Kentucky Real Estate Test A+ Graded[Verified]
What was the oldest and most popular form of a land description system used in the U.S.? - CORRECT
ANSWER-Public Land Survey System (PLSS)
Which of the following arrangements reflects the ideal tenant mix in a shopping center? - CORRECT
ANSWER-Eac...
Kentucky Real Estate Test A+ Graded[Verified]
What was the oldest and most popular form of a land description system used in the U.S.? - CORRECT
ANSWER-Public Land Survey System (PLSS)
Which of the following arrangements reflects the ideal tenant mix in a shopping center? - CORRECT
ANSWER-Each store enhances the drawing power of the other stores.
Under the Rectangular survey system, which direction do the base lines run on a map? - CORRECT
ANSWER-East-West
REALTORS® intending to share or sell consumer information gathered on the Internet must - CORRECT
ANSWER-disclose that possibility in a readily apparent manner on the site.
If an industrial property is described as "special purpose," it is ______. - CORRECT ANSWER-unsuitable
for many uses and processes.
One or more licensees designated by the employing broker, with the consent of the principal, to act
exclusively as the agent is described as a _________. - CORRECT ANSWER-Designated Agent
What is the first step taken by a contractor under the quantity survey method? - CORRECT ANSWER-
Contractor lists all materials, equipment, and necessary labor
Which of the following is an environmental exposure pathway? - CORRECT ANSWER-Soil
If a cooperating broker accepts the offer of subagency from a listing broker, to whom does the
cooperating broker owe fiduciary duties? - CORRECT ANSWER-Seller
Who can get in legal trouble for acting outside of their scope of expertise? - CORRECT ANSWER-Principal
Broker
Salesperson
Attorney
,All of the above - Correct
What is NOT a valid reason for a breach of contract? - CORRECT ANSWER-Unilateral rescission by the
buyer after the contingencies have expired
An exclusive listing agreement may contain ________. - CORRECT ANSWER-Listing term of less than one
year
Who cannot be a client in a real estate transaction? - CORRECT ANSWER-Corporation
Limited Partnership
Agent's family members
None of the above--
Which benefits are the least likely to be paid out to a Principal Broker with a $1 million / $1 million errors
and omissions (E&O) insurance policy after a filed lawsuit by two or more unhappy clients over an
unintentional mistake? - CORRECT ANSWER-A $2 million dollar judgment paid out to one party
What is the name of the national survey system that was first established many years ago to classify
giant land parcels before naming an independent owner? - CORRECT ANSWER-Public Land Survey
System
What was the original name of the National Association of REALTORS® when it was first founded? -
CORRECT ANSWER-The National Association of Real Estate Exchanges
An Accountant, Lawyer, Insurance Agent, and Principal Broker all share what types of relationships with
their clients? - CORRECT ANSWER-Fiduciary
What year did the temporary FDIC increase become "permanent"? - CORRECT ANSWER-2010
Which situation below is the least likeliest to be covered under a Standard Coverage title insurance
policy? - CORRECT ANSWER-Unrecorded leasehold interest held by a lessee 10 years ago
, A party's failure to perform a specific action or obligation included in a written contract can later be
construed as what by the other party in the agreement? - CORRECT ANSWER-Breach of Contract
A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have?
- CORRECT ANSWER-To sue for specific performance
Which type of title insurance contracts usually offer consumers the most ownership protection benefits?
- CORRECT ANSWER-Extended Coverage Policy
Listing agents must present ________. - CORRECT ANSWER-All formal and informal offers
Gerold is 55, single, and resides on his 3 acre property. Why will Gerold qualify for a homestead
exemption? - CORRECT ANSWER-Because he lives on the property
What happens if the Grievance Committee finds that there is a potential ethics violation and that the
complaint has been appropriately filed? - CORRECT ANSWER-The complaint is forwarded to a hearing
panel of the Professional Standards Committee.
When was the Statute of Frauds first enacted? - CORRECT ANSWER-England in 1677
Dan is buying Jessica's house. The closing date (day belongs to seller) of the sale transaction is March
9th. Current year real estate taxes are $1,900 (will be billed to Dan next year). Use the 365-day method
for prorating. What is the Jessica's share of the real estate taxes for the current year? - CORRECT
ANSWER-$354
The principle underlying depreciation from physical deterioration is that ____________. - CORRECT
ANSWER-a property loses the same increment of value each year over the economic life of the property.
When an agent deposits their buyer's escrow funds into their personal account, then what is the action
referred to under Agency Law? - CORRECT ANSWER-Commingling
Broker Hannah just received a $5,000 escrow money deposit. How long does she have to deposit it
under Kentucky law? - CORRECT ANSWER-"Without unreasonable delay"
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