Kentucky Real Estate Missed Practice Exam Questions With Verified Answers

How often does the Kentucky Real Estate Commission meet? - Answer monthly Reliction: - Answer When water gradually recedes and uncovers new land Accrued expenses - Answer items the seller owes on closing day but that will eventually be paid by the buyer (unpaid current property taxes, for example) and appear in the seller's debit column and the buyer's credit column. Prepaid expenses - Answer already paid by the seller but that the buyer should pay a portion of (such as prepaid real estate taxes, utilities paid in advance). These items are credited to the seller and debited to the buyer. Avulsion - Answer A sudden loss of land by a swift, large-scale change in water flow Alluvion - Answer New deposits of land that are the result of accretion Accretion - Answer Process by which water carries rock, sand, and soil and causes land build-up What's the role of the mortgage contingency in a Kentucky sales contract? - Answer Documents the type of and timeline for financing, and outlines what to do if financing falls through The annual deadline to pay the errors and omissions insurance premium obtained through the Kentucky Real Estate Commission is ______. - Answer 11:50 p.m., March 31 What does a broker have to do in Kentucky to maintain their right to place a lien on a residential property? - Answer Obtain the buyer's agreement in writing to compensate the broker for broker services rendered. How many classroom hours of pre-licensing education are required for someone to become a real estate sales associate in Kentucky? - Answer 96