Kentucky Property Valuation
Administrator (PVA) License EXAM STUDY
GUIDE 2026/2027 ACCURATE QUESTIONS
WITH CORRECT DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. Appraisal - ANSWER ✔ an estimate or opinion of value, completed by a
licensed appraiser, of a specific property as of a specific date.
2. Appraisers must be: - ANSWER ✔ licensed by the state.
3. Certified residential appraisers: - ANSWER ✔ appraise residential homes
4. Certified general appraisers - ANSWER ✔ appraise commercial properties
5. Appraisers are paid a: - ANSWER ✔ fee; the fee is based on the
complexity of the appraisal and the length of time necessary to complete it.
The fee never should be based on a percentage of the appraised value of the
property.
6. The Financial Institutions Reform, Recovery and Enforcement Act of 1989
(FIRREA): - ANSWER ✔ a major portion of this Act was for the
regulation of appraisers performing appraisals for federally related loan
transactions.
7. This Act established many federal agencies charged with the task of setting
appraisal standards and minimum qualification requirements.
8. The Appraisal Qualifications Board: - ANSWER ✔ sets qualification
standards and requirements for state-certified appraisers.
,9. The Appraisal Standards Board: - ANSWER ✔ sets standards for appraisal
practices.
10.What must a licensee have to engage in property management? - ANSWER
✔ A current written property management agreement.
11.What information must be included in a property management agreement? -
ANSWER ✔ Business name and address of the licensed agent's company,
owner's name and address, address of the property managed, number of
units, agreement dates, and provisions for renewal and termination.
12.What is required for the security deposit in property management? -
ANSWER ✔ The minimum security deposit amount and the method for
determining it must be specified in the agreement.
13.What must be included regarding the escrow account in a property
management agreement? - ANSWER ✔ The name and address of the bank
where the escrow account is kept, along with the account number.
14.What must a licensee provide regarding the security deposit procedures? -
ANSWER ✔ A provision outlining the procedures for returning or
retaining the security deposit.
15.What is required for accounting in property management? - ANSWER ✔ A
licensee must send a monthly accounting to the owner of transactions related
to the real estate being managed.
16.What must be maintained for each owner of real estate being managed? -
ANSWER ✔ An owner ledger, in electronic or written form.
17.What must be maintained for each tenant renting real estate? - ANSWER
✔ A tenant ledger, in electronic or written form.
18.What must be done with money received by a licensee? - ANSWER ✔ It
must be deposited into an escrow or management account without
unreasonable delay.
,19.How long must property management records be retained? - ANSWER ✔
For 5 years.
20.What is required for promotional activities for out-of-state property within
Kentucky? - ANSWER ✔ A licensee must apply to the commission and be
granted approval before engaging in promotional activities.
21.Can an out-of-state principal broker enter into cooperation agreements with
multiple Kentucky brokers? - ANSWER ✔ Yes, they may enter into
agreements with more than one Kentucky cooperating broker at the same
time.
22.What constitutes acts of real estate brokerage by an out-of-state principal
broker or licensee? - ANSWER ✔ Preliminary exchanges of information
and discussions do not constitute acts of real estate brokerage.
23.What must an out-of-state broker do if circumstances change and they can
no longer comply with regulations? - ANSWER ✔ They must immediately
stop performing acts of commercial real estate brokerage.
24.What is the definition of an out-of-state principal broker according to
Kentucky statutes? - ANSWER ✔ Any person licensed in a jurisdiction
without a legal distinction between a principal broker and a broker or
salesperson.
25.What must be kept fully informed to the Kentucky cooperating broker
during a transaction? - ANSWER ✔ All activities through prompt
communications.
26.What must be done with all documentation relating to transactions under the
cooperation agreement? - ANSWER ✔ It must comply with Kentucky law.
27.What is the minimum requirement for advertising multistate portfolio
listings? - ANSWER ✔ Only the name or firm of the Kentucky
cooperating broker is mandatory.
, 28.What is the maximum depth of information required in the notice of
affiliation? - ANSWER ✔ It must be true, complete, and signed or
authenticated by both parties.
29.What must the cooperation agreement ensure regarding improper conduct? -
ANSWER ✔ That both parties will not engage in improper conduct.
30.Sales Comparisons Approach - ANSWER ✔ An appraisal method which
estimates the value of real property by performing a market analysis of the
area where the subject property is located. Data are collected and
adjustments made for difference. Also called Market Data Approach
31.Scarcity - ANSWER ✔ Characteristic of real property that says there is a
limited supply of real estate
32.Selective Reassessment - ANSWER ✔ The illegal reassessment of specific
parcels, or certain types of property without regard to the relative uniformity
of assessments with the municipality
33.Site - ANSWER ✔ A plot of land with enhancements that make it ready
for building a structure
34.Site Valuation - ANSWER ✔ The value of land with the necessary
enhancements necessary to make it ready for building, such as water, sewer,
electricity, etc
35.Situs - ANSWER ✔ Place where something exists; an area of preferences
or preference by people for a certain location, thus giving economic
attributes (value) to the property
36.Special Assessment - ANSWER ✔ A tax levied only against properties that
benefit from a public improvement to cover the cost of the improvement;
creates a special assessment lien
37.Square Foot Method - ANSWER ✔ A cost approach appraisal method for
determining cost of a building, relying on cost manual
Administrator (PVA) License EXAM STUDY
GUIDE 2026/2027 ACCURATE QUESTIONS
WITH CORRECT DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. Appraisal - ANSWER ✔ an estimate or opinion of value, completed by a
licensed appraiser, of a specific property as of a specific date.
