KENTUCKY REAL ESTATE PRINCIPLES - FINAL PRACTICE TEST
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Course
INSURANCE LICENSE XCEL SOLUTIO
Institution
INSURANCE LICENSE XCEL SOLUTIO
KENTUCKY REAL ESTATE PRINCIPLES - FINAL PRACTICE TEST KENTUCKY REAL ESTATE PRINCIPLES - FINAL PRACTICE TEST KENTUCKY REAL ESTATE PRINCIPLES - FINAL PRACTICE TEST KENTUCKY REAL ESTATE PRINCIPLES - FINAL PRACTICE TEST
TEST
1. What was the oldest and most popular form of a land description
system used in the U.S.?: Public Land Survey System (PLSS)
2. Which of the following arrangements reflects the ideal tenant mix in a
shopping center?: Each store enhances the drawing power of the other stores.
3. Under the Rectangular survey system, which direction do the base
lines run on a map?: East-West
, .
4. REALTORS intending to share or sell consumer information gathered
on the Internet must: disclose that possibility in a readily apparent manner on
the site.
5. If an industrial property is described as "special purpose," it is ______.:
unsuitable for many uses and processes.
6. 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
_________.: Designated Agent
7. What is the first step taken by a contractor under the quantity survey
method?: Contractor lists all materials, equipment, and necessary labor 8. Which
of the following is an environmental exposure pathway?: Soil
9. If a cooperating broker accepts the offer of subagency from a listing
broker, to whom does the cooperating broker owe fiduciary duties?: Seller
10. Who can get in legal trouble for acting outside of their scope of
expertise?: Principal Broker
Salesperson
Attorney
All of the above - Correct
, .
11. What is NOT a valid reason for a breach of contract?: Unilateral
rescission by the buyer after the contingencies have expired
12. An exclusive listing agreement may contain ________.: Listing term of
less than one year
13. Who cannot be a client in a real estate transaction?: Corporation Limited
Partnership
Agent's family members
None of the above--
14. 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?: A
$2 million dollar judgment paid out to one party
15. 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?: Public Land Survey System
16 What was the original name of the National Association of REALTORS
when it was first founded?: The National Association of Real Estate Exchanges
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