Exam (elaborations)

KY State Exam Practice Questions and Correct Answers Already Passed

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KY

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KY

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Uploaded on October 30, 2024
Number of pages 14
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

ky state exam practice
ky
ky state exam practice questions

Institution KY
Course KY

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KY State Exam Practice Questions
and Correct Answers Already
Passed
As a Kentucky listing agent, when are you required to deliver the completed Seller's
Disclosure of Property Conditions form to a prospective buyer?
A. At closing
B. Upon the prospective buyer's request
C. When the buyer's loan is approved
D. Within 10 days of property conveyance - Answer- B. Upon the prospective buyer's
request

Which of the following statements is true regarding Kentucky's licensing requirements?
A. A person assisting a friend in selling a home must have a real estate license, even
when no compensation is given.
B. A person selling a home For Sale by Owner must have a real estate license.
C. A person who receives a $100 gift certificate for performing real estate activities on
behalf of a friend must have a real estate license.
D. A property manager must have a real estate license, even if employed by only one
property owner. - Answer- C. A person who receives a $100 gift certificate for
performing real estate activities on behalf of a friend must have a real estate license.

Randolph, a seller, has an open listing agreement with you. Randolph locates a buyer
himself for his home in Berea. Who is owed a commission?
A. No one
B. You and the buyer
C. You are
D. You, but only a 10% open listing fee - Answer- D. You, but only a 10% open listing
fee

In Kentucky, you can't work as a property manager for an owner without a signed,
written property management agreement. Once the agreement terms have been set,
______.
A. Both the agent and the property owner must sign the agreement, the owner receives
a copy with the lease attached, and the owner certifies receipt of the agreement copy
B. Both the agent and the property owner must sign the agreement, the owner receives
the original, and the agent certifies receipt of the agreement copy
C. The property owner signs off on the agreement, and the property manager receives a
copy

, D. Verbally or in writing, both parties acknowledge the terms of the agreement, and the
property manager must certify receipt of the agreement - Answer- A. Both the agent and
the property owner must sign the agreement, the owner receives a copy with the lease
attached, and the owner certifies receipt of the agreement copy

In Kentucky, when an agreement terminates, a property manager must provide the
property owner with a final account of transactions that occurred after the most recent
monthly accounting. Within how many days of the agreement's termination must this
must be completed?
A. 12
B. 24
C. 36
D. 60 - Answer- D. 60

How many classroom hours of pre-licensing education are required for a sales
associate to become a broker in Kentucky?
A. 124 hours
B. 236 hours
C. 336 hours
D. 96 hours - Answer- C. 336 hours

When KREC finds that individuals have performed unlicensed brokerage activities, it will
file a civil case in the ______ where offenders are located or where the unlawful acts
took place.
A. Circuit court
B. County
C. District
D. Jurisdiction - Answer- A. Circuit court

Before being issued a real estate license in Kentucky, candidates must submit which of
the following to KREC?
A. A copy of a report on their bloodwork from a reputable lab
B. A copy of their college degree or diploma
C. A copy of their driver's license
D. Their FBI identification record - Answer- D. Their FBI identification record

You're the listing agent for a property that was the site of a murder last year. How does
Kentucky's Property Conveyance Law determine what you will disclose about this
stigma?
A. You may not discuss the stigma, and if buyers ask about it, you should advise them
to perform their own research on the matter.
B. You must disclose any stigmas that occurred within the past three years.
C. You must disclose that a death occurred on the property, but don't need to include
information about the criminal nature of the death.
D. You're not required to proactively disclose the stigma. - Answer- D. You're not
required to proactively disclose the stigma

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Exam (elaborations)

KY State Exam Practice Questions and Correct Answers Already Passed

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