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Real Estate Practice Exam 2024 Questions & Answers 100% Correct VERIFIED ANSWERS
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Real Estate Practice Exam 2024 Questions & Answers 100% Correct VERIFIED ANSWERS
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Real Estate Practice Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Real%20Estate%20PraReal Estate Practice Exam
1. In Kentucky, which residential sales contract provision specifies the date bywhich the
buyer will have unfettered access to the property?
ANS Possession
2. In order to be enforceable, what does the statute of frauds require a realestate
contract to be in Kentucky?
ANS In writing
3. Which of the following is true about deposit of Kentucky earnest money funds?
ANS Earnest money must be immediately available if a buyer's offer isn't accept-ed by all parties,
so it shouldn't be deposited in an escrow account until the contractis signed.
4. If a licensee fails to renew her license, when will the Kentucky Real EstateCommission
cancel it?
ANS April 1
5. Your Kentucky brokerage firm's administrative assistant wants to make room for
newer files by moving some older files to the basement storage roomyou share with the
maintenance staff. What should the principal broker tell this assistant?
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,Real Estate Practice Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Real%20Estate%20Pra
ANS "Let's explore converting those files to electronic format and thendestroy the paper
copies."
6. What's the purpose of the Agency Disclosure Statement used in Kentucky residential
transactions?
ANS To confirm the role of the agent and obtain consent fromthe client
7. Brenda is a Kentucky broker who wants to purchase a new house in Bard-stown and
give it to her elderly mother. Which of the following statements is true?
ANS She must disclose her licensed status to any seller whose property she'd liketo make an offer
on.
8. Which of the following is a reason all licensees should have errors andomissions
insurance?
ANS Risk is an inherent part of real estate activities.
9. Jean, a broker for Clean Green Realty, paid Francisco, the buyer, a portionof the
commission Clean Green received from the sale.This is known as
.
ANS A rebate
10. Kentucky's Property Management Agreement details the financial arrange- ment
between the agent and the owner for managing, leasing, or even selling the property
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