027
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!!
Current Update!!
1. Regarding a broker's duties, which of the following is true
A) The broker must maintain a trust account.
B) The broker must maintain sufficient and proper records on each client's
deposits.
C) The broker must have a separate trust account for each client.
D) The broker must have books audited annually. - Correct Answer: B) broker
must maintain sufficient and proper records on each client's deposits.
There are no requirements that a broker maintain a trust account; there are no
requirements that a broker's records be audited, though they may be. The broker
does not have to have a separate account for each client's funds, but would make
a separate entry in the account ledger for each transaction of funds.
2. The Real Estate Code of Ethics was created by:
A) English common law.
B) Real Estate Commission.
C) National Association of Real Estate Boards.
,D) State Legislature. - Correct Answer: C) National association of real estate
boards.
The Code of Ethics is not law. It consists of broad guidelines that define the
professional standards expected of Realtors (that is, members of local boards
associated with the National Association of Realtors).
3. A contractor in Kentucky would consider the following to be an indirect expense
in the construction of an improvement:
A) Labor cost
B) Material cost
C) Building permit
D) Any subcontract - Correct Answer: C) Building permit
4. In Kentucky, dower and curtesy:
A) Are recognized for the first marriage only
B) Can be waived by either spouse, if waived in writing
C) Are recognized for all marriages
D) Are no longer recognized in Kentucky - Correct Answer: C) recognized for
all marriages.
Dower and curtesy are recognized in Kentucky. Dower is the wife's interest in her
husband's property and curtesy is the husband's interest in the wife's property.
The rights of dower and curtesy may not be waived by either spouse.
,5. An agency relationship may be terminated by all of the following methods
except:
A: Destruction of the subject matter with which the agency is concerned.
B: Resignation of the agency by the real estate broker.
C: Mutual termination by both the agent and the principal.
D: Revocation by the principal if the agent has an interest in the agency. -
Correct Answer: D) revocation by the principal if the agent has an interest in the
agency.
When the agent has an interest in the agency, it cannot be revoked by the
principal.
6. What is the maximum that the real estate education, research and recovery
fund will pay per claim?
A) $200,000
B) $50,000
C) $20,000
D) $100,000 - Correct Answer: C). 20,000
If a license, acting in the capacity of a licensee, has been duly found guilty of fraud
in the violation of one or more of the Kentucky provisions, and upon the
conclusion of a final order entered by the commission, or by the courts, if
appealed, the commission, may pay to the aggrieved person or persons an
aggregate amount not to exceed twenty thousand dollars ($20,000) per claimant
with combined payments to all claimants against any one licensee, not to exceed
fifty thousand dollars ($50,000), if the licensee has refused to pay the claim within
, a period of twenty (20) days of entry of a final order and if the amount or
amounts of money in question are certain and liquidated.
7. A salesperson sold a home listed with a broker who is cooperating with her
employing broker. She may receive an advance against her commission from:
A) Listing broker, when the purchase price is deposited in escrow.
B) Listing broker, if she signs a note.
C) Listing broker.
D) Employing broker. - Correct Answer: D) employing broker
The Real Estate Law stipulates that a salesperson may receive compensation only
through his/her employing broker.
8. What is a sales associate in the state of Kentucky?
A) any person that sells real estate in Kentucky
B) any person that is affiliated with a Kentucky-licensed principal broker
C) any person licensed that is affiliated with a Kentucky-licensed principal broker
D) any person licensed that is affiliated with any licensed principal broker -
Correct Answer: C) "Sales associate" means any person licensed in accordance
with KRS 324.046(2) that is affiliated with a Kentucky-licensed principal broker and
who, when engaging in real estate brokerage, does so under the supervision of
the principal broker;
9. An attachment is:
A) An assessment
