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ALPHA MOCK EXAMS Flashcards

1
Q

The appraisal, assessment,
levy and collection of real
property tax shall be guided by
the following fundamental
principles, except:

A. Real property shall be appraised at
its current and assessed value
B. Real property shall be classified for
assessment purposes on the basis of
its actual use
C. Real property shall be assessed
on the basis of a uniform
classification within each local
government unit
D. The appraisal and assessment of
real property shall be equitable

A

A. Real property shall be appraised at
its current and assessed value

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2
Q

In the conjugal partnership of
gains, what kind of property
does the spouses have, except

A. Gains realized by the joint or merged
property and efforts of spouses
B. Property from a game of chance
C. Winning from a game of chance
D. Property owned by spouses
exclusively

A

D. Property owned by spouses
exclusively

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3
Q

The real estate service
practice is guided by a set of
prescribed rules of conduct,
morals and values embodied in
the

A. Rules of court
B. Appraiser’s code of ethics
C. professional code of governance
D. National code of ethics and
responsibilities

A

D. National code of ethics and
responsibilities

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4
Q

Lessors’ right to possess
leased property upon
termination of the lease contract
is known as the right of

A. Termination
B. Remainder
C. covenant
D. Reversion

A

D. Reversion

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5
Q

Is the assigning of new
assessed values to property,
particularly real estate, as the
result of a general, partial, or
individual reappraisal of the
property

A. Re-evaluation
B. Adjustment
C. Reassessment
D. Normalizing

A

C. Reassessment

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6
Q

The term synergistic
value can be defined as

A. Incremental value created by
combining two or more sites to
produce greater utility
B. Value associated with the plot of the
land on which the improvement is built
C. Value of a plot of land according to
tax rolls
D. Total value of a parcel of land that
has subdivided

A

A. Incremental value created by
combining two or more sites to
produce greater utility

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7
Q
  1. An appraisal by more than
    one appraiser, which states
    common conclusions of all

A. Lot appraisal
B. Mass appraisal
C. Joint appraisal
D. Joint review

A

C. Joint appraisal

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8
Q

Refers to a commercial,
industrial service or investment
entity pursuing an economic
activity

A. Financial interest
B. Shopping center
C. Commercial property
D. Business

A

D. Business

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9
Q

Acquisition of private land by
the government for public use
could be undertaken thru the
following procedures, except

A. Negotiated sale or purchase
B. Expropriation
C. Exchange or barter
D. Foreclosure

A

D. Foreclosure

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10
Q

Owner A gives owner B an
easement across A’s land to
shorten the distance B has to
travel to each land he owns. The
land B owns has benefited by
this easement and is known as
the:

A. Dominant estate
B. Service estate
C. Lien estate
D. Estate in gross

A

A. Dominant estate

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11
Q

What term is used to
describe tangible and intangible
factors that enhance the
desirability and thus add to the
value of real estate?

A. Amenities
B. Goodies
C. Enhancements
D. Negative externalities

A

A. Amenities

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12
Q

What terms apply to the rent
specified in a lease?

A. Based rent
B. Market rent
C. Contract rent
D. Gross rent

A

C. Contract rent

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13
Q

The following
terminates conjugal
partnership of gains, except:

A. Upon the death of either spouse
B. When the spouses have agreed
and are separated for more than 10
years
C. When the marriage is declared void
D. When there is a decree of legal
separation

A

B. When the spouses have agreed
and are separated for more than 10
years

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14
Q

Gentrification is

A. A class of citizens who live in
blighted areas
B. A process in which older homes in a
neighborhood are remodeled and
different residents replace the lower income residents
C. A group of complementary land
uses
D. A part of the life cycle of a market
area in which property values are
stable and the maintenance levels are
adequate

A

B. A process in which older homes in a
neighborhood are remodeled and
different residents replace the lower income residents

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15
Q

The predominant
depreciation category for a
residential location on heavily
traveled national highway is

A. Physical deterioration—curable
B. Physical deterioration—long-lived
incurable
C. Functional obsolescence—curable
D. External obsolescence—
incurable

