Kentucky Real Estate Final Exam Latest Exam | Questions And Correct
Answers | Already Graded A+ | Verified Answers | Just Released
what happens with a Judicial foreclosure? - (CORRECT ANSWER)the mortgaged property is sold under
the supervision of a court
broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers?
- (CORRECT ANSWER)finding a property with good resale value
real estate licensees should know enough about building ordinances to be able to... - (CORRECT
ANSWER)alert clients of potential problems in a home
if an industrial property is described as "special-purpose" it is... - (CORRECT ANSWER)unsuitable for
many uses and processes.
during the final walk-through a buyer sees that the seller did not remove a downed tree. What is the
best way of handling this? - (CORRECT ANSWER)at the closing the buyer could ask for a credit from the
seller to remove the downed tree.
what is the main purpose of the Kentucky Real Estate Commission? - (CORRECT ANSWER)to put into
effect and make known the administrative regulations to effectively carry out and enforce the
provisions of the Kentucky statutes governing real estate.
who must a principal broker supervise in a real estate office? - (CORRECT ANSWER)all licensees Affiliated
to the principal broker and all other unlicensed employees at that office.
broker Hannah just received a $5,000 escrow money deposit how long does she have to deposit it under
Kentucky law? - (CORRECT ANSWER)without unreasonable delay
what type of insurance is mandatory for all active licensees? - (CORRECT ANSWER)errors and omissions
insurance
1
, sales associate Nika is showing a property with an electronic lockbox how should she access the
property? - (CORRECT ANSWER)by using the eKEY smartphone application
what penalties May a circuit court impose on a person found violating any provision of Kentucky License
Law? - (CORRECT ANSWER)a fine of between $100 and $1,000 and a jail sentence of up to six months.
why is designated agency a good alternative to traditional dual agency? - (CORRECT ANSWER)even
though the same broker represent each party, both the buyer and the seller have a licensee who
exclusively acts as their agent in the transaction.
which of the following actions is illegal in Kentucky? - (CORRECT ANSWER)acting for more than one party
in a transaction with the knowledge of all parties for him a licensee acts
why should broker Taylor create a website for her brokerage? - (CORRECT ANSWER)to brand her firm
with a visual mission statement.
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement when
the loan-to-value ratio reaches... - (CORRECT ANSWER)78% of the original value of the property.
before ordering disciplinary action against a licensee, the commission must... - (CORRECT ANSWER)order
a hearing.
broker Pearl represents buyer Emma. Pearl heard that the seller Misty will accept $20,000 less than the
listed price. Under which duty is Pearl obligated to share this information with Emma? - (CORRECT
ANSWER)loyalty
what type of agency cannot be revoked by the principal nor is terminated if the principal dies? -
(CORRECT ANSWER)agency coupled with an interest
2
Answers | Already Graded A+ | Verified Answers | Just Released
what happens with a Judicial foreclosure? - (CORRECT ANSWER)the mortgaged property is sold under
the supervision of a court
broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers?
- (CORRECT ANSWER)finding a property with good resale value
real estate licensees should know enough about building ordinances to be able to... - (CORRECT
ANSWER)alert clients of potential problems in a home
if an industrial property is described as "special-purpose" it is... - (CORRECT ANSWER)unsuitable for
many uses and processes.
during the final walk-through a buyer sees that the seller did not remove a downed tree. What is the
best way of handling this? - (CORRECT ANSWER)at the closing the buyer could ask for a credit from the
seller to remove the downed tree.
what is the main purpose of the Kentucky Real Estate Commission? - (CORRECT ANSWER)to put into
effect and make known the administrative regulations to effectively carry out and enforce the
provisions of the Kentucky statutes governing real estate.
who must a principal broker supervise in a real estate office? - (CORRECT ANSWER)all licensees Affiliated
to the principal broker and all other unlicensed employees at that office.
broker Hannah just received a $5,000 escrow money deposit how long does she have to deposit it under
Kentucky law? - (CORRECT ANSWER)without unreasonable delay
what type of insurance is mandatory for all active licensees? - (CORRECT ANSWER)errors and omissions
insurance
1
, sales associate Nika is showing a property with an electronic lockbox how should she access the
property? - (CORRECT ANSWER)by using the eKEY smartphone application
what penalties May a circuit court impose on a person found violating any provision of Kentucky License
Law? - (CORRECT ANSWER)a fine of between $100 and $1,000 and a jail sentence of up to six months.
why is designated agency a good alternative to traditional dual agency? - (CORRECT ANSWER)even
though the same broker represent each party, both the buyer and the seller have a licensee who
exclusively acts as their agent in the transaction.
which of the following actions is illegal in Kentucky? - (CORRECT ANSWER)acting for more than one party
in a transaction with the knowledge of all parties for him a licensee acts
why should broker Taylor create a website for her brokerage? - (CORRECT ANSWER)to brand her firm
with a visual mission statement.
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement when
the loan-to-value ratio reaches... - (CORRECT ANSWER)78% of the original value of the property.
before ordering disciplinary action against a licensee, the commission must... - (CORRECT ANSWER)order
a hearing.
broker Pearl represents buyer Emma. Pearl heard that the seller Misty will accept $20,000 less than the
listed price. Under which duty is Pearl obligated to share this information with Emma? - (CORRECT
ANSWER)loyalty
what type of agency cannot be revoked by the principal nor is terminated if the principal dies? -
(CORRECT ANSWER)agency coupled with an interest
2
