Kentucky State Real Estate Exam Practic.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20State%20
Kentucky State Real Estate Exam Practice
1. Jenna's firm in Lexington issues a check to First In Line Title Company
because it referred a buyer to Jenna and subsequently closed the transaction.The
buyer approved the payments.This is an example of .
ANS AnIllegal Kickback
2. Monty is advertising a number of listings in the local Prospect newspaper
and includes the fair housing logo in the ad. What else is required?
ANS The Verbiage, "Equal Opportunity Housing"
3. Kentucky licensees Venus and Morgan are both affiliated with broker Jamie.
Venus and Morgan are each acting as listing agents in transactions where the
buyer is represented by a licensee from another brokerage. What's true about
this situation?
ANS Venus and Megan are single agents.
4. Kentucky property managers are expected to provide receipts promptly and
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ensure moneys are deposited without delay. needs to
be entered into either the tenant and/or owner ledger for all moneys received.-
ANS The dollar amount and the unit number.
5. In Kentucky, when someone pays a commission to an unlicensed individual
who is not exempt from licensing law, this is known as .
ANS Kick-back
6. If a licensee fails to renew her license, when will KREC cancel it?
ANS April 1
7. Kentucky licensee Kaylee is working with a buyer client who has a written
agency agreement with Kaylee's brokerage firm. Based on Kentucky law, which
of the following duties does Kaylee owe her client?
ANS Promptly submit herclient's written offer to the seller.
8. In the sale of a Kentucky residential condominium unit, who's responsible
for requesting the Condominium Seller's Certificate?
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ANS The seller.
9. Toby is a sales associate with Louisville Slugger Realty. Toby's principal
broker promised his brother, Bryant, who is unlicensed and not an attorney or
trustee, that he would pay his a portion of his commission when he closedon his
Lincoln Street transaction. Under what circumstances would this be legal?
ANS If Bryant was a party to the transaction and this was a cash rebate paid byToby's
principal broker.
10. Dan is the designated agent of a Kentucky buyer, Matilda, who's purchas-ing
a property listed by his firm. Dan will complete the
portion of the Agency Disclosure Statement when Matilda is ready to make an
offer.
ANS Transaction involving two agents int he same brokerage Designated Agency.
11. By what date do licensees need to complete their biennial CE requirementin
Kentucky?
ANS December 31
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