Kentucky Real Estate Exam Prep

KS Salesperson Practice Exam

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Kentucky Sample Practice Real Estate Exam Questions and Answers

Kentucky State Section

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Question 1

What is homestead protection?

A	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
B	Net cash remaining to investor after sale of investment property
C	The estimated value that an asset will have at then end of it's useful life
D	Gradual subsidence of waters, leaving dry land

Question 2

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Lessor
C	Buyer
D	Lessee

Question 3

Is Kentucky a community property state?

A	No
B	Yes

Question 4

Which of the following is required for an applicant to receive a Real Estate License?

A	Must have lived in the state for more than a year
B	Must have a Bachelors degree
C	Must be 25 or older
D	Must sit and pass the required exam

Question 5

The license law is administered by:

A	Kentucky Department of Real Estate
B	Kentucky Real Estate Commission
C	Department of Real Estate
D	Commission on Real Estate in Kentucky

Question 6

Which of the following would not put a sales person in jeopardy of losing their license in Kentucky?

A	Being authorized to accept and excessive commission.
B	Placing an ad claiming to be a broker when they are not.
C	Depositing his/her clients escrow money into a personal account
D	Convicted of a felony

Question 7

Does Kentucky allow Holographic wills?

A	Yes
B	No

Question 8

How often is Continuing Education due?

A	every 4 years
B	every 3 years
C	every 2 years
D	every year

Question 9

A Salesperson license fee costs how much?

A	$60
B	$125
C	$100
D	$50

Question 10

Does Kentucky have dower laws?

A	No
B	Yes

Question 11

Standing trees would be considered:

A	Chattels
B	Personal Property
C	Emblements
D	Real Property

Question 12

Which of the following isn't part of a deed?

A	Habendum
B	novation
C	Premises
D	acknowledgement

Question 13

Does Kentucky participate in reciprocity with other states?

A	Yes
B	No

Question 14

In what circumstances, if any, can a broker in Kentucky who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	None; the broker may only collect compensation from one party to a transaction
B	Only when both buyer and seller have legal representation
C	In most circumstances, except when the buyer and seller are related
D	Only when both buyer and seller give informed consent to this arrangement

Question 15

Which is not necessary for a valid contract?

A	due date
B	offer
C	acceptance
D	legal object

Question 16

What tenancies does Kentucky allow?

A	Tenancy by the entirety
B	Join Tenancy
C	Neither
D	Both

Question 17

How soon can a broker receive a commission check after a closing in Kentucky?

A	When the Buyer moves in.
B	Once the seller agrees to the price.
C	After the transaction is completed and funded.
D	Once the offer sheet is signed.

Question 18

Mortgage "discount" points only apply if which of the following conditions are met?

A	The seller has agreed to pay 1% of the closing costs
B	The interest rate on the mortgage loan has been lowered by 2% for each point charged
C	The loan does not close and the buyer owes the lender for services rendered
D	The interest rate on the mortgage loan has been lowered by 1% for each point charged

Question 19

Which of the following is a landlord's option for a tenant not paying the rent?

A	lock the tenant out of the apartment
B	shut off the power
C	unlawful detainer action in court
D	shutoff the gas

Question 20

Does Kentucky has homestead laws?

A	Yes
B	No

Question 21

What is a holographic will?

A	a will that displays in 3D
B	a will that has been approved by each family member.
C	a will and testament that has been entirely handwritten and signed by the testator.
D	a standard boiler plate will.