Exam (elaborations)
Kentucky Real Estate Practice Final One Exam
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Kentucky Real Estate Practice Final One Exam
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Kentucky Real Estate Practice Final One ExamCondominium ✔✔ANSWER...Severalty ownership of air rights
combined with an undivided interest in the common areas of real estate
would MOST LIKELY describe a
on probation ✔✔ANSWER...A licensee could be active in the real estate
business if his/her license is
Agent Kenzie has terminated her relationship with her broker. The
broker has returned her license to the BREP. Agent Kenzie has
✔✔ANSWER...thirty days to place her license in escrow or find another
broker
Disciplinary actions that can be taken by the BREP include all of the
following EXCEPTplacing a licensee on probation for twenty four months
✔✔ANSWER...placing a licensee on probation for twenty four months.
An agent has been found guilty of fraud in a real estate transaction. The
court has determined the following damages: $5,000 actual and $2,000
punitive. What amount could be paid from the recovery fund?
✔✔ANSWER...$5,000
,The buyer executed a written offer to a seller. The seller's agent called
the seller and presented the offer by phone. The seller accepted the offer
by phone. At this point, what is the status of this offer?
✔✔ANSWER...Unenforceable
A suit to quiet title would be filed under which of the following
circumstances? ✔✔ANSWER...When there is an adverse possession
claim on the property.
Which of the following is NOT true regarding a land contract?
✔✔ANSWER...The seller is the vendee and the buyer is the vendor.
When listing a property or showing a property, which of the following
duties is an agent NOT required to do? ✔✔ANSWER...Discover latent
defects in the property
Mr. Singleton's primary residence cost $250,000. During his period of
ownership he added a tennis court at a cost of $10,000 and made other
improvements at a cost of $20,000. Two years later he sold the property
for $350,000 and paid a 7% commission. If he buys another home for
$350,000, how much capital gains can he defer? ✔✔ANSWER...$0
because there is no deferment of capital gains on a principal place of
residence.
, Kentucky's Statute of Frauds requires that ✔✔ANSWER...to be
compensated, there must be a written agreement between the party
and the brokerage.
A buyer made an offer on a property which was accepted by the seller.
Three days before the closing the title was found to be defective and the
buyer negated the contract. Under these circumstances the
✔✔ANSWER...brokerage has earned a commission because it found a
ready, willing and able buyer whose offer was accepted by the seller.
Which of the following listings could not be offered to a seller of real
property located in Kentucky? ✔✔ANSWER...Net
In a lease the right of reversion refers to the ✔✔ANSWER...lessor's right
to regain the property when the lease expires.
An agent will only show prospective buyers properties where the agent
thinks they should live, not the properties the buyers want to see. The
agent is guilty of ✔✔ANSWER...steering
An auctioneer has just been asked to auction a farm. The auctioneer
✔✔ANSWER...may work jointly with a licensed broker who would list
and advertise the property.
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