Kentucky Reciprocity
______________ still have the power of municipalities to tax, license and regulate real
estate brokers. - ANS - Cities
______________________ of escrow accounts and regular accounts are strictly
forbidden - ANS - Co-mingling
_______________________________ means that the earnest money should be
deposited into the escrow account within 3 business days of creation of a contract -
ANS - Without unreasonable delay
,A woman buys a house in a desirable neighborhood for $390,000. A man buys a nearly
identical house in a neighborhood similarly sized homes and pays $290,000. What
economic principal best describes the reason why the woman paid more than the man?
- ANS - Progression
A _____________is a published opinion of a court that serves as authority for
determining if a legal question in a later case with similar facts ? - ANS - Precedent
A bidder can retract his or her bid after the gavel falls. True or False? - ANS - False
A bidder can retract his or her bid before the gavel falls. True or false? - ANS - True
A broker must have a _______________________ before placing a sign on a listed
property? - ANS - Written consent
A builder has asked a licensee to list a newly built home. The sellers disclosure form is
required, unless? - ANS - The builder offers a home warranty
A client asks the listing agent to sell raffle tickets, and the prize is his house. What must
the listing agent do? - ANS - Refuse because this is a license law violation
A client calls his real estate broker asking for copies of his disclosures and contracts.
The broker refuses, saying that she has already given him copies of everything. This
broker is...........................? - ANS - In violation of license law because she is refusing
to provide copies upon request.
,A company may not legally require a referral fee in Kentucky, unless that company....... -
ANS - Introduced the business to the licensee
A complaint against a licensee must: - ANS - 1. Include copies of all relevant
documents
2. be notarized by a notary public
3. allege a prima facie case of a specific violation
a complaint regarding a violation of the fair housing act must be brought within how
long? - ANS - 1 year
A consignee is also known as the .... - ANS - Auctioneer
A house has been on the marker for several months because buyers do not want to
have to walk through the master bedroom to reach another bedroom in the back. This
floor plan is an example of what? - ANS - functional obsolescence
A house sits on the corner of a busy intersection and two of the corners are occupied y
gas stations. The houses owners have been told that the property would be worth more
if the lot were vacant. This is an example of what? - ANS - Highest and best use
a landlord can bring suit for eviction, which is also called? - ANS - suit for possession
A lease clause by which the landlord attempts to excuse himself of liability for
negligence in maintaining the leasehold premises is called what? - ANS - Exculpatory
Clause
A lease prohibits the assignment of subletting without the lessors approval. The lessee
sublets the unit anyway. The sublease is....? - ANS - Voidable
A lease that automatically renews itself without a notice of termination - ANS -
Periodic tenancy
A lease where the tenant pays for rent, taxes, insurance, and maintenance is called -
ANS - Triple net lease
A leashold estate that has a specific beginning and ending date and does not require
notice to terminate is called....... - ANS - Term tenancy
, A licensee has a duty to report a conviction - ANS - True, if it is a felony
A licensee has been found guilty of defrauding three consumers. The total amount of
damages is $58,000. The commission can pay ____________ from the recovery fund?
- ANS - $50,000.00
A licensee has the duty to disclose what? - ANS - Anything required to be disclosed
by federal law
A licensee may be disciplined by the commission for what reasons? - ANS - 1. Gross
negligence
2. misrepresentation
3. Felony conviction
A licensee must notify the commission of an address change within how many days? -
ANS - 10
A licensee must report to the commission if he or she? - ANS - Is convicted of a felony
A listing agent must present offers to his or her client without delay, What does without
delay mean? - ANS - As soon as possible
A listing licensee must obtain which document at the time of the listing? - ANS -
Sellers disclosure
A net listing is defined as listing in which the seller obtains a specific price and what
does the agent receive? - ANS - The rest of the profit
A person who compiles information on properties for rent, in exchange for a fee, is
exempt from licensure....... - ANS - True no matter who pays the fee
A principal broker licensed under Kentucky law who has entered into a written
cooperation agreement with an out of state principal broker - ANS - Kentucky
Cooperating Broker
A principal broker must ensure that a personal assistant has what? - ANS -
reasonable access to his supervising licensee, training, and reasonable supervision
A property management agreement must contain what? - ANS - name and address of
licensees company, name and address of owner, method for early termination
______________ still have the power of municipalities to tax, license and regulate real
estate brokers. - ANS - Cities
______________________ of escrow accounts and regular accounts are strictly
forbidden - ANS - Co-mingling
_______________________________ means that the earnest money should be
deposited into the escrow account within 3 business days of creation of a contract -
ANS - Without unreasonable delay
,A woman buys a house in a desirable neighborhood for $390,000. A man buys a nearly
identical house in a neighborhood similarly sized homes and pays $290,000. What
economic principal best describes the reason why the woman paid more than the man?
