The number of questions on the real estate exam depends on which state you are taking the exam in. Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. Youll need a 60-75% or better, depending on your state. National Exam Topics Contracts - 17% of the Questions Practice of Real Estate - 13% of the Questions General Principles of Agency - 13% of the Questions Financing - 10% of the Questions (FREE SAMPLE - 12 Questions) This is a small sample of the hundreds of professionally written questions that will assist you in preparing for the licensing examination. You have a better chance of passing on the first try if you take practice exams! Youre nearing the finish line! Which term accurately describes Rebecca in this scenario? Who funds the Real Estate Education, Research and Recovery Fund? Per 201 KAR 11:011 (42), a Townhouse is a type of residential dwelling with two (2) floors that is connected to one (1) or more dwellings by a common wall or walls. While the interest on a fixed-rate mortgage does not change over the term of the loan, the ARM interest rate is tied to an economic index, and can go up or down, depending on market trends. $121 for the state exam. Three of the topics are state-specific. This is a huge advantage that can boost your chances of passing. All of the following actions are prohibited aside from copying a key for a property under the supervision and direction of the licensee. Its free to take and will give you a good idea of whether this method of review is helpful for you. Here are what topics you are expected to know: Between our real estate practice tests, real estate prep materials, and educational video lessons there is no better way to prepare for your real estate exam. You always excel in what you consistently do. any of these, as the loan amounts would be the same. WebUse a free real estate practice exam to prepare for your real estate license exam - an The population density numbers are planned before the building begins to ensure a comfortable living experience. There are many free real estate exam prep resources available for free. When you have completed the free practice test, click 'View Results' to see your results. This goal of this 3-day window is to give the consumer time to raise any questions with the lender prior to becoming obligated under the terms of the new loan. Ensure you know and understand the national and state-specific laws and rules. Keep reading to learn all you need to know and what you can expect when you take one. A score of 70% to 75% is considered a passing score for the real estate exam. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. If you think math is a challenge to you, finish with the math section or vice versa. A prospective borrower must be given 3 business days to review the Closing Disclosure prior to the closing. Online schooling is less costly. All the situations would be a violation of Kentucky Fair Housing Law. Copyright 2023 Real Estate License Training, all rights reserved. Read on to take the quiz. Take deep breaths. For most candidates, this exam will include a national portion as well as a state-specific portion. If you are searching for additional material to assist you in passing your [show-quiz id=11056 title=Real Estate Practice Quiz]. In general, try not to spend too much time on any single question. Errors and Omissions Insurance for agents of Kentucky cover up to $100,000 for single claims and $1,000,000 for annual aggregate(multiple) claims. Its even more beneficial if you try to mimic the actual exam conditions as much as possible when you take a practice exam. Take this real estate practice test in flashcard format. Quality starts with who wrote the material. When a parcel of real estate is transferred through the probate court as per the terms of a valid will, it is called a devise. (Test-Taking Tip: An inheritance of personal property, by contrast, is called a bequest or a legacy.). The MOST abundant property type, subject to professional management, Every residential homeowner is entitled to a property tax exemption from the full cash value of. And more all vary depending on your state. Furthermore, you can come up with national and state-specific flashcards. The Kentucky Real Estate Commission administers and enforces the laws of the state relating to real estate activities. There are two phases in a foreclosure: Reinstatement (the first phase) and Redemption (the second phase). The 130 multiple-choice questions on the salesperson examination cover a variety of topics that are relevant to Kentucky real estate license law. A bad study habit is memorizing questions. Local, State, and other Government Restrictions. Every state requires its own portion of real estate exam Dual agency is legal in Kentucky as long as there is written consent from all parties prior to entering into negotiations. Its okay to have butterflies. This is how we keep the lights on (i.e. Use textbook or the Internet for more insights. Choose your answer to the question and click 'Continue' to see how you did. Have you thought of approaching a real estate agent in your locality? Weve even got a free sample real estate practice exam for you! The Kentucky Real Estate Commission conducts its business in order to. Must a licensee notify the commission if they are moving to a new location? Then click 'Next Question' to answer the next question. A homeowner contracts someone to paint their new cabinets. This question depends on how well you studied. Its even more beneficial if you try to mimic the actual exam conditions as much as possible when you take a practice exam. Here is our list of recommended Real Estate Statutes and Regulations you need to know: NOTE: State websites update semi-frequently and sometimes their website URLs change. performance must be within stated deadlines. All of the following would be violations of Kentucky Fair Housing Law. Starts on page 7. There are 11 categories in total: Contracts - 17 Questions Practice of Real Estate - 13 Questions Principles of Agency (General) - 13 Questions Financing - 10 Questions Real Estate Calculations - 10 Questions Transfer of Title - 8 Questions Copyright 2009-2022 Tests.com LLC - All Rights Reserved. comparable listings that have been recently sold. Thus, a real estate license is affordable. Here are Kentuckys requirements: The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Affirm yourself. Test-Taking Tip: You need to have this federal lawincluding the amendmentsmemorized before taking your state exam. This now illegal practice was historically profitable for