Exam (elaborations)
KY Real Estate Exam Graded A+
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KY Real Estate Exam Graded A+
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Name: Score:47 Multiple choice questions
Term 1 of 47
In Kentucky, licensees have three potential options for purchasing E&O insurance: a program
KREC administers, independent insurers, or ______.
Directly from the state licensing board.
Only through government programs.
Their broker
From online insurance providers only.
Term 2 of 47
Seller Disclosure of Property Condition is used for what types of properties?
The seller's responsibility is to complete the form based on actual knowledge of the
property. Given upon request, and within 72hrs of an offer to purchase
residential property, including single-family homes of as many as four units, but it's not
required for new homes that offer a warranty, real estate sold at auction, or foreclosures.
The association has 10 days to return the completed certificate and any other required
documentation and is allowed to charge a reasonable fee for this service. If it is late, the
buyer has an additional 5 days to cancel.
A principal broker holds her license, and Janine can conduct real estate transactions
,Term 3 of 47
Annual deadline to pay EOI insurance is...
11:50 a.m., February 10
11:50 p.m., March 31
11:50 p.m., March 30
11:50 a.m., June 15
Definition 4 of 47
Be accurate and fairly represent any specific property being marketed.
Present photos (if photos are used) that accurately represent the property.
Verify square footage and other property details before marketing the property.
Include the brokerage firm's or principal broker's name and identify any personal ownership
interest the firm or licensee has in the property.
Be distributed only if a written listing agreement and seller's consent are obtained; licensees may
not advertise other brokers' listings.
Advertising must be...
Purchase contracts must contain...
Property managers must...
Property management agreements need....
Term 5 of 47
After exam, get your license in how many days?
15 days
10 days
60 days
30 days
, Term 6 of 47
The Applicant Review Committee will investigate charges or convictions arising from the
background check from how many years ago?
only convictions that occurred within the last year.
only serious crimes that resulted in imprisonment.
any felony conviction in the last 10 years, any misdemeanor conviction in the last five years
any conviction regardless of the time frame.
Term 7 of 47
Marla forgot to renew her Kentucky real estate license and has been charged with engaging in
unlicensed brokerage. Which of the following is true?
Marla must wait a year before she can apply for a new license.
Marla can continue to operate without any repercussions.
Marla will face immediate fines regardless of her license status.
Marla may not face penalties if she reactivates her license.
Term 8 of 47
Kentucky license applicant Natalie must complete her FBI check at least ______ days prior to her
license application. Her report will be valid for ______ months from the issue date.
90;6
120;12
60;3
30;1
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