What Is the Kentucky Real Estate Salesperson Exam?
The Kentucky Real Estate Sales Associate Exam is a test designed to assess one's knowledge of real estate policies and practices in Kentucky. The exam is intended for those who wish to earn a State of Kentucky real estate license, consisting of two sections: a general portion and Kentucky State content portion. The exam is compromised of 130 multiple-choice questions, each worth 1 point.
Kentucky Real Estate Salesperson Exam: General Portion
The general portion of the Kentucky Real Estate Sales Associate Exam is designed to test for understanding of common real estate principles not exclusive to Kentucky. It is periodically updated by a committee of real estate professionals and consists of 11 topics, outlined below.
- Property Ownership (8%): This topic covers legal aspects of owning land and properties, including comparisons of real and personal property, legal description of land, ownership types, and ownership encumbrances.
- Land Use Control and Regulations (5%): This topic concerns the various roles the government plays in controlling and regulating land, such as the rights they hold and the controls they may exercise, as well as private controls that are held by individuals.
- Valuation and Market Analysis (7%): The next subject, valuation and market analysis, tests for understanding of how to determine a property's worth through appraisals, estimating value, and competitive or comparative market analysis.
- Financing (10%): This topic is about the financial dimension of real estate. Test-takers are expected to know several financial terms and concepts, along with various types of loans for different circumstances and financing/lending protocols including the laws and processes related to this.
- General Principles of Agency (13%): This category is centered on the role of real estate agents and agencies. This includes the duties and responsibilities to different stakeholders as well as agency and non-agency relationships and the process of termination.
- Property Disclosures (6%): This topic includes when and why a property may require disclosure due to its condition, notable environmental problems, governmental reasons for disclosure, and material facts and defect that would concern a prospective buyer.
- Contracts (17%): For this topic, test-takers will have their understanding of contracts tested--in particular, their general understanding of contract law and clauses--as well as how to navigate different offers and counteroffers as well as purchase agreements.
- Leasing and Property Management (3%): The smallest category in this subtest, leasing and property management, is about the role that real estate agents play in managing and leasing property. An exploration of the duties and financial responsibilities of property managers is included.
- Transfer of Title (8%): This subject has test-takers display their understanding of title transference. Insurance of property, the role of deeds, how transference affects home warranties, financial concerns relating to tax and escrow, and other special processes.
- Practice of Real Estate (13%): This topic covers several elements of real estate practice, including the role of escrow accounts, the importance of real estate laws including fair housing in the United States, how technology can be used for marketing and advertisement and the rules surrounding this, one's responsibilities as a real estate licensee, and how to responsibly navigate antitrust legislature.
- Real Estate Calculations (10%): The final topic, real estate calculations, tests prospective licensees on their understanding of basic math concepts and their ability to perform a variety of transactional calculations.
Kentucky Real Estate Salesperson Exam: Kentucky State Portion
The second subtest in the Kentucky Real Estate Sales Associate Exam, Kentucky State Content, centers on policies unique to real estate practice in Kentucky. It consists of 6 topics, outlined here.
- Real Estate Commission (10%): Questions pertaining to this category require an understanding of the powers that Kentucky real estate regulatory bodies hold and the role they play in the enforcement of ethical business practices.
- Requirements for a License (20%): This content area outlines the requirements prospective licensees must fulfill before they are granted a real estate license in Kentucky, while also detailing when and where a valid license is needed.
- Brokerage Activities and Requirements (36%): This topic tests for understanding of the role of a brokerage in Kentucky real estate commerce, including the responsibilities they hold and the laws that regulate the relationship between brokers and sales associates.
- License Law Requirements for Contracts (12%): This topic in the Kentucky Real Estate Sales Associate Exam state portion is focused on legal requirements surrounding the formation of contracts including defining and understanding fraud, listing, the processes of contracts, and the duties that are to be upheld by a Kentucky real estate licensee.
- Disclosures and Agency Issues (16%): This category focuses on information that must be disclosed while practicing real estate. This includes disclosure of the properties condition and personal interest/ conflicts of interest.
- Property Management (6%): The final topic, property management, covers necessary rules and policies, along with how to ethically handle deposits and how to identify when a written agreement is necessary in the state of Kentucky.
Frequently asked Questions
How hard is the Kentucky Real Estate Salesperson Exam?
To ensure that licensees are capable of practicing real estate responsibly and competently in Kentucky, a strong understanding of real estate sales policies must be shown. Applicants are expected to have studied and understood all of the exam topics, including both general and state-specific content. Candidates may find study guides and preparation material helpful for preparing for the Kentucky Real Estate Sales Associate Exam.
How long is the Kentucky Real Estate Salesperson Exam?
The Kentucky Real Estate Sales Associate Exam consists of two subtests, both of which are timed separately. The general portion is limited to 150 minutes, while the Kentucky State content must be answered within 90 minutes for a total length of 240 minutes. Test-takers will not be given additional time in the event they must use a restroom during the exam.
What is a passing score for the Kentucky Real Estate Salesperson Exam?
Test-takers must earn a score of 75% or higher to pass the Kentucky Real Estate Sales Associate Exam. The two portions of the test are scored separately, meaning a person may pass one test but fail the other. When this occurs, the test-taker is only expected to retake the failed portion.
Can I retake the Kentucky Real Estate Salesperson Exam?
Yes. Tests may be retaken as many times as is necessary to pass. However, both portions of the Kentucky Real Estate Sales Associate Exam must be passed within 4 months of each other in order to be considered valid.
How much does the Kentucky Real Estate Salesperson Exam cost?
The cost of the Kentucky Real Estate Sales Associate Exam is $100. This price applies regardless of whether a person is taking one or both portions of the exam.
Can I use a calculator on the Kentucky Real Estate Salesperson Exam?
Yes. Calculators are allowed on the Kentucky Real Estate Sales Associate Exam as long as they are silent, non-programmable, run on batteries, and lack both an alphabet keyboard and paper-printing capabilities.