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KENTUCKY REAL ESTATE FINAL EXAM AND PRACTICE EXAM ALL QUESTIONS AND CORRECT DETAILED ANSWERS VERSION ALREADY A GRADED | NEW AND REVISED$21.99
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KENTUCKY REAL ESTATE FINAL EXAM AND
PRACTICE EXAM ALL QUESTIONS AND
CORRECT DETAILED ANSWERS 2024-2025
VERSION ALREADY A GRADED | NEW AND
REVISED
Which benefits are the least likely to be paid out to a Principal Broker
with a $1 million / $1 million errors and omissions (E&O) insurance
policy after a filed lawsuit by two or more unhappy clients over an
unintentional mistake? - ANSWER- A $2 million dollar judgment paid
out to one party
What is the name of the national survey system that was first established
many years ago to classify giant land parcels before naming an
independent owner? - ANSWER- Public Land Survey System
What was the original name of the National Association of
REALTORS® when it was first founded? - ANSWER- The National
Association of Real Estate Exchanges
An Accountant, Lawyer, Insurance Agent, and Principal Broker all share
what types of relationships with their clients? - ANSWER- Fiduciary
What year did the temporary FDIC increase become "permanent"? -
ANSWER- 2010
,Which situation below is the least likeliest to be covered under a
Standard Coverage title insurance policy? - ANSWER- Unrecorded
leasehold interest held by a lessee 10 years ago
A party's failure to perform a specific action or obligation included in a
written contract can later be construed as what by the other party in the
agreement? - ANSWER- Breach of Contract
A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have? - ANSWER- To sue for specific
performance
Which type of title insurance contracts usually offer consumers the most
ownership protection benefits? - ANSWER- Extended Coverage Policy
Listing agents must present ________. - ANSWER- All formal and
informal offers
Gerold is 55, single, and resides on his 3 acre property. Why will Gerold
qualify for a homestead exemption? - ANSWER- Because he lives on
the property
What happens if the Grievance Committee finds that there is a potential
ethics violation and that the complaint has been appropriately filed? -
ANSWER- The complaint is forwarded to a hearing panel of the
Professional Standards Committee.
,When was the Statute of Frauds first enacted? - ANSWER- England in
1677
Dan is buying Jessica's house. The closing date (day belongs to seller) of
the sale transaction is March 9th. Current year real estate taxes are
$1,900 (will be billed to Dan next year). Use the 365-day method for
prorating. What is the Jessica's share of the real estate taxes for the
current year? - ANSWER- $354
The principle underlying depreciation from physical deterioration is that
____________. - ANSWER- a property loses the same increment of
value each year over the economic life of the property.
When an agent deposits their buyer's escrow funds into their personal
account, then what is the action referred to under Agency Law? -
ANSWER- Commingling
Broker Hannah just received a $5,000 escrow money deposit. How long
does she have to deposit it under Kentucky law? - ANSWER- "Without
unreasonable delay"
The very fine line between acting as a licensed real estate agent and as
an unlicensed attorney is described as _______. - ANSWER- The upper
limits of a licensed agent's limited authority
, What is the name of the act of mixing personal funds with client funds in
a trust fund account? - ANSWER- Commingling
Why should broker Taylor create a website for her brokerage? -
ANSWER- To brand her firm with a visual mission statement
Who is the least likely person to be involved in a fiduciary relationship?
- ANSWER- Contractor
In which type of agency agreement may a principal work with multiple
brokers to purchase or lease a property? - ANSWER- Non-Exclusive
Buyer Agency Agreement
What is the difference between a balloon loan and an amortized loan? -
ANSWER- An amortized loan is paid off by the end of the term.
The assessed value of Sidney's home is $350,000 but the home was
recently appraised at $225,000. As a result, Sidney believes her tax bill
is way too high. What option does Sidney have? - ANSWER- She can
file a complaint with the local board of assessment review.
According to Article 1, what is the primary obligation of a
REALTOR®? - ANSWER- To protect and promote the interests of their
client and to treat all parties honestly.
What is the minimum earnest money deposit that a Buyer can offer to
purchase a listed home? - ANSWER- Zero dollars
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