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PSI Exam KY State questions and answers.
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If a sales associate's license is NOT renewed by the required date, which of the following will be held accountable? 1. Principal broker 2. Sales associate 3. Sales manager 4. Owner of the brokerage company Sales associate A property management agreement between a principal broker and o...

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  • October 10, 2023
  • 8
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • psi exam ky state questions and answers

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PSI Exam KY State questions and answers
If a sales associate's license is NOT renewed by the required date, which of the following will be held accountable?
1. Principal broker
2. Sales associate
3. Sales manager
4. Owner of the brokerage company - answer Sales associate
A property management agreement between a principal broker and owner MUST include all of the following information EXCEPT the:
1. amount of rent to be charged for each unit
2. address of the real estate being managed and the number of units
3. amount or method of determining the minimum security deposit
4. business name and address of the licensed agent's company - answer amount of rent to be charged for each unit
The Seller Disclosure of Property Condition Form must include information on all of the following areas EXCEPT whether
1. any warranties are to be passed on to the buyer.
2. the house has been treated for wood infestation.
3. a suicide has occurred in the house within the last 2 years.
4. a staked survey has been performed. - answer a suicide has occurred in the house within the last 2 years.
Real estate licensees MUST obtain errors and omissions insurance coverage in which of the following manners? 1. From their own insurance agent or through the Kentucky Real Estate Commission group policy.
2. Only through the Kentucky Real Estate Commission group policy.
3. Through Boards of REALTORS.
4. From a list of insurers approved by the Kentucky Real Estate Commission. - answer From their
own insurance agent or through the Kentucky Real Estate Commission group policy.
To place a real estate license in escrow, an active licensee is required to take all of the following actions EXCEPT:
1. pay the broker the prescribed escrow fee
2. have the principal broker sign the release statement on the back of the license
3. send a letter to the Kentucky Real Estate Commission indicating a desire to escrow the license
4. provide the Kentucky Real Estate Commission with a current residence address - answer pay the broker the prescribed escrow fee
Sales associates may advertise solely in their own name when selling:
1. a relative's principal residence
2. their own residence
3. property belonging to close friends
4. property belonging to their principal broker - answer their own residence
An offer to purchase prepared by a licensed sales associate must contain all of the following information EXCEPT the:
1. date and time of signing the offer by all parties
2. provision for the possession date by the buyer
3. brokerage fee or commission agreed upon
4. description of the real estate - answer brokerage fee or commission agreed upon

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