KY Real Estate Exam Questions and Answers Rated A+ Latest.

KY Real Estate Exam Questions and Answers Rated A+ Latest. Accretion Increase of land by deposit of sand or soil washed up naturally from a river, lake or sea ADA Tenant Tenant with disability. Must accommodate for tenants/residents with disabilities. Priority is to get party to the door. Can make changes, must be giving parking if available, do not have to ask to make changes Broker's License License to act as intermediary on behalf of others for a commission. Bringing together of parties interested in making a real estate transaction. Bilateral Contract All parties are legally bound to to act as prescribed Unilateral Contract One party is bound to contract or act Brownfields Defunct, derelict, or abandoned commercial or industrial sites, many have toxic wastes KY Real Estate Exam Questions and Answers Rated A+ Latest. Condemnation Proceeding to exercise the power of eminent domain Commingling Illegal act of placing client or customer funds with personal funds. Commission Earned payment to a broker service for sale or purchase of a property; usually a percentage Cooperative Residential multi-unit building whose title is held by a trust or corporation that is owned and operated for the people living within the building who are the beneficial owners of the trust or shareholders of the corporation. Commission Split Commission earned from selling a property is split between licensee and principal broker Civil Rights Act of 1866 An act that prohibits racial discrimination in the sale and rental of housing Customer The third party nonrepresented consumer for who some level of service is provided Client The principal Dual Agency Representing both parties for a transaction. Unethical unless both parties agree to it Dower and Curtsy Dower: Wife acquires property her husband held or acquired during marriage if he dies. Curtsy: A life estate given to surviving husband in real estate owned by his deceased wife Deed IN Trust Grants a trustee under a land trust full of power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustees use of these powers. Trust Deed; Deed OF Trust Used to create a mortgage lein by which the borrower conveys title to a trustee (third party) who holds it as security for the benefit of the note holder (lender) Delivery & Acceptance Title is delivered by grantor and accepted by grantee .