PERRY REAL ESTATE COLLEGE FINAL TEST BANK EXAM QUESTIONS WITH 100% CORRECT VERIFIED ANSWERS (GUARANTEED PASS) PERRY REAL ESTATE COLLEGE FINAL TEST BANK EXAM QUESTIONS WITH 100% CORRECT VERIFIED ANSWERS (GUARANTEED PASS)

PERRY REAL ESTATE COLLEGE
FINAL TEST BANK EXAM
QUESTIONS WITH 100% CORRECT
VERIFIED ANSWERS (GUARANTEED
PASS) PERRY REAL ESTATE
COLLEGE FINAL TEST BANK EXAM
QUESTIONS WITH 100% CORRECT
VERIFIED ANSWERS (GUARANTEED
PASS)
Q1. The Commission is charged with determining if a license
applicant meets all of the following criteria EXCEPT:

• A) Trustworthy
• B) Honest
• C) Competent to protect the public
• D) Never been adjudicated bankrupt

Correct ,,,answer,,,: D) Never been adjudicated bankrupt
Rationale: While bankruptcy may be considered, it is not an automatic
disqualifier. The Commission focuses on trustworthiness, honesty, and
competence .

Q2. The Governor appoints Commissioners:

• A) Directly without input
• B) From a list provided by the Kentucky Association of
REALTORS

, • C) From a list provided by the Kentucky Bar Association
• D) From a general pool of applicants

Correct ,,,answer,,,: B) From a list provided by the Kentucky
Association of REALTORS
Rationale: The Governor receives recommendations from the Kentucky
Association of REALTORS for Commission appointments .

Q3. In order to be a License member of the commission, a person
must be:

• A) A KY citizen
• B) A non-felon
• C) All of the above
• D) A licensed broker

Correct ,,,answer,,,: C) All of the above
Rationale: Commission members must be Kentucky citizens, not have
felony convictions, and be licensed brokers .

Q4. The Commission cannot have more than _____ members from
one political party:

• A) 2
• B) 3
• C) 4
• D) 5

Correct ,,,answer,,,: C) 4
Rationale: The Commission maintains political balance with a limit of 4
members from any single political party .

Q5. The Commission is made up of the following:

, • A) 4 brokers and 1 consumer
• B) 6 brokers and 1 consumer
• C) 1 consumer and 6 brokers
• D) 4 consumers and 1 licensee

Correct ,,,answer,,,: B) 6 brokers and 1 consumer
Rationale: The Kentucky Real Estate Commission consists of 6 licensed
brokers and 1 public/consumer member .

Q6. A licensee has a duty to report a conviction to the Commission:

• A) True, if it is a felony
• B) False, as there is no duty to report
• C) False, if it is a felony
• D) True, if it is a felony or a misdemeanor

Correct ,,,answer,,,: A) True, if it is a felony
Rationale: Licensees must report felony convictions to the Commission.
Misdemeanor reporting requirements may vary .

Q7. If a license is revoked, which of the following is TRUE?

• A) The license revocation is permanent
• B) The license revocation is for 10 years
• C) The license revocation is for 5 years
• D) None of the above

Correct ,,,answer,,,: C) The license revocation is for 5 years
Rationale: License revocation in Kentucky carries a 5-year period
before reinstatement may be considered .

Q8. If a licensee fails to renew his or her license on time, the license
is:

, • A) Expired
• B) Revoked
• C) Canceled
• D) None of the above

Correct ,,,answer,,,: C) Canceled
Rationale: Failure to renew timely results in license cancellation, not
expiration or revocation .

Q9. Donna's license has been canceled. She can have her license
renewed as long as she does so within:

• A) 30 days
• B) 6 months
• C) One year
• D) Two years

Correct ,,,answer,,,: C) One year
Rationale: A canceled license can be renewed within one year of
cancellation .

Q10. An earnest money deposit must be placed into escrow within
_____ days of receipt:

• A) 1 business day
• B) 2 business days
• C) 3 business days
• D) 5 business days

Correct ,,,answer,,,: C) 3 business days
Rationale: Kentucky law requires earnest money deposits to be
deposited into an escrow account within 3 business days .