A

D. External obsolescence—
incurable

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16
Q

You were recently asked to
appraise the Midnight blue
hostel. The bank asked you to
value the property for loan
purposes. The comparables
sales you used in this analysis
were all sales of the entire
operation. The income used in
your calculation was based on
the rental rate of each sleeping
room and the sales at the
restaurant and the bar. You are
most likely appraising

A. Market value of the fee simple
interest
B. Market value of the leased fee
interest
C. Going-concern value
D. Value in use

A

C. Going-concern value

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17
Q

In a high demand market, the
cost of building a new property
will increase substantially until

A. It becomes impossible for prices to
go higher
B. The supply increases because
new builders get into the market
C. The charges from suppliers and
subcontractors go down
D. The BSP increases interest rates

A

B. The supply increases because
new builders get into the market

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18
Q
  1. Short term
    financing instruments are part of
    the

A. Capital market
B. Money market
C. feasibility study
D. absorption analysis

A

B. Money market

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19
Q

Capital is

A. Accumulated wealth, a lump
sum available for investments
B. The location of the center of
government
C. A death sentence
D. The building in which a legislative
body meets

A

A. Accumulated wealth, a lump
sum available for investments

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20
Q

Supply of single-family
residential properties is most
affected by

A. An increase in employment in
the area
B. A decrease in mortgage interest rate
C. An increase in the number of
apartments built
D. An increase in the number of homes
built

A

D. An increase in the number of homes
built

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21
Q

Which of the following does
not belong to the real estate
service profession?

A. Appraiser
B. Dealer
C. Broker
D. Salesperson

A

B. Dealer

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22
Q

Under the PVS, GN100 refers
to Mass Appraisal for property
taxation; while GN300 refers to

A. Reviewing valuations
B. Consideration of hazardous and
toxic substances in valuation
C. Valuation of agricultural
properties
D. Valuation of properties in the
extractive industries

A

A. Reviewing valuations

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23
Q

A valuer who is employ or
either the entity that owns the
assets or the accounting firm
responsible for preparing the
entity’s financial record and/or
reports as a

A. External valuer
B. Internal valuer
C. general valuer
D. Assessor

A

B. Internal valuer

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24
Q

The valuation
report communicates to users
and third-party readers the
following except

A. The value conclusion
B. Appraisal fee
C. Conforms the basis of the
valuation
D. Any assumptions or limiting

A

B. Appraisal fee

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25
Q

If the metes and-bounds
method of legally describing land
is being used, which of the
following statement is
CORRECT?

A. The straight point must be a natural
benchmark
B. There must be a define point of
beginning
C. Monuments cannot be used as part
of the description
D. No other methods, such as lot-and block, can be used as part of the
description

A

B. There must be a define point of
beginning

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26
Q

All of the following areas of
regulation affect appraisers
except

A. PRC
B. LGU Planning Office
C. DTI
D. Register of Deeds

A

D. Register of Deeds

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27
Q

REIT assets must be fully
validated at least ______ by an
independent appraiser/valuer
duly accredited by the SEC:

A. Once a year
B. Once every two years
C. Once every three years
D. Once every five years

A

A. Once a year

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28
Q

The primary purpose of
Truth in Lending is to:

A. Disclose the true costs of obtaining
credit
B. Control the true costs to close a
transaction
C. Disclose the true costs of a loan
only.
D. Control interest rates on behalf
of the consumer

A

A. Disclose the true costs of obtaining
credit

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29
Q

The following are methods
in estimating reproduction cost
except

A. Quantity survey method
B. Observed condition breakdown
method
C. Unit-in-place method
D. Per sq meter method

A

B. Observed condition breakdown
method

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30
Q

As to distribution of the
proceeds of Real Estate Tax
Property. In case of province
which shall accrue 35%,
municipal 40%, and barangay is
____?

A. 25%
B. 30%
C. 35%
D. 40%

A

A. 25%

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31
Q

How many members of the
Professional Regulatory Board
shall represent the government
assessors and appraisers who
are in active government
service?

