Kentucky State Real Estate Exam
Practice Questions with Answers
Jenna's firm in Lexington issues a check to First In Line Title Company
because it referred a buyer to Jenna and subsequently closed the
transaction. The buyer approved the payments. This is an example of
_____________. - -An Illegal Kickback
- Monty is advertising a number of listings in the local Prospect newspaper
and includes the fair housing logo in the ad. What else is required? - -The
Verbiage, "Equal Opportunity Housing"
- Kentucky licensees Venus and Morgan are both affiliated with broker Jamie.
Venus and Morgan are each acting as listing agents in transactions where
the buyer is represented by a licensee from another brokerage. What's true
about this situation? - -Venus and Megan are single agents.
- Kentucky property managers are expected to provide receipts promptly
and ensure moneys are deposited without delay. ____________________ needs
to be entered into either the tenant and/or owner ledger for all moneys
received. - -The dollar amount and the unit number.
- In Kentucky, when someone pays a commission to an unlicensed individual
who is not exempt from licensing law, this is known as ______________. - -
Kickback
- If a licensee fails to renew her license, when will KREC cancel it? - -April 1
- Kentucky licensee Kaylee is working with a buyer client who has a written
agency agreement with Kaylee's brokerage firm. Based on Kentucky law,
which of the following duties does Kaylee owe her client? - -Promptly submit
her client's written offer to the seller.
- In the sale of a Kentucky residential condominium unit, who's responsible
for requesting the Condominium Seller's Certificate? - -The seller.
- Toby is a sales associate with Louisville Slugger Realty. Toby's principal
broker promised his brother, Bryant, who is unlicensed and not an attorney
or trustee, that he would pay his a portion of his commission when he closed
on his Lincoln Street transaction. Under what circumstances would this be
legal? - -If Bryant was a party to the transaction and this was a cash rebate
paid by Toby's principal broker.
, - Dan is the designated agent of a Kentucky buyer, Matilda, who's
purchasing a property listed by his firm. Dan will complete the
__________________ portion of the Agency Disclosure Statement when Matilda
is ready to make an offer. - -Transaction involving two agents int he same
brokerage: Designated Agency.
- By what date do licensees need to complete their biennial CE requirement
in Kentucky? - -December 31
- KREC cancelled Holly's license because she didn't complete the 48-hour
post-licensing education requirement. What does this mean for her? - -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.
- A Kentucky individual accused of engaging in unlicensed brokerage for the
first time may be charged with which of the following? - -A Class A
Misdemeanor
- The maximum recovery fund compensation that may be granted on behalf
of multiple aggrieved parties against one licensee in Kentucky is
_____________. - -$50,000
- If a complaint for a license law violation in Kentucky does not constitute a
prima facie case, the complainant has ________________ days to revise and
supplement the case. - -10
- Kentucky's Property Management agreement details the financial
arrangement between the agent and the owner for managing, leasing, or
even selling the property under which section? - -Agent Compensation
- Damien's been notified that his escrow accounts are being audited. What
entity is responsible for performing the audit to ensure his firm's in
compliance with Kentucky's escrow account license laws? - -The KREC
- Two years ago, Marlene was convicted of engaging in unlicensed
brokerage in Kentucky. She's now being charged again. What charges may
be filed? - -Class D Felony
- How many classroom hours of pre-licensing education are required for a
sales associate to become a broker in Kentucky? - -336 hours
- How much time does an aggrieved party have to file a fraud claim with the
Kentucky Real Estate Education, Research, and Recovery Fund? - -One year
Practice Questions with Answers
Jenna's firm in Lexington issues a check to First In Line Title Company
because it referred a buyer to Jenna and subsequently closed the
transaction. The buyer approved the payments. This is an example of
_____________. - -An Illegal Kickback
- Monty is advertising a number of listings in the local Prospect newspaper
and includes the fair housing logo in the ad. What else is required? - -The
Verbiage, "Equal Opportunity Housing"
- Kentucky licensees Venus and Morgan are both affiliated with broker Jamie.
Venus and Morgan are each acting as listing agents in transactions where
the buyer is represented by a licensee from another brokerage. What's true
about this situation? - -Venus and Megan are single agents.
- Kentucky property managers are expected to provide receipts promptly
and ensure moneys are deposited without delay. ____________________ needs
to be entered into either the tenant and/or owner ledger for all moneys
received. - -The dollar amount and the unit number.
- In Kentucky, when someone pays a commission to an unlicensed individual
who is not exempt from licensing law, this is known as ______________. - -
Kickback
- If a licensee fails to renew her license, when will KREC cancel it? - -April 1
- Kentucky licensee Kaylee is working with a buyer client who has a written
agency agreement with Kaylee's brokerage firm. Based on Kentucky law,
which of the following duties does Kaylee owe her client? - -Promptly submit
her client's written offer to the seller.
- In the sale of a Kentucky residential condominium unit, who's responsible
for requesting the Condominium Seller's Certificate? - -The seller.
- Toby is a sales associate with Louisville Slugger Realty. Toby's principal
broker promised his brother, Bryant, who is unlicensed and not an attorney
or trustee, that he would pay his a portion of his commission when he closed
on his Lincoln Street transaction. Under what circumstances would this be
legal? - -If Bryant was a party to the transaction and this was a cash rebate
paid by Toby's principal broker.
, - Dan is the designated agent of a Kentucky buyer, Matilda, who's
purchasing a property listed by his firm. Dan will complete the
__________________ portion of the Agency Disclosure Statement when Matilda
is ready to make an offer. - -Transaction involving two agents int he same
brokerage: Designated Agency.
- By what date do licensees need to complete their biennial CE requirement
in Kentucky? - -December 31
- KREC cancelled Holly's license because she didn't complete the 48-hour
post-licensing education requirement. What does this mean for her? - -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.
- A Kentucky individual accused of engaging in unlicensed brokerage for the
first time may be charged with which of the following? - -A Class A
Misdemeanor
- The maximum recovery fund compensation that may be granted on behalf
of multiple aggrieved parties against one licensee in Kentucky is
_____________. - -$50,000
- If a complaint for a license law violation in Kentucky does not constitute a
prima facie case, the complainant has ________________ days to revise and
supplement the case. - -10
- Kentucky's Property Management agreement details the financial
arrangement between the agent and the owner for managing, leasing, or
even selling the property under which section? - -Agent Compensation
- Damien's been notified that his escrow accounts are being audited. What
entity is responsible for performing the audit to ensure his firm's in
compliance with Kentucky's escrow account license laws? - -The KREC
- Two years ago, Marlene was convicted of engaging in unlicensed
brokerage in Kentucky. She's now being charged again. What charges may
be filed? - -Class D Felony
- How many classroom hours of pre-licensing education are required for a
sales associate to become a broker in Kentucky? - -336 hours
- How much time does an aggrieved party have to file a fraud claim with the
Kentucky Real Estate Education, Research, and Recovery Fund? - -One year
