KENTUCKY PSI PRACTICE EXAM Question and answers 100% correct 2024
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Course
WGU C909
Institution
WGU C909
KENTUCKY PSI PRACTICE EXAM Question and answers 100% correct 2024 KENTUCKY PSI PRACTICE EXAM (STATE PORTION)
THE KY REAL ESTATE COMMISSION DETERMINED THAT A BUYER WAS DAMANGED BY THE FRAUDULENT ACTION OF A LICENSEE IN THE AMOUNT OF $50,000. IF THE RESPONSIBLE LICENSEE DOES NOT PAY THE CLAIM, THE...
KENTUCKY PSI PRACTICE EXAM
(STATE PORTION)
THE KY REAL ESTATE COMMISSION DETERMINED THAT A BUYER WAS
DAMANGED BY THE FRAUDULENT ACTION OF A LICENSEE IN THE
AMOUNT OF $50,000. IF THE RESPONSIBLE LICENSEE DOES NOT PAY
THE CLAIM, THE COMMISSION MAY PAY OUT FROM THE REAL ESTATE
EDUCATION, REASEARCH AND RECOVERY FUND A MAX AMOUNT OF
HOW MUCH??? - correct answer ✔$20,000
AN ACTION FOR RECOVERY FROM THE KY REAL ESTATE EDUCATION,
RESEARCH AND RECOVERY FUND MUST BE COMMENCED WITHIN
HOW MANY YEARS FROM ACTUAL KNOWLEDGE OF THE CAUSE OF
ACTION OR THE TIME WHEN CIRCUMSTANCES WOULD REASONABLY
PUT THE AGGRIEVED PARTY ON NOTICE OF THE CAUSE OF ACTION? -
correct answer ✔2
WHAT IS THE KY REAL ESTATE COMMISSION NOT RESPONSIBLE FOR?
A. REAL ESTATE EXAMS
B. COMMISSION OR FEE DISPUTE ARBITRATIONS - correct answer ✔B.
A LICENSEE NEGOTIATING THE SALE OF A CONDO TELLS A
PROSPECTIVE BUYER THAT THE LICENSEE ABSOLUTELY
GUARANTEES THAT IF THE BUYER CLOSES ON THE PROPERTY NOW,
AND RESELLS IT IN A YEAR, THE BUYER WILL REALIZE NO LESS THAN
A $10K PROFIT. THE BUYER PURCHASES THE CONDO AND SELLS A
YEAR LATER AT A $5K LOSS. WHICH OF THE FOLLOWING SITUATIONS
IS A POSSIBLE CONSEQUENCE TO THE LICENSEE?
A. THE LICENSEE HAS NO RESPONSIBILITY AS THE LICENSEE WAS
MERELY PUFFING
B. THE LICENSEE MAY BE SUBJECT TO POSSIBLE PENALTY BY THE KY
REAL ESTATE COMMISSION - correct answer ✔B.
, WHAT ACTION MUST BE COMPLETED PRIOR TO THE AWARDING OF
FUNDS FROM THE KY REAL ESTATE EDUCATION, RESEARCH AND
RECOVERY FUND? - correct answer ✔COMMISSION HEARING
IF A SALES ASSOCIATES REAL ESTATE LICENSE HAS BEEN REVOKED,
THE KY REAL ESTATE COMMISSION WILL NOT ISSUE ANOTHER
LICENSE FOR A PERIOD OF HOW MANY YEARS FROM THE DATE OF
REVOKATION? - correct answer ✔5 YEARS
WHAT MUST OCCUR WHEN LICENSEES CHANGE THEIR PRESENT
RESIDNECE? - correct answer ✔THE KY REAL ESTATE COMMISSION
MUST BE INFOMED OF THE NEW ADDRESS IN WRITTING BY THE
LICENSEE WITHIN 10 DAYS
PRIOR TO TAKING THE SALES ASSOCIATE LICENSEE REAL ESTATE
EXAM, WHAT IS ONE REQUIREMENT A LICENSEE DOES NOT HAVE TO
MEET? - correct answer ✔BE A US CITIZEN
WHAT MUST HAVE A REAL ESTATE LICENSE IF NOT ASSOCIATED
WITH A BROKER? - correct answer ✔AN AUCTIONEER CONDUCTING A
REAL PROPERTY AUCTION
IF A SALES ASSOCIATES LICENSE IS NOT RENEWED BY THE
REQUIRED DATE, WHO WILL BE HELD ACCOUNTABLE?? - correct
answer ✔THE SALES ASSOCIATE
REAL ESTATE LICENSEES MUST OBTAIN E&O INSURANCE IN WHAT
FOLLOWING MANNERS? - correct answer ✔FROM THEIR OWN
INSURANCE AGENT OR THROUGH THE KY REAL ESTATE COMMISSION
GROUP POLICY
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