KY real estate final exam practice questions
with complete solutions
what |happens |with |a |Judicial |foreclosure? |- |CORRECT |ANSWER✔✔-the |mortgaged |property |is |
sold |under |the |supervision |of |a |court
broker |Dean |realizes |he |has |relocation |buyers. |What |is |something |he |should |focus |on |with |
these |buyers? |- |CORRECT |ANSWER✔✔-finding |a |property |with |good |resale |value
real |estate |licensees |should |know |enough |about |building |ordinances |to |be |able |to... |- |
CORRECT |ANSWER✔✔-alert |clients |of |potential |problems |in |a |home
if |an |industrial |property |is |described |as |"special-purpose" |it |is... |- |CORRECT |ANSWER✔✔-
unsuitable |for |many |uses |and |processes.
during |the |final |walk-through |a |buyer |sees |that |the |seller |did |not |remove |a |downed |tree. |
What |is |the |best |way |of |handling |this? |- |CORRECT |ANSWER✔✔-at |the |closing |the |buyer |could |
ask |for |a |credit |from |the |seller |to |remove |the |downed |tree.
what |is |the |main |purpose |of |the |Kentucky |Real |Estate |Commission? |- |CORRECT |ANSWER✔✔-
to |put |into |effect |and |make |known |the |administrative |regulations |to |effectively |carry |out |and |
enforce |the |provisions |of |the |Kentucky |statutes |governing |real |estate.
who |must |a |principal |broker |supervise |in |a |real |estate |office? |- |CORRECT |ANSWER✔✔-all |
licensees |Affiliated |to |the |principal |broker |and |all |other |unlicensed |employees |at |that |office.
, broker |Hannah |just |received |a |$5,000 |escrow |money |deposit |how |long |does |she |have |to |
deposit |it |under |Kentucky |law? |- |CORRECT |ANSWER✔✔-without |unreasonable |delay
what |type |of |insurance |is |mandatory |for |all |active |licensees? |- |CORRECT |ANSWER✔✔-errors |
and |omissions |insurance
sales |associate |Nika |is |showing |a |property |with |an |electronic |lockbox |how |should |she |access |
the |property? |- |CORRECT |ANSWER✔✔-by |using |the |eKEY |smartphone |application
what |penalties |May |a |circuit |court |impose |on |a |person |found |violating |any |provision |of |
Kentucky |License |Law? |- |CORRECT |ANSWER✔✔-a |fine |of |between |$100 |and |$1,000 |and |a |jail |
sentence |of |up |to |six |months.
why |is |designated |agency |a |good |alternative |to |traditional |dual |agency? |- |CORRECT |
ANSWER✔✔-even |though |the |same |broker |represent |each |party, |both |the |buyer |and |the |
seller |have |a |licensee |who |exclusively |acts |as |their |agent |in |the |transaction.
which |of |the |following |actions |is |illegal |in |Kentucky? |- |CORRECT |ANSWER✔✔-acting |for |more |
than |one |party |in |a |transaction |with |the |knowledge |of |all |parties |for |him |a |licensee |acts
why |should |broker |Taylor |create |a |website |for |her |brokerage? |- |CORRECT |ANSWER✔✔-to |
brand |her |firm |with |a |visual |mission |statement.
legislation |became |effective |in |July |of |1999 |that |requires |a |lender |to |drop |the |PMI |
requirement |when |the |loan-to-value |ratio |reaches... |- |CORRECT |ANSWER✔✔-78% |of |the |
original |value |of |the |property.
before |ordering |disciplinary |action |against |a |licensee, |the |commission |must... |- |CORRECT |
ANSWER✔✔-order |a |hearing.
with complete solutions
what |happens |with |a |Judicial |foreclosure? |- |CORRECT |ANSWER✔✔-the |mortgaged |property |is |
sold |under |the |supervision |of |a |court
broker |Dean |realizes |he |has |relocation |buyers. |What |is |something |he |should |focus |on |with |
these |buyers? |- |CORRECT |ANSWER✔✔-finding |a |property |with |good |resale |value
real |estate |licensees |should |know |enough |about |building |ordinances |to |be |able |to... |- |
CORRECT |ANSWER✔✔-alert |clients |of |potential |problems |in |a |home
if |an |industrial |property |is |described |as |"special-purpose" |it |is... |- |CORRECT |ANSWER✔✔-
unsuitable |for |many |uses |and |processes.
during |the |final |walk-through |a |buyer |sees |that |the |seller |did |not |remove |a |downed |tree. |
What |is |the |best |way |of |handling |this? |- |CORRECT |ANSWER✔✔-at |the |closing |the |buyer |could |
ask |for |a |credit |from |the |seller |to |remove |the |downed |tree.
what |is |the |main |purpose |of |the |Kentucky |Real |Estate |Commission? |- |CORRECT |ANSWER✔✔-
to |put |into |effect |and |make |known |the |administrative |regulations |to |effectively |carry |out |and |
enforce |the |provisions |of |the |Kentucky |statutes |governing |real |estate.
who |must |a |principal |broker |supervise |in |a |real |estate |office? |- |CORRECT |ANSWER✔✔-all |
licensees |Affiliated |to |the |principal |broker |and |all |other |unlicensed |employees |at |that |office.
, broker |Hannah |just |received |a |$5,000 |escrow |money |deposit |how |long |does |she |have |to |
deposit |it |under |Kentucky |law? |- |CORRECT |ANSWER✔✔-without |unreasonable |delay
what |type |of |insurance |is |mandatory |for |all |active |licensees? |- |CORRECT |ANSWER✔✔-errors |
and |omissions |insurance
sales |associate |Nika |is |showing |a |property |with |an |electronic |lockbox |how |should |she |access |
the |property? |- |CORRECT |ANSWER✔✔-by |using |the |eKEY |smartphone |application
what |penalties |May |a |circuit |court |impose |on |a |person |found |violating |any |provision |of |
Kentucky |License |Law? |- |CORRECT |ANSWER✔✔-a |fine |of |between |$100 |and |$1,000 |and |a |jail |
sentence |of |up |to |six |months.
why |is |designated |agency |a |good |alternative |to |traditional |dual |agency? |- |CORRECT |
ANSWER✔✔-even |though |the |same |broker |represent |each |party, |both |the |buyer |and |the |
seller |have |a |licensee |who |exclusively |acts |as |their |agent |in |the |transaction.
which |of |the |following |actions |is |illegal |in |Kentucky? |- |CORRECT |ANSWER✔✔-acting |for |more |
than |one |party |in |a |transaction |with |the |knowledge |of |all |parties |for |him |a |licensee |acts
why |should |broker |Taylor |create |a |website |for |her |brokerage? |- |CORRECT |ANSWER✔✔-to |
brand |her |firm |with |a |visual |mission |statement.
legislation |became |effective |in |July |of |1999 |that |requires |a |lender |to |drop |the |PMI |
requirement |when |the |loan-to-value |ratio |reaches... |- |CORRECT |ANSWER✔✔-78% |of |the |
original |value |of |the |property.
before |ordering |disciplinary |action |against |a |licensee, |the |commission |must... |- |CORRECT |
ANSWER✔✔-order |a |hearing.
