Kentucky Real Estate Mock Test 1 | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 22 Pages

If a broker's branch office is 75 miles from his main office, the person managing this branch office must: - Have been licensed for 2 years averaging 20 hours per week in the business. Which of the following is NOT true regarding a sale-leaseback? - The ownership of the property never transfers. Dino owns property rights located on Lake Michigan where he docks his yacht. His water rights are called: - Littoral rights Which of the following is NOT a duty of the real estate agent: - To accept offer on behalf a client. After receiving recommendations from the KY Assoc of REALTOR, the governor appoints: - 5 commissioners, four of whom have had an active license for the past 10 years. A seller listed her property for $100,000 and told her agent not to present her with any offer les than $99,000. 3 days later a buyer wanted to make a written offer of $95,000. The agent... - Must present the buyer's offer to the seller. Which of the following would not be a disciplinary action of the KREC? - A jail term - KREC cannot send a licensee to jail. Ann conveys a life estate to Paul based on the life of Troy. Paul has 2 children who live with him and help him care for Troy. What is the status of the life estate if Paul predeceases Troy? - The property would revert to Paul's children, so long as Troy was alive. A life estate pur autre vie means tha the life estate is based on a 3rd party- in this instance, Paul or his heirs would have a life estate to the property o long as Troy was alive