Property Valuation
In Kentucky, an automated valuation model (AVM) is:
AA KREC-approved appraisal method
BA computer-generated estimate of value using statistical models and public data✓ Correct
CRequired by law for all mortgage transactions
DMore accurate than a professional appraisal in all cases
Explanation
An AVM is a computer-generated property value estimate based on statistical models and public records data. It is faster and less expensive than an appraisal but may not reflect all property-specific conditions.
Related Kentucky Property Valuation Questions
- A Kentucky appraiser reviewing recent 'flip' transactions (buy-renovate-sell) in a neighborhood must:
- A Kentucky appraiser is performing a retrospective appraisal to determine value as of a past date for an estate. The appraiser must use data that was available:
- The principle of substitution holds that:
- A Kentucky property has a monthly rent of $2,000 and the sale price is $264,000. What is the monthly gross rent multiplier (MGRM)?
- A Kentucky appraiser is reviewing a sale that occurred between a parent and adult child for $50,000 below market value. This sale:
- The gross rent multiplier (GRM) for a Kentucky residential rental property is calculated as:
- A Kentucky building has a replacement cost of $350,000 and has depreciated 20%. The depreciated value is:
- A Kentucky appraiser performing a drive-by (exterior-only) appraisal provides a report that:
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