Determine your answer, then click the arrow to see the correct response.
Which of the Following Is Considered a Fixture in Real Estate?
A) Refrigerator
B) Microwave
C) Chandelier
D) Dining table
Correct Answer: C) Chandelier
Explanation: A fixture is personal property that has been attached to land or a building and is regarded as an irremovable part of the real property, such as a chandelier.
In Real Estate, What Does the Term "Encumbrance" Refer To?
A) A legal right to use another's land for a specific purpose
B) Any claim, lien, charge, or liability attached to real property
C) A contract between a landlord and tenant
D) An agreement to sell real property
Correct Answer: B) Any claim, lien, charge, or liability attached to real property
Explanation: An encumbrance is any claim, lien, charge, or liability attached to and binding real property.
Which of the Following Is a Method To Determine the Value of a Property?
A) Zoning
B) Appraisal
C) Encroachment
D) Foreclosure
Correct Answer: B) Appraisal
Explanation: An appraisal is an unbiased professional opinion of a home’s value.
How Many Hours of Pre-Licensing Education Are Required for a Real Estate Salesperson in Kentucky?
A) 48 hours
B) 64 hours
C) 96 hours
D) 120 hours
Correct Answer: C) 96 hours
Explanation: Kentucky requires 96 hours of pre-licensing education for a real estate salesperson.
An Agent Represents a Buyer Who Wants To Make an Offer on a House Listed by Another Agent in the Same Brokerage. This Situation Is an Example Of:
A) Designated agency
B) Dual agency
C) Exclusive agency
D) Open agency
Correct Answer: B) Dual agency
Explanation: Dual agency occurs when the same brokerage represents both the buyer and the seller in a transaction.
Which of the Following Statements Is True About Dual Agency in Kentucky?
A) It is illegal
B) It requires written consent from all parties
C) It does not need to be disclosed
D) It is only allowed in commercial transactions
Correct Answer: B) It requires written consent from all parties
Explanation: Dual agency is legal in Kentucky but requires written consent from all parties involved.
What Is the Kentucky Real Estate Commission's Role Regarding Education?
A) They provide all pre-licensing education
B) They approve schools and courses that provide pre-licensing and continuing education
C) They do not have any role in real estate education
D) They only provide post-licensing education
Answer: B) They approve schools and courses that provide pre-licensing and continuing education
Correct Explanation: The KREC approves the schools and courses that offer pre-licensing and continuing education.
A Buyer Signs a Contract To Purchase a Home but Then Loses Their Job and Cannot Proceed With the Purchase. What Is the Status of the Earnest Money Deposit?
A) The buyer automatically gets it back
B) The seller automatically keeps it
C) It is determined by the terms of the contract
D) The real estate agent decides
Correct Answer: C) It is determined by the terms of the contract
Explanation: The disposition of the earnest money deposit is governed by the terms specified in the purchase contract.
What Must a Real Estate Agent Do Before Placing a "For Sale" Sign on a Property?
A) Obtain written permission from the seller
B) Notify the neighbors
C) Secure a listing agreement
D) Get approval from the local zoning board
Correct Answer: A) Obtain written permission from the seller
Explanation: Written permission from the seller is required before placing a “For Sale” sign on the property.
A Real Estate Agent in Kentucky Is Required To Disclose Their Agency Relationship to Potential Clients:
A) Only if asked by the client
B) At the first substantive contact
C) Before showing any properties
D) At the time of closing
Correct Answer: B) At the first substantive contact
Explanation: An agent must disclose their agency relationship at the first substantive contact with potential clients.