KENTUCKY (KY) PROPERTY VALUATION ADMINISTRATOR (PVA)
EXAM ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS WITH
RATIONALES LATEST A+
CERTIFIED STUDY MATERIAL
1. What is the value of a property based on?
A. The seller's asking price
B. The assessed tax value
C. What buyers are willing to pay for the property
D. The cost to build the property
Correct Answer: C
Rationale: Real estate value is based on what buyers in the market are willing to pay for a
property.
2. What do appraisers do?
A. Decide what buyers will pay for a property
B. Estimate what buyers will pay for a property
C. Determine a seller's asking price
D. Suggest a seller's asking price
Correct Answer: B
Rationale: Appraisers provide an unbiased estimate of a property's market value, they do not
decide or set prices.
,3. True or False: Real estate agents can make comparative and/or competitive market analyses as
part of a listing presentation.
A. True
B. False
Correct Answer: A
Rationale: It is true that real estate agents use comparative and competitive market analyses to
help sellers determine a listing price during a listing presentation.
4. What can a real estate agent make to determine an approximate listing price?
A. Preliminary Survey
B. Broker's Price Opinions
C. Agent's Price Opinions
D. Value In Use
Correct Answer: B
Rationale: A real estate agent can create a Broker's Price Opinion (BPO) to estimate a property's
value for listing purposes.
5. What are listing prices usually based on?
A. Assessed value
B. Recent sale prices
C. Fair Market Value
D. Competitive analyses
, Correct Answer: B
Rationale: Listing prices are typically based on recent sale prices of comparable properties in
the area.
6. When determining a list price of a property, how is the space calculated?
A. Plottage value
B. Yards
C. Square feet
D. Square inches
Correct Answer: C
Rationale: The living space of a property is calculated in square feet for valuation purposes.
7. What does the Uniform Standards of Professional Appraisal Practice (USPAP) govern?
A. Appraisers' certification
B. Appraisal standards
C. Mortgage appraisals
D. Commercial appraisal value
Correct Answer: C
Rationale: USPAP sets the ethical and performance standards for appraisals, particularly those
used for mortgage lending purposes.
8. Which is NOT one of the three basic approaches to evaluating property value?
EXAM ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS WITH
RATIONALES LATEST A+
CERTIFIED STUDY MATERIAL
1. What is the value of a property based on?
A. The seller's asking price
B. The assessed tax value
C. What buyers are willing to pay for the property
D. The cost to build the property
Correct Answer: C
Rationale: Real estate value is based on what buyers in the market are willing to pay for a
property.
2. What do appraisers do?
A. Decide what buyers will pay for a property
B. Estimate what buyers will pay for a property
C. Determine a seller's asking price
D. Suggest a seller's asking price
Correct Answer: B
Rationale: Appraisers provide an unbiased estimate of a property's market value, they do not
decide or set prices.
,3. True or False: Real estate agents can make comparative and/or competitive market analyses as
part of a listing presentation.
A. True
B. False
Correct Answer: A
Rationale: It is true that real estate agents use comparative and competitive market analyses to
help sellers determine a listing price during a listing presentation.
4. What can a real estate agent make to determine an approximate listing price?
A. Preliminary Survey
B. Broker's Price Opinions
C. Agent's Price Opinions
D. Value In Use
Correct Answer: B
Rationale: A real estate agent can create a Broker's Price Opinion (BPO) to estimate a property's
value for listing purposes.
5. What are listing prices usually based on?
A. Assessed value
B. Recent sale prices
C. Fair Market Value
D. Competitive analyses
, Correct Answer: B
Rationale: Listing prices are typically based on recent sale prices of comparable properties in
the area.
6. When determining a list price of a property, how is the space calculated?
A. Plottage value
B. Yards
C. Square feet
D. Square inches
Correct Answer: C
Rationale: The living space of a property is calculated in square feet for valuation purposes.
7. What does the Uniform Standards of Professional Appraisal Practice (USPAP) govern?
A. Appraisers' certification
B. Appraisal standards
C. Mortgage appraisals
D. Commercial appraisal value
Correct Answer: C
Rationale: USPAP sets the ethical and performance standards for appraisals, particularly those
used for mortgage lending purposes.
8. Which is NOT one of the three basic approaches to evaluating property value?
