Kentucky State Real Estate Exam Practice.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 newspaperand 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 thebuyer is represented by
a licensee from another brokerage.What's true aboutthis situation?
ANS Venus and Megan are single agents.
4. Kentucky property managers are expected to provide receipts promptly and ensure
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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 writtenagency
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 responsiblefor
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requesting the Condominium Seller's Certificate?
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 requirement in
Kentucky?
ANS December 31
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