A. One (1)
B. Two (2)
C. Three (3)
D. Four (4)

A

B. Two (2)

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32
Q

The assessment levels to be
applied to the fair market value
of real property to determine its
assessed value shall be

A. Exact
B. Fixed
C. Current
D. Change every 3 years

A

B. Fixed

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33
Q

Buffer trips and public
easements along rivers, lakes
and coastal areas are marked
out within a zone of certain
number of meters in urban
areas.

A. 5 meters
B. 10 meters
C. 3 meters
D. 20 meters

A

C. 3 meters

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34
Q

The total number of
ethnolinguistic groups of
indigenous people is

A. 75
B. 100
C. 110
D. 130

A

C. 110

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35
Q

Which of the following if not
valid criterion for a code of
ethics

A. Ethics is concern for good behavior
not only for our own personal wellbeing
but also of human society as whole
B. Ethics is right for right’s sake
C. Ethics is subservient to laws and
regulations
D. Ethics is having high moral sense

A

C. Ethics is subservient to laws and
regulations

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36
Q

Neighborhood social
influences includes all of the
following except

A. Occupant age levels
B. Occupant skill levels
C. Vacancy rates
D. Population density

A

C. Vacancy rates

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37
Q

A legally non-conforming
use is

A. A use that was illegally established
and maintained
B. A use that was not legally
established and maintained and still
does not conform to existing zoning
C. A use that was not legally
established and maintained but the
government is not enforcing the laws
D. A use that was legally
established and maintained but no
longer conforms to existing zoning

A

D. A use that was legally
established and maintained but no
longer conforms to existing zoning

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38
Q

A real estate mall developer
purchases a site with the intent
of building a regional mall
because the immediate area has
a significant number of
households, and the income
level of those households is
affluent. What type of force is the
neighborhood going through?

A. Social
B. Governmental
C. Economic
D. Environmental

A

A. Social

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39
Q

Which of the following
features represents physical
data that must be considered by
the appraiser?

A. Public Restrictions
B. Easements
C. Plottage
D. Utility connections

A

B. Easements

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40
Q

A good unit of comparison
for an apartment building would
be rent per:

A. Room
B. Floor
C. Cubic foot of storage area
D. Lineal foot of road frontage

A

A. Room

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41
Q

It is a relatively small area
focused on protection of small
features to protect or preserve
nationally significant natural
features on account of their
special interest or unique
characteristics.

A. Natural Biotic Area
B. Minor protected area
C. Natural monument
D. Environmental monument

A

C. Natural monument

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42
Q

Conclusion as to the highest
and best use is part of making
the-

A. The initial estimate of value
B. The final estimate of value
C. The mid estimate of value
D. Progressive estimate of value

A

B. The final estimate of value

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43
Q

Valuation is the process
estimating market value of an
identified interest on a specific
parcel of real estate for a
particular date while evaluation
is the study of the

A. orderly process on real estate or
interests in real property
B. estimation on real estate or interests
thereof
C. nature, quality or utility of a
specific real estate or interests
thereof
D. services to clients that deals with
marketability and development of real
property

A

C. nature, quality or utility of a
specific real estate or interests
thereof

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44
Q

Based on the Philippine
Valuation Standards, there are
only two (2) values, namely:
market value and non-market
value, which of the following are
not non-market value?

A. Liquidation value, Prompt sale value
B. Insured value, special value
C. Owners value, Plottage value
D. Salvage Value, Scrap Value

A

D. Salvage Value, Scrap Value

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45
Q

A technique used by market
analysis and appraisers that
attempts to measure the current
economic activity and expected
future economic growth in a
specific geographic area

A. Site analysis
B. Economic base analysis
C. Basic industry analysis
D. Non-Basic industry analysis

A

B. Economic base analysis

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46
Q

The sales comparison
approach involves various
elements of comparison. Which
of the following elements is not
one employed in this approach?

