KY LICENSE LAW PRACTICE EXAM
QUESTIONS WITH CORRECT
ANSWERA GRADED A+ FOR 2026
ASSURED EXCEL!!
1. Which of the following statements is INCORRECT regarding errors and omissions
insurance?
A. a licensee whose license is in inactive status does not have to carry errors and
omissions insurance
B. the cost of errors and omissions insurance through the Commission's group
cannot exceed $200
C. The annual aggregate amount of coverage through the Commission's group
coverage is $1,000,000
D. errors and omissions insurance covers fraud - CORRECT ANSWERS-D. errors and
omissions insurance covers fraud
2. A licensee failed to renew his license because he did not receive a renewal notice. The
licensee:
A. will owe a fine not to exceed $200
B. will owe no fine because he did not receive to renew
C. has one year to renew his license because he did not receive a renewal notice
D. can file a complaint against the Commission for failing to send him a renewal
notice - CORRECT ANSWERS-A. will owe a fine not to exceed $200
3. Emergency hearings may be held by the Commission:
A. when requested by a complaint
B. never, the Commission does not conduct emergency hearings
C. when alleged escrow account violations warrant the action
D. only when a complaint contains prima facie evidence - CORRECT ANSWERS-C.
when alleged escrow account violations warrant the action
4. ATnewTlicenseTwouldTbeTissuedTtoTaTlicenseeTforTallTofTtheTfollowingTchangesTEXCEPT:
QUESTIONS WITH CORRECT
ANSWERA GRADED A+ FOR 2026
ASSURED EXCEL!!
1. Which of the following statements is INCORRECT regarding errors and omissions
insurance?
A. a licensee whose license is in inactive status does not have to carry errors and
omissions insurance
B. the cost of errors and omissions insurance through the Commission's group
cannot exceed $200
C. The annual aggregate amount of coverage through the Commission's group
coverage is $1,000,000
D. errors and omissions insurance covers fraud - CORRECT ANSWERS-D. errors and
omissions insurance covers fraud
2. A licensee failed to renew his license because he did not receive a renewal notice. The
licensee:
A. will owe a fine not to exceed $200
B. will owe no fine because he did not receive to renew
C. has one year to renew his license because he did not receive a renewal notice
D. can file a complaint against the Commission for failing to send him a renewal
notice - CORRECT ANSWERS-A. will owe a fine not to exceed $200
3. Emergency hearings may be held by the Commission:
A. when requested by a complaint
B. never, the Commission does not conduct emergency hearings
C. when alleged escrow account violations warrant the action
D. only when a complaint contains prima facie evidence - CORRECT ANSWERS-C.
when alleged escrow account violations warrant the action
4. ATnewTlicenseTwouldTbeTissuedTtoTaTlicenseeTforTallTofTtheTfollowingTchangesTEXCEPT:
