Unit 22 Exam

John is a licensed real estate broker in Kentucky, He wants to sell interests in a limited partnership. John needs A) a securities license. B) an associate's license. C) a dealer's license D) a broker's license

A) a securities license.

Which of the following would NOT fall under the definition of real estate brokerage? A) an individual selling his own residence. B) offering to refer in order to secure prospects. C) offering to sell a property. D) negotiating the purchase of a property.

A) an individual selling his own residence.

An unlicensed individual has offered to sell your property for a commission. After calling the Kentucky Real Estate Commission, you discover that all of the following are TRUE EXCEPT A) an unlicensed individual may sell your property if they have your permission. B) an unlicensed person may sell your property if they have your power of attorney. C) an unlicensed person may receive compensation for selling your property if they have been ordered by a court to sell the property. D) the commission can obtain injunctive relief with a cease and desist order against an unlicensed individual.

A) an unlicensed individual may sell your property if they have your permission.

In order to obtain a license in Kentucky, license applicants must A) have a high school diploma or GED Equivalency Certificate. B) be a resident of the state. C) be 20 years old if they are applying for a broker's license. D) complete required hours from a National Association of REALTORS® approved course.

A) have a high school diploma or GED Equivalency Certificate.

A trustee may be exempt for the requirement for licensure when acting under any of the following EXCEPT A) non-court ordered request. B) individual trust agreement. C) deed of trust. D) will.

A) non-court ordered request.

Which of the following individuals must hold a real estate license to manage property for a fee, compensation, or other valuable consideration? A) A regular employee of the owner. B) A relative of an owner who has moved out of town. C) An individual who receives the use of a rental unit as primary compensation. D) A regular salaried employee of the principal broker.

B) A relative of an owner who has moved out of town.

Which of the following statements is NOT true with regard to an attorney-at-law selling real estate. A) An attorney-at-law can sell real estate when performing attorney-at-law duties. B) An attorney-at-law must have a real estate license in order to sell property. C) An attorney-at-law can sell real estate in certain conditions, but may not charge a commission. D) An attorney-at-law can sell real estate as part of settlement of an estate.

B) An attorney-at-law must have a real estate license in order to sell property.

All sales associate and broker licenses in Kentucky must be renewed each year by A) anniversary of date affiliated with current broker. B) March 31. C) January 1. D) anniversary of date of licensure.

B) March 31.

Alice Smith has opened a business to help renters locate available property. Alice supplies her clients with a list of properties which are available for rent and she charges $40 for the list. Alice does not have a real estate license and she does not show the properties to prospective tenants. Regarding this situation, all of the following are TRUE EXCEPT A) Smith can conduct her business without a license and collect a fee. B) Smith is in violation of Kentucky license law. C) Smith has not established a brokerage relationship with these renters. D) Smith is not in violation of Kentucky license law.

B) Smith is in violation of Kentucky license law.

Every applicant for initial licensure as a Broker shall have all of the following EXCEPT A) three hours in broker management skills. B) four years active engagement (20 hours per week) as sales associate. C) 21 academic credit hours from accredited institution or approved real estate school. D) 12 hours in real estate courses.

B) four years active engagement (20 hours per week) as sales associate.

A nonlicensed person under the supervision of a licensed real estate broker is allowed to contact members of the general public for all of the following EXCEPT A) make an appointment with broker regarding selling a property. B) make an appointment with broker regarding purchasing a property. C) providing specific information about the purchase of a specific property. D) providing general public information authorized by the broker.

C) providing specific information about the purchase of a specific property.

An issued license shall be revoked if, while an applicant, the licensee did any of the following EXCEPT A) failed to submit the identification report with the application as required. B) failed to request the report as required. C) failed to submit a report indicating a felony or misdemeanor conviction. D) failed to pay the $1,000 penalty fee.

D) failed to pay the $1,000 penalty fee.

When reviewing an applicant's background check, the real estate commission is looking for A) any misdemeanor conviction. B) felony conviction occurring within past five years. C) any felony conviction. D) misdemeanor conviction within past five years.

D) misdemeanor conviction within past five years.

The types of real estate activities allowed for a licensed broker in Kentucky include all of the following EXCEPT A) property management B) residential real estate C) commercial real estate D) real estate securities

D) real estate securities

Which of the following statements is NOT true with regard to an attorney-at-law selling real estate. A) An attorney-at-law can sell real estate as part of settlement of an estate. B) An attorney-at-law can sell real estate when performing attorney-at-law duties. C) An attorney-at-law must have a real estate license in order to sell property. D) An attorney-at-law can sell real estate in certain conditions, but may not charge a commission.

C) An attorney-at-law must have a real estate license in order to sell property.

Which of the following is NOT a requirement for a broker license applicant? A) Completing a course in brokerage management B) Having worked as a sales associate at least 20 hours per week for two years C) Having a college degree D) Completing at least 12 semester credit hours in real estate courses

C) Having a college degree

Which of the following is NOT a requirement for a broker license applicant? A) Having worked as a sales associate at least 20 hours per week for two years B) Completing at least 12 semester credit hours in real estate courses C) Having a college degree D) Completing a course in brokerage management

C) Having a college degree

Which of the following is TRUE regarding a manager of real property? A) A resident manager must have a real estate license. B) He must have a sales associate's license to manage property. C) No license is required to manage if the manager is a regular salaried employee of the principal broker hired for the purpose of managing the property. D) He must have a broker's license to manage property.

C) No license is required to manage if the manager is a regular salaried employee of the principal broker hired for the purpose of managing the property.

A sales associate has been asked by his broker to manage the office while the broker is in the hospital having major surgery. The associate agrees to the broker's request. Which of the following is TRUE? A) The sales associate can manage the office. B) The sales associate can supervise the other associates, but only while the broker is in the hospital. C) The sales associate may manage with the permission of the KREC only for the purpose of completing and closing the business within six months. D) The sales associate cannot manage the office under any circumstances.

C) The sales associate may manage with the permission of the KREC only for the purpose of completing and closing the business within six months.

Which of the following would NOT fall under the definition of real estate brokerage? A) negotiating the purchase of a property. B) offering to sell a property. C) an individual selling his own residence. D) offering to refer in order to secure prospects.

C) an individual selling his own residence.

The commission may reduce the two-year experience requirement for a broker's license if applicant has any of the following EXCEPT A) baccalaureate degree with minor in real estate. B) baccalaureate degree with major in real estate. C) associate degree in marketing and sales. D) associate degree in real estate.

C) associate degree in marketing and sales.

All of the following would be exempt from requiring a real estate license in order to sell real estate EXCEPT A) executor of an estate. B) court-appointed receiver. C) beneficiary of a will. D) trustee in bankruptcy.

C) beneficiary of a will.

A trustee may be exempt for the requirement for licensure when acting under any of the following EXCEPT A) deed of trust. B) individual trust agreement. C) non-court ordered request. D) will.

C) non-court ordered request.