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CE Shop KY Course Final Exam Questions with 100% Scores
CE Shop KY Course Final Exam Questions with 100% Scores
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CE Shop KY Course Final ExamQuestions with 100% Scores
An appraiser will identify the general and specific data needed for an
appraisal. What will determine the type of additional data needed? - -The
type of property
-Which of the following is a true statement regarding new construction
properties? - -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? - -Exclusive right to represent
-When a local planning board is reviewing density, it would consider ______. -
-Setbacks and boundaries
-Which of the following statements about net listings in Kentucky is true? - -
They're illegal.
-Which document provides an estimate of the costs a buyer is likely to pay
at settlement? - -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? - -Teaser rate
-Which of the following, based on the abstract of title, is used to create the
title commitment before title insurance is issued? - -An attorney opinion of
title
-Which of the following best describes market price? - -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? - -Freehold
-What size trade areas do neighborhood shopping centers have? - -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? - -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? - -Special
-Jillian has a loan-to-value ratio of 90/10. This means ______. - -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? - -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? - -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? - -
Discrimination through blockbusting, steering, and redlining
-The duty of confidentiality survives agency unless the former client is found
guilty of fraud or ______. - -the information is known from other sources.
-Which of the following is a true statement about options and option fees? -
-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?
- -Stud
-What is a capitalization rate? - -The expected rate of return on investment
-Which of the following formulas is used with the cost approach to provide
an opinion of value? - -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? -
-Only Jamie, the broker, is a dual agent.
-Whose consent and agreement are required to conduct a short sale? - -The
lien holder's
-With which approach to value does the appraiser analyze a property's
ability to earn future income? - -Income approach
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