KY Real Estate exam questions with
correct detailed expert verified answers
latest update 2025
Back-Up Offer --- correct answer ---their offer is contingent upon the
nonperformance of the existing offer.
Survival section --- correct answer ---If the parties want to extend the
contract beyond closing and the transfer of deed to the buyer, they
must do so by capturing their intentions in a signed agreement.
Property management agreements need.... --- correct answer ----
Brokerage firm's name and address
-Property owner's name and address
-Property address
-Number of units to be managed
-Agreement beginning and termination dates
-Automatic renewals are permitted but must be indicated.
-Early termination provisions
-Licensee compensation details
, -Tenants' minimum security deposit amount and guidelines for
returning or retaining deposits
-Bank name and address where escrow account will be held
-Escrow account number
-Guidelines for paying expenses
-Dates accounting reports are due to the owner
-Copy of tenants' lease agreement
-Provision that the owner will receive a copy of the management
agreement
-Signatures from both the property owner and licensee and date
signatures are provided
Both licensee and owner need to sign with lease attached. And the
owner will certify a receipt certificate.
Property managers must... --- correct answer ----keep an owner
ledger for each property owner
-expenses should be documented via either invoice or receipt and
include a note about the applicable unit
-must send a monthly accounting of all transactions by unit
-when agreement with owner is terminating, accounting should be
presented within 60 days of the agreement's termination
correct detailed expert verified answers
latest update 2025
Back-Up Offer --- correct answer ---their offer is contingent upon the
nonperformance of the existing offer.
Survival section --- correct answer ---If the parties want to extend the
contract beyond closing and the transfer of deed to the buyer, they
must do so by capturing their intentions in a signed agreement.
Property management agreements need.... --- correct answer ----
Brokerage firm's name and address
-Property owner's name and address
-Property address
-Number of units to be managed
-Agreement beginning and termination dates
-Automatic renewals are permitted but must be indicated.
-Early termination provisions
-Licensee compensation details
, -Tenants' minimum security deposit amount and guidelines for
returning or retaining deposits
-Bank name and address where escrow account will be held
-Escrow account number
-Guidelines for paying expenses
-Dates accounting reports are due to the owner
-Copy of tenants' lease agreement
-Provision that the owner will receive a copy of the management
agreement
-Signatures from both the property owner and licensee and date
signatures are provided
Both licensee and owner need to sign with lease attached. And the
owner will certify a receipt certificate.
Property managers must... --- correct answer ----keep an owner
ledger for each property owner
-expenses should be documented via either invoice or receipt and
include a note about the applicable unit
-must send a monthly accounting of all transactions by unit
-when agreement with owner is terminating, accounting should be
presented within 60 days of the agreement's termination
