KY real estate final exam practice question and
answers 2023 verified to pass
what happens with a Judicial foreclosure?
the mortgaged property is sold under the supervision of a court
broker Dean realizes he has relocation buyers. What is something he should
focus on with these buyers?
finding a property with good resale value
real estate licensees should know enough about building ordinances to be able
to...
alert clients of potential problems in a home
if an industrial property is described as "special-purpose" it is...
unsuitable for many uses and processes.
during the final walk-through a buyer sees that the seller did not remove a
downed tree. What is the best way of handling this?
at the closing the buyer could ask for a credit from the seller to remove the downed tree.
what is the main purpose of the Kentucky Real Estate Commission?
to put into effect and make known the administrative regulations to effectively carry out
and enforce the provisions of the Kentucky statutes governing real estate.
who must a principal broker supervise in a real estate office?
all licensees Affiliated to the principal broker and all other unlicensed employees at that
office.
broker Hannah just received a $5,000 escrow money deposit how long does she
have to deposit it under Kentucky law?
without unreasonable delay
what type of insurance is mandatory for all active licensees?
errors and omissions insurance
sales associate Nika is showing a property with an electronic lockbox how should
she access the property?
by using the eKEY smartphone application
what penalties May a circuit court impose on a person found violating any
provision of Kentucky License Law?
a fine of between $100 and $1,000 and a jail sentence of up to six months.
why is designated agency a good alternative to traditional dual agency?
even though the same broker represent each party, both the buyer and the seller have a
licensee who exclusively acts as their agent in the transaction.
which of the following actions is illegal in Kentucky?
acting for more than one party in a transaction with the knowledge of all parties for him
a licensee acts
why should broker Taylor create a website for her brokerage?
to brand her firm with a visual mission statement.
legislation became effective in July of 1999 that requires a lender to drop the PMI
requirement when the loan-to-value ratio reaches...
78% of the original value of the property.
before ordering disciplinary action against a licensee, the commission must...
, order a hearing.
broker Pearl represents buyer Emma. Pearl heard that the seller Misty will accept
$20,000 less than the listed price. Under which duty is Pearl obligated to share
this information with Emma?
loyalty
what type of agency cannot be revoked by the principal nor is terminated if the
principal dies?
agency coupled with an interest
licensee Chad works for broker Michael. License each ad has a listing agreement
was Stellar Ray. Licensee Chad decided to transfer Brokers. What will most likely
happen with Chad's listing?
it will stay with Michael's brokerage.
buyer and manuals broker find out information about the seller which will help if
manual in the transaction. Loyalty is one of the duties of...
protection.
escrow monies should be held in the broker's...
escrow account.
what's one thing that would be included in a property management report?
delinquent accounts
if a cooperating broker accepts the offer of sub-agency from a listing broker, to
whom does the cooperating broker owe fiduciary duties?
the seller
what will happen if a payment is made to satisfy claim from The Recovery Fund
against a licensee?
the licensees license will be immediately suspended or permanently revoked.
a property is sold for $185,000. The listing agreement calls for a commission of
6.5%. The listing broker and selling broker agree to share the commission
equally. All the listing agent receive if the agent is scheduled to get 65% share
from his broker?
$3,908
Robert owns his property and enjoys the full bundle of Rights. Can he use his
property as collateral for debt?
yes, Robert can encumber his property.
what must a licensee first do before advertising listed property?
obtain the owner's consent.
my property is being praised by the cost approach. The appraiser estimates that
the land is worth $10,000 and the replacement cost of improvements is $75,000
total depreciation from all causes is $7,000 what is the indicated value of the
property?
$78,000
what type of Clause allows a broker to collect a commission for some period of
time after the listing expires?
a carryover clause
which of the following types of land is generally considered unsuitable for
agricultural issues?
dry land
answers 2023 verified to pass
what happens with a Judicial foreclosure?
the mortgaged property is sold under the supervision of a court
broker Dean realizes he has relocation buyers. What is something he should
focus on with these buyers?
finding a property with good resale value
real estate licensees should know enough about building ordinances to be able
to...
alert clients of potential problems in a home
if an industrial property is described as "special-purpose" it is...
unsuitable for many uses and processes.
during the final walk-through a buyer sees that the seller did not remove a
downed tree. What is the best way of handling this?
at the closing the buyer could ask for a credit from the seller to remove the downed tree.
what is the main purpose of the Kentucky Real Estate Commission?
to put into effect and make known the administrative regulations to effectively carry out
and enforce the provisions of the Kentucky statutes governing real estate.
who must a principal broker supervise in a real estate office?
all licensees Affiliated to the principal broker and all other unlicensed employees at that
office.
broker Hannah just received a $5,000 escrow money deposit how long does she
have to deposit it under Kentucky law?
without unreasonable delay
what type of insurance is mandatory for all active licensees?
errors and omissions insurance
sales associate Nika is showing a property with an electronic lockbox how should
she access the property?
by using the eKEY smartphone application
what penalties May a circuit court impose on a person found violating any
provision of Kentucky License Law?
a fine of between $100 and $1,000 and a jail sentence of up to six months.
why is designated agency a good alternative to traditional dual agency?
even though the same broker represent each party, both the buyer and the seller have a
licensee who exclusively acts as their agent in the transaction.
which of the following actions is illegal in Kentucky?
acting for more than one party in a transaction with the knowledge of all parties for him
a licensee acts
why should broker Taylor create a website for her brokerage?
to brand her firm with a visual mission statement.
legislation became effective in July of 1999 that requires a lender to drop the PMI
requirement when the loan-to-value ratio reaches...
78% of the original value of the property.
before ordering disciplinary action against a licensee, the commission must...
, order a hearing.
broker Pearl represents buyer Emma. Pearl heard that the seller Misty will accept
$20,000 less than the listed price. Under which duty is Pearl obligated to share
this information with Emma?
loyalty
what type of agency cannot be revoked by the principal nor is terminated if the
principal dies?
agency coupled with an interest
licensee Chad works for broker Michael. License each ad has a listing agreement
was Stellar Ray. Licensee Chad decided to transfer Brokers. What will most likely
happen with Chad's listing?
it will stay with Michael's brokerage.
buyer and manuals broker find out information about the seller which will help if
manual in the transaction. Loyalty is one of the duties of...
protection.
escrow monies should be held in the broker's...
escrow account.
what's one thing that would be included in a property management report?
delinquent accounts
if a cooperating broker accepts the offer of sub-agency from a listing broker, to
whom does the cooperating broker owe fiduciary duties?
the seller
what will happen if a payment is made to satisfy claim from The Recovery Fund
against a licensee?
the licensees license will be immediately suspended or permanently revoked.
a property is sold for $185,000. The listing agreement calls for a commission of
6.5%. The listing broker and selling broker agree to share the commission
equally. All the listing agent receive if the agent is scheduled to get 65% share
from his broker?
$3,908
Robert owns his property and enjoys the full bundle of Rights. Can he use his
property as collateral for debt?
yes, Robert can encumber his property.
what must a licensee first do before advertising listed property?
obtain the owner's consent.
my property is being praised by the cost approach. The appraiser estimates that
the land is worth $10,000 and the replacement cost of improvements is $75,000
total depreciation from all causes is $7,000 what is the indicated value of the
property?
$78,000
what type of Clause allows a broker to collect a commission for some period of
time after the listing expires?
a carryover clause
which of the following types of land is generally considered unsuitable for
agricultural issues?
dry land
