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Which of the following is true regarding a special warranty deed? The grantor is making additional warranties beyond those given in a warranty deed, The grantor's warranties are limited to the time the grantor owned the property. The grantor is warranting that no encumbrances exist against the property. The grantor retains an interest in the ownership, - /V-The grantor's warranties are limited to the time the grantor owned the property. A joint tenancy with right of survivorship may be created automatically if the property is distributed to the surviving children, by deed or will by presumption if another form of ownership is not described, automatically if a deed is signed by both spouses - /V-by deed or will All the following would be considered specific data except: the dimensions of the subject property the gross rent multipliers for the area the employment opportunities in the area the sales data for comparable properties - /V-the employment opportunities in the area If the commission determined that an individual is engages in unlicensed brokerage, the commission may Seek injunctive relief in Circuit Court File a Complaint at the Commission Sue in District Court File a Complaint at the Attorney General's Office - V V-Seek injunctive relief in Circuit Court All the following would be acceptable as evidence of marketable title EXCEPT A property owner's warranty deed An abstract and legal opinion Torrens certificate Tenant's ability to make the rental payments Ethnic background of the tenant and his or her employees - ¥ V-Ethnic background of the tenant and his or her employees The defeasance clause in a mortgage requires the mortgages to execute a(n) assignment of mortgage satisfaction of mortgage partial release agreement subordination agreement - V V-satisfaction of mortgage Which of the following would be considered legal? Refusing to sell a house to a person who has a history of mental illness Charging a family with children a higher security deposit than is charged there are no children Requiring a person with a disability to establish an escrow account for the costs to restore a property after it has been modified Picturing only white people in a brochure as the "happy residents" in a housing development - /V- Requiring a person with a disability to establish an escrow account for the costs to restore a property after it has been modified Normally, the priority of general liens is determined by the order in which the cause of action arose the size of the claim the order in which they are filed or recorded. the court - /V-the order in which they are filed or recorded Ifa licensee offers a rebate or an inducement to a client, this offer must be: for money only disclosed in writing offered to all clients none of the above - VV-disclosed in writing charging more interest than is legally allowed is known as escheat usury ignoring it avoiding it transferring it- /V-ignoring it All of the following would affect supply EXCEPT construction costs the labor force population government controls - /¥-population All of the following are categories of the uses of real property EXCEPT developmental agricultural industrial residential - /V-developmental An extension of credit from a seller to a buyer to allow the buyer to complete the transaction is called a blanket mortgage purchase money mortgage growing equity mortgage package mortgage - VV-purchase money mortgage A standard rectangular survey system section contains 160 acres 36 townships 160 government lots 640 acres - V V-640 acres an aggrieved party may recover how much from the recovery fund $30,000 $50,000 $20,000 it appears that families with children are not welcome the neighborhood could appear to undesirable for people who do not follow the same religion as St, Mary's Church This descriptive of the property for sale and a good ad an exclusive neighborhood could be interpreted to mean that minorities are not welcome - /V-This descriptive of the property for sale and a good ad A tenant's lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease. The landlord has declared that the tenant is not to remain in the building. This situation is an example of tenancy at sufferance an estate from year to year tenancy at will an estate for years - /V-tenancy at sufferance A buyer took delivery of the deed to his new house but neither recorded the deed nor took possession of the property, Under these circumstances buyer's interest is not fully protected against third parties the deed is invalid after 90 days the transfer of the property from the seller is ineffective the deed is invalid after 6 months - / V-buyer's interest is not fully protected against third parties The body of law that governs personal property transactions (but does not apply to real estate) and involves use of security agreements, financing statements, and bulk transfers is the Statute of Limitations Parol Evidence Rule Uniform Commercial Code American Land Title Association - /V-Uniform Commercial Code If the commission seeks injunctive relief, the case must be filed where? In the county where the Commission is located In the county where the unlawful activity took place either of the above neither of the above - V V-either of the above A portion of Walter's building was inadvertently built on George's land, This caused an none of these - / V-The sales associate is acting illegally because she does not have enough experience As part of a 1031 exchange, investor Jones had to give the other party $11,500 and a 1953 Chevy, The cash and car are boot like kind equity collateral - /V-boot In order to legally sell real estate at auction, two licensee must be present, an auctioneer and a attorney broker assistant sales associate - V/V-broker Abel and Baker are joint tenants. Baker sells his interest to Charlie, What is the relationship of Abel and Charlie? Abel owns a 2/3 interest and Charlies owns a 1/3 interest there is no relationship because Baker cannot sell to Charlie they are joint tenants they are tenants in common - VV-they are tenants in common Nancy has referred a buyer to another agent, and the transaction has closed. Nancy receives a referral fee from the other agent and cashed it. Which of the following is true? The referral fee can be paid directly to Nancy The referral fee is illegal The referral fee should be paid to Nancy's principal broker None of the above - VV-The referral fee should be paid to Nancy's principal broker Ifa licensee is found in violation of license law and discipline is ordered, the licensee can appeal to the Attorney General Can appeal to the Commission Has no recourse Can appeal to the Circuit Court - /V-Can appeal to the Circuit Court from a licensed broker to a consumer who referred a client from one licensed agent to another licensed agent from one consumer to another consumer from one licensed broker to another licensed broker - / V-from licensed broker to another licensed broker A salespersons who represents the seller is showing a house to a prospective buyer-customer, The salesperson knows that eh house has water problems in its basements, Which of the following is true? Disclosing the information could create a fiduciary relationship with the buyer Disclosing the information violates the salesperson’s fiduciary duty to the seller Withholding the information properly protects the confidence of the seller Withholding the information the buyer from making an informed decision - V ¥-withholding the information the buyer from making an informed decision if an owner takes his property off the market for a definite period of time in exchange for some consideration, but he grants an individual the right to purchase the property within that period for a stated price, this is called a(n) right of first refusal option contract of sale installment agreement - //-option Ken lists 100 Main Street for sale, Ken's client advises Ken that he wants to advertise his property for sale, in addition to the ads being done by Ken. These ads must include Ken's name Seller's name Listing company's name All of the above - /V-Listing company's name Ifa licensee is found to be in violation of license law, the Commission can order all of the following EXCEPT: Suspension $2,000 fine A formal reprimand Revocation - V ¥-$2,000 fine receives a lawsuit in the mail- /V-is convicted of a felony All of the following are prohibited under the antitrust laws EXCEPT Competing property management companies to standardized management fees Real estate companies agreeing NOT to cooperate with a broker because of the fees that broker charges Competing brokers allocating markets based on the value of homes A broker setting a company commission schedule - V V-A broker setting a company commission schedule Ifa Kentucky licensee wants to promote an out-of-state property in the State of Kentucky, he or she MUST Seek permission from the state Seek permission from the Attorney General Obtain a license in that state Seek permission from the Commission - /V-Seek permission from the Commission A rancher owns a parcel of land on which oil is discovered. If the rancher has not previously conveyed the oil rights, who owns the oil? the tenant to whom the property has been leased the federal government the rancher the state government - VV-the rancher All of the following are exempt from licensure EXCEPT trustee Attorney in fact Attorney Personal assistant - VV-Personal assistant The commission can conduct an emergency hearing for Allegations of gross negligence Any allegation Alleged escrow account violations Alleged advertising violations - /V-Alleged escrow account violations 
