KY Real Estate Exam Questions & Answers Latest Updated

Beginning - Answer Advertisements that include an audiovisual presentation need to include an audible announcement or written display of the required content at the ____________ of the advertisement Inactive License - Answer "Escrow" was replaced by this term when describing the status of a license in holding Amount of continuing education requited w/in 2 year period - Answer 12 hours 75% - Answer Score an applicant must get to become licensed Suspended status of license - Answer disciplinary action has been ordered against a licensee that prohibits the brokerage of real estate for a specific period of time National criminal records check - Answer To go from inactive to active what is needed to be submitted to KREC License canceled b/c non-fulfillment of CE may be reactivated by paying how much? - Answer $1,000 $200 - Answer E&O insurance can cost up to what $$$ amount? Open Listing - Answer entitles the broker to compensation only if his activites brings about the desired result $0 - Answer What is the fee to change a licensee's home address Agent - Answer individual who is authorized to & consents to represent the interest of another person Implied Authority - Answer agent's authority to do those things necessary and proper to accomplish the express terms of the agency 5 years - Answer How long must brokers deep documents good faith, fair dealing, confidentiality - Answer Duties owed to prospective clients What does a listing create b/t seller & broker? - Answer agency relationship As many as they want - Answer How many brokers may an open listing property list with? inactive - Answer If a principle brokers license is canceled, suspended, or revoked all affiliate licensee's will become what? $10 - Answer How much does it cost to open a brokerage? Cooperation Agreement - Answer written co-brokerage, referral, affiliation or other agreement or arrangement b/t out-of-state principal broker & KY cooperating broker. Timeshare - Answer arrangement that someone acquires the right to use an occupy property for a reoccurring block of time exclusive buyer agency agreement - Answer what is required for a guaranteed sales plan? No - Answer Do commercial properties require Agency Consent Agreement (Y/N) SAFE Act - Answer HUD passed this act to require mortgage loan originators to register though a national database. Class A misdemeanor - Answer person engaging in real estae brokerage w/o a license is guilty of "X" for 1st offense. Class D felony - Answer person engaging in real estate brokerage w/o license shall be guilty of "X" for subsequent offesnes. 3 days - Answer 3 days how many business days to change your mind after purchasing a time-share? freehold or estate for years - Answer freehold or estate for years timeshares are also called what type of estate? Right of Recission - Answer anyone purchasing a time-share has 3 business days to change their mind 10 days. - Answer how many days does the Commission allow a person who filed the complaint to revise & supplement the complaint in order to cure any defect? $100 or less - Answer Closing gifts value are how much? Light assembly property - Answer type of industrial property that isn't as customized & may be used for product assembly or storage Categories of industrial properties - Answer bulk warehouse, heavy manufacturing, light assembly, & flex industrial. auctioneer - Answer Consignee is known as? Seller - Answer Consignor is known as? Broker & Auctioneer - Answer Broker & Auctioneer To sell real estate in KY via an auction you need who present? Conformity - Answer Maximum value is realized when land use is in harmony w/ surrounding standards. 5 years - Answer Principal broker must maintain all property management records for: $900 fine, continuing education, formal reprimand - Answer Commission can impose these sactions: Seller's Broker - Answer Who is liable for misrepresentation of material facts about a property dual agent - Answer In designated agency, the principal broker or managing broker is a register the alternate name with the KREC - Answer Prior to allowing the use of an alternate or assumed name in advertising, a principle broker needs to: 2 years - Answer A sales associate licensed after January 1st, 2016 will have HOW MANY years to complete 48 hours of Post-License requirements? regular employee, executor, receiver - Answer Who are examples of people who are exempt from licensure?