Kentucky State Real Estate
University of Kentucky
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KENTUCKY REAL ESTATE PACKAGE DEAL 2023/24
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KENTUCKY REAL ESTATE PACKAGE DEAL 2023/24
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Kentucky State Real Estate Exam Practice questions and answers
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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 ...
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KY Real Estate - Ch. 1 with 100% correct answers.
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Legal Concept of Land 
surface area of the earth 
everything beneath the surface area of the earth, extending to it's core 
all natural things permanently attached to the earth 
minerals and water on or below the earth's surface 
 
 
 
Parcel/Tract 
portion of land delineated by boundaries 
 
 
 
Physical Characteristics of Land 
immobility, indestructibility, and heterogeneity 
 
 
 
Economic Characteristics of Land 
D.U.S.T.S 
Demand 
Utility 
Scarcity 
Transferability 
Situs 
 
 
 
Legal Co...
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Kentucky real estate license exam|127 questions and answers.
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which of the following statements is true about the Kentucky Statute of frauds and the sale of real estate? 
all essential terms of the contract must be in writing 
 
 
 
which of the following statements is true regarding Kentucky real estate brokerages? 
the principal broker may choose to use designated agency, dual agency, without designated agency or no dual agency at the brokerage 
 
 
 
if the licensee can't pay or refuses to pay an aggrieved party after being found guilty of fraud in Ken...
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KY Real Estate Mock Test 2 questions fully solved
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The law which requires that an applicant receive a good faith estimate within three days of loan application is 
RESPA. 
 
RESPA requires borrowers to receive a good faith estimate (GFE) within three days of loan application. 
 
 
 
Upon passing the exam and sending the proper documentation to the KREC, the license of the new agent will be sent to the 
broker, at his business address. 
 
 
 
1. The law which requires that an applicant receive a good faith estimate within three days of loan appli...
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Real Estate Exam – KY real estate questions and answers.
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What is a free hold estate 
an exclusive right to use and possess a real property for an indefinite period of time 
 
 
 
What are the 2 types of free hold estates 
fee simple and life estate 
 
 
 
Define fee simple estate 
Absolute ownership includes all the rights associated with ownership. Highest type of ownership that can be held in real property. 
 
 
 
Define life estate 
an estate whose duration is limited by the life of the party holding it or a third person(remainderman) 
 
 
 
what i...
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Ky Real Estate |128 questions and answers 2023.
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yes 
Can CE classes be taken out of state of Ky? 
 
 
 
February 10 
If there is a true hardship license he must request in writing an extension for CE classes by what date 
 
 
 
Pay $500 and create a delinquency plan to be completed by June 15 or place it in escrow 
What must a licensee do if they failed to complete the CE requirements on time? 
 
 
 
Complete CE classes and pay fees 
To activate a license that is an escrow what steps must be taken? 
 
 
 
Cancelled 
What status is a license i...
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Kentucky PSI Practice Exam General Portion| 285 Questions and answers
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In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind of legal description should be used in MOST transactions? 
The same one used in prior transfers of the parcel, verified by a surveyor. 
 
 
 
A legal easement can be created by any of the following EXCEPT 
merger of the titles 
 
 
 
Timeshare ownership programs MOST often use which of the following ownership forms? 
Tenancy in common 
 
 
 
Real property can be converted ...
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PSI Exam KY State questions and answers.
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If a sales associate's license is NOT renewed by the required date, which of the following will be held accountable? 
1. Principal broker 
2. Sales associate 
3. Sales manager 
4. Owner of the brokerage company 
Sales associate 
 
 
 
A property management agreement between a principal broker and owner MUST include all of the following information EXCEPT the: 
1. amount of rent to be charged for each unit 
2. address of the real estate being managed and the number of units 
3. amount or method ...
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KY Real Estate Exam questions fully solved 2023.
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An action for recovery from the Kentucky 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 have put the aggrieved party on notice of the cause of action? 
2 
 
 
 
The Kentucky Real Estate Commission determined that a buyer was damaged by the fraudulent action of a licensee in the amount of $50,000. If the responsible licensee does not pay the claim, the Commissio...
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