Kentucky Real Estate Principles - Final Practice Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20Real%20E
Kentucky Real Estate Principles
Final Practice Test
1. What was the oldest and most popular form of a land description systemused in the
U.S.?
ANS Public Land Survey System (PLSS)
2. Which of the following arrangements reflects the ideal tenant mix in a shopping
center?
ANS Each store enhances the drawing power of the other stores.
3. Under the Rectangular survey system, which direction do the base lines runon a map?
ANS East-West
4. REALTORS intending to share or sell consumer information gathered on theInternet
must
1 of 39 8/8/2024, 3:07
,Kentucky Real Estate Principles - Final Practice Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20Real%20E
ANS disclose that possibility in a readily apparent manner on the site.
5. If an industrial property is described as "special purpose," it is .
ANS un-suitable for many uses and processes.
6. One or more licensees designated by the employing broker, with the consent of
the principal, to act exclusively as the agent is described as a
.
ANS Designated Agent
7. What is the first step taken by a contractor under the quantity surveymethod?
ANS Contractor lists all materials, equipment, and necessary labor
8. Which of the following is an environmental exposure pathway?
ANS Soil
9. If a cooperating broker accepts the offer of subagency from a listing broker,to whom
does the cooperating broker owe fiduciary duties?
2 of 39 8/8/2024, 3:07
,Kentucky Real Estate Principles - Final Practice Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20Real%20E
ANS Seller
10. Who can get in legal trouble for acting outside of their scope of expertise?-
Principal Broker
Salesperson
Attorney
All of the above – Correct
11. What is NOT a valid reason for a breach of contract?
ANS Unilateral rescissionby the buyer after the contingencies have expired
12. An exclusive listing agreement may contain .
ANS Listing term of lessthan one year
13. Who cannot be a client in a real estate transaction?
ANS CorporationLimited Partnership
Agent's family members
3 of 39 8/8/2024, 3:07
,Kentucky Real Estate Principles - Final Practice Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Kentucky%20Real%20E
None of the above—
14. Which benefits are the least likely to be paid out to a Principal Broker witha $1 million
/ $1 million errors and omissions (E&O) insurance policy after a filed lawsuit by two or
more unhappy clients over an unintentional mistake?
ANS A
$2 million dollar judgment paid out to one party
15. What is the name of the national survey system that was first establishedmany years
ago to classify giant land parcels before naming an independent owner?
ANS Public Land Survey System
4 of 39 8/8/2024, 3:07
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BESTGOODIES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
