KY REAL ESTATE EXAM PREP QUESTIONS WITH CORRECT ANSWERS 2025

KY REAL ESTATE EXAM PREP QUESTIONS
WITH CORRECT ANSWERS 2025
WhatRdoRDatumsRandRBenchmarksRmeasure?R-RCORRECTRANSWERR-Elevation



JointRTenancyR-RCORRECTRANSWERR-TheRjointRownershipRofRpropertyRbyRtwoRorRmoreRco-
ownersRinRwhichReachRco-
ownerRownsRanRundividedRportionRofRtheRproperty.ROnRtheRdeathRofRoneRofRtheRjointRtenants,RhisR
orRherRinterestRautomaticallyRpassesRtoRtheRsurvivingRjointRtenants.



WhatRisRaRPreliminaryRReport?R-RCORRECTRANSWERR-IssuedRbyRtitleRinsuranceRcompanies

-RgivesRbuyersRanRoverviewRofRtitleRhistoryRandRanyRliens/encumbrances

-RitRoutlinesRwhatRinsuranceRcompaniesRwill/wontRcoverRonRitsRpolicy



EasementRAppurtenantR-RCORRECTRANSWERR-RunsRwithRtheRland

-RgrantsRtheRrightRtoRuseRadjoiningRland



CivilRRightsRActRofR1866R-RCORRECTRANSWERR-
ProhibitsRanyRexceptionsRforRdiscriminationRbasedRonRrace/color



WhatRisRtheRSuperfundsRAmendmentsRandRReauthorizationRActR(SARA)?R-RCORRECTRANSWERR-
AmendmentRtoRCERCLARthatRsaysR'innocentRlandowners'RarentRresponsibleRforRcleanRupRofRhazard
ousRcontamination



WhatRisRtheRpurposeRofRBuildingRCodeR?R-RCORRECTRANSWERR-
ItRestablishesRworkmanshipRstandardsRwhenRsomeoneRisRbuildingRanRadditionRtoRtheirRproperty

,DeveloperRthatRhasRaRprojectRplannedRthatRdoesntRconformRtoRtheRcommunityRzoningRregulationsR
andRwantsRtoRmakeRaRchangeRrequestRwouldRmakeRaRrequestRtoRwho?R-RCORRECTRANSWERR-
theRZoningRBoardRofRAppealsRforRaRvariance



WhatRisRaRrightRtoRuseRtimeshare?R-RCORRECTRANSWERR-
ItRconveysRtheRrightRofRPOSSESSIONRbutRnotRownership

(thereforeRcantRbeRpassedRonRorRsold)



WhatRdoRlendersRconsiderRequallyR-RCORRECTRANSWERR-BorrowerRandRProperty

-RtheRproperty'sRvalueR(collateral)RandRtheRborrowersRabilityRtoRrepayRtheRloan



WhatRisRaRBridgeRLoan?R-RCORRECTRANSWERR-
ARtemporaryRloanRoftenRusedRbyRbuyersRwhoRhaveRnotRyetRclosedRonRtheirRpriorRproperty

-RshortRterm

-interestRonly



WhatRisRaRLandRContract?R-RCORRECTRANSWERR-BuyerRwillRpayRtheRseller.

-RSellerRwillRholdRlegalRtitleRofRtheRpropertyRduringRtheRtermRofRtheRloan



InRaRPUDR(plannedRunitRdevelopment)RwhoRownsRtheRcommonRareas?R-RCORRECTRANSWERR-
TheRcommonRareasRaRjointlyRownedRandRmaintainedRbyRtheRcondoRownersRorRHOA



WhatRisRaRCashRFlowRReport?R-RCORRECTRANSWERR-
UsuallyRcreatedRmonthlyRandRshowsRtheRcurrentRfinancialRstatusRofRtheRproperty

-RaccountsRforRincomeRreceivedR(rent)RandRexpensesR(utilities,Rpersonnel,Rrepairs)

, WhatRisRanRAttachmentRLien?R-RCORRECTRANSWERR-
WhenRtheRcourtsRplaceRanRencumbranceRonRtheRpropertyRofRaRdefendantRinRaRlawsuitRforRmonetar
yRdamagesR

-Rex:RdamagesRrelatedRtoRaRcarRaccident



WhenRdoesRAcceptanceRoccur?R-RCORRECTRANSWERR-
WhenRallRpartiesRhaveRsignedRaRgivenRcontract



WhenRdoesRBindingRAcceptanceRoccur?R-RCORRECTRANSWERR-
WhenRtheRacceptedRofferRisRdelivered



WhatRisRtheRhighestRfineRthatRKRECRcanRimposeRforRaRsingleRchargeRofRimproperRconduct?R-
RCORRECTRANSWERR-$1,000




WhichRofRtheRfollowingRcompensationsRmayRaRKYRbrokerRpayRtoRaRTNRlicensee?R-
RCORRECTRANSWERR-ARreferralRfeeRand/orRcommission




HowRlongRmustRKYRtransactionRrecordsRbeRretainedRfor?R-RCORRECTRANSWERR-
5RyearsRfromRtheRconsummationRdate



WhoRisRresponsibleRforRcompletingRtheRCondoRSellerRCertificate?R-RCORRECTRANSWERR-
TheRCondoRAssociationRcompletesRitRuponRtheRrequestRofRtheRseller

-theyRhaveR10RdaysRtoRcomplete



InRKYRwhenRaRtenantRfindsRthemselvesRinRaRDVRsituationRandRmustRgetRaRprotectiveRorderRwhatRcan
RtheyRdo?R-RCORRECTRANSWERR-


TheyRmayRterminateRtheRrentalRagreementRearly,RgivingR30Rdays'RwrittenRnotice



WhenRisRaRLeadRPaintRDisclosureRrequired?R-RCORRECTRANSWERR-ForRanyRhomeRbuiltRbeforeR1978