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Kentucky Real Estate Mock Test 1 Practice Questions and Answers 100% Pas
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Kentucky Real Estate Mock Test 1 Practice Questions and Answers 100% Pass If a broker's branch office is 75 miles from his main office, the person managing this branch office must: - ANSWER-Have been licensed for 2 years averaging 20 hours per week in the business. Which of the following is NOT...

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  • November 4, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • kentucky real estate mock test 1 practice question

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Kentucky Real Estate Mock Test 1 Practice

Questions and Answers 100% Pass


If a broker's branch office is 75 miles from his main office, the person managing this branch office must:

- ANSWER✔✔-Have been licensed for 2 years averaging 20 hours per week in the business.


Which of the following is NOT true regarding a sale-leaseback? - ANSWER✔✔-The ownership of the

property never transfers.


Dino owns property rights located on Lake Michigan where he docks his yacht. His water rights are

called: - ANSWER✔✔-Littoral rights


Which of the following is NOT a duty of the real estate agent: - ANSWER✔✔-To accept offer on behalf a

client.


After receiving recommendations from the KY Assoc of REALTOR, the governor appoints: - ANSWER✔✔-5

commissioners, four of whom have had an active license for the past 10 years.


A seller listed her property for $100,000 and told her agent not to present her with any offer les than

$99,000. 3 days later a buyer wanted to make a written offer of $95,000. The agent... - ANSWER✔✔-

Must present the buyer's offer to the seller.


Which of the following would not be a disciplinary action of the KREC? - ANSWER✔✔-A jail term - KREC

cannot send a licensee to jail.




Copyright ©Stuvia International BV 2010-2024 Page 1/29

,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


Ann conveys a life estate to Paul based on the life of Troy. Paul has 2 children who live with him and help

him care for Troy. What is the status of the life estate if Paul predeceases Troy? - ANSWER✔✔-The

property would revert to Paul's children, so long as Troy was alive.




A life estate pur autre vie means tha the life estate is based on a 3rd party- in this instance, Paul or his

heirs would have a life estate to the property o long as Troy was alive.


Which of the following is NOT true regarding title insurance: - ANSWER✔✔-The mortgagee's policy is for

the value of the property - it's for the loan balance and decreases as each payment is made on the loan.


When a lender charges more interest than is legally allowed, it is known as - ANSWER✔✔-Usury


A buyer made an offer on a property which was accepted by the seller. Three days before the closing, the

title was found to be defective and the buyer negated the contract. Under these circumstances the -

ANSWER✔✔-brokerage has earned a commission because it found a ready, willing and able buyer


A leasehold estate that automatically renews for the original term is a/an - ANSWER✔✔-Periodic

Tenancy


The seller accepted a signed offer. The earnest money must - ANSWER✔✔-be placed in the broker's

escrow account within 3 business days


A tenant leased a commercial space for a dance studio. The tenant purchased and installed mirrors on all

the walls in the practice room. Which of the following statements is NOT true in this situation: -

ANSWER✔✔-The mirror are legally classified as fixtures;




Copyright ©Stuvia International BV 2010-2024 Page 2/29

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


the mirror are legally classified as TRADE FIXTURES, or the personal property of a tenant that is installed

for the use of business.


Which of the following would relieve the lessee of any obligation to make the rental payments? -

ANSWER✔✔-Constructive eviction


Dr. Wilder bought a home for $125,000. She obtained a 90% mortgage at an interest rate of 8% for 30

years. Other expenses included title insurance of $425, 2 discount points, 1% origination fee, and

attorney fees of $250. Taxes of $955 for the year have been paid. If the closing takes place on June 23,

how much money does Dr. Wilder need to bring to the closing? (Use 360 days in a year and the seller is

responsible for the day of closing.) - ANSWER✔✔-$17,248.20




Buyer Credits: $125,000 x 90% = $112,500 Loan


Buyer Debits:


$125,000 - Sale Price


$112,500 Loan x 8% = $9,000 Annual Interest


$9,000 ÷ 360 = $25 Daily Interest Rate


$25 x 8 days = $200 (Buyer would owe interest from June 23 - June 30.)


$425 - Title Insurance


$112,500 x 2% = $2,250 Discount Points


$112,500 x 1% = $1,125 Origination Fee


$250 Attorney Fee


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