real estate professionals, and frequently resulted in homeowners selling at a loss. Youre spent weeks or months of learning new material in your pre-licensing courses. Memorize the formulas frequently used to pass the math section. Most online real estate pre-licensing course providers have a pass-or-money-back guarantee, but only if you take their exam prep and practice exams. If any of the links posted below do not work, please reach out and we will update the links promptly. If your state does not require a practice exam, you can go back and retake any unit quiz. To study well, use a website like Quizlet. INSIDER ADVICE: Pass Rate refers to the number of students that have successfully passed the New York State Exam on their first attempt. Once you have passed the exam, you have 60 days to apply for your license. Thank you. What is Pau's stairway a violation of? Signing up for a real estate prelicensing course (see our top picks here)2. Mortgagee means lender. After the loan is paid in full, the coverage expires. They offer a Pass or Dont Pay Guarantee. How Many Questions Can You Miss on the New Jersey Real Estate Exam? The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam The test has the following feature: Since the real estate courses are offered online, so does the exam. Which of the following would be considered commingling? That is a separate offense. Only a licensed appraiser can perform an appraisal. An agent does not owe any fiduciary duties to her clients who are buying or selling homes but she can provide a limited suite of services to assist her clients. This regulation does not give the personal assistant the ability to show the property or answer questions relative to the property - it is designed simply to allow the personal assistant to aid the licensee by opening the door for inspectors, appraisers, repairmen and the like. Steering refers to the practice in which real estate agents or brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. Because nearly all loans on residential properties are federally related, RESPA regulations cover the vast majority of residential loans. The request shall be acknowledged in writing on the form and the licensee shall be held harmless for any representation that appears on the form.. Per 201 KAR 11:440. Kentucky have a real estate license reciprocity agreement with: Regarding real estate licenses reciprocity, Kentucky has reciprocity with all states after passing the Kentucky state portion of the real estate exam. Develop a routine of studying daily for 5 minutes, 10, or 30 according to your preference. Smart Bite is a unique method of splitting down the learning materials into smaller bits. Most states require a minimum score of at least 70-75% correct in order to pass the real estate exam. Residential housing constructed prior to 1978 is called target housing. For target housing, a prospective tenant must be given the EPA-approved pamphlet on the dangers of lead. If not legally authorized to work independently, a real estate licensee can only receive a commission from the employing broker. Have a question about the real estate exam? Which of the following are exemptions to this protection? Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. The tests include questions on general real estate topics. WebWhich statement is true regarding the use of the term REALTOR? He has 20+ years of experience in the testing and test prep industry. Seeking buyers for your listings B. For example, in a purchase and sale contract, the seller is promising to convey title to the buyer, and the buyer is promising to pay the purchase price to the seller. You can save 20% to 30% off their regular prices this way! A person who engages in real estate brokerage without a license due to failure to renew a previously valid Kentucky license shall not be subject to this penalty though. Quietly fixing brokerage firm commissions is the anti-competitive, collusive behavior that the federal Sherman Antitrust Act made illegal in 1890. The Real Estate Express Exam Prep course includes 17 total exams. Despite the fact the broker had a valid listing, the broker was NOT entitled to a commission because the listing, When there are multiple offers to be presented to an owner, you MUST present them, Advertising a home for sale in a minority area exclusively in a paper aimed at that minority group would MOST likely be regarded as, A lease whereby the landlord receives a set rent and the landlord pays property expenses is, Exceptions to the licensing requirements of escrow companies include, The IRS will treat the real estate salesperson as an independent contractor if 3 criteria are met. Also, studying with a friend enables you to get the information you might have otherwise missed on your own. A lease for a definite time period would be, Some general rules for display advertising include, When dealing with a prospect who is slow and methodical, the salesperson should, An Act of Congress that specifically reaffirmed the Civil Rights Act of 1866 was the, The Civil Rights Act that applied to race only was the, A real estate broker advertised a property for a principal. Test-Guide.com was founded by a group of educators with a passion for preparing students to succeed on their exams. There also must be consideration. Consider it this way: think of the test as an opportunity to show your strength and knowledge of this field. This curriculum is meant to help prepare you for your state-specific exam, so make sure you keep these materials and continue to study them after the course has been completed. Note: Federal lead-based paint disclosures are strict because lead poisoning can cause significant neurological damage, particularly to small children. A type of residential dwelling with two (2) floors that is connected to one (1) or more dwellings by a common wall or walls. WebReal Estate Practice Exam Test your preparedness for the Real Estate Exam with our The real estate test is not as difficult as people perceive. But taking a good real estate practice exam makes it easier. No it is not. Here, you can put your knowledge to the test with our 120-question practice exams. Title to the unit and lot vest in the owner who shares a fractional interest with other owners in any common areas. A government agency which guarantees that holders of mortgage securities will get timely principal and interest payments is, The danger associated with adjustable-rate loans is that, An escrow has a duty to warn parties to the escrow of, Advantages of open houses include the fact that they are a source of. This federal law requires lead-based paint disclosures when the residential propertyoffered either for sale or leasewas constructed prior to 1978. To qualify to take your states real estate licensing exam, you will first have to complete a state-specific pre-licensing education program. The specific course curriculum and number of hours required is determined by the real estate commission in your home state. The real estate express leads in online training and education. In most states, the exam takes three hours and 15 minutes. This site provides you with a step-by-step approach to solving tough challenges. The real estate exam is done on a computer. Review 300+ flashcards focusing on vocabulary terms. All states require real estate agents to be licensed by the state to engage in the sale of real estate. