KENTUCKY REAL ESTATE PRACTICE EXAM FINAL ONE |150 EXAM QUESTIONS AND ANSWERS WITH RATIONALE GRADED A
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KENTUCKY REAL ESTATE
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KENTUCKY REAL ESTATE
KENTUCKY REAL ESTATE PRACTICE EXAM FINAL ONE |150 EXAM QUESTIONS AND ANSWERS WITH RATIONALE GRADED
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KENTUCKY REAL ESTATE PRACTICE EXAM FINAL
ONE |150 EXAM QUESTIONS AND ANSWERS WITH
RATIONALE GRADED A 2024-2025
A buyer and seller have entered into a real estate contract. Which of the following events
would NOT terminate the contract?
• A) Death of the buyer
• B) Mutual agreement to terminate the contract
• C) Expiration of the time period stated in the contract
• D) The buyer securing financing as stated in the contract
Answer: D) The buyer securing financing as stated in the contract
When an agent is acting as a dual agent, they must:
• A) Keep all information confidential from both parties
• B) Disclose any conflicts of interest and obtain written consent from both parties
• C) Represent the buyer exclusively
• D) Represent the seller exclusively
Answer: B) Disclose any conflicts of interest and obtain written consent from both
parties
In Kentucky, what is the primary purpose of the Real Estate Commission?
• A) To promote the interests of real estate brokers
• B) To regulate the licensing and conduct of real estate professionals to protect the public
• C) To set property prices in the state
• D) To provide legal advice to real estate agents
Answer: B) To regulate the licensing and conduct of real estate professionals to protect
the public
,A listing agreement that allows the seller to sell the property themselves without paying a
commission but requires the seller to pay a commission if any other agent sells the property
is known as:
Which of the following must be disclosed to potential buyers when selling a property?
• A) The fact that a previous owner passed away in the home
• B) The existence of known material defects in the property
• C) The seller's urgency to sell
• D) The seller's willingness to accept a lower price
Answer: B) The existence of known material defects in the property
If a buyer defaults on a contract to purchase real estate, which of the following is a
common remedy for the seller?
• A) Sue for specific performance
• B) Cancel the contract without penalty
• C) Sue the buyer's agent
• D) Sue the mortgage lender
Answer: A) Sue for specific performance
In real estate, the term "appurtenance" refers to:
• A) A right, privilege, or improvement that belongs to and passes with the land
• B) A lien on the property
, • C) A building located on the property
• D) A fence surrounding the property
Answer: A) A right, privilege, or improvement that belongs to and passes with the land
Which of the following is a duty owed by a real estate agent to their client under a
fiduciary relationship?
• A) Loyalty
• B) Profitability
• C) Independence
• D) Transparency to all parties involved
Answer: A) Loyalty
In a real estate transaction, the earnest money deposit is usually:
• A) Applied toward the buyer's down payment at closing
• B) Returned to the buyer at closing
• C) Kept by the seller regardless of the transaction's outcome
• D) Non-refundable under any circumstances
Answer: A) Applied toward the buyer's down payment at closing
The term "blockbusting" in real estate refers to:
• A) Persuading owners to sell property cheaply by suggesting that the racial composition
of the neighborhood is changing
• B) The illegal practice of refusing to sell or rent to someone based on their race
• C) Developing large subdivisions quickly
• D) Offering higher commissions to brokers who sell within a certain area
Answer: A) Persuading owners to sell property cheaply by suggesting that the racial
composition of the neighborhood is changing
, Which of the following best describes a fee simple estate?
• A) The highest form of ownership interest recognized by law
• B) A leasehold interest for a specific period
• C) An interest that is subject to conditions
• D) An estate that terminates automatically upon the death of the owner
Answer: A) The highest form of ownership interest recognized by law
An easement that allows the holder to use someone else's land for a specific purpose is
called:
• A) Easement in gross
• B) Easement by prescription
• C) Easement appurtenant
• D) License
Answer: C) Easement appurtenant
Which of the following is an example of a voluntary lien?
• A) Mortgage lien
• B) Tax lien
• C) Judgment lien
• D) Mechanic’s lien
Answer: A) Mortgage lien
The term "bundle of rights" refers to:
• A) The legal rights associated with owning real estate, including possession, control,
exclusion, enjoyment, and disposition
• B) The rights of tenants under a lease agreement
• C) The rights of a lienholder
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