A. Cost
B. Property rights being conveyed
C. Conditions of sale
D. Date of sale

A

A. Cost

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47
Q

Which of the following is
NOT one of the modes of
extinguishing a contract of
Agency?

A. Withdrawal of the agent
B. Withdrawal of the deposit in the
bank
C. Death, civil interdiction of the agent
D. Expiration of the period of the
agency

A

B. Withdrawal of the deposit in the
bank

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48
Q

For Residential and
Commercial Condominium
Projects, the minimum parking
slot requirement shall be:

A. one for every 4 studio units
B. one for every 3 one-bedroom units
C. one for every 2 three-bedroom units
D. based on the National Building Code
of the Philippines

A

D. based on the National Building Code
of the Philippines

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49
Q

A land use pattern which
redirects development away
from the urban core or city
center toward identified urban
growth areas or nodes

A. Multi-nodal
B. Concentric
C. Linear
D. Grid

A

A. Multi-nodal

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50
Q

Two bookstores are located
on the same city street, and both
have had good business for ten
years. One store is improved
with new displays, better lighting,
computerized inventory control,
and a snack bar. Because the
store is part of a chain, resetting
costs are absorbed without a
general increase in prices. The
other bookstore begins losing
customers. Which basic value
principle(s) does the foregoing
case illustrate?

A. Competition
B. Contribution
C. Both a and b
D. None of the above

A

C. Both a and b

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51
Q

 A single family homeowner
who builds a new and unique
structure will commonly find
that

A. The uniqueness will cause the
market to like it and pay more of it
B. Properties that do not conform to
the popular designs will sell for more
C. By definition, uniqueness means
that fewer people will want to buy it
D. The market will pay as much for this
property as any other because of its
unique nature

A

C. By definition, uniqueness means
that fewer people will want to buy it

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52
Q

Manila, Jaro, Vigan and
Nueva Caceres were chartered
cities during the Spanish time

A. Manila
B. Jaro
C. Vigan
D. Nueva Caceres

A

D. Nueva Caceres

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53
Q

Refers to the profit
generated from the investment

A. Return on Capital
B. Return on net expenses
C. Return of Capital
D. Return on Capital net of Expenses

A

A. Return on Capital

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54
Q

It is a representation in
words or an equation of the
relationship between value and
variables representing factors of
supply and demand

A. Cost
B. Value
C. Calibration model
D. Valuation model

A

D. Valuation model

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55
Q

The process of valuing a
group of properties as of a given
date using standard
methodology, employing
common data, and allowing for
statistical testing

A. Mass appraisal
B. Model calibration
C. Income Approach
D. Cost Approach

A

A. Mass appraisal

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56
Q

Train services are provided
by three main railway networks
that serve different areas of
metro manila and parts of
Luzon except

A. Philippine national railways
B. North rail transit
C. Manila light rail transit
D. Manila metro rail transit system

A

B. North rail transit

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57
Q

These are conditions and
assumptions under which
appraisal is made

A. Limiting conditions
B. Explanation
C. Waiver
D. Assumptions

A

A. Limiting conditions

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58
Q

Which of the following
estimates would result in a
capitalization rate of 8%

A. Property value of P 2.500.000,
potential gross income of P 200,000
B. Property value of P 2,500,000,
effective gross income of P 200,000
C. Property value of P 2,500,000, net
operating income of P 200,000
D. Property value of P 4,000,000,
net operating income of P 320,800

A

C. Property value of P 2,500,000, net
operating income of P 200,000

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59
Q

It occurs when invested
money gains value

A. Discounting
B. Demography
C. Compounding
D. Market existence

A

C. Compounding

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60
Q

Which of the following
statements is incorrect?

