Kentucky State Real Estate Practice
Exam (Ky Law)|20 Q’s and A’s
The Kentucky Real Estate Commission determined that a buyer was
damaged by the fraudulent action of a licensee in the amount of $50,000. If
the responsible licensee does not pay the claim, the Commission may pay
out from the Real Estate Education, Research, and Recovery Fund a
MAXIMUM amount of: - -$20,000
- An action for recovery from the Kentucky Real Estate Education, Research,
and Recovery Fund MUST be commenced within how many years from actual
knowledge of the cause of action or the time when circumstances would
reasonably have put the aggrieved party on notice of the cause of action? - -
Two (2) Years
- The Kentucky Real Estate Commission is NOT responsible for the following
activities - -commission or fee dispute arbitrations.
- A licensee negotiating the sale of a condominium tells a prospective buyer
that the licensee absolutely guarantees that if the buyer closes on the
property now, and resells it in a year, the buyer will realize no less than a
$10,000 profit. The buyer purchases the condominium, and sells it a year
later at a $5,000 loss. Which of the following situations is a possible
consequence to the licensee? - -The licensee may be subject to possible
penalty by the Kentucky Real Estate Commission.
- If a sales associate's real estate license has been revoked, the Kentucky
Real Estate Commission will NOT issue another license for a period of how
many years from the date of revocation? - -Five (5) years.
- What action MUST be completed prior to the awarding of funds from the
Kentucky Real Estate Education, Research, and Recovery Fund? - -A
Commission Hearing
- Real estate licensees MUST obtain errors and omissions insurance
coverage in which of the following manners? - -From their own insurance
agent or through the Kentucky Real Estate Commission group policy.
- Which of the following MUST occur when licensees change their principal
residence? - -The Kentucky Real Estate Commission must be notified of the
new address in writing by the licensee within ten days.
Exam (Ky Law)|20 Q’s and A’s
The Kentucky Real Estate Commission determined that a buyer was
damaged by the fraudulent action of a licensee in the amount of $50,000. If
the responsible licensee does not pay the claim, the Commission may pay
out from the Real Estate Education, Research, and Recovery Fund a
MAXIMUM amount of: - -$20,000
- An action for recovery from the Kentucky Real Estate Education, Research,
and Recovery Fund MUST be commenced within how many years from actual
knowledge of the cause of action or the time when circumstances would
reasonably have put the aggrieved party on notice of the cause of action? - -
Two (2) Years
- The Kentucky Real Estate Commission is NOT responsible for the following
activities - -commission or fee dispute arbitrations.
- A licensee negotiating the sale of a condominium tells a prospective buyer
that the licensee absolutely guarantees that if the buyer closes on the
property now, and resells it in a year, the buyer will realize no less than a
$10,000 profit. The buyer purchases the condominium, and sells it a year
later at a $5,000 loss. Which of the following situations is a possible
consequence to the licensee? - -The licensee may be subject to possible
penalty by the Kentucky Real Estate Commission.
- If a sales associate's real estate license has been revoked, the Kentucky
Real Estate Commission will NOT issue another license for a period of how
many years from the date of revocation? - -Five (5) years.
- What action MUST be completed prior to the awarding of funds from the
Kentucky Real Estate Education, Research, and Recovery Fund? - -A
Commission Hearing
- Real estate licensees MUST obtain errors and omissions insurance
coverage in which of the following manners? - -From their own insurance
agent or through the Kentucky Real Estate Commission group policy.
- Which of the following MUST occur when licensees change their principal
residence? - -The Kentucky Real Estate Commission must be notified of the
new address in writing by the licensee within ten days.
