KY Real Estate Exam Questions and Answers Rated A

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KY Real Estate Exam Questions and Answers Rated A Accretion ✔✔Increase of land by deposit of sand or soil washed up naturally from a river, lake or sea ADA Tenant ✔✔Tenant with disability.... Must accommodate for tenants/residents with disabilities. Priority is to get party to the door. Can make changes, must be giving parking if available, do not have to ask to make changes Broker's License ✔✔License to act as intermediary on behalf of others for a commission. Bringing together of parties interested in making a real estate transaction. Bilateral Contract ✔✔All parties are legally bound to to act as prescribed Unilateral Contract ✔✔One party is bound to contract or act Brownfields ✔✔Defunct, derelict, or abandoned commercial or industrial sites, many have toxic wastes Condemnation ✔✔Proceeding to exercise the power of eminent domain Commingling ✔✔Illegal act of placing client or customer funds with personal funds. Commission Earned ✔✔payment to a broker service for sale or purchase of a property; usually a percentage Cooperative ✔✔Residential multi-unit building whose title is held by a trust or corporation that is owned and operated for the people living within the building who are the beneficial owners of the trust or shareholders of the corporation. Commission Split ✔✔Commission earned from selling a property is split between licensee and principal broker Civil Rights Act of 1866 ✔✔An act that prohibits racial discrimination in the sale and rental of housing Customer ✔✔The third party nonrepresented consumer for who some level of service is provided Client ✔✔The principal Dual Agency ✔✔Representing both parties for a transaction. Unethical unless both parties agree to it Dower and Curtsy ✔✔Dower: Wife acquires property her husband held or acquired during marriage if he dies. Curtsy: A life estate given to surviving husband in real estate owned by his deceased wife Deed IN Trust ✔✔Grants a trustee under a land trust full of power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustees use of these powers. Trust Deed; Deed OF Trust ✔✔Used to create a mortgage lein by which the borrower conveys title to a trustee (third party) who holds it as security for the benefit of the note holder (lender) Delivery & Acceptance ✔✔Title is delivered by grantor and accepted by grantee Devise ✔✔Gift of property through a will Depreciation ✔✔Appraisal- Los [Show More]

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