Kentucky Real Estate Practice Final One
CORRECT ANSWERS| EXAM | LATEST
UPDATES ||2024-2025||
,Agent Kenzie has terminated her relationship with her broker. The broker
has returned her license to the BREP. Agent Kenzie has - CORRECT
ANSWERS-thirty days to place her license in escrow or find another broker
Disciplinary actions that can be taken by the BREP include all of the
following EXCEPTplacing a licensee on probation for twenty four months -
CORRECT ANSWERS-placing a licensee on probation for twenty four
months.
An agent has been found guilty of fraud in a real estate transaction. The
court has determined the following damages: $5,000 actual and $2,000
punitive. What amount could be paid from the recovery fund? - CORRECT
ANSWERS-$5,000
The buyer executed a written offer to a seller. The seller's agent called the
seller and presented the offer by phone. The seller accepted the offer by
phone. At this point, what is the status of this offer? - CORRECT
ANSWERS-Unenforceable
A suit to quiet title would be filed under which of the following
circumstances? - CORRECT ANSWERS-When there is an adverse
possession claim on the property.
, Which of the following is NOT true regarding a land contract? - CORRECT
ANSWERS-The seller is the vendee and the buyer is the vendor.
When listing a property or showing a property, which of the following duties
is an agent NOT required to do? - CORRECT ANSWERS-Discover latent
defects in the property
Mr. Singleton's primary residence cost $250,000. During his period of
ownership he added a tennis court at a cost of $10,000 and made other
improvements at a cost of $20,000. Two years later he sold the property for
$350,000 and paid a 7% commission. If he buys another home for
$350,000, how much capital gains can he defer? - CORRECT ANSWERS-
$0 because there is no deferment of capital gains on a principal place of
residence.
Kentucky's Statute of Frauds requires that - CORRECT ANSWERS-to be
compensated, there must be a written agreement between the party and
the brokerage.
A buyer made an offer on a property which was accepted by the seller.
Three days before the closing the title was found to be defective and the
buyer negated the contract. Under these circumstances the - CORRECT
ANSWERS-brokerage has earned a commission because it found a ready,
willing and able buyer whose offer was accepted by the seller.
CORRECT ANSWERS| EXAM | LATEST
UPDATES ||2024-2025||
,Agent Kenzie has terminated her relationship with her broker. The broker
has returned her license to the BREP. Agent Kenzie has - CORRECT
ANSWERS-thirty days to place her license in escrow or find another broker
Disciplinary actions that can be taken by the BREP include all of the
following EXCEPTplacing a licensee on probation for twenty four months -
CORRECT ANSWERS-placing a licensee on probation for twenty four
months.
An agent has been found guilty of fraud in a real estate transaction. The
court has determined the following damages: $5,000 actual and $2,000
punitive. What amount could be paid from the recovery fund? - CORRECT
ANSWERS-$5,000
The buyer executed a written offer to a seller. The seller's agent called the
seller and presented the offer by phone. The seller accepted the offer by
phone. At this point, what is the status of this offer? - CORRECT
ANSWERS-Unenforceable
A suit to quiet title would be filed under which of the following
circumstances? - CORRECT ANSWERS-When there is an adverse
possession claim on the property.
, Which of the following is NOT true regarding a land contract? - CORRECT
ANSWERS-The seller is the vendee and the buyer is the vendor.
When listing a property or showing a property, which of the following duties
is an agent NOT required to do? - CORRECT ANSWERS-Discover latent
defects in the property
Mr. Singleton's primary residence cost $250,000. During his period of
ownership he added a tennis court at a cost of $10,000 and made other
improvements at a cost of $20,000. Two years later he sold the property for
$350,000 and paid a 7% commission. If he buys another home for
$350,000, how much capital gains can he defer? - CORRECT ANSWERS-
$0 because there is no deferment of capital gains on a principal place of
residence.
Kentucky's Statute of Frauds requires that - CORRECT ANSWERS-to be
compensated, there must be a written agreement between the party and
the brokerage.
A buyer made an offer on a property which was accepted by the seller.
Three days before the closing the title was found to be defective and the
buyer negated the contract. Under these circumstances the - CORRECT
ANSWERS-brokerage has earned a commission because it found a ready,
willing and able buyer whose offer was accepted by the seller.