2. Appraisers must be: - ANSWER ✔ licensed by the state.
3. Certified residential appraisers: - ANSWER ✔ appraise residential homes
4. Certified general appraisers - ANSWER ✔ appraise commercial properties
5. Appraisers are paid a: - ANSWER ✔ fee; the fee is based on the
complexity of the appraisal and the length of time necessary to complete it.
The fee never should be based on a percentage of the appraised value of the
property.
6. The Financial Institutions Reform, Recovery and Enforcement Act of 1989
(FIRREA): - ANSWER ✔ a major portion of this Act was for the
regulation of appraisers performing appraisals for federally related loan
transactions.
7. This Act established many federal agencies charged with the task of setting
appraisal standards and minimum qualification requirements.
8. The Appraisal Qualifications Board: - ANSWER ✔ sets qualification
standards and requirements for state-certified appraisers.
,9. The Appraisal Standards Board: - ANSWER ✔ sets standards for appraisal
practices.
10.What must a licensee have to engage in property management? - ANSWER
✔ A current written property management agreement.
11.What information must be included in a property management agreement? -
ANSWER ✔ Business name and address of the licensed agent's company,
owner's name and address, address of the property managed, number of
units, agreement dates, and provisions for renewal and termination.
12.What is required for the security deposit in property management? -
ANSWER ✔ The minimum security deposit amount and the method for
determining it must be specified in the agreement.
13.What must be included regarding the escrow account in a property
management agreement? - ANSWER ✔ The name and address of the bank
where the escrow account is kept, along with the account number.
14.What must a licensee provide regarding the security deposit procedures? -
ANSWER ✔ A provision outlining the procedures for returning or
retaining the security deposit.
15.What is required for accounting in property management? - ANSWER ✔ A
licensee must send a monthly accounting to the owner of transactions related
to the real estate being managed.
16.What must be maintained for each owner of real estate being managed? -
ANSWER ✔ An owner ledger, in electronic or written form.
17.What must be maintained for each tenant renting real estate? - ANSWER
✔ A tenant ledger, in electronic or written form.
18.What must be done with money received by a licensee? - ANSWER ✔ It
must be deposited into an escrow or management account without
unreasonable delay.
,19.How long must property management records be retained? - ANSWER ✔
For 5 years.
20.What is required for promotional activities for out-of-state property within
Kentucky? - ANSWER ✔ A licensee must apply to the commission and be
granted approval before engaging in promotional activities.
21.Can an out-of-state principal broker enter into cooperation agreements with
multiple Kentucky brokers? - ANSWER ✔ Yes, they may enter into
agreements with more than one Kentucky cooperating broker at the same
time.
22.What constitutes acts of real estate brokerage by an out-of-state principal
broker or licensee? - ANSWER ✔ Preliminary exchanges of information
and discussions do not constitute acts of real estate brokerage.
23.What must an out-of-state broker do if circumstances change and they can
no longer comply with regulations? - ANSWER ✔ They must immediately
stop performing acts of commercial real estate brokerage.
24.What is the definition of an out-of-state principal broker according to
Kentucky statutes? - ANSWER ✔ Any person licensed in a jurisdiction
without a legal distinction between a principal broker and a broker or
salesperson.
25.What must be kept fully informed to the Kentucky cooperating broker
during a transaction? - ANSWER ✔ All activities through prompt
communications.
26.What must be done with all documentation relating to transactions under the
cooperation agreement? - ANSWER ✔ It must comply with Kentucky law.
27.What is the minimum requirement for advertising multistate portfolio
listings? - ANSWER ✔ Only the name or firm of the Kentucky
cooperating broker is mandatory.
, 28.What is the maximum depth of information required in the notice of
affiliation? - ANSWER ✔ It must be true, complete, and signed or
authenticated by both parties.
29.What must the cooperation agreement ensure regarding improper conduct? -
ANSWER ✔ That both parties will not engage in improper conduct.
30.Sales Comparisons Approach - ANSWER ✔ An appraisal method which
estimates the value of real property by performing a market analysis of the
area where the subject property is located. Data are collected and
adjustments made for difference. Also called Market Data Approach
31.Scarcity - ANSWER ✔ Characteristic of real property that says there is a
limited supply of real estate
32.Selective Reassessment - ANSWER ✔ The illegal reassessment of specific
parcels, or certain types of property without regard to the relative uniformity
of assessments with the municipality
33.Site - ANSWER ✔ A plot of land with enhancements that make it ready
for building a structure
34.Site Valuation - ANSWER ✔ The value of land with the necessary
enhancements necessary to make it ready for building, such as water, sewer,
electricity, etc
35.Situs - ANSWER ✔ Place where something exists; an area of preferences
or preference by people for a certain location, thus giving economic
attributes (value) to the property
36.Special Assessment - ANSWER ✔ A tax levied only against properties that
benefit from a public improvement to cover the cost of the improvement;
creates a special assessment lien
37.Square Foot Method - ANSWER ✔ A cost approach appraisal method for
determining cost of a building, relying on cost manual
