KENTUCKY REAL ESTATE FINAL EXAM LATEST
EXAM | QUESTIONS AND CORRECT ANSWERS |
ALREADY GRADED A+ | VERIFIED ANSWERS |
JUST RELEASED
Keith owns a lot where zoning will allow her to build a residence that is 45
feet wide. If she builds a house 50 feet wide, she is allowed to do so
because she was granted ------CORRECT ANSWER---------------a variance
The sales comparison approach is based on the principle of adjustments. If
an appraiser is using this approach, the adjustments would be made in the
------CORRECT ANSWER---------------comparable property.
While being interviewed as a potential listing agent for a property, the seller
states that he does not want the property sold to a minority. The agent
should ------CORRECT ANSWER---------------refuse the listing.
When a party purchases a cooperative, she/he will secure ------CORRECT
ANSWER---------------stock in the company and a lease to the unit.
Jayne's birthday is March 19th. She passed her exam and her sales
associate license was issued on November 15th. Her license will be
renewed ------CORRECT ANSWER---------------by March 31 of the following
year.
The percentage lease agreement provides for the following terms: a
monthly rent of $500 and 5% of the annual gross sales of the lease over
,$300,000. The total rent paid at the end of the year was $12,250. What was
the gross volume of business for the year? ------CORRECT ANSWER--------
-------$425,000
$500 x 12 = $6,000
$12,250 - $6,000 = $6,250
$6,250 divided by 5% = $125,000
$300,000 $125,000 = $425,000
A defeasible fee estate means that title ------CORRECT ANSWER------------
---can be defeated upon the occurrence or nonoccurrence of a specified
event.
Mr. and Mrs. Puckett's listing allowed them to retain the right to sell the
property without the services of the ABC Realty. The listing agent should
inform Mr. and Mrs. Puckett ------CORRECT ANSWER---------------in writing
that all advertisements must be approved by the broker.
A buyer's closing statement shows different items, including a purchase
price of $58,325, an assumable mortgage of $55,000, a survey fee of $250,
total debits of $59,925.25, title insurance of $395, 1% loan origination fee,
total credits of $58,295, 2% for discount points, contract deposit of $3,000
and rent prorations of $495. Based on this information, how much money
does the buyer need to bring to the closing? ------CORRECT ANSWER------
---------$1,630.25
$59,925.25 - $58,295 = $1,630.25
How many acres are in a tract of land 400' by 800'? ------CORRECT
ANSWER---------------7.34619 acres
400 feet x 800 feet = 320,000 square feet
320,000 divided by 43,560 = 7.34619 acres
, A borrower secured a loan in which he makes a fixed monthly payment and
the balance will be zero at the end of the loan term. This BEST describes
a/an ------CORRECT ANSWER---------------fully amortized mortgage
The semi-annual interest payments totaled $4,600. The borrower
negotiated a 75% loan at an interest rate of 10.5%. How much did the
borrower pay for the property? ------CORRECT ANSWER---------------
$116,825
4,600 x 2 = $9,200
$9,200 ÷ 10.5% = $87,619.05
$87,619.05 ÷ 75% = $116,825
After a hearing an agent's license was suspended for ten days. This means
the agent ------CORRECT ANSWER---------------can receive compensation
if it was earned prior to the suspension period.
A builder secured a construction loan. He MOST LIKELY obtained a/an -----
-CORRECT ANSWER---------------open-end term mortgage
In a circuit court an unlicensed may be penalized ------CORRECT
ANSWER---------------the return of the commission, a fine of not less than
$100 nor more than $1,000 and up to six months imprisonment, or both
324.990. In the circuit court a fine an unlicensed individual not less than
$100 nor more than $1,000, imprison them for up to six month, or both; and
require them to return the commission.
Which of the following is NOT true regarding title insurance? ------
CORRECT ANSWER---------------The mortgagee's policy is for the sale
price of the property.
