KY Real Estate

KY Real Estate - Ch. 5| 73 questions and answers

Ch 63 The Kentucky Real Estate Commission and the Real Estate Education, Research and Recovery Fund

1. A bill of sale is used to transfer the ownership of personal property 2. The uniqueness of land and its inability to be substituted is called Nonhomogeneity 3. real estate professional Miguel helps both buyers and sellers with paperwork for transferring property. He is not an agent of either party but he may not disclose either parties confidential information to the other. Which of the following best describes Miguel transactional broker 4. A buyer and seller are both...

Ownership that cannot be created by law but my parties expressed intent? tenancy by the entireties Is scarcity a physical characteristic of land? No What is NOT a duty of the real estate agent? To accept an offer on behalf of the client The seller accepted a signed offer. The earnest money must... be placed in the broker's escrow account within 3 business days When must an Agency Disclosure Statement must be signed by the buyer? before making an offer on the pro...

Which of the following is true regarding the Kentucky Real Estate Commission? A.) Commissioners serve staggered 6-year terms. B.) Seven members are elected to 5-year terms. C.) One member must represent the public. D.) Members are elected to office by the public. C The Kentucky Real Estate Commission is empowered to A.) enact laws to regulate the real estate industry. B.) establish uniform standards for brokerage operations such as commissions. C.) enforce license laws and discipl...

In accordance with the Closing Costs section of the KREC Real Estate Purchase Offer or Contract, who pays for the transfer tax and preparation of the deed? Either the buyer or the seller pay. The buyer pays. The costs are split equally between the buyer and seller. The seller pays. THE SELLER PAYS (The seller pays the transfer tax for the deed, as well as for the deed's preparation. The buyer pays for the opinion of title unless the title is found to be defective, in which case the se...

What title guarantees will Jody have when she buys a property at a foreclosure auction? covenant of seisin Sondra, a buyer, signs all the required mortgage documentation, promising to make all payments to her lender. Unfortunately, Sondra falls on hard times and misses multiple payments, and the bank indicates that it's going to foreclose on her. The foreclosure proceedings are more difficult for the lender because Sondra holds the deed to the land. What kind of state does Sondra live i...

what happens with a Judicial foreclosure? the mortgaged property is sold under the supervision of a court broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? finding a property with good resale value real estate licensees should know enough about building ordinances to be able to... alert clients of potential problems in a home if an industrial property is described as "special-purpose" it is... unsuitable for many use...

What do Datums and Benchmarks measure? Elevation Joint Tenancy The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants. What is a Preliminary Report? Issued by title insurance companies - gives buyers an overview of title history and any liens/encumbrances - it outlines what insurance companies will...