KENTUCKY PSI PRACTICE EXAM QUESTIONS
The ky real estate commission determined that a buyer was damanged by the
fraudulent action of a licensee in the amount of $50,000. If the responsible licensee
does not pay the claim, the commission may pay out from the real estate education,
reasearch and recovery fund a max amount of how much??? - answer -$20,000
An action for recovery from the ky real estate education, research and recovery fund
must be commenced within how many years from actual knowledge of the cause of
action or the time when circumstances would reasonably put the aggrieved party on
notice of the cause of action? - answer -2
What is the ky real estate commission not responsible for?
A. Real estate exams
B. Commission or fee dispute arbitrations - answer -b.
A licensee negotiating the sale of a condo tells a prospective buyer that the licensee
absolutely guarantees that if the buyer closes on the property now, and resells it in a
year, the buyer will realize no less than a $10k profit. The buyer purchases the condo
and sells a year later at a $5k loss. Which of the following situations is a possible
consequence to the licensee?
A. The licensee has no responsibility as the licensee was merely puffing
B. The licensee may be subject to possible penalty by the ky real estate commission -
answer -b.
What action must be completed prior to the awarding of funds from the ky real estate
education, research and recovery fund? - answer -commission hearing
A real estate licensee who causes financial loss to a seller as a result of a serious, yet
unintentional mistakes in contract preperation may be liable for what offense under
license law? - answer -gross negligence
Which of the following tasks is an unlicensed assistant able to perform?
A. Interpret real estate contractual language for others
B. Appear in an ad as long as the ad does not imply the assistant is licensed - answer -
b.
Sales associates may advertise solely in their own name when selling - answer -their
own residence
A licensee tells a prospective buyer, "the landfill 2 miles upwind from this house has
never posed a problem for this neighborhood." if the licensee knows this statement to
be untrue, it is an example of:
A. Fraud
B. Misrepresentation - answer -a.
The ky real estate commission determined that a buyer was damanged by the
fraudulent action of a licensee in the amount of $50,000. If the responsible licensee
does not pay the claim, the commission may pay out from the real estate education,
reasearch and recovery fund a max amount of how much??? - answer -$20,000
An action for recovery from the ky real estate education, research and recovery fund
must be commenced within how many years from actual knowledge of the cause of
action or the time when circumstances would reasonably put the aggrieved party on
notice of the cause of action? - answer -2
What is the ky real estate commission not responsible for?
A. Real estate exams
B. Commission or fee dispute arbitrations - answer -b.
A licensee negotiating the sale of a condo tells a prospective buyer that the licensee
absolutely guarantees that if the buyer closes on the property now, and resells it in a
year, the buyer will realize no less than a $10k profit. The buyer purchases the condo
and sells a year later at a $5k loss. Which of the following situations is a possible
consequence to the licensee?
A. The licensee has no responsibility as the licensee was merely puffing
B. The licensee may be subject to possible penalty by the ky real estate commission -
answer -b.
What action must be completed prior to the awarding of funds from the ky real estate
education, research and recovery fund? - answer -commission hearing
A real estate licensee who causes financial loss to a seller as a result of a serious, yet
unintentional mistakes in contract preperation may be liable for what offense under
license law? - answer -gross negligence
Which of the following tasks is an unlicensed assistant able to perform?
A. Interpret real estate contractual language for others
B. Appear in an ad as long as the ad does not imply the assistant is licensed - answer -
b.
Sales associates may advertise solely in their own name when selling - answer -their
own residence
A licensee tells a prospective buyer, "the landfill 2 miles upwind from this house has
never posed a problem for this neighborhood." if the licensee knows this statement to
be untrue, it is an example of:
A. Fraud
B. Misrepresentation - answer -a.
