Kentucky State Real Estate Practice Exam (Ky Law).pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20State%20
Kentucky State Real Estate Practice Exam (Ky Law)
1. The Kentucky Real Estate Commission determined that a buyer was dam-aged 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,
Research, and Recovery Fund a MAXIMUMamount of
ANS $20,000
2. An action for recovery from the Kentucky Real Estate Education, Research,and Recovery
Fund MUST be commenced within how many years from actualknowledge of the cause of
action or the time when circumstances would reasonably have put the aggrieved party on
notice of the cause of action?
ANS Two
(2) Years
3. The Kentucky Real Estate Commission is NOT responsible for the followingactivities
ANS commission or fee dispute arbitrations.
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,Kentucky State Real Estate Practice Exam (Ky Law).pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20State%20
4. A licensee negotiating the sale of a condominium tells a prospective buyerthat the
licensee absolutely guarantees that if the buyer closes on the propertynow, and resells it in
a year, the buyer will realize no less than a $10,000 profit.The buyer purchases the
condominium, and sells it a year later at a
$5,000 loss. Which of the following situations is a possible consequence tothe licensee?
ANS The licensee may be subject to possible penalty by the KentuckyReal Estate Commission.
5. If a sales associate's real estate license has been revoked, the KentuckyReal Estate
Commission will NOT issue another license for a period of howmany years from the
date of revocation?
ANS Five (5) years.
6. What action MUST be completed prior to the awarding of funds from the Kentucky
Real Estate Education, Research, and Recovery Fund?
ANS A Commis-sion Hearing
7. Real estate licensees MUST obtain errors and omissions insurance cov- erage in
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