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

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

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

Question 2

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

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

Question 3

How often is Continuing Education due?

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

Question 4

Standing trees would be considered:

A	Personal Property
B	Chattels
C	Real Property
D	Emblements

Question 5

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

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

Question 6

What term means "going to the state?"

A	Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.
B	escheat
C	police power
D	Taxation
E	Eminent Domain

Question 7

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

A	Lessee
B	Buyer
C	Agent
D	Lessor

Question 8

A Salesperson license fee costs how much?

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

Question 9

What is homestead protection?

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

Question 10

Does Kentucky allow Holographic wills?

A	No
B	Yes

Question 11

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 give informed consent to this arrangement
C	Only when both buyer and seller have legal representation
D	In most circumstances, except when the buyer and seller are related

Question 12

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

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

Question 13

Does Kentucky have dower laws?

A	Yes
B	No

Question 14

Does Kentucky has homestead laws?

A	Yes
B	No

Question 15

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

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

Question 16

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

A	Habendum
B	Premises
C	novation
D	acknowledgement

Question 17

The license law is administered by:

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

Question 18

Which is not necessary for a valid contract?

A	due date
B	acceptance
C	offer
D	legal object

Question 19

Is Kentucky a community property state?

A	Yes
B	No

Question 20

What is a holographic will?

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

Question 21

What tenancies does Kentucky allow?

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

Question 22

Does Kentucky participate in reciprocity with other states?

A	No
B	Yes

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Kentucky Real Estate Exam Prep

KS Salesperson Practice Exam

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