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KENTUCKY REAL ESTATE FINAL EXAM ACTUAL EXAM | ALL QUESTIONS AND ANSWERS | GRADED A+ | VERIFIED ANSWERS | LATEST VERSION (JUST RELEASED)$22.99
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KENTUCKY REAL ESTATE FINAL EXAM ACTUAL
EXAM | ALL QUESTIONS AND ANSWERS | GRADED
A+ | VERIFIED ANSWERS | LATEST VERSION (JUST
RELEASED)
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.
Agent "J" was showing one of his listing to a potential buyer when he
disclosed, without the seller's consent, that the sellers were in the process
of a divorce. The buyer then commented that he thought the list price was
too high and questioned how much the sellers would really take. Agent "J"
said he was sure he could get the sellers to take less than the list price for
the property. It would appear that the agent ------CORRECT ANSWER-------
--------has breached the fiduciary duty of confidentially.
A person dies testate. The person named to settle the estate would MOST
LIKELY be called ------CORRECT ANSWER---------------an executor.
The purpose of the capitalization rate is to convert a ------CORRECT
ANSWER---------------net income into a value.
The seller accepted a signed offer. The earnest money must ------
CORRECT ANSWER---------------be placed in the broker's escrow account
within three business days.
, The optionee's attorney met with the optionor and presented the signed
document wherein his client exercised her option. An option contract that
has been exercised is a/an ------CORRECT ANSWER---------------bilateral,
executory contract
Which of the following parties would not be allowed to collect a commission
in a real estate transaction? ------CORRECT ANSWER---------------The
neighbor who referred the seller.
Dustin placed his license in escrow. To keep his license he must ------
CORRECT ANSWER---------------pay annual renewal fees
When a sales associate owns rental property, Kentucky law requires that
the tenant's security deposits be placed in ------CORRECT ANSWER---------
------an escrow account.
Which of the following is NOT associated with personal property? ------
CORRECT ANSWER---------------Fructus naturales
The NW 1/4 of the NW 1/4 would contain ------CORRECT ANSWER----------
-----1,742,400 square feet.
640 divided by 4 divided by 4 = 40 acres
40 x 43,560 = 1,742,400 square feet
A seller wants to net $25,000 after paying an 8% commission and after
paying selling expenses of $531. If a buyer assumes the mortgage balance
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