KY real estate final exam practice question and answers 2023 verified to pass
what happens with a Judicial foreclosure? - correct answer the mortgaged property is sold under the supervision of a court
broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - correct answer finding a property with good resale value
real estate licensees should know enough about building ordinances to be able to... - correct answer alert clients of potential problems in a home
if an industrial property is described as "special-purpose" it is... - correct answer unsuitable for many uses and processes.
during the final walk-through a buyer sees that the seller did not remove a downed tree. What is the best way of handling this? - correct answer at the closing the buyer could ask for a credit from the seller to remove the downed tree.
what is the main purpose of the Kentucky Real Estate Commission? - correct answer to put into effect and make known the administrative regulations to effectively carry out and enforce the provisions of the Kentucky statutes governing real estate.
who must a principal broker supervise in a real estate office? - correct answer all licensees Affiliated to the principal broker and all other unlicensed employees at that office.
broker Hannah just received a $5,000 escrow money deposit how long does she have to deposit it under Kentucky law? - correct answer without unreasonable delay
what type of insurance is mandatory for all active licensees? - correct answer errors and omissions insurance sales associate Nika is showing a property with an electronic lockbox how should she access the property? - correct answer by using the eKEY smartphone application
what penalties May a circuit court impose on a person found violating any provision of Kentucky License Law? - correct answer a fine of between $100 and $1,000 and a jail sentence of up to six months.
why is designated agency a good alternative to traditional dual agency? - correct answer even though the same broker represent each party, both the buyer and the seller have a licensee who exclusively acts as their agent in the transaction.
which of the following actions is illegal in Kentucky? - correct answer acting for more than one party in a transaction with the knowledge of all parties for him a licensee acts
why should broker Taylor create a website for her brokerage? - correct answer to brand her firm with a visual mission statement.
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement when the
loan-to-value ratio reaches... - correct answer 78% of the original value of the property.
before ordering disciplinary action against a licensee, the commission must... - correct answer order a hearing.
broker Pearl represents buyer Emma. Pearl heard that the seller Misty will accept $20,000 less than the listed price. Under which duty is Pearl obligated to share this information with Emma? - correct answer loyalty
what type of agency cannot be revoked by the principal nor is terminated if the principal dies? - correct answer agency coupled with an interest
licensee Chad works for broker Michael. License each ad has a listing agreement was Stellar Ray. Licensee Chad decided to transfer Brokers. What will most likely happen with Chad's listing? - correct answer it will stay with Michael's brokerage.
what happens with a Judicial foreclosure? - correct answer the mortgaged property is sold under the supervision of a court
broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - correct answer finding a property with good resale value
real estate licensees should know enough about building ordinances to be able to... - correct answer alert clients of potential problems in a home
if an industrial property is described as "special-purpose" it is... - correct answer unsuitable for many uses and processes.
during the final walk-through a buyer sees that the seller did not remove a downed tree. What is the best way of handling this? - correct answer at the closing the buyer could ask for a credit from the seller to remove the downed tree.
what is the main purpose of the Kentucky Real Estate Commission? - correct answer to put into effect and make known the administrative regulations to effectively carry out and enforce the provisions of the Kentucky statutes governing real estate.
who must a principal broker supervise in a real estate office? - correct answer all licensees Affiliated to the principal broker and all other unlicensed employees at that office.
broker Hannah just received a $5,000 escrow money deposit how long does she have to deposit it under Kentucky law? - correct answer without unreasonable delay
what type of insurance is mandatory for all active licensees? - correct answer errors and omissions insurance sales associate Nika is showing a property with an electronic lockbox how should she access the property? - correct answer by using the eKEY smartphone application
what penalties May a circuit court impose on a person found violating any provision of Kentucky License Law? - correct answer a fine of between $100 and $1,000 and a jail sentence of up to six months.
why is designated agency a good alternative to traditional dual agency? - correct answer even though the same broker represent each party, both the buyer and the seller have a licensee who exclusively acts as their agent in the transaction.
which of the following actions is illegal in Kentucky? - correct answer acting for more than one party in a transaction with the knowledge of all parties for him a licensee acts
why should broker Taylor create a website for her brokerage? - correct answer to brand her firm with a visual mission statement.
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement when the
loan-to-value ratio reaches... - correct answer 78% of the original value of the property.
before ordering disciplinary action against a licensee, the commission must... - correct answer order a hearing.
broker Pearl represents buyer Emma. Pearl heard that the seller Misty will accept $20,000 less than the listed price. Under which duty is Pearl obligated to share this information with Emma? - correct answer loyalty
what type of agency cannot be revoked by the principal nor is terminated if the principal dies? - correct answer agency coupled with an interest
licensee Chad works for broker Michael. License each ad has a listing agreement was Stellar Ray. Licensee Chad decided to transfer Brokers. What will most likely happen with Chad's listing? - correct answer it will stay with Michael's brokerage.
