CE Shop KY Course Final.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/CE%20Shop%20KY%2
CE Shop KY Course Final Exam
1. An appraiser will identify the general and specific data needed for an appraisal. What
will determine the type of additional data needed?
ANS The type of property
2. Which of the following is a true statement regarding new construction
properties?
ANS Both home inspections and title insurance are recommended.
3. Under which type of buyer agency agreement does a buyer receive the most
representation from a single agent?
ANS Exclusive right to represent
4. When a local planning board is reviewing density, it would consider .-
ANS Setbacks and boundaries
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5. Which of the following statements about net listings in Kentucky is true?
ANS -
They're illegal.
6. Which document provides an estimate of the costs a buyer is likely to pay at
settlement?
ANS Loan Estimate
7. The Johnsons are shopping for a mortgage loan and are attracted to the below-
market interest rate offered for the first year of an adjustable rate mortgage. What's
this type of rate called?
ANS Teaser rate
8. Which of the following, based on the abstract of title, is used to create the title
commitment before title insurance is issued?
ANS An attorney opinion of title
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9. Which of the following best describes market price?
ANS The amount that a buyer has paid, and a seller has accepted for a property.
10. Property ownership for an indeterminable length of time is an example of what form
of estate?
ANS Freehold
11. What size trade areas do neighborhood shopping centers have?
ANS -
Three-mile
12. The appraiser applies a capitalization rate to an income comparison of similar
properties with which of the four methods used to measure deprecia- tion?
ANS Capitalized value
13. In most transactions involving a buyer or seller, real estate agents have limited
authority to act on behalf of their clients. Therefore, which type of agency relationship
are they in?
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