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KY Real Estate Final Exam Practice 2024 Questions With Answers Graded A+ $12.99   Add to cart

Exam (elaborations)

KY Real Estate Final Exam Practice 2024 Questions With Answers Graded A+

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KY Real Estate Final Exam Practice 2024 Questions With Answers Graded A+

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  • October 30, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
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101 Multiple choice questions

Term 1 of 101
under the______________ of recording title passes when the conveyance is registered on the title
certificate

title insurance policy


property tax assessment

torrens system

deed registration system

Term 2 of 101
Justin defaulted on his home mortgage payments. The lender obtained a court order to foreclose
on a property. At the Foreclosure sale Justin's house sold for $339,000 and the MP balance of his
loan is $400,000 what must the lender do to recover the $61,000 Justin still owes?

seek a deficiency judgement.


to brand her firm with a visual mission statement.

sue for damages


obtain the owner's consent.

Term 3 of 101
the assessed value of Sydney's home is $350,000 but the home was recently appraised at
$225,000. As a result Sydney believes her tax bill is way too high. What option does Sydney have?

she can file a complaint with the local Board of assessment review.


she must pay the tax bill immediately

she should sell her home to avoid the taxes


she can ignore the tax bill until next year

,Term 4 of 101
the Quarry Mountain subdivision requires all properties to have fences that are at least 8 feet tall
surrounding each property this is an example of...

deed restriction


protection.

aesthetic zoning


encroachment

Term 5 of 101
transaction records required to be maintained typically include...

social status

market value

closing statements


verdict

Term 6 of 101
sales associate Nika is showing a property with an electronic lockbox how should she access the
property?

by entering a physical key into the lockbox


by using a traditional lock and key method

by using the eKEY smartphone application

by calling the seller for access instructions

,Term 7 of 101
the principle underlying depreciation from physical deterioration is that...

the property loses the same increment value each year over the economic life of the
property.

the property value fluctuates based on seasonal trends.


the property gains value each year due to market demand.

the property depreciates only when sold at a loss.

Term 8 of 101
what does the real estate license exam achieve?

it determines if the applicant is competent to act as a broker or sales associate in a manner
that protects the interest of the public


it evaluates the applicant's financial status

it measures the applicant's negotiation abilities

it assesses the applicant's marketing skills

Term 9 of 101
what penalties May a circuit court impose on a person found violating any provision of Kentucky
License Law?

mandatory community service without any fines.

a suspension of their real estate license for one year.


a fine of between $100 and $1,000 and a jail sentence of up to six months.

a warning with no financial penalties.

, Term 10 of 101
legislation became effective in July of 1999 that requires a lender to drop the PMI requirement
when the loan-to-value ratio reaches...

50% of the current market value of the property.

78% of the original value of the property.

90% of the original purchase price of the property.

100% of the appraised value of the property.

Term 11 of 101
which of the following is an agency disclosure statement that a licensee does not have to
include?

the types of properties the licensee specializes in

the licensee's commission rates

the number of years licensee has held a real estate license.

the licensee's educational background

Term 12 of 101
the risk of committing an unauthorized practice of law can be practically reduced by...

creating custom contracts without guidance

ignoring legal advice from professionals

consulting with clients about legal matters

using standard forms and contracts prepared by attorneys

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