KENTUCKY REAL ESTATE PRACTICE TEST STATE PORTION

KENTUCKY REAL ESTATE PRACTICE TEST (STATE PORTION)

Flashcards

WHICH IS A FEDERAL LAW THAT APPLIES TO REAL

ESTATE?A. NAR CODE OF CONDUCTB. TRUTH IN

LENDINGC. COMMISIONERS COMPENSATION

CANNOT EXCEED MORE THAN $6K PER YEARD.

LICENSEES MUST COMPLETE 6 HOURS OF

CONTINUING EDUCATION EACH YEAR

B

WHO IS THE PERSON LEGALLY AUTHORIZED TO

ENTER INTO AGENCY CONTRACTS WITH

CONSUMERS, AND THE PERSON LEGALLY

RESPONSIBLE FOR SUPERVISING THE AGENTS WHO

WORK UNDER THAT SUPERVISION?A. COMPANY

OWNERB. OFFICE MANAGERC. BROKERAGE

MANAGERD. PRINCIPAL BROKER

D

THIS IS MULTIFAMILY PROPERTY OF ANY STYLE

THAT TARGETS A PARTICULAR POPULATION

SEGMENT, INCLUDING STUDENT HOUSING, SENIORS

HOUSING AND SUBSIDIZED HOUSINGA. SPECIAL

PURPOSE HOUSINGB. MANUFACTURED HOUSINGC

CONDOSD. APARTMENT BUILDINGS

A

ALL INDIVIDUALS WHO HAVE HELD A REAL ESTATE

LICENSE IN ANOTHER JURISDICTION WHO WISH TO

APPLY FOR A RECIPROCAL LICENSE IN KY MUST

FURNISH A BLANK ISSUED BY THE JURISDICTION:A.

CERTIFICATE OF GOOD STANDINGB. ACTIVE

LICNESEC. LOCAL POLICE BACKGROUND CHECKD.

ALL THE ABOVE

A.

HOW MUCH ARE VOTING MEMBERS OF THE

COMMISION REQUIRED TO BE COMPENSATED PER

DAY OF OFFICIAL BUSINESS?A. $300B. $350C. $400D.

$200 A

HOW MUCH IS THE ANNUAL CAP OF A

COMMISSIONERS COMPENSATION

$20K

A LEGAL RELATIONSHIP IN WHICH ONE PARTY,

CALLED THE PRINCIPAL, AUTHORIZES ANOTHER,

CALLED THE AGENT TO ACT IN THE PRINCIPAL'S

BEHALF DEALING WITH 3RD PARTIES :A. LIASIONB.

AGENCYC. CONTRACTORD. BROKERAGE

B.

TENANT SECURITY DEPOSITS MUST BE PLACED

WHEREA. IN THE BROKERS OPERATING ACCOUNTB.

IN A SEPERATE ACCOUNTC. IN THE OWNERS

ACCOUNTD. NONE OF THE ABOVE

B

THIS FORM IS FILLED OUT BY THE SELLER AND

BREAKS DOWN THE VARIOUS ATTRIBUTES OF THE

PROPERTY THAT IS BEING SOLD OR LEASEDA.

GUIDE TO AGENCY RELATIONSHIPSB. SALES

CONTRACTC. DISCLOSURE OF PROPERTY

CONDITIONSD. AGENCY CONSENT AGREEMENT

C

WHICH ARE REQUIRED DISCLOSURES?A. SELLERS

DISCLOSURE OF PROPERTY CONDITIONSB. AGENCY

CONSENT AGREEMENTC. GUIDE TO AGENCY

RELATIONSHIPSD. ALL THE ABOVE

D

A BROKER MUST BE PROCURING CAUSE IN

BRINGING ABOUT A "BLANK" BETWEEN BUYER AND

SELLERA. MEETING OF THE MINDSB. DEAL

NEGOTIATIONC. AGREEMENTD. FACILITATION

A

THIS SECTOR IS MOST BROADLY INFLUENCED BY

THE STATE OF THE NATIONAL ECONOMY

GENERALLY ESPECIALLY SUCH INDICATORS AS

EMPLOYMENT GROWTH AND CONSUMER

CONFIDENCE LEVELSA. INDUSTRIALB. MIXED USEC.

COMMERCIALD. RETAIL

D

WHEN SHOULD A LICENSEE GIVE LEGAL ADVICE TO

A CLIENT?

NEVER

WHICH OF THE FOLLOWING IS NOT REQUIRED FOR

BROKER TO REMOVE MONEY FROM HIS OR HER

ESCROW ACCOUNT?A. A COURT ORDERB. A MUTUAL

RELEASEC. SIGNED AFFIDAVITD. PERFORMANCE ON

THE CONTRACT

C

WHICH OF THE FOLLOWING IS CONSIDERED

PROMOTIONAL MATERIAL AND THEREFORE EXEMPT

FROM REAL ESTATE ADVERTISING REQUIREMENTSA.

HATSB. NAMETAGSC. PENSD. ALL THE ABOVE

D

HOW MUCH IS THE ACTIVATION FEE PAID TO THE KY

REAL ESTATE COMISSION FOR OPENING A

BROKERAGE?A. $10b. $50C $100d $75 A.

ALL OF THE FOLLOWING ARE EXEMPT FROM

LICENSURE EXCEPT:A. ATTORNEY IN FACTB.

TRUSTEEC. ATTORNEYD. PERSONAL ASSISTANT

D

IF THE COMMISSION CURRENTLY CONSISTS OF 3

DEMOCRATS AND 3 REPUBLICANS, THE NEXT

APPOINTEEA. MUST BE DEMOCRATB. CAN BE A

DEMOCRAT, REPUBLICAN OR INDEPENDENTC. MUST

BE A REPUBLICAND. MUST BE AN INDEPENDENT

B

IF A LICENSEE IS FOUND IN VIOLATION OF LICENSE

LAWS, THE COMMISSION CAN ORDER ALL OF THE

FOLLOWING EXEPT:'A. A FORMAL REPRIMANDB. AN

INJUNCTIONC. A FINED. A SUSPENSION

B

THE SELLERS DISCLOSURE FORM MUST BE

COMPLETED:A. UPON DRAFTING OF AN OFFER BY

THE BUYERB. AT THE TIME OF LISTINGC. UPON

PRESENTATION OF AN OFFER TO THE SELLERD. AT

CLOSING

B