Name: Score:
121 Multiple choice questions
Term 1 of 121
When KREC reviews a license application, what might cause the review to take longer than usual?
Ethical issues
Legal process
Privacy issues
Legal issues
Term 2 of 121
Which of the following tasks in Kentucky requires a real estate license?
Holding earnest money and security deposits
Placing a for sale sign in a front yard
Recording earnest money and security deposits
Updating the MLS
Holding earnest money and security deposits
Complete the Agency Disclosure Statement and present it to the Latimers for their
signature.
Before assisting them in writing up their offer
Purchase Price
,Definition 3 of 121
• lawsuit by creditor followed by court-ordered public sale to enforce lien; may entail deficiency
judgments, redemption rights
• deficiency judgment -- judgment by court on borrower to forfeit other property to pay off any
shortfalls from foreclosure
• redemption right -- borrower's right to reclaim property before or after foreclosure sale
Strict foreclosure
Judicial foreclosure
Condominiums
Non-judicial foreclosure
Definition 4 of 121
• claims attaching to real and personal property as security for debt • recorded on title effectively
reducing equity in the amount of the lien • does not convey ownership unless a mortgage in a title
theory state • lien attaches to the property • property can be encumbered by multiple liens • lien
terminates upon payment, recording satisfaction
Superior Liens by rank (not by date of recordation; paid before junior liens)
Liens
Estates in Trust: Trustor, Trustee, Beneficiary, living. testamentary trust, and land trust- what
is the difference?
Local regulation
,Term 5 of 121
KREC cancelled Holly's license because she didn't complete the 48-hour post-licensing
education requirement. What does this mean for her?
Property Conveyance Law
KREC
equal undivided interest jointly owned • survivorship (may require express provision) •
requires four unities to create: time, title, interest, possession
She'll need to start all over again by meeting the pre-licensing requirements, including
completing all pre-licensing course, passing the state exam, and paying the required
application fees.
Term 6 of 121
How much is it to place your license in inactive status?
$15
$30
$10
$1,000
Term 7 of 121
Survivorship
interests are divided among all heirs regardless of ownership
on death, interests and rights pass to other joint tenants
the deceased's interests are sold at public auction
all rights are forfeited to the state upon death
, Term 8 of 121
Joint tenancy
lease or ownership interest in property for periodic use on a scheduled basis
• lease: tenant leases property per the lease's schedule
• freehold: tenants in common own undivided interests, pay expenses per separate
agreement
joint property ownership by spouses as opposed to separate property
equal undivided interest jointly owned • survivorship (may require express provision) •
requires four unities to create: time, title, interest, possession
on death, interests and rights pass to other joint tenants
Term 9 of 121
Are Kentucky closing companies permitted to disburse commission checks directly to licensees at
closing?
Yes, as long as the brokerage firm authorizes it.
Principal broker
Own and manage their own business
The seller, principal broker, and authorized agent
121 Multiple choice questions
Term 1 of 121
When KREC reviews a license application, what might cause the review to take longer than usual?
Ethical issues
Legal process
Privacy issues
Legal issues
Term 2 of 121
Which of the following tasks in Kentucky requires a real estate license?
Holding earnest money and security deposits
Placing a for sale sign in a front yard
Recording earnest money and security deposits
Updating the MLS
Holding earnest money and security deposits
Complete the Agency Disclosure Statement and present it to the Latimers for their
signature.
Before assisting them in writing up their offer
Purchase Price
,Definition 3 of 121
• lawsuit by creditor followed by court-ordered public sale to enforce lien; may entail deficiency
judgments, redemption rights
• deficiency judgment -- judgment by court on borrower to forfeit other property to pay off any
shortfalls from foreclosure
• redemption right -- borrower's right to reclaim property before or after foreclosure sale
Strict foreclosure
Judicial foreclosure
Condominiums
Non-judicial foreclosure
Definition 4 of 121
• claims attaching to real and personal property as security for debt • recorded on title effectively
reducing equity in the amount of the lien • does not convey ownership unless a mortgage in a title
theory state • lien attaches to the property • property can be encumbered by multiple liens • lien
terminates upon payment, recording satisfaction
Superior Liens by rank (not by date of recordation; paid before junior liens)
Liens
Estates in Trust: Trustor, Trustee, Beneficiary, living. testamentary trust, and land trust- what
is the difference?
Local regulation
,Term 5 of 121
KREC cancelled Holly's license because she didn't complete the 48-hour post-licensing
education requirement. What does this mean for her?
Property Conveyance Law
KREC
equal undivided interest jointly owned • survivorship (may require express provision) •
requires four unities to create: time, title, interest, possession
She'll need to start all over again by meeting the pre-licensing requirements, including
completing all pre-licensing course, passing the state exam, and paying the required
application fees.
Term 6 of 121
How much is it to place your license in inactive status?
$15
$30
$10
$1,000
Term 7 of 121
Survivorship
interests are divided among all heirs regardless of ownership
on death, interests and rights pass to other joint tenants
the deceased's interests are sold at public auction
all rights are forfeited to the state upon death
, Term 8 of 121
Joint tenancy
lease or ownership interest in property for periodic use on a scheduled basis
• lease: tenant leases property per the lease's schedule
• freehold: tenants in common own undivided interests, pay expenses per separate
agreement
joint property ownership by spouses as opposed to separate property
equal undivided interest jointly owned • survivorship (may require express provision) •
requires four unities to create: time, title, interest, possession
on death, interests and rights pass to other joint tenants
Term 9 of 121
Are Kentucky closing companies permitted to disburse commission checks directly to licensees at
closing?
Yes, as long as the brokerage firm authorizes it.
Principal broker
Own and manage their own business
The seller, principal broker, and authorized agent
