Kentucky State Exam Practice Exam
Questions and Answers
Which of these terms describes a situation in which a Kentucky principal
broker and the broker's appointed licensee represent a client, but no other
licensee at the same firm represents that client? - -Designated Agency
- How many classroom hours of pre-licensing education are required for a
sales associate to become a broker in Kentucky? - -336
- In accordance with the Closing Costs section of the KREC Real Estate
Purchase Offer or Contract, who pays for the opinion of title, unless the title
is found to be defective? - -The buyer pays
- In Kentucky, you can't work as a property manager for an owner without a
signed, written property management agreement. Once the agreement
terms have been set, ______. - -Both the agent and the property owner must
sign the agreement, the owner receives a copy with the lease attached, and
the owner certifies receipt of the agreement copy
- Kentucky transaction records must be retained for ______. - -5 years from
the consummation date
- Which provision of the KREC Real Estate Purchase Offer or Contract
protects the buyer from title defects? - -Deed
- Which agency disclosure, given to sellers and prospective buyers by their
agents, requires the client to sign to consent to the agency relationship? - -
Agency Disclosure Statement
- If a licensee fails to renew her license, when will the Kentucky Real Estate
Commission cancel it? - -April 1
- If a complaint for a license law violation in Kentucky does not constitute a
prima facie case, the complainant has ______ days to revise and supplement
the case. - -10
- In Kentucky, under which of these is the seller obligated to pay the listing
agent a commission if the agent is working under an exclusive agency
agreement? - -If any agent secures the buyer
- Under Kentucky license law, which of the following statements about the
property description in a residential sales contract is true? - -The property's
street address is usually sufficient
, - Which of the following is true about deposit of Kentucky earnest money
funds? - -Earnest money must be immediately available if a buyer's offer
isn't accepted by all parties, so it shouldn't be deposited in an escrow
account until the contract is signed.
- In Kentucky, when an agreement terminates, a property manager must
provide the property owner with a final account of transactions that occurred
after the most recent monthly accounting. Within how many days of the
agreement's termination must this must be completed? - -60
- Marla forgot to renew her Kentucky real estate license and has been
charged with engaging in unlicensed brokerage. Which of the following is
true? - -Marla may not face penalties if she reactivates her license
- Kentucky real estate licensee Dharma and her seller client, Herschel, have
entered into an agency relationship in which Herschel agrees to work
exclusively with Dharma's brokerage firm. There's no guarantee that Dharma
will earn a commission, even if the property sells during the agreement term.
What type of agency agreement do they have? - -Exclusive agency
agreement
- You're the listing agent for a property that was the site of a murder last
year. How does Kentucky's Property Conveyance Law determine what you
will disclose about this stigma? - -You're not required to proactively disclose
the stigma
- A Kentucky individual accused of engaging in unlicensed brokerage for the
first time may be charged with which of the following? - -Class A
misdemeanor
- The information on the Condominium Seller Certificate is provided by the
______. - -Condominium association
- Kristin's marketing materials indicate that the property is 2,867 square
feet, not including the attached sun room. After the transaction closes, the
buyers discover that the property is in fact only 2,567 square feet including
the sunroom. Is Kristin guilty of misrepresentation? - -Yes, Kristin may be
guilty of at least unintentional misrepresentation
- On what date do licensees need to renew their real estate licenses in
Kentucky? - -March 31
- Ron is paid $200 from the property management general account to cover
unit expense costs. On which required Kentucky accounting record would he
record this information? - -Owner's ledger
Questions and Answers
Which of these terms describes a situation in which a Kentucky principal
broker and the broker's appointed licensee represent a client, but no other
licensee at the same firm represents that client? - -Designated Agency
- How many classroom hours of pre-licensing education are required for a
sales associate to become a broker in Kentucky? - -336
- In accordance with the Closing Costs section of the KREC Real Estate
Purchase Offer or Contract, who pays for the opinion of title, unless the title
is found to be defective? - -The buyer pays
- In Kentucky, you can't work as a property manager for an owner without a
signed, written property management agreement. Once the agreement
terms have been set, ______. - -Both the agent and the property owner must
sign the agreement, the owner receives a copy with the lease attached, and
the owner certifies receipt of the agreement copy
- Kentucky transaction records must be retained for ______. - -5 years from
the consummation date
- Which provision of the KREC Real Estate Purchase Offer or Contract
protects the buyer from title defects? - -Deed
- Which agency disclosure, given to sellers and prospective buyers by their
agents, requires the client to sign to consent to the agency relationship? - -
Agency Disclosure Statement
- If a licensee fails to renew her license, when will the Kentucky Real Estate
Commission cancel it? - -April 1
- If a complaint for a license law violation in Kentucky does not constitute a
prima facie case, the complainant has ______ days to revise and supplement
the case. - -10
- In Kentucky, under which of these is the seller obligated to pay the listing
agent a commission if the agent is working under an exclusive agency
agreement? - -If any agent secures the buyer
- Under Kentucky license law, which of the following statements about the
property description in a residential sales contract is true? - -The property's
street address is usually sufficient
, - Which of the following is true about deposit of Kentucky earnest money
funds? - -Earnest money must be immediately available if a buyer's offer
isn't accepted by all parties, so it shouldn't be deposited in an escrow
account until the contract is signed.
- In Kentucky, when an agreement terminates, a property manager must
provide the property owner with a final account of transactions that occurred
after the most recent monthly accounting. Within how many days of the
agreement's termination must this must be completed? - -60
- Marla forgot to renew her Kentucky real estate license and has been
charged with engaging in unlicensed brokerage. Which of the following is
true? - -Marla may not face penalties if she reactivates her license
- Kentucky real estate licensee Dharma and her seller client, Herschel, have
entered into an agency relationship in which Herschel agrees to work
exclusively with Dharma's brokerage firm. There's no guarantee that Dharma
will earn a commission, even if the property sells during the agreement term.
What type of agency agreement do they have? - -Exclusive agency
agreement
- You're the listing agent for a property that was the site of a murder last
year. How does Kentucky's Property Conveyance Law determine what you
will disclose about this stigma? - -You're not required to proactively disclose
the stigma
- A Kentucky individual accused of engaging in unlicensed brokerage for the
first time may be charged with which of the following? - -Class A
misdemeanor
- The information on the Condominium Seller Certificate is provided by the
______. - -Condominium association
- Kristin's marketing materials indicate that the property is 2,867 square
feet, not including the attached sun room. After the transaction closes, the
buyers discover that the property is in fact only 2,567 square feet including
the sunroom. Is Kristin guilty of misrepresentation? - -Yes, Kristin may be
guilty of at least unintentional misrepresentation
- On what date do licensees need to renew their real estate licenses in
Kentucky? - -March 31
- Ron is paid $200 from the property management general account to cover
unit expense costs. On which required Kentucky accounting record would he
record this information? - -Owner's ledger
