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Ky Board of Auctioneer Test Exam Questions And Answers 2025 Update.
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©THESTAR 2024/2025 ALL RIGHTS RESERVED 10:08PM. 1 Ky Board of Auctioneer Test Exam Questions And Answers 2025 Update. Absolute Auction - AnswerAfter the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auc...

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  • March 6, 2025
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©THESTAR 2024/2025 ALL RIGHTS RESERVED 10:08PM.




Ky Board of Auctioneer Test Exam
Questions And Answers 2025 Update.


Absolute Auction - Answer✔After the auctioneer calls for bids on an article or lot, that article or
lot cannot be
withdrawn unless no bid is made within a reasonable time

Auction with reserve - Answer✔when auctioneer may withdraw the property at any time until
he or she announces the completion of the sale. The potential bidders are the offerors

Auction with reserve and the sellers reserving the right to bid - Answer✔The auctioneer may
withdraw the goods at any time until he announces completion of the sale - KRS 355.2-328. The
goods may be put up subject to the seller's confirmation or subject to a certain reserve price -
KRS 330.220(5). The seller, or someone acting on the seller's behalf, may bid, provided that full
disclosure has been made that liberty for such bidding is retained. No licensee shall knowingly
receive such a bid without this full disclosure - KRS 330.220(6)(c) and KRS 355.2-328(4).

Real Estate/Real Property - Answer✔Means real estate in its ordinary meaning, including but
not limited to timeshares, options, leaseholds, and other interests less than leaseholds of any
form or type which may be lawfully kept or offered for sale, exchange, or lease. Real estate
usually includes all improvements to the land, such as buildings, fences and fixtures. Title for
real estate sold at auction passes at closing with delivery and acceptance of the deed.

Fee Simple - Answer✔The highest type of real estate ownership recognized by law. It is
complete ownership for all time and is the most common type of ownership.

Life Estate - Answer✔A temporary ownership of real estate. Usually the life estate ownership
expires at the death of a designated person. This type of ownership is more often used in family
situations where one family member retains ownership of the family property until his/her
death, at which time ownership transfers to another family member. Interest in property held
in a life estate may be sold, but rights to the property end at the death of the individual to
whom the life estate was originally given.

Eminent Domain - Answer✔The federal, state and local government's right to take property
after adequate compensation for the purpose of using the land for the public good. Examples
include land taken for highways, urban renewal projects, airport expansion, schools and parks,


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, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 10:08PM.


plus for the use of power companies, telephone companies, natural gas companies and
railroads.

Lease - Answer✔An agreement that conveys the use and possession, but not ownership, of
property for a specified period. Unless a lease is released or expires, that lease remains with the
property even if that property is sold. Leases for a year or more must be in writing.

Encumbrances - Answer✔Any binding adverse interest, claim, charge or liability on a property
which in some manner burdens or diminishes the value of the property. Common
encumbrances include the following:

Lien - Answer✔An adverse claim or charge against a property when that property is being used
as collateral for a debt or a legal interest created upon non-payment of a debt such as unpaid
taxes or contractor's bills. Tax liens usually take priority over other liens and are paid off first
when a property is sold. When property is sold, any unpaid liens are usually paid off at the time
of transfer (closing). If the liens are not paid, transferred or released at the time of closing then
they would remain on the property.

Mortgage - Answer✔A document which pledges property as security for a loan . A mortgage is a
type of lien that becomes void on payment or performance according to stipulated terms. An
additional mortgage on a property is called a second or junior mortgage. Usually when a
property is sold, the first mortgage is paid off before the second or junior mortgage.

Restrictions - Answer✔Private agreements placed in the public record that affect or limit the
use of real property. Restrictions include things such as building specifications on new homes in
a subdivision or limitations as to the future use of a property.

Easements - Answer✔A right acquired by one party to the limited use of property owned by
another. Easements are often for accesses to landlocked properties and rights of way for
special purposes such as power or telephone lines. Easements usually pass with the title to a
property.

Common Encumbrances - Answer✔a. Lien B. mortgage c. restrictions d. easements

Grantor - Answer✔The seller of real property, the grantor, conveys title of the property to the
grantee, the buyer. The grantor must be legally competent to convey title to the property and if
the grantor has a
spouse, she/he must also sign the listing contract and the deed.

Grantee - Answer✔The buyer of real property, the grantee, receives title of the property from
the grantor, the
seller. The grantee must be correctly identified in the deed.

Deed - Answer✔A written document by which the grantor conveys to the grantee an interest,
usually


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