Name: Score:
20 Multiple choice questions
Term 1 of 20
A licensee negotiating the sale of a condominium tells a prospective buyer that the licensee
absolutely guarantees that if the buyer closes on the property now, and resells it in a year, the
buyer will realize no less than a $10,000 profit. The buyer purchases the condominium, and sells it
a year later at a $5,000 loss. Which of the following situations is a possible consequence to the
licensee?
The licensee has violated Kentucky Real Estate License Law.
The licensee would be required to reimburse the buyer for the loss.
The licensee may be subject to possible penalty by the Kentucky Real Estate Commission.
Fraud
Term 2 of 20
A real estate licensee who causes financial loss to a seller as a result of serious, yet unintentional,
mistakes in contract preparation may be liable for what offense under license law?
Malpractice
Gross Negligence
Ordinary Negligence
Contributory Negligence
, Term 3 of 20
Sales associates may advertise solely in their own name when selling:
the licensee may be subject to possible penalty by the kentucky real estate commission.
send a thank you note.
their own residence.
fraud.
Term 4 of 20
A licensee tells a prospective buyer, "The landfill 2 miles upwind from this house has never posed
a problem for this neighborhood." If the licensee knows this statement to be UNTRUE, it is an
example of
duress.
negligence.
mistake.
fraud.
Term 5 of 20
A licensee has made an oral agreement to sell a property. The licensee proceeds to advertise in
the local newspaper, and receives a full-price offer to purchase. According to Kentucky Real
Estate License Law,
The licensee must obtain Written Consent From The Seller.
The seller must accept the offer to purchase.
The licensee is allowed To Proceed With The Sale.
The licensee has violated Kentucky Real Estate License Law.
20 Multiple choice questions
Term 1 of 20
A licensee negotiating the sale of a condominium tells a prospective buyer that the licensee
absolutely guarantees that if the buyer closes on the property now, and resells it in a year, the
buyer will realize no less than a $10,000 profit. The buyer purchases the condominium, and sells it
a year later at a $5,000 loss. Which of the following situations is a possible consequence to the
licensee?
The licensee has violated Kentucky Real Estate License Law.
The licensee would be required to reimburse the buyer for the loss.
The licensee may be subject to possible penalty by the Kentucky Real Estate Commission.
Fraud
Term 2 of 20
A real estate licensee who causes financial loss to a seller as a result of serious, yet unintentional,
mistakes in contract preparation may be liable for what offense under license law?
Malpractice
Gross Negligence
Ordinary Negligence
Contributory Negligence
, Term 3 of 20
Sales associates may advertise solely in their own name when selling:
the licensee may be subject to possible penalty by the kentucky real estate commission.
send a thank you note.
their own residence.
fraud.
Term 4 of 20
A licensee tells a prospective buyer, "The landfill 2 miles upwind from this house has never posed
a problem for this neighborhood." If the licensee knows this statement to be UNTRUE, it is an
example of
duress.
negligence.
mistake.
fraud.
Term 5 of 20
A licensee has made an oral agreement to sell a property. The licensee proceeds to advertise in
the local newspaper, and receives a full-price offer to purchase. According to Kentucky Real
Estate License Law,
The licensee must obtain Written Consent From The Seller.
The seller must accept the offer to purchase.
The licensee is allowed To Proceed With The Sale.
The licensee has violated Kentucky Real Estate License Law.
