4/9/25, 7:57
AM
KY - KENTUCKY LICENSE LAW REQUIREMENTS FOR
CONTRACTS – EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
Practice questions for this set
Learn 1/7 Study using Learn
Inducing, or attempting to induce, a party to a contract to break that contract
Select the correct term
1Contractual interference 2Business interference
3Minimum duties
4Alabama listing agreement violations
Don't know?
Only the broker who secures a buyer is owed a commission. If the seller
Open listing agreement
secures the buyer, the seller doesn't owe a commission.
Exclusive right to sell and exclusive Provide the highest service to the client and the most protection for
buyer agency agreements the broker's commission
Allows the broker to list the property and receive a commission no
Exclusive right to sell/lease
agreement matter who brings the buyer/lessee to the seller/landlord
Illegal in Kentucky, this is where the seller specifies a minimum
Net listing acceptable sales price, and the listing agent receives as commission
any completed offer over that price
KREC Exclusive Right to Sell Specifies duties for both licensee and seller
Agency Contract
General warranty deed Provides the most assurance for the buyer of a marketable title
Contractual interference Inducing, or attempting to induce, a party to a contract to break that contract
KREC Non-Exclusive Open Listing The seller only owes the broker a commission to the broker who
Agreement procures the buyer.
Protects the broker by requiring the seller to pay the total
Holdover clause
commission due if the property sells to a specified buyer after the
listing agreement expires
A provision of the KREC Non-Exclusive Open Listing Agreement that
Forfeit of Deposit
specifies that the seller and broker split the earnest money deposit
when the buyer defaults
KREC Exclusive Buyer Agency Gives the licensee the sole right to represent the buyer
Contract
Duties Kentucky Administrative Regulation 201 KAR 11:045 require
Minimum duties
licensees to provide to their clients
1/
2
AM
KY - KENTUCKY LICENSE LAW REQUIREMENTS FOR
CONTRACTS – EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
Practice questions for this set
Learn 1/7 Study using Learn
Inducing, or attempting to induce, a party to a contract to break that contract
Select the correct term
1Contractual interference 2Business interference
3Minimum duties
4Alabama listing agreement violations
Don't know?
Only the broker who secures a buyer is owed a commission. If the seller
Open listing agreement
secures the buyer, the seller doesn't owe a commission.
Exclusive right to sell and exclusive Provide the highest service to the client and the most protection for
buyer agency agreements the broker's commission
Allows the broker to list the property and receive a commission no
Exclusive right to sell/lease
agreement matter who brings the buyer/lessee to the seller/landlord
Illegal in Kentucky, this is where the seller specifies a minimum
Net listing acceptable sales price, and the listing agent receives as commission
any completed offer over that price
KREC Exclusive Right to Sell Specifies duties for both licensee and seller
Agency Contract
General warranty deed Provides the most assurance for the buyer of a marketable title
Contractual interference Inducing, or attempting to induce, a party to a contract to break that contract
KREC Non-Exclusive Open Listing The seller only owes the broker a commission to the broker who
Agreement procures the buyer.
Protects the broker by requiring the seller to pay the total
Holdover clause
commission due if the property sells to a specified buyer after the
listing agreement expires
A provision of the KREC Non-Exclusive Open Listing Agreement that
Forfeit of Deposit
specifies that the seller and broker split the earnest money deposit
when the buyer defaults
KREC Exclusive Buyer Agency Gives the licensee the sole right to represent the buyer
Contract
Duties Kentucky Administrative Regulation 201 KAR 11:045 require
Minimum duties
licensees to provide to their clients
1/
2
