KENTUCKY STATE REAL ESTATE PRACTICE EXAM
(KY LAW) QUESTIONS
A real estate licensee who causes financial loss to a seller as a result of serious, yet
unintentional, mistakes in contract preparation may be liable for what offense under
license law? - Answer -Gross Negligence
When terminating an association with a principal broker, a sales associate must leave
all listing information with that broker UNLESS - Answer -a written contract with the
principal broker stipulates otherwise.
Sales associates may advertise solely in their own name when selling: - Answer -their
own residence.
Which of the following tasks is an unlicensed assistant allowed to perform? - Answer -
Appear in an ad as long as the ad does not imply the assistant is licensed.
A real estate sales associate who is new in the industry receives a referral from an
unlicensed friend. The referral results in a sale. To keep the referral source happy and
get more referrals in the future, the sales associate may: - Answer -send a thank you
note.
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: - Answer -$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? - Answer -Two (2) Years
The Kentucky Real Estate Commission is NOT responsible for the following activities -
Answer -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? - Answer -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If a sales associate's real estate license has been revoked, the Kentucky Real Estate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? - Answer -Five (5) years.
(KY LAW) QUESTIONS
A real estate licensee who causes financial loss to a seller as a result of serious, yet
unintentional, mistakes in contract preparation may be liable for what offense under
license law? - Answer -Gross Negligence
When terminating an association with a principal broker, a sales associate must leave
all listing information with that broker UNLESS - Answer -a written contract with the
principal broker stipulates otherwise.
Sales associates may advertise solely in their own name when selling: - Answer -their
own residence.
Which of the following tasks is an unlicensed assistant allowed to perform? - Answer -
Appear in an ad as long as the ad does not imply the assistant is licensed.
A real estate sales associate who is new in the industry receives a referral from an
unlicensed friend. The referral results in a sale. To keep the referral source happy and
get more referrals in the future, the sales associate may: - Answer -send a thank you
note.
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: - Answer -$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? - Answer -Two (2) Years
The Kentucky Real Estate Commission is NOT responsible for the following activities -
Answer -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? - Answer -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? - Answer -Five (5) years.
