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KY Real Estate Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) $13.49   Add to cart

Exam (elaborations)

KY Real Estate Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

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  • Course
  • Colibri Real Estate
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  • Colibri Real Estate

KY Real Estate Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

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  • August 9, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Colibri Real Estate
  • Colibri Real Estate
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KY Real Estate Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/KY%20Real%20Esta




KY REAL ESTATE EXAM


1. Accretion

ANS Increase of land by deposit of sand or soil washed up naturally froma river, lake or sea

2. ADATenant

ANS Tenant with disability. Must accommodate for tenants/residents withdisabilities. 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

3. Broker's License

ANS License to act as intermediary on behalf of others for a com-mission. Bringing together of

parties interested in making a real estate transaction.

4. Bilateral Contract

ANS All parties are legally bound to to act as prescribed

5. Unilateral Contract

ANS One party is bound to contract or act

6. Brownfields

ANS Defunct, derelict, or abandoned commercial or industrial sites,many have toxic wastes
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7. Condemnation

ANS Proceeding to exercise the power of eminent domain

8. Commingling

ANS Illegal act of placing client or customer funds with personal funds.

9. Commission Earned

ANS payment to a broker service for sale or purchase of aproperty; usually a percentage

10. Cooperative

ANS 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 whoare the beneficial owners of the trust

or shareholders of the corporation.

11. Commission Split

ANS Commission earned from selling a property is split betweenlicensee and principal broker

12. Civil Rights Act of 1866

ANS An act that prohibits racial discrimination in the saleand rental of housing

13. Customer

ANS The third party nonrepresented consumer for who some level ofservice is provided

14. Client

ANS The principal
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15. Dual Agency

ANS Representing both parties for a transaction.Unethical unless bothparties agree to it

16. Dower and Curtsy

ANS Dower

Wife acquires property her husband held or ac-quired during marriage if he dies.

Curtsy

A life estate given to surviving husband in real estate owned by his deceasedwife

17. Deed INTrust

ANS 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.

18. Trust Deed; Deed OF Trust

ANS Used to create a mortgage lein by which the borrower conveys title to a trustee (third party)

who holds it as security for the benefitof the note holder (lender)

19. Delivery & Acceptance

ANS Title is delivered by grantor and accepted by grantee

20. Devise

ANS Gift of property through a will


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