KY REAL ESTATE FINAL EXAM PRACTICE
EXAM SCRIPT 2026 COMPREHENSIVE
QUESTIONS WITH SOLUTIONS GRADED A+
⩥ Camille, a buyer, wants to change the price already agreed to in a
sales contract. She should use a(n) ______.
A. New contract
B. Amendment
C. Addendum
D. Bill of sale. Answer: Amendment
⩥ Kendra made an offer on Sam's property. Sam rejected Kendra's offer,
but made a counter-offer. Kendra is now considering the counter. What
is Kendra in this scenario?
A. Executor
B. Offeror
C. Offeree
D. Trustor. Answer: Offeree
⩥ Tristan's offer has been signed by all parties and delivered back to the
seller. This means that ______ has occurred.
A. Acceptance
B. Binding acceptance
,C. Personal delivery
D. Notarization. Answer: Binding Acceptance
⩥ Katelyn really wants to include an inspection contingency in her
purchase offer. Her agent explains that the inspection contingency only
documents which of the following?
A. How much money the sellers will spend on fixing inspection issues
B. The inspector who Katelyn will use
C. Whether Katelyn will ignore some of the inspection issues
D. The date by which all inspection issues must be addressed. Answer:
The date by which all inspection issues must be addressed
⩥ Gail was supposed to close on her new home by the end of May, but
she kept asking the sellers if they could push the closing back. Even
after the summer was over the transaction still hadn't closed. Gail was
guilty of not adhering to which aspect of the contract?
A. Assignment
B. Novation
C. Reasonable time
D. Time is of the essence. Answer: Time is of the Essence
⩥ What happens to an initial offer from the buyer after a seller counters?
A. It becomes the back-up offer.
B. It's no longer in play.
,C. It's accepted by the seller until the buyer accepts the counter.
D. Sellers cannot counter a buyer's initial offer.. Answer: It's no longer in
play
⩥ Which offer would be the most appealing to a seller?
A. An all-cash offer $15,000 over list price, closing in two weeks.
B. An offer $10,000 over list price, contingent upon appraisal and
inspection, conventional financing with 20% down, closing in 30 days.
C. A full-price offer waiving inspection, conventional financing with
20% down, closing in 45 days.
D. It depends on the needs and motivations of the seller.. Answer: It
depends on the needs and motivations of the seller.
⩥ Sondra thinks the new business contract she's signed with her business
partner is valid. Both parties are legally competent, the purpose is a
business transaction so it's a legal purpose, an offer was made and
accepted, and a fee has been negotiated and documented. Which
essential element of a valid contract has Sondra not yet considered?
A. Whether the contract is in writing.
B. Whether the parties are over 21.
C. Whether consent was voluntary.
D. Whether the contract has been translated into all possible languages..
Answer: Whether consent was voluntary.
, ⩥ Tawna agrees to sell her small plot of land to Morris for $5,000 cash.
They don't write up a contract, but otherwise all the necessary elements
for a valid contract are in place. What's the status of this contract?
A. It's void.
B. It's valid and enforceable.
C. It's valid but not enforceable.
D. It's illegal.. Answer: It's Valid But not enforceable
⩥ Ken signed a contract to purchase Debra's condo. Ken signed the
contract two weeks prior to turning 18, which is the age of majority in
their state. Debra found out about his age prior to the closing but
honored the contract and they closed on the condo a month after Ken's
birthday. What was the status of the contract when Ken and Debra
entered into it?
A. Executed
B. Illegal
C. Void
D. Voidable. Answer: Voidable
⩥ What's the meaning of "good faith" in relation to contract law?
A. The contract was formed without undue influence or duress.
B. The parties agree to arbitration or mediation instead of legal action as
a means of settling any disputes.
EXAM SCRIPT 2026 COMPREHENSIVE
QUESTIONS WITH SOLUTIONS GRADED A+
⩥ Camille, a buyer, wants to change the price already agreed to in a
sales contract. She should use a(n) ______.
A. New contract
B. Amendment
C. Addendum
D. Bill of sale. Answer: Amendment
⩥ Kendra made an offer on Sam's property. Sam rejected Kendra's offer,
but made a counter-offer. Kendra is now considering the counter. What
is Kendra in this scenario?
A. Executor
B. Offeror
C. Offeree
D. Trustor. Answer: Offeree
⩥ Tristan's offer has been signed by all parties and delivered back to the
seller. This means that ______ has occurred.
A. Acceptance
B. Binding acceptance
,C. Personal delivery
D. Notarization. Answer: Binding Acceptance
⩥ Katelyn really wants to include an inspection contingency in her
purchase offer. Her agent explains that the inspection contingency only
documents which of the following?
A. How much money the sellers will spend on fixing inspection issues
B. The inspector who Katelyn will use
C. Whether Katelyn will ignore some of the inspection issues
D. The date by which all inspection issues must be addressed. Answer:
The date by which all inspection issues must be addressed
⩥ Gail was supposed to close on her new home by the end of May, but
she kept asking the sellers if they could push the closing back. Even
after the summer was over the transaction still hadn't closed. Gail was
guilty of not adhering to which aspect of the contract?
A. Assignment
B. Novation
C. Reasonable time
D. Time is of the essence. Answer: Time is of the Essence
⩥ What happens to an initial offer from the buyer after a seller counters?
A. It becomes the back-up offer.
B. It's no longer in play.
,C. It's accepted by the seller until the buyer accepts the counter.
D. Sellers cannot counter a buyer's initial offer.. Answer: It's no longer in
play
⩥ Which offer would be the most appealing to a seller?
A. An all-cash offer $15,000 over list price, closing in two weeks.
B. An offer $10,000 over list price, contingent upon appraisal and
inspection, conventional financing with 20% down, closing in 30 days.
C. A full-price offer waiving inspection, conventional financing with
20% down, closing in 45 days.
D. It depends on the needs and motivations of the seller.. Answer: It
depends on the needs and motivations of the seller.
⩥ Sondra thinks the new business contract she's signed with her business
partner is valid. Both parties are legally competent, the purpose is a
business transaction so it's a legal purpose, an offer was made and
accepted, and a fee has been negotiated and documented. Which
essential element of a valid contract has Sondra not yet considered?
A. Whether the contract is in writing.
B. Whether the parties are over 21.
C. Whether consent was voluntary.
D. Whether the contract has been translated into all possible languages..
Answer: Whether consent was voluntary.
, ⩥ Tawna agrees to sell her small plot of land to Morris for $5,000 cash.
They don't write up a contract, but otherwise all the necessary elements
for a valid contract are in place. What's the status of this contract?
A. It's void.
B. It's valid and enforceable.
C. It's valid but not enforceable.
D. It's illegal.. Answer: It's Valid But not enforceable
⩥ Ken signed a contract to purchase Debra's condo. Ken signed the
contract two weeks prior to turning 18, which is the age of majority in
their state. Debra found out about his age prior to the closing but
honored the contract and they closed on the condo a month after Ken's
birthday. What was the status of the contract when Ken and Debra
entered into it?
A. Executed
B. Illegal
C. Void
D. Voidable. Answer: Voidable
⩥ What's the meaning of "good faith" in relation to contract law?
A. The contract was formed without undue influence or duress.
B. The parties agree to arbitration or mediation instead of legal action as
a means of settling any disputes.
