Law 4 - Practice

Question 1

Commercial real estate involves multifamily residential purposes involving ____ units or more.

Answer 1

5

Question 2

An out of state broker and their licensee ____ engage in brokerage if requirements are satisfied.

Answer 2

may

Question 3

Transactions by the out-of-state broker shall only list commercial real estate if the real estate is _________ with a KY cooperating broker.

Answer 3

co-listed

Question 4

Advertising must include with equal prominence the same identifying information for the _________________________ and relevant licensees.

Answer 4

Kentucky cooperating broker

Question 5

Any licensee who promotes who promotes property outside of KY shall first __________________________.

Answer 5

apply to the commission

Question 6

The registration required does not apply to : ____________ , or _________________, _____________.

Answer 6

an owner government agency court order

Question 7

Sellers of time-shares shall file and _______________________ form.

Answer 7

Affidavit of Timeshare Developer

Question 8

Buyers of time-shares may cancel a contract within ____________________________.

Answer 8

3 business days

Question 9

A condo purchaser has a right to receive a ______________________________ certificate.

Answer 9

Condominium Sellers

Question 10

If an association fails to provide the completed certificate or later than ____ days then the contract will be voidable until it is provided.

Answer 10

10

Question 11

An association may charge up to ______ or ____ percent of monthly assessment fee to prepare the certificate.

Answer 11

$225.00 80

Question 12

If a client does not know about the 2011 Condo Act, a licensee should advise them to ___________________________________.

Answer 12

contact a private attorney.

Question 13

A licensee must complete and deliver the __________________________ prior to : entering a __________ agreement to provide brokerage services, entering and ______ agreement to provide brokerage services; or prior to signing an ______________________.

Answer 13

Guide to Agency Relationships
written
oral
agency agreement

Question 14

The duties an agent owes to clients is called _____________ duties.

Answer 14

fiduciary

Question 15

When you are a seller’s agent you have the following fiduciary duties: (hint) OLDCAR

Answer 15

Obey, Loyalty, Disclose, Confidential Information, Accounting, and Reasonable Care

Question 16

Representing a seller and buyer in the same transaction is called ________ Agency.

Answer 16

Dual

Question 17

In the case of Designated of Dual Agency, the broker always acts as ______ agent, and cannot advocate one client over another.

Answer 17

Dual

Question 18

As a dual agent, the principal broker shall not _________________________________.

Answer 18

disclose confidential information

Question 19

It is illegal to discriminate bases on: (9 answers)

Answer 19

race, religion, color, sex, familial status, disability, national origin, sexual orientation in some counties, gender identity in some counties

Question 20

The agency consent agreement is given at the time an ________________________.

Answer 20

agency is formed

Question 21

Is the person represented by a seller, buyer, or none?

People came to your open house.

Answer 21

none

Question 22

Is the person represented by a seller, buyer, or none?

Some buyers talk to agent at a new subdivision.

Answer 22

none

Question 23

Is the person represented by a seller, buyer, or none?

You listed a house for some people.

Answer 23

seller

Question 24

Is the person represented by a seller, buyer, or none?

You show some friends a couple of open houses.

Answer 24

none

Question 25

Is the person represented by a seller, buyer, or none?You represent a buyer who wants to buy a house.

Answer 25

buyer