Kentucky Portion — Real Estate Exam
A broker who establishes a branch office 125 miles from her principal office
A)
may appoint an unlicensed assistant to manage the office.
B)
must assign a licensed broker as manager of that office.
C)
may assign any salesperson as manager of the office.
D)
may assign a salesperson with two-years' experience as manager of the office. - ANS -
B) A principal broker may not maintain a branch office outside a 100-mile radius of the
principal office without having a licensed broker managing that office. An unlicensed
assistant may not manage a real estate office.
A buyer makes a written offer on April 9, 2003 and gives the broker a $1500 check. The
buyer instructs the broker to hold the check until April 10, 2003, regardless of when the
offer is accepted. In this situation, the broker should:
A) Refuse to accept the offer and check under these terms
B) Present the offer and inform the seller that the check is to be held until April 10,
2003.
C) Deposit the check into escrow the next business day following acceptance of the
offer.
D) Give the check to the seller if the offer is accepted regardless of the date. - ANS -
B) present offer and inform seller that the check is to be held until April 10, 2003.
A contract to purchase real property in Kentucky must include all of the following
EXCEPT
A)
the date, time, and initials for any changes made before acceptance.
B)
the name and address of the property inspector.
C)
the printed first and last name of the licensee completing the offer.
, D)
the purchase price of the property. - ANS - B) property inspector.
A purchase contract may include an inspection contingency permitting the buyer to
exercise due diligence by having the property inspected within a specific time. However,
the contract will not include the name of the property inspector whom the buyer will
likely choose once the buyer's offer is accepted by the seller. The purchase offer will
include the purchase price, the first and last name of the licensee completing the offer,
and initials, along with the date and time of any changes made before acceptance of the
offer.
A contractor in Kentucky would consider the following to be an indirect expense in the
construction of an improvement:
A) Labor cost
B) Material cost
C) Building permit
D) Any subcontract - ANS - C) Building permit
A deposit receipt does not contain the clause that states that in case of buyer default,
the broker is entitled to part of the buyer's forfeited deposit. If the buyer defaults,
according to this contract the broker is entitled to:
A) His full commission.
B) No commission.
C) Half of the forfeited deposit.
D) Half the normal commission - ANS - B) The broker is entitled to no commission
because this clause was not contained in the deposit receipt.
A listing contract is NOT required to include
A)
limitations or restrictions on showing the property.
B)
the listing price of a property to be sold at auction.
C)
the effective date of any advertising of the property.
D)
the first and last name of the principal broker. - ANS - B) the listing price of a property
to be sold at auction
A listing contract must show the listing price of the property, except for properties sold at
auction, as the auction's purpose is to sell the property to the highest bidder. The
A broker who establishes a branch office 125 miles from her principal office
A)
may appoint an unlicensed assistant to manage the office.
B)
must assign a licensed broker as manager of that office.
C)
may assign any salesperson as manager of the office.
D)
may assign a salesperson with two-years' experience as manager of the office. - ANS -
B) A principal broker may not maintain a branch office outside a 100-mile radius of the
principal office without having a licensed broker managing that office. An unlicensed
assistant may not manage a real estate office.
A buyer makes a written offer on April 9, 2003 and gives the broker a $1500 check. The
buyer instructs the broker to hold the check until April 10, 2003, regardless of when the
offer is accepted. In this situation, the broker should:
A) Refuse to accept the offer and check under these terms
B) Present the offer and inform the seller that the check is to be held until April 10,
2003.
C) Deposit the check into escrow the next business day following acceptance of the
offer.
D) Give the check to the seller if the offer is accepted regardless of the date. - ANS -
B) present offer and inform seller that the check is to be held until April 10, 2003.
A contract to purchase real property in Kentucky must include all of the following
EXCEPT
A)
the date, time, and initials for any changes made before acceptance.
B)
the name and address of the property inspector.
C)
the printed first and last name of the licensee completing the offer.
, D)
the purchase price of the property. - ANS - B) property inspector.
A purchase contract may include an inspection contingency permitting the buyer to
exercise due diligence by having the property inspected within a specific time. However,
the contract will not include the name of the property inspector whom the buyer will
likely choose once the buyer's offer is accepted by the seller. The purchase offer will
include the purchase price, the first and last name of the licensee completing the offer,
and initials, along with the date and time of any changes made before acceptance of the
offer.
A contractor in Kentucky would consider the following to be an indirect expense in the
construction of an improvement:
A) Labor cost
B) Material cost
C) Building permit
D) Any subcontract - ANS - C) Building permit
A deposit receipt does not contain the clause that states that in case of buyer default,
the broker is entitled to part of the buyer's forfeited deposit. If the buyer defaults,
according to this contract the broker is entitled to:
A) His full commission.
B) No commission.
C) Half of the forfeited deposit.
D) Half the normal commission - ANS - B) The broker is entitled to no commission
because this clause was not contained in the deposit receipt.
A listing contract is NOT required to include
A)
limitations or restrictions on showing the property.
B)
the listing price of a property to be sold at auction.
C)
the effective date of any advertising of the property.
D)
the first and last name of the principal broker. - ANS - B) the listing price of a property
to be sold at auction
A listing contract must show the listing price of the property, except for properties sold at
auction, as the auction's purpose is to sell the property to the highest bidder. The
