KY Real Estate Law - PSI Practice Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/KY%20Real%20Estate
KY Real Estate Law - PSI Practice Exam
1. An action for recovery from the Kentucky Real Estate Education, Research, and
Recovery Fund MUST be commenced within how many years from actual knowledge 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 2 Years
2. The Kentucky Real Estate Commission is responsible for what?
ANS Protecting the public interest through regulations, examinations and licensing of KY real
estate licensees.
3. Broker
ANS Any person who is licensed under the KY Statutes and performs acts of real estate
brokerage.
4. A sales associate may manage an office branch if...
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,KY Real Estate Law - PSI Practice Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/KY%20Real%20Estate
ANS - they have 2 yr experi- ence
- they average 20 hours per week for 1 year
- the office is within 100 miles of the main branch
5. Referral Fee
ANS A broker may pay to another outside of KY for referring a client to the KY broker.
6. A person engaging in real estate w/o a license will be guilty of...
ANS - 1st offense misdemeanor
- all others will be a class B Felony
7. 6 exceptions on who can perform brokerage activities.
ANS - owner/leaser/em- ployee
- attorney in fact
- attorney at law
- receiver, trustee, admin, or executor
- someone under the supervision of the broker
- property management
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,KY Real Estate Law - PSI Practice Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/KY%20Real%20Estate
regular employee or person given a rental unit
8. Hours required for pre-license in KY?
ANS 96
9. Applicants must be how old for a license?
ANS 18
10. How many days do you have to apply for a license after passing the exam?
ANS 60
11. When do you request a copy of you record?
ANS Before the exam
12. All licensees shall comply with what in KY?
ANS Laws and regulations
13. All licensees must renew their license by what date each year?
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