RE exam questions with verified
answers already passed
special or limited - correct answer ✔✔In most transactions involving a buyer or seller, the real estate
agent acts as a ________ or _________ agent, whose primary role is to find or sell the house.
the information is known from other sources. - correct answer ✔✔The duty of confidentiality survives
agency unless the former client is found guilty of fraud or ______.
contract clause - correct answer ✔✔a section or provision within a contract that addresses one aspect of
the agreement between the parties.
A section of a contract covering a specific topic - correct answer ✔✔What's a contract clause?
property profile, deed and assessor's map - correct answer ✔✔What does a trio contain?
2 - correct answer ✔✔How many anchor tenants does a community shopping center typically have?
Condo association - correct answer ✔✔Who's responsible for completing the Condominium Seller's
Certificate in a Kentucky transaction?
Unexpired period remaining on the license - correct answer ✔✔Upon notification of situation changes,
the Kentucky real Estate Commission will issue a new license for the ______.
In readily accessible, corner-lot sites, at the intersection of two major thoroughfares - correct answer
✔✔Where are neighborhood shopping centers usually located?
Advise your buyer to include an inspection contingency if he decides to make an offer, since it's the only
way to know about the property condition. - correct answer ✔✔If you're representing a buyer in a
, Kentucky residential transaction, what should you do if the seller's agent tells you that the seller refused
to complete the Seller's Disclosure of Property Conditions form?
Joists - correct answer ✔✔Which of these is a horizontal wood-framing member used in floor and ceiling
framing?
The sale of a property for an amount that's less than what is owed, excluding closing costs - correct
answer ✔✔What is a short sale?
Severance - correct answer ✔✔when a seller removes an item or fixture from a property (so that it
becomes personal property instead of real property) before an agreement of sale has been signed or
after negotiations have commenced?
Warrant legal ownership of the property. - correct answer ✔✔What does the KREC Exclusive Right to Sell
Agency Contract obligate sellers to do?
Because this data includes prices not affected by special financing or sales concessions. - correct answer
✔✔Why does the sales comparison approach rely upon data from arm's length sales?
Higher rates and less favorable terms - correct answer ✔✔Compared to conventional loans, what are
typical characteristics of construction loans?
Allocation method - correct answer ✔✔Which site valuation method uses a percentage of an improved
property's total value to arrive at a market value for the land?
Kentucky principal broker who's entered into a written cooperation agreement with an out-of-state
principal broker - correct answer ✔✔A Kentucky cooperating broker is a(n) ______.
Severalty - correct answer ✔✔Ownership of real property by one person only, also called sole
ownership.
Notice of affiliation - correct answer ✔✔In Kentucky, out-of-state principal brokers must file a ______
with their Kentucky cooperating broker(s) in accordance with KRS 324.237.
answers already passed
special or limited - correct answer ✔✔In most transactions involving a buyer or seller, the real estate
agent acts as a ________ or _________ agent, whose primary role is to find or sell the house.
the information is known from other sources. - correct answer ✔✔The duty of confidentiality survives
agency unless the former client is found guilty of fraud or ______.
contract clause - correct answer ✔✔a section or provision within a contract that addresses one aspect of
the agreement between the parties.
A section of a contract covering a specific topic - correct answer ✔✔What's a contract clause?
property profile, deed and assessor's map - correct answer ✔✔What does a trio contain?
2 - correct answer ✔✔How many anchor tenants does a community shopping center typically have?
Condo association - correct answer ✔✔Who's responsible for completing the Condominium Seller's
Certificate in a Kentucky transaction?
Unexpired period remaining on the license - correct answer ✔✔Upon notification of situation changes,
the Kentucky real Estate Commission will issue a new license for the ______.
In readily accessible, corner-lot sites, at the intersection of two major thoroughfares - correct answer
✔✔Where are neighborhood shopping centers usually located?
Advise your buyer to include an inspection contingency if he decides to make an offer, since it's the only
way to know about the property condition. - correct answer ✔✔If you're representing a buyer in a
, Kentucky residential transaction, what should you do if the seller's agent tells you that the seller refused
to complete the Seller's Disclosure of Property Conditions form?
Joists - correct answer ✔✔Which of these is a horizontal wood-framing member used in floor and ceiling
framing?
The sale of a property for an amount that's less than what is owed, excluding closing costs - correct
answer ✔✔What is a short sale?
Severance - correct answer ✔✔when a seller removes an item or fixture from a property (so that it
becomes personal property instead of real property) before an agreement of sale has been signed or
after negotiations have commenced?
Warrant legal ownership of the property. - correct answer ✔✔What does the KREC Exclusive Right to Sell
Agency Contract obligate sellers to do?
Because this data includes prices not affected by special financing or sales concessions. - correct answer
✔✔Why does the sales comparison approach rely upon data from arm's length sales?
Higher rates and less favorable terms - correct answer ✔✔Compared to conventional loans, what are
typical characteristics of construction loans?
Allocation method - correct answer ✔✔Which site valuation method uses a percentage of an improved
property's total value to arrive at a market value for the land?
Kentucky principal broker who's entered into a written cooperation agreement with an out-of-state
principal broker - correct answer ✔✔A Kentucky cooperating broker is a(n) ______.
Severalty - correct answer ✔✔Ownership of real property by one person only, also called sole
ownership.
Notice of affiliation - correct answer ✔✔In Kentucky, out-of-state principal brokers must file a ______
with their Kentucky cooperating broker(s) in accordance with KRS 324.237.