- ANS - Progression
A _____________is a published opinion of a court that serves as authority for
determining if a legal question in a later case with similar facts ? - ANS - Precedent
A bidder can retract his or her bid after the gavel falls. True or False? - ANS - False
A bidder can retract his or her bid before the gavel falls. True or false? - ANS - True
A broker must have a _______________________ before placing a sign on a listed
property? - ANS - Written consent
A builder has asked a licensee to list a newly built home. The sellers disclosure form is
required, unless? - ANS - The builder offers a home warranty
A client asks the listing agent to sell raffle tickets, and the prize is his house. What must
the listing agent do? - ANS - Refuse because this is a license law violation
A client calls his real estate broker asking for copies of his disclosures and contracts.
The broker refuses, saying that she has already given him copies of everything. This
broker is...........................? - ANS - In violation of license law because she is refusing
to provide copies upon request.
,A company may not legally require a referral fee in Kentucky, unless that company....... -
ANS - Introduced the business to the licensee
A complaint against a licensee must: - ANS - 1. Include copies of all relevant
documents
2. be notarized by a notary public
3. allege a prima facie case of a specific violation
a complaint regarding a violation of the fair housing act must be brought within how
long? - ANS - 1 year
A consignee is also known as the .... - ANS - Auctioneer
A house has been on the marker for several months because buyers do not want to
have to walk through the master bedroom to reach another bedroom in the back. This
floor plan is an example of what? - ANS - functional obsolescence
A house sits on the corner of a busy intersection and two of the corners are occupied y
gas stations. The houses owners have been told that the property would be worth more
if the lot were vacant. This is an example of what? - ANS - Highest and best use
a landlord can bring suit for eviction, which is also called? - ANS - suit for possession
A lease clause by which the landlord attempts to excuse himself of liability for
negligence in maintaining the leasehold premises is called what? - ANS - Exculpatory
Clause
A lease prohibits the assignment of subletting without the lessors approval. The lessee
sublets the unit anyway. The sublease is....? - ANS - Voidable
A lease that automatically renews itself without a notice of termination - ANS -
Periodic tenancy
A lease where the tenant pays for rent, taxes, insurance, and maintenance is called -
ANS - Triple net lease
A leashold estate that has a specific beginning and ending date and does not require
notice to terminate is called....... - ANS - Term tenancy
, A licensee has a duty to report a conviction - ANS - True, if it is a felony
A licensee has been found guilty of defrauding three consumers. The total amount of
damages is $58,000. The commission can pay ____________ from the recovery fund?
- ANS - $50,000.00
A licensee has the duty to disclose what? - ANS - Anything required to be disclosed
by federal law
A licensee may be disciplined by the commission for what reasons? - ANS - 1. Gross
negligence
2. misrepresentation
3. Felony conviction
A licensee must notify the commission of an address change within how many days? -
ANS - 10
A licensee must report to the commission if he or she? - ANS - Is convicted of a felony
A listing agent must present offers to his or her client without delay, What does without
delay mean? - ANS - As soon as possible
A listing licensee must obtain which document at the time of the listing? - ANS -
Sellers disclosure
A net listing is defined as listing in which the seller obtains a specific price and what
does the agent receive? - ANS - The rest of the profit
A person who compiles information on properties for rent, in exchange for a fee, is
exempt from licensure....... - ANS - True no matter who pays the fee
A principal broker licensed under Kentucky law who has entered into a written
cooperation agreement with an out of state principal broker - ANS - Kentucky
Cooperating Broker
A principal broker must ensure that a personal assistant has what? - ANS -
reasonable access to his supervising licensee, training, and reasonable supervision
A property management agreement must contain what? - ANS - name and address of
licensees company, name and address of owner, method for early termination
