Name: Score:
101 Multiple choice questions
Term 1 of 101
under the______________ of recording title passes when the conveyance is registered on the title
certificate
title insurance policy
property tax assessment
torrens system
deed registration system
Term 2 of 101
Justin defaulted on his home mortgage payments. The lender obtained a court order to foreclose
on a property. At the Foreclosure sale Justin's house sold for $339,000 and the MP balance of his
loan is $400,000 what must the lender do to recover the $61,000 Justin still owes?
seek a deficiency judgement.
to brand her firm with a visual mission statement.
sue for damages
obtain the owner's consent.
Term 3 of 101
the assessed value of Sydney's home is $350,000 but the home was recently appraised at
$225,000. As a result Sydney believes her tax bill is way too high. What option does Sydney have?
she can file a complaint with the local Board of assessment review.
she must pay the tax bill immediately
she should sell her home to avoid the taxes
she can ignore the tax bill until next year
,Term 4 of 101
the Quarry Mountain subdivision requires all properties to have fences that are at least 8 feet tall
surrounding each property this is an example of...
deed restriction
protection.
aesthetic zoning
encroachment
Term 5 of 101
transaction records required to be maintained typically include...
social status
market value
closing statements
verdict
Term 6 of 101
sales associate Nika is showing a property with an electronic lockbox how should she access the
property?
by entering a physical key into the lockbox
by using a traditional lock and key method
by using the eKEY smartphone application
by calling the seller for access instructions
,Term 7 of 101
the principle underlying depreciation from physical deterioration is that...
the property loses the same increment value each year over the economic life of the
property.
the property value fluctuates based on seasonal trends.
the property gains value each year due to market demand.
the property depreciates only when sold at a loss.
Term 8 of 101
what does the real estate license exam achieve?
it determines if the applicant is competent to act as a broker or sales associate in a manner
that protects the interest of the public
it evaluates the applicant's financial status
it measures the applicant's negotiation abilities
it assesses the applicant's marketing skills
Term 9 of 101
what penalties May a circuit court impose on a person found violating any provision of Kentucky
License Law?
mandatory community service without any fines.
a suspension of their real estate license for one year.
a fine of between $100 and $1,000 and a jail sentence of up to six months.
a warning with no financial penalties.
, Term 10 of 101
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement
when the loan-to-value ratio reaches...
50% of the current market value of the property.
78% of the original value of the property.
90% of the original purchase price of the property.
100% of the appraised value of the property.
Term 11 of 101
which of the following is an agency disclosure statement that a licensee does not have to
include?
the types of properties the licensee specializes in
the licensee's commission rates
the number of years licensee has held a real estate license.
the licensee's educational background
Term 12 of 101
the risk of committing an unauthorized practice of law can be practically reduced by...
creating custom contracts without guidance
ignoring legal advice from professionals
consulting with clients about legal matters
using standard forms and contracts prepared by attorneys
101 Multiple choice questions
Term 1 of 101
under the______________ of recording title passes when the conveyance is registered on the title
certificate
title insurance policy
property tax assessment
torrens system
deed registration system
Term 2 of 101
Justin defaulted on his home mortgage payments. The lender obtained a court order to foreclose
on a property. At the Foreclosure sale Justin's house sold for $339,000 and the MP balance of his
loan is $400,000 what must the lender do to recover the $61,000 Justin still owes?
seek a deficiency judgement.
to brand her firm with a visual mission statement.
sue for damages
obtain the owner's consent.
Term 3 of 101
the assessed value of Sydney's home is $350,000 but the home was recently appraised at
$225,000. As a result Sydney believes her tax bill is way too high. What option does Sydney have?
she can file a complaint with the local Board of assessment review.
she must pay the tax bill immediately
she should sell her home to avoid the taxes
she can ignore the tax bill until next year
,Term 4 of 101
the Quarry Mountain subdivision requires all properties to have fences that are at least 8 feet tall
surrounding each property this is an example of...
deed restriction
protection.
aesthetic zoning
encroachment
Term 5 of 101
transaction records required to be maintained typically include...
social status
market value
closing statements
verdict
Term 6 of 101
sales associate Nika is showing a property with an electronic lockbox how should she access the
property?
by entering a physical key into the lockbox
by using a traditional lock and key method
by using the eKEY smartphone application
by calling the seller for access instructions
,Term 7 of 101
the principle underlying depreciation from physical deterioration is that...
the property loses the same increment value each year over the economic life of the
property.
the property value fluctuates based on seasonal trends.
the property gains value each year due to market demand.
the property depreciates only when sold at a loss.
Term 8 of 101
what does the real estate license exam achieve?
it determines if the applicant is competent to act as a broker or sales associate in a manner
that protects the interest of the public
it evaluates the applicant's financial status
it measures the applicant's negotiation abilities
it assesses the applicant's marketing skills
Term 9 of 101
what penalties May a circuit court impose on a person found violating any provision of Kentucky
License Law?
mandatory community service without any fines.
a suspension of their real estate license for one year.
a fine of between $100 and $1,000 and a jail sentence of up to six months.
a warning with no financial penalties.
, Term 10 of 101
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement
when the loan-to-value ratio reaches...
50% of the current market value of the property.
78% of the original value of the property.
90% of the original purchase price of the property.
100% of the appraised value of the property.
Term 11 of 101
which of the following is an agency disclosure statement that a licensee does not have to
include?
the types of properties the licensee specializes in
the licensee's commission rates
the number of years licensee has held a real estate license.
the licensee's educational background
Term 12 of 101
the risk of committing an unauthorized practice of law can be practically reduced by...
creating custom contracts without guidance
ignoring legal advice from professionals
consulting with clients about legal matters
using standard forms and contracts prepared by attorneys
