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Real Estate Salesperson Exam — National Portion

Agreements (KY): practice questions

Our Real Estate (National) bank has 4 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Kentucky

Under Kentucky rules, is offering a rebate or inducement to a consumer improper conduct?

  1. Only allowed in commercial transactions
  2. Yes, rebates to consumers are always banned
  3. No, and it may be truthfully advertised
  4. Only if the commission pre-approves it
Show the answer

C. No, and it may be truthfully advertised — 201 KAR 11:121 Section 1(4); compensation agreements including rebates must be in writing (Section 3(6)).

Question 2 · Kentucky

How does Kentucky law treat obtaining or negotiating a net listing?

  1. As lawful if disclosed
  2. As a criminal felony
  3. As improper dealing
  4. As lawful for brokers only
Show the answer

C. As improper dealing — KRS 324.160(7).

Question 3 · Kentucky

How long must a Kentucky principal broker keep transaction records after consummation or failure?

  1. Two years
  2. Seven years
  3. Three years
  4. Five years
Show the answer

D. Five years — 201 KAR 11:121 Section 9(1).

Question 4 · Kentucky

Which listing term is prohibited for a Kentucky principal broker?

  1. Automatic continuation past the fixed termination date
  2. A protection clause naming buyers introduced during the term
  3. Owner's special directions limiting property showings
  4. A commission stated as a percentage of the sales price
Show the answer

A. Automatic continuation past the fixed termination date — 201 KAR 11:121 Section 9(6).

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