KENTUCKY REAL ESTATE EXAM WITH 100 COMPLETE QUESTION AND 100% COMPLETE
ANSWER/ESTUDY LATEST,ALL ANSWERED
1. Severalty ownership of air rights combined with an undivided interest in the common
areas of real estate would MOST LIKELY describe a:
A) Cooperative
B) Condominium
C) Townhouse
D) Single-family home
CORRECT ANSWER:
B) Condominium
2. A licensee could be active in the real estate business if his/her license is:
A) Expired
B) On probation
C) Suspended
D) Revoked
CORRECT ANSWER:
B) On probation
3. Agent Kenzie has terminated her relationship with her broker. The broker has returned
her license to the BREP. Agent Kenzie has:
A) Thirty days to place her license in escrow or find another broker
B) Thirty days to find another broker
C) No time limit to find another broker
D) Automatically become inactive
CORRECT ANSWER:
B) Thirty days to find another broker
4. Disciplinary actions that can be taken by the BREP include all of the following
EXCEPT:
A) Revocation of license
B) Placing a licensee on probation for twenty-four months
C) Suspension of license
D) Fines
, KENTUCKY REAL ESTATE EXAM WITH 100 COMPLETE QUESTION AND 100% COMPLETE
ANSWER/ESTUDY LATEST,ALL ANSWERED
CORRECT ANSWER:
B) Placing a licensee on probation for twenty-four months
5. An agent has been found guilty of fraud in a real estate transaction. The court has
determined the following damages: $5,000 actual and $2,000 punitive. What amount could
be paid from the recovery fund?
A) $2,000
B) $5,000
C) $7,000
D) $0
CORRECT ANSWER:
B) $5,000
6. The buyer executed a written offer to a seller. The seller's agent called the seller and
presented the offer by phone. The seller accepted the offer by phone. At this point, what is
the status of this offer?
A) Valid and enforceable
B) Unenforceable
C) Pending
D) Canceled
CORRECT ANSWER:
B) Unenforceable
7. A suit to quiet title would be filed under which of the following circumstances?
A) When a mortgage is in default
B) When there is an adverse possession claim on the property
C) To resolve a boundary dispute
D) When a property is being foreclosed
CORRECT ANSWER:
B) When there is an adverse possession claim on the property
, KENTUCKY REAL ESTATE EXAM WITH 100 COMPLETE QUESTION AND 100% COMPLETE
ANSWER/ESTUDY LATEST,ALL ANSWERED
8. Which of the following is NOT true regarding a land contract?
A) The seller is the vendor
B) The seller is the vendee and the buyer is the vendor
C) The buyer has equitable title
D) The seller retains legal title
CORRECT ANSWER:
B) The seller is the vendee and the buyer is the vendor
9. When listing a property or showing a property, which of the following duties is an agent
NOT required to do?
A) Disclose material facts
B) Discover latent defects in the property
C) Act in the best interest of the client
D) Provide a market analysis
CORRECT ANSWER:
B) Discover latent defects in the property
10. Mr. Singleton's primary residence cost $250,000. During his period of ownership he
added a tennis court at a cost of $10,000 and made other improvements at a cost of $20,000.
Two years later he sold the property for $350,000 and paid a 7% commission. If he buys
another home for $350,000, how much capital gains can he defer?
A) $10,000
B) $0 because there is no deferment of capital gains on a principal place of residence.
C) $15,000
D) $20,000
CORRECT ANSWER:
B) $0 because there is no deferment of capital gains on a principal place of residence.
11. Kentucky's Statute of Frauds requires that:
A) All contracts must be verbal
B) To be compensated, there must be a written agreement between the party and the
brokerage.
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