Exam (elaborations)
KY Real Estate Exam 2024!!
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KY Real Estate Exam 2024!!
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Name: Score:111 Multiple choice questions
Term 1 of 111
VA Mortgage
Appraisal- Loss of value in property due to any cause
Real Estate Investment- Expense deduction for tax purposes taken over the period of
ownership of income property
Mortgage loan on approved property made to a qualified veteran by an authorized lender
and guaranteed by the VA in order to limit the lender's possible loss. 100% financing
Money deposited by a buyer under the terms of a contract to be forfeited if the buyer
defaults
Tenant with disability. Must accommodate for tenants/residents with disabilities. Priority is
to get party to the door. Can make changes, must be giving parking if available, do not
have to ask to make changes
Term 2 of 111
Oral Lease
...
license to act as intermediary on behalf of others for a commission. bringing together of
parties interested in making a real estate transaction.
....
passenger compartment
,Definition 3 of 111
Broker whose name is associated with the firm. All ads must have his or company name. Licensees
commission is shared with this broker
Property Manager
Associate Broker
Executive Broker
Principal Broker
Term 4 of 111
Rescission
One party canceling or terminating a contract, which has the effect of returning the parties
to their original positions before the contract was made.
Broker whose name is associated with the firm. All ads must have his or company name.
Licensees commission is shared with this broker
The third party nonrepresented consumer for who some level of service is provided
Created in favor of contractors, laborers and material-men who have performed work or
furnished materials in the erection or repair of a building
Term 5 of 111
Package Mortgage
Secures real and personal property
Covers more than one piece of property
Allows for future advances
Lender gets a "share" of equity in property
,Term 6 of 111
Section
Portion of a township under the rectangle (govt) survey system. Township is divided into 36
sections, numbered 1 through 36. Section is a square with mile long sides and an area of
one square mile or 640 acres
Listing based on net price the seller will receive if the property is sold. Under a net listing
the broker can offer the property for sale at the highest price obtainable to increase the
commission. This is illegal.
Mortgage loan on approved property made to a qualified veteran by an authorized lender
and guaranteed by the VA in order to limit the lender's possible loss. 100% financing
Appraisal- Loss of value in property due to any cause
Real Estate Investment- Expense deduction for tax purposes taken over the period of
ownership of income property
Term 7 of 111
Net Listing
Illegal practice of channeling home seekers to particular areas either to maintain the
homogeneity of an area or to change the character of an area which limits the choices of
where they can live
Listing based on net price the seller will receive if the property is sold. Under a net listing
the broker can offer the property for sale at the highest price obtainable to increase the
commission. This is illegal.
Portion of a township under the rectangle (govt) survey system. Township is divided into 36
sections, numbered 1 through 36. Section is a square with mile long sides and an area of
one square mile or 640 acres
Representing both parties for a transaction. Unethical unless both parties agree to it
, Definition 8 of 111
Rate of return on an investment; Comparable to interest rates
Depreciation
Capitalization
Income Approach
Severance
Term 9 of 111
General Lein
Used on single family homes/duplex; expenses not considered
Right of a creditor to have all of a debtor's property both real and personal to satisfy a debt
Manages real estate for another person for compensation. Duties: collecting rent,
maintaining property, and keeping up accounting
Appraisal- loss of value in property due to any cause
real estate investment- expense deduction for tax purposes taken over the period of
ownership of income property
Term 10 of 111
Gross Easement
Court action to require the performance of a contract
Owner's rights in land that borers or includes a stream, river or lake. these include access to
and use of the water
Personal right; Not attached to property terminates on sale of land or death
Extension of An improvement; extends beyond land of owner and onto anothers property
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