KY real estate final exam practice question and answers 2024 verified to pass
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Course
Colibri Real Estate
Institution
Colibri Real Estate
KY real estate final exam practice question and answers 2024 verified to pass what happens with a Judicial foreclosure?
ANS the mortgaged property is sold under the supervision of a court
2. broker Dean realizes he has relocation buyers.What is something he should focus on
with these buyers?
AN...
KY real estate final exam practice.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/KY%20real%20estate%2
KY REAL ESTATE FINAL EXAM PRACTICE
1. what happens with a Judicial foreclosure?
ANS the mortgaged property is sold under the supervision of a court
2. broker Dean realizes he has relocation buyers.What is something he should focus on
with these buyers?
ANS finding a property with good resale value
3. real estate licensees should know enough about building ordinances to be able to...
ANS alert clients of potential problems in a home
4. if an industrial property is described as "special-purpose" it is...
ANS unsuitable for many uses and processes.
5. during the final walk-through a buyer sees that the seller did not remove a downed
tree. What is the best way of handling this?
ANS at the closing the buyer could ask for a credit from the seller to remove the downed tree.
6. what is the main purpose of the Kentucky Real Estate Commission?
ANS to put into effect and make known the administrative regulations to effectively carry out
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and enforce the provisions of the Kentucky statutes governing real estate.
7. who must a principal broker supervise in a real estate office?
ANS all licensees Affiliated to the principal broker and all other unlicensed employees at that
office.
8. broker Hannah just received a $5,000 escrow money deposit how long does she have to
deposit it under Kentucky law?
ANS without unreasonable delay
9. what type of insurance is mandatory for all active licensees?
ANS errors and omissions insurance
10. sales associate Nika is showing a property with an electronic lockbox how should she
access the property?
ANS by using the eKEY smartphone application
11. what penalties May a circuit court impose on a person found violating any provision of
Kentucky License Law?
ANS a fine of between $100 and $1,000 and a jail sentence of up to six months.
12. why is designated agency a good alternative to traditional dual agency?-
ANS even though the same broker represent each party, both the buyer and the seller have a
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licensee who exclusively acts as their agent in the transaction.
13. which of the following actions is illegal in Kentucky?
ANS acting for more than one party in a transaction with the knowledge of all parties for him a
licensee acts
14. why should broker Taylor create a website for her brokerage?
ANS to brand her firm with a visual mission statement.
15. legislation became effective in July of 1999 that requires a lender to drop the PMI
requirement when the loan-to-value ratio reaches...
ANS 78% of the original value of the property.
16. before ordering disciplinary action against a licensee, the commission must...
ANS order a hearing.
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