KY Real Estate Exam Final Exam
questions and answers.
Qs
Graduated Lease - n
ANS✔
Lease amount increases over certain amount of time. EX: $450 for 5 years; $500
next 5 years etc.
Qs
General Lein - n
ANS✔
Right of a creditor to have all of a debtor's property both real and personal to satisfy
a debt
Qs
HUD-1 - n
ANS✔
Form that itemizes fees and services charged to a borrower and seller during a real
estate transaction
Qs
Income Approach - n
ANS✔
Estimating value of an income producing property through capitalization of the
annual net income expected to be produced by the property during its remaining
useful life
Qs
,Joint Tenants - n
ANS✔
Ownership of real estate between two or more parties who have been named in one
conveyance as joint tenants. Upon death of a joint tenant the decent's interests
passes to the surviving joint tenant or tenants by the right of survivorship
Qs
License Expires - n
ANS✔
When licensee fails to renew it, does not complete continuing education
Qs
Lead Paint 1978 - n
ANS✔
75% of houses built before 1978 used lead based paint, can cause damage to body
Qs
Leasing Property - n
ANS✔
Written or oral contract between a landlord and tenant that transfers the right to
exclusive possession and use of landlord's property to the lessee for a specific time
and rent amount. Leases for longer than a year must be in writing to be
enforceable.
Qs
Loan Origination - n
ANS✔
Fee charged to borrower by lender making a mortgage loan. 1% of loan amount
Qs
Loan to Value (LTV) Ratio - n
, ANS✔
Relationship between the amount of the mortgage and the value of the real estate
being pledged
Qs
Lis Piendens - n
ANS✔
Recorded legal document giving constructive notice that an action affecting a
particular property has been filed with state or federal court (pending)
Qs
Manufactured Housing - n
ANS✔
Dwellings that are built off site and trucked to a building lot where they are installed
or assembled
Qs
Metes and Bounds - n
ANS✔
Legal description of land that begins with a well-marked point and follows the
boundaries using directions and distances around the tract back to point of
beginning
Qs
Mechanic Lien - n
ANS✔
Created in favor of contractors, laborers and material-men who have performed
work or furnished materials in the erection or repair of a building
Qs
questions and answers.
Qs
Graduated Lease - n
ANS✔
Lease amount increases over certain amount of time. EX: $450 for 5 years; $500
next 5 years etc.
Qs
General Lein - n
ANS✔
Right of a creditor to have all of a debtor's property both real and personal to satisfy
a debt
Qs
HUD-1 - n
ANS✔
Form that itemizes fees and services charged to a borrower and seller during a real
estate transaction
Qs
Income Approach - n
ANS✔
Estimating value of an income producing property through capitalization of the
annual net income expected to be produced by the property during its remaining
useful life
Qs
,Joint Tenants - n
ANS✔
Ownership of real estate between two or more parties who have been named in one
conveyance as joint tenants. Upon death of a joint tenant the decent's interests
passes to the surviving joint tenant or tenants by the right of survivorship
Qs
License Expires - n
ANS✔
When licensee fails to renew it, does not complete continuing education
Qs
Lead Paint 1978 - n
ANS✔
75% of houses built before 1978 used lead based paint, can cause damage to body
Qs
Leasing Property - n
ANS✔
Written or oral contract between a landlord and tenant that transfers the right to
exclusive possession and use of landlord's property to the lessee for a specific time
and rent amount. Leases for longer than a year must be in writing to be
enforceable.
Qs
Loan Origination - n
ANS✔
Fee charged to borrower by lender making a mortgage loan. 1% of loan amount
Qs
Loan to Value (LTV) Ratio - n
, ANS✔
Relationship between the amount of the mortgage and the value of the real estate
being pledged
Qs
Lis Piendens - n
ANS✔
Recorded legal document giving constructive notice that an action affecting a
particular property has been filed with state or federal court (pending)
Qs
Manufactured Housing - n
ANS✔
Dwellings that are built off site and trucked to a building lot where they are installed
or assembled
Qs
Metes and Bounds - n
ANS✔
Legal description of land that begins with a well-marked point and follows the
boundaries using directions and distances around the tract back to point of
beginning
Qs
Mechanic Lien - n
ANS✔
Created in favor of contractors, laborers and material-men who have performed
work or furnished materials in the erection or repair of a building
Qs