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. Dave is our founder and CEO. Per Kentucky Real Estate Commission: 324.281. Right after you complete the test youll receive a score report that tells you if you passed or failed. Once you finish all your course units and unit quizzes, you can access the practice exam (if your state requires it). After the woman dies, her debts will be paid and assets distributed through the probate court. Which of the following statements is true regarding Seller's Disclosure Forms? If a licensee is found guilty in a KREC administrative hearing: Before the KREC can discipline a licensee, it must hold an administrative hearing to ensure due process. A visually evident condition that should alert a reasonably diligent real estate agent as to a problem is commonly referred to as, A property was listed at $100,000. All of the Arizona real Here, the test question states that the homeowner has a mortgage with a fixed interest rate. Lindsay has been a broker for fifteen years and recently hired an unlicensed assistant to help her around the office. Because the amount of these property-related expenses can change over time, the monthly payment due the lender might vary, even when the loan itself has a fixed interest rate. The online school allows you to finish lessons and coursework at your designated time. If you want to pass your exam the first time around, use our recommended real estate prep course provider. Estimated cost of total fees and license: $160. Redlining is the illegal denial of a loan application based upon the location of the securing property without any consideration of the employment history or creditworthiness of the loan applicant or of the condition of the property itself. The first step to filing a mechanic's lien is for the contractor to provide a/an: Samuel has granted an easement to his neighbor Rebecca. However, there are several other fees that add up depending on your state. This online exam prep package will fully prepare you for all aspects of the sales associate exam utilizing more than 1,200 professionally written questions based on the type of questions found on the state exam. Well also highlight the best online prep options. What is the maximum fine that could be imposed? Youve dedicated months of your time taking your pre-licensing courses and preparing to sit for the real estate exam. 7. As long as the license remains in inactive status, no additional education is required. Business and Professions Code c. Health and Safety By bundleHub Solution guider 4 months ago. However, while doing do so, you must learn within the established deadline. If your practice exam isnt timed, set a timer. What Score Do I Need to Pass the Real Estate Exam? Most states have a passing score of 70%. Is The Real Estate Exam Multiple-Choice? Yes. All state exams are multiple-choice. When a special agent, the broker typically has one task or duty. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. To pass the exam in Kentucky, youll need to get a score of at least 75%. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents listings To clearly understand real estate vocabulary, seek to know the definition of a term and examples of each. Start by eliminating the weak choices. Taking one: Boosts Check your state for specific information. The phrase "Formerly it was the primary real estate advertising medium" describes, Agent inspection disclosure requirements apply to, In deciding on which adjustable-rate mortgage to take, a borrower should consider, The agency or office responsible for handling violations of the Rumford Fair Housing Act is the. But, additionally, prospective purchasers must be given a 10-day window to have the home tested for lead-based paint. The exam is usually given in two sections and candidates are expected to pass both sections. pay for content, product research, guides, and more). 2. If youre not sure if a real estate practice exam is the right exam prep method, try this free sample practice exam. Which of the following acts is prohibited for an unlicensed real estate assistant in Kentucky? Do not memorize the questions you get during your course learning. The fund consists entirely of the fees received yearly. to pay an overall lower interest rate and higher loan-origination fee. An amendment in 1974 added sex as a protected class. Usually, the first guess is the best. If you fail the exam, you have one more chance or more, according to your state, to sit for another attempt. One of the best things about the Real Estate Express exam prep course is how much they stand behind it. If you are searching for additional material to assist you in passing your real estate final exam, consider taking the Exam Prep Master. Here are some of the loans that are considered federally related: VA guaranteed loans, FHA insured loans, loans intended to be sold onto the secondary mortgage market, lenders with FDIC, etc. Choose your answer to the question and click 'Continue' to see how you did. Kentucky Real Estate Law mandates agents have errors and omissions insurance. Are taking the exam in is different daily real estate practice final exam 5 minutes,,... Conducts its business in order to pass the real estate Express exam prep Master tests questions. Or real estate practice final exam, depending on your state, to sit for the real estate Express leads in online Training education... State is different on which state you are searching for additional material to assist you in passing real... State does not require a practice exam ( if your practice exam, consider taking the exam, can! On general real estate exam is the maximum fine that could be imposed on a computer I to... 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