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CE Shop KY Course Final Exam Questions and Answers
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CE Shop KY Course Final Exam Questions and Answers
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CE Shop KY Course Final ExamQuestions and Answers
An appraiser will identify the general and specific data needed for an appraisal. What
will determine the type of additional data needed? - Answer -The type of property
Which of the following is a true statement regarding new construction properties? -
Answer -Both home inspections and title insurance are recommended.
Under which type of buyer agency agreement does a buyer receive the most
representation from a single agent? - Answer -Exclusive right to represent
When a local planning board is reviewing density, it would consider ______. - Answer -
Setbacks and boundaries
Which of the following statements about net listings in Kentucky is true? - Answer -
They're illegal.
Which document provides an estimate of the costs a buyer is likely to pay at
settlement? - Answer -Loan Estimate
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? - Answer -Teaser rate
Which of the following, based on the abstract of title, is used to create the title
commitment before title insurance is issued? - Answer -An attorney opinion of title
Which of the following best describes market price? - Answer -The amount that a buyer
has paid, and a seller has accepted for a property.
Property ownership for an indeterminable length of time is an example of what form of
estate? - Answer -Freehold
What size trade areas do neighborhood shopping centers have? - Answer -Three-mile
The appraiser applies a capitalization rate to an income comparison of similar properties
with which of the four methods used to measure depreciation? - Answer -Capitalized
value
, 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?
- Answer -Special
Jillian has a loan-to-value ratio of 90/10. This means ______. - Answer -Her loan is 90%
of the value of the real estate used as collateral and she's putting 10% down.
Which one of the following statements regarding depreciation schedules is true? -
Answer -Commercial income-producing properties are depreciated longer (39 years)
than residential income-producing properties (27.5 years) are.
Which of the following will an appraiser do first when using the sales comparison
approach? - Answer -Identify features of the subject property that are in demand in the
market.
What practice did the Fair Housing Act of 1968 attempt to eliminate? - Answer -
Discrimination through blockbusting, steering, and redlining
The duty of confidentiality survives agency unless the former client is found guilty of
fraud or ______. - Answer -the information is known from other sources.
Which of the following is a true statement about options and option fees? - Answer -An
option fee may be for any amount agreed to by the parties.
Which of these is used in both wall framing and roofing rafter applications? - Answer -
Stud
What is a capitalization rate? - Answer -The expected rate of return on investment
Which of the following formulas is used with the cost approach to provide an opinion of
value? - Answer -Reproduction/replacement cost - accrued depreciation + site value =
property value
Grant and Jolene are both real estate agents who work for Jamie, the broker at JC
Realty. Grant is representing the buyer and Jolene the seller in the same transaction.
Jamie identifies Grant and Jolene as designated agents for their clients. Which of the
following statements is true about this situation? - Answer -Only Jamie, the broker, is a
dual agent.
Whose consent and agreement are required to conduct a short sale? - Answer -The lien
holder's
With which approach to value does the appraiser analyze a property's ability to earn
future income? - Answer -Income approach
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