Law 1 - Practice

Question 1

_________ means any person who is licensed under Kentucky Statutes and performs acts of real estate.

Answer 1

Broker

Question 2

A broker may pay a _________________ to a broker licensed outside of Kentucky for referring a client to the Kentucky broker.

Answer 2

referral fee

Question 3

A sales associate with two (2) years’ experience in the real estate business, averaging at least twenty (20) hours per week for a period of twenty-four (24) months prior, may manage a branch office inside a _______ mile radius of the main office.

Answer 3

100

Question 4

Any person engaging in real estate brokerage without a license shall be guilty of a __________ misdemeanor for the first offense and a _______ felony for any subsequent offenses.

Answer 4

Class A And Class D

Question 5

There are 6 exceptions on who can perform brokerage activities.
1. ___________ or _____________. This also includes regular ____________________.

Answer 5

owner,
lessor,
employees

Question 6

There are 6 exceptions on who can perform brokerage activities.
2. ___________ in fact.

Answer 6

Attorney

Question 7

There are 6 exceptions on who can perform brokerage activities.
3. Attorney in _________.

Answer 7

law

Question 8

There are 6 exceptions on who can perform brokerage activities.
4. Receiver, trustee, administrator or ______________.

Answer 8

executor

Question 9

There are 6 exceptions on who can perform brokerage activities.
5. In property manangement a ____________________ or someone that is given a rental unit.

Answer 9

regular employee

Question 10

There are 6 exceptions on who can perform brokerage activities.
6. A __________________ person under supervision of a broker to contact the public to set appointments.

Answer 10

non-licensed

Question 11

How many hours are required for pre-license in Kentucky?

Answer 11

96 or 6 college credit hours

Question 12

Every applicant for a license shall be at least ___ years of age.

Answer 12

18

Question 13

An applicant who successfully passes the real estate examination shall apply for a license within _____ days after the examination..

Answer 13

60

Question 14

________ to taking a licensure examination, an applicant shall request a copy of the applicant’s identification record.

Answer 14

Prior

Question 15

You must submit the original identification record to the Real Estate Commission within five (5) days of the applicant’s receipt of it if the identification record reveals a __________ or ____________ within the last 5 years.

Answer 15

felony

misdemeanor

Question 16

A licensee who has obtained a Kentucky license by reciprocity shall comply with all the same real estate _________ and ____________ as all real estate agents and brokers in Kentucky.

Answer 16

laws

regulation

Question 17

All real estate licenses must be renewed by __________ of each ___________ year.

Answer 17

March 31

biennial

Question 18

A licensee shall notify the commission of a change of his or her residence address within ____ days.

Answer 18

10