PSI Exam KY State questions and answers.

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 of determining the minimum security deposit 4. business name and address of the licensed agent's company amount of rent to be charged for each unit The Seller Disclosure of Property Condition Form must include information on all of the following areas EXCEPT whether 1. any warranties are to be passed on to the buyer. 2. the house has been treated for wood infestation. 3. a suicide has occurred in the house within the last 2 years. 4. a staked survey has been performed. a suicide has occurred in the house within the last 2 years. Real estate licensees MUST obtain errors and omissions insurance coverage in which of the following manners? 1. From their own insurance agent or through the Kentucky Real Estate Commission group policy. 2. Only through the Kentucky Real Estate Commission group policy. 3. Through Boards of REALTORS. 4. From a list of insurers approved by the Kentucky Real Estate Commission. From their own insurance agent or through the Kentucky Real Estate Commission group policy. To place a real estate license in escrow, an active licensee is required to take all of the following actions EXCEPT: 1. pay the broker the prescribed escrow fee 2. have the principal broker sign the release statement on the back of the license 3. send a letter to the Kentucky Real Estate Commission indicating a desire to escrow the license 4. provide the Kentucky Real Estate Commission with a current residence address pay the broker the prescribed escrow fee Sales associates may advertise solely in their own name when selling: 1. a relative's principal residence 2. their own residence 3. property belonging to close friends 4. property belonging to their principal broker their own residence An offer to purchase prepared by a licensed sales associate must contain all of the following information EXCEPT the: 1. date and time of signing the offer by all parties 2. provision for the possession date by the buyer 3. brokerage fee or commission agreed upon 4. description of the real estate brokerage fee or commission agreed upon If a sales associate's real estate license has been revoked, the Kentucky Real Estate Commission will NOT issue another license for a period of how many years from the date of revocation?1. 22. 33. 44. 5 5 How many clock-hours of continuing education are active real estate licensees required to attend annually if they were initially licensed after June 19, 1976?1. 32. 63. 124. 21 pay the broker the prescribed escrow fee Which of the following MUST have a Kentucky real estate license if not associated with a broker? 1. A receiver or trustee in bankruptcy 2. A person acting as an attorney-in-fact 3. An auctioneer conducting a real property auction 4. An attorney-at-law performing duties as an attorney An auctioneer conducting a real property auction The Kentucky Real Estate Commission is responsible for all of the following activities EXCEPT 1. disciplinary hearings. 2. real estate examinations. 3. educational programs. 4. commission or fee dispute arbitrations. commission or fee dispute arbitrations. Contract deposits may be withdrawn from an escrow account under all of the following circumstances EXCEPT: 1. the performance of the contract 2. an agreement in writing between all parties 3. by order of a court 4. at the direction of the Kentucky Real Estate Commission at the direction of the Kentucky Real Estate Commission A real estate licensee who causes financial loss to a seller as a result of serious, yet unintentional, mistakes in contract preparation may be liable for what offense under license law? 1. Fraud 2. Discrimination 3. Gross negligence 4. Theft by deception Gross negligence When terminating an association with a principal broker, a sales associate must leave all listing information with that broker UNLESS 1. the listings were obtained by the sales associate during the sales associate's affiliation. 2. a written contract with the principal broker stipulates otherwise. 3. special permission was received from the Kentucky Real Estate Commission to retain all listing materials. 4. listing information was obtained from a personal friend of the sales associate. a written contract with the principal broker stipulates otherwise. The Agency Disclosure Statement shall include all of the following information EXCEPT: 1. the name of the prospective party 2. the type of license held by the agent 3. the signature and date of signing by the prospective party 4. the specific relationship between the licensee and the prospective party the type of license held by the agent Prior to taking the sales associate real estate license examination, an applicant MUST meet all of the following requirements EXCEPT: 1. be a citizen of the United States 2. complete 96 classroom hours or 6 academic hours of real estate coursework 3. submit to a criminal background check through the FBI 4. have obtained a high school diploma or GED diploma be a citizen of the United States A real estate sales associate who is new in the industry receives a referral from an unlicensed friend. The referral results in a sale. To keep the referral source happy and get more referrals in the future, the sales associate may: 1. pay a referral fee 2. send a basket of gourmet delicacies 3. provide the referral source with a small part of the commission from the sale 4. send a note of thanks send a note of thanks A sales associate may manage property for others for a fee under which of the following conditions? 1. The management is handled through the sales associate's principal broker and monies are placed in the broker's management/escrow accounts. 2. The sales associate maintains complete and accurate records of deposits and receipts in the sales associate's management/escrow accounts. 3. The management work is handled solely by the sales associate and the principal broker agrees to this arrangement. 4. The sales associate notifies the owner in writing that the sales associate is working independently of the principal broker. The management is handled through the sales associate's principal broker and monies are placed in the broker's management/escrow accounts.