Kentucky Real Estate Final Exam Practice Qestions With Correct Answers

what happens with a Judicial foreclosure? - 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? - Answer finding a property with good resale value real estate licensees should know enough about building ordinances to be able to... - Answer alert clients of potential problems in a home if an industrial property is described as "special-purpose" it is... - 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? - 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? - 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? - 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? - Answer without unreasonable delay what type of insurance is mandatory for all active licensees? - Answer errors and omissions insurance sales associate Nika is showing a property with an electronic lockbox how should she access the property? - 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? - 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? - 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? - 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? - 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... - Answer 78% of the original value of the property. before ordering disciplinary action against a licensee, the commission must... - 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? - Answer loyalty what type of agency cannot be revoked by the principal nor is terminated if the principal dies? - Answer agency coupled with an interest licensee Chad works for broker Michael. License each ad has a listing agreement was Stellar Ray. Licensee Chad decided to transfer Brokers. What will most likely happen with Chad's listing? - Answer it will stay with Michael's brokerage. buyer and manuals broker find out information about the seller which will help if manual in the transaction. Loyalty is one of the duties of... - Answer protection. escrow monies should be held in the broker's... - Answer escrow account. what's one thing that would be included in a property management report? - Answer delinquent accounts if a cooperating broker accepts the offer of sub-agency from a listing broker, to whom does the cooperating broker owe fiduciary duties? - Answer the seller what will happen if a payment is made to satisfy claim from The Recovery Fund against a licensee? - Answer the licensees license will be immediately suspended or permanently revoked. a property is sold for $185,000. The listing agreement calls for a commission of 6.5%. The listing broker and selling broker agree to share the commission equally. All the listing agent receive if the agent is scheduled to get 65% share from his broker? - Answer $3,908 Robert owns his property and enjoys the full bundle of Rights. Can he use his property as collateral for debt? - Answer yes, Robert can encumber his property. what must a licensee first do before advertising listed property? - Answer obtain the owner's consent. my property is being praised by the cost approach. The appraiser estimates that the land is worth $10,000 and the replacement cost of improvements is $75,000 total depreciation from all causes is $7,000 what is the indicated value of the property? - Answer $78,000 what type of Clause allows a broker to collect a commission for some period of time after the listing expires? - Answer a carryover clause which of the following types of land is generally considered unsuitable for agricultural issues? - Answer dry land salesperson Rashaad is writing an advertisement for one of his Brokers listings. What sort of phrases should he avoid? - Answer phrases like Baptist subdivision. a broker induces an owner to sell by telling him that a certain group are moving into the neighborhood. This broker is guilty of... - Answer blockbusting.