Ken.T Real Estate
PracTICAL. A+ [pass]*
condominium - ANSWERS-Severalty ownership of air rights combined with an undivided interest in the
common areas of real estate would MOST LIKELY describe a
on probation - ANSWERS-A licensee could be active in the real estate business if his/her license is
Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to
the BREP. Agent Kenzie has - ANSWERS-thirty days to place her license in escrow or find another broker
Disciplinary actions that can be taken by the BREP include all of the following EXCEPTplacing a licensee
on probation for twenty four months - ANSWERS-placing a licensee on probation for twenty four
months.
An agent has been found guilty of fraud in a real estate transaction. The court has determined the
following damages: $5,000 actual and $2,000 punitive. What amount could be paid from the recovery
fund? - ANSWERS-$5,000
The buyer executed a written offer to a seller. The seller's agent called the seller and presented the offer
by phone. The seller accepted the offer by phone. At this point, what is the status of this offer? -
ANSWERS-Unenforceable
A suit to quiet title would be filed under which of the following circumstances? - ANSWERS-When there
is an adverse possession claim on the property.
, Which of the following is NOT true regarding a land contract? - ANSWERS-The seller is the vendee and
the buyer is the vendor.
When listing a property or showing a property, which of the following duties is an agent NOT required to
do? - ANSWERS-Discover latent defects in the property
Mr. Singleton's primary residence cost $250,000. During his period of ownership he added a tennis court
at a cost of $10,000 and made other improvements at a cost of $20,000. Two years later he sold the
property for $350,000 and paid a 7% commission. If he buys another home for $350,000, how much
capital gains can he defer? - ANSWERS-$0 because there is no deferment of capital gains on a principal
place of residence.
Kentucky's Statute of Frauds requires that - ANSWERS-to be compensated, there must be a written
agreement between the party and the brokerage.
A buyer made an offer on a property which was accepted by the seller. Three days before the closing the
title was found to be defective and the buyer negated the contract. Under these circumstances the -
ANSWERS-brokerage has earned a commission because it found a ready, willing and able buyer whose
offer was accepted by the seller.
Which of the following listings could not be offered to a seller of real property located in Kentucky? -
ANSWERS-Net
In a lease the right of reversion refers to the - ANSWERS-lessor's right to regain the property when the
lease expires.
An agent will only show prospective buyers properties where the agent thinks they should live, not the
properties the buyers want to see. The agent is guilty of - ANSWERS-steering
An auctioneer has just been asked to auction a farm. The auctioneer - ANSWERS-may work jointly with a
licensed broker who would list and advertise the property.
PracTICAL. A+ [pass]*
condominium - ANSWERS-Severalty ownership of air rights combined with an undivided interest in the
common areas of real estate would MOST LIKELY describe a
on probation - ANSWERS-A licensee could be active in the real estate business if his/her license is
Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to
the BREP. Agent Kenzie has - ANSWERS-thirty days to place her license in escrow or find another broker
Disciplinary actions that can be taken by the BREP include all of the following EXCEPTplacing a licensee
on probation for twenty four months - ANSWERS-placing a licensee on probation for twenty four
months.
An agent has been found guilty of fraud in a real estate transaction. The court has determined the
following damages: $5,000 actual and $2,000 punitive. What amount could be paid from the recovery
fund? - ANSWERS-$5,000
The buyer executed a written offer to a seller. The seller's agent called the seller and presented the offer
by phone. The seller accepted the offer by phone. At this point, what is the status of this offer? -
ANSWERS-Unenforceable
A suit to quiet title would be filed under which of the following circumstances? - ANSWERS-When there
is an adverse possession claim on the property.
, Which of the following is NOT true regarding a land contract? - ANSWERS-The seller is the vendee and
the buyer is the vendor.
When listing a property or showing a property, which of the following duties is an agent NOT required to
do? - ANSWERS-Discover latent defects in the property
Mr. Singleton's primary residence cost $250,000. During his period of ownership he added a tennis court
at a cost of $10,000 and made other improvements at a cost of $20,000. Two years later he sold the
property for $350,000 and paid a 7% commission. If he buys another home for $350,000, how much
capital gains can he defer? - ANSWERS-$0 because there is no deferment of capital gains on a principal
place of residence.
Kentucky's Statute of Frauds requires that - ANSWERS-to be compensated, there must be a written
agreement between the party and the brokerage.
A buyer made an offer on a property which was accepted by the seller. Three days before the closing the
title was found to be defective and the buyer negated the contract. Under these circumstances the -
ANSWERS-brokerage has earned a commission because it found a ready, willing and able buyer whose
offer was accepted by the seller.
Which of the following listings could not be offered to a seller of real property located in Kentucky? -
ANSWERS-Net
In a lease the right of reversion refers to the - ANSWERS-lessor's right to regain the property when the
lease expires.
An agent will only show prospective buyers properties where the agent thinks they should live, not the
properties the buyers want to see. The agent is guilty of - ANSWERS-steering
An auctioneer has just been asked to auction a farm. The auctioneer - ANSWERS-may work jointly with a
licensed broker who would list and advertise the property.
