Kentucky Real Estate License Exam Questions With Verified Answers

which of the following statements is true about the Kentucky Statute of frauds and the sale of real estate? - Answer all essential terms of the contract must be in writing which of the following statements is true regarding Kentucky real estate brokerages? - Answer the principal broker may choose to use designated agency, dual agency, without designated agency or no dual agency at the brokerage if the licensee can't pay or refuses to pay an aggrieved party after being found guilty of fraud in Kentucky, who pays the aggrieved party? - Answer KREC In Kentucky, a revoked license may only be reinstated after. yrs and with KREC'S approval - Answer Five the kentucky real estate commission has the power to escrow accounts to verify proper handling of earnest money - Answer Examine and audit what extension does KREC grant for failure to meet the post licensing requirements? - Answer No extension in Kentucky real estate commission is empowered to do all things necessary under cht 324 of the kentucky revised statutes to. public's interest by regulating, testing, and licensing kentucky real estate professionals. - Answer Protect which of the following statements is true of kentucky sales associates? - Answer with KREC pemission, they may manage a branch office within a 100-mile radius of the main office if they have two years of recent real estate experience the KREC Exclusive rights to sell agency contract is a legally binding contract once it's signed by - Answer the seller, principal broker, and authorized agent KREC cancelled Holly's license because she didn't complete the 48-hour post-licensing education requirement. What does this mean for her? - Answer she'll need to start all over again by meeting the pre-licensing requirements, including completing all pre-licensing course, passing the state exam, and paying the required application fees. after a Kentucky seller client has completed and signed the seller's disclosure of property conditions form, who keeps the original? - Answer listing agent's broker licensees who fail to complete the post-license education requirements will have their license automatically _____________. - Answer Cancelled which of the following compensations may a Kentucky broker pay to a Tennessee license? - Answer a referral fee and/or a commission the maximum recovery fund compensation that may be granted on behalf of multiple aggrieved parties against one licensee i Kentucky is _________. - Answer $50,000 Tillie has a mortgage contingency in her Kentucky sales contract with the seller. Based on this information, which of the following statements is true? - Answer If tillie can't meet the terms of the agreement due to the inability to obtain a loan, the agreement is terminated. as a Kentucky listing agent, when are you required to deliver the completed seller's disclosure of property conditions form to a prospective buyer? - Answer upon the prospective buyer's request based on what you know about Kentucky statutes of frauds and real estate sales contracts, which of the following statements is true? - Answer oral contracts for the sale of real estate are prohibited Kentucky's top notch realty is opening a branch office five miles from the main location. which of the following individuals may seek KREC's permission to manage the branch location? - Answer Jason, a sales associate who's worked full-time for the firm for the past two years. Your Kentucky brokerage firm's administrative assistant wants ti make room for newer files by moving some older files to the basement storage room you share with the maintenance staff. What should the principal broker tell this assistant? - Answer "let's explore converting those files to electronic format and then destroy the paper copies." what does "placing a license in inactive status" mean? - Answer returning it to the Kentucky Real Estate Commission if a Kentucky licensee enters into a delinquency plan for failure to complete CE requirements, by what date must the licensee complete the CE requirements - Answer june 15 which section of the property management agreement identifies the legal owner of the property? - Answer Parties you're a Kentucky licensee representing a buyer who's making an offer on a two-bedroom condo. you ask the seller's agent for a copy of the ___________. - Answer condominium seller's certificate when may a kentucky sales associate Ross supervise the activities of other sales associates? - Answer with the KREC's approval Kentucky transaction records must be retained for ________. - Answer five years from the consummation date Gina paid her neighbor, Charlene, $3,000 for negotiating the sale of Gina's condo in Bardstown. Charlene isn't licensed and hasn't performed services of this type before. which of the following penalties might be imposed? - Answer a fine of $1,000 plus an additional fine equal to the commission received. Leslie, a property manager, always asks that her property management agreements contain a(n) _________ clause that states that she is not responsible for the negligent acts of the people she hires. - Answer hold harmless Kentucky licensees should understand that the main difference between puffery and misrepresentation is that __________. - Answer Misrepresentation falsely represents material facts that a responsible person would rely upon. Jean, a broker for clean green realty, paid Francisco, the buyer, a portion of the commission clean green received from the sale. This is known as_________. - Answer rebate two years ago, marlene was convicted of engaging in unlicensed brokerage in kentucky. She's now being charged again. What charges may be filed? - Answer class D felony your seller client is filling out the property condition disclosure form and asks you to explain what urea-formaldehyde is. How do you respond? - Answer "It's a product once used as foam insulation that could cause health issues for certain people." before being issued a real estate license in Kentucky, candidates must submit which of he following to KREC? - Answer their FBI identification record timothy owns a real estate investment consulting firm in bowling green. Neither he nor any of his staff is licensed. which of the following firm names is. most appropriate so that timothy avoids implying that his firm is licensed? - Answer "investors solutios" when KREC reviews a license application, what might cause the review to take longer than usual? - Answer legal issues if a complaint for a license law violation in Kentucky does not constitute a prima facie case, the complaint has _______ days to revise and supplement the case. - Answer 10 Kentucky's lien law allows real estate brokers to place a lien on a property for what reason? - Answer unpaid commission per the risk or loss of damage section of the KREC real estate purchase offer or contract, who carries the risk of loss or damage to the property prior to closing? - Answer the seller carries the risk Ginny's firm performs property management task for several landlords in addition to its work with buyers and sellers. How many escrow accounts is the Kentucky firm required to have? - Answer one Licensee Sherry only likes to work with caucasian clients and refuses to work with any people of color. What Kentucky licenses law has she violated? - Answer Sherry violated the Fair housing act license candidates must request a(n) _______ prior to scheduling their real estate licensing exam. - Answer FBI criminal record check which of the following benefits does errors and omissions insurance provide Kentucky licensees? - Answer provides coverage for licensees who made inadvertent mistakes