A. Valuation standards are
statements of recognized
principles and concept
B. Valuation standards describe the
different valuation mythologies
C. Valuation standards are statements
of accepted definitions
D. Valuation standards are statements
of best practice of valuation and
reporting

A

B. Valuation standards describe the
different valuation mythologies

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61
Q

When a property’s highest
and best use is likely to change
in the near future the prevailing
highest and best use is known
as

A. Interim use
B. Pending use
C. Temporary use
D. Alternative use

A

A. Interim use

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62
Q

An external valuer is

A. A valuer who, together with any
associates, has no material links with
the client
B. A valuer who, together with any
associates, has no material links in the
subject of assignment
C. A valuer who, together with any
associates, has no material links with
the agent acting on behalf of the client
D. All of the above

A

D. All of the above

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63
Q

As provided by the code of
ethics and responsibilities, which
of the following should be
displayed by the real estate
appraiser’s office?

A. AIPO Receipt
B. Surety Bond
C. Professional Identification Card
D. Certificate of Registration

A

D. Certificate of Registration

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64
Q

Which of the following real
estate transactions will make
use of a junior lien?

A. The seller carries the Orst deed of
trust
B. The buyer puts up a 20% down
payment and obtains an 80% loan
C. The buyer puts up a 10% down
payment and obtains an 80% loan
as the seller carries a 10% second
deed of trust
D. An all-cash sale

A

C. The buyer puts up a 10% down
payment and obtains an 80% loan
as the seller carries a 10% second
deed of trust

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65
Q

The peak of the business
cycle, where there is full
employment and national output
is at full capacity.

A. Recovery
B. Summit
C. Prosperity
D. Safety

A

C. Prosperity

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66
Q

He popularized that
population growth will always
tend to outrun the food supply
and that of the improvement of
human kind is not possible
without stringent limits of
production

A. Adam Smith
B. Thomas Robert Malthus
C. David Ricardo
D. Jennifer Aniston

A

B. Thomas Robert Malthus

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67
Q

Efficiency and diligence
requires that

A. A valuer should act promptly and
efficiency in carrying out the clients
instructions and should keep the
client informed of the valuers’
program
B. Instruction should be declined where
circumstances preclude sufficient
diligent
C. Either a or b
D. Both a and b

A

A. A valuer should act promptly and
efficiency in carrying out the clients
instructions and should keep the
client informed of the valuers’
program

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68
Q

In a court case, the real
estate appraiser was called to
testify and under the code of
ethics he must testify in a
manner –

A. To protect the interest of the client
B. To protect both their interest
C. to protect his interest
D. To testify in a truthful manner

A

D. To testify in a truthful manner

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69
Q

This capitalization process
considers the time value of
money and is applied to a series
of net operating incomes for a
period of years

A. Direct capitalization
B. Yield capitalization
C. Discounted rate
D. Internal rate of return

A

B. Yield capitalization

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70
Q

A _________________
leasehold interest is created
when the market rent is greater
than the contract rent.

A. Negative
B. Equal
C. Zero
D. Positive

A

D. Positive

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71
Q

The rate that equates the
present value of the net cash
flows of a project with the
present value of the capital
investment.

A. Discounting rate
B. Overall rate
C. Internal rate of return
D. Recapture rate

A

C. Internal rate of return

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72
Q

It is the fundamental to the
process of Philippine Valuation
Standards (PVS) that valuation
or appraisal performed in
compliance with PVS should be
provided by Professional Valuers
or Real Estate Appraisers who
are ______?

A. honest and competent, free of bias
or self-interest, whose report are clear,
will mislead and will not disclose all
materials essential to the proper
understanding of the
valuation/appraisal
B. honest and competent, free of bias
or self-interest, whose report are
representative of client’s interest and
shall not disclose all materials
essential to the proper understanding
of the valuation/appraisal
C. dishonest and incompetent, free of
bias or self-interest, whose report are
clear, will mislead and will not disclose
all materials essential to the proper
understanding of the
valuation/appraisal
D. honest and competent, free of
bias or self-interest, whose report
are clear, will not mislead and will
disclose all materials essential to
the proper understanding of the
valuation/appraisal

A

D. honest and competent, free of
bias or self-interest, whose report
are clear, will not mislead and will
disclose all materials essential to
the proper understanding of the
valuation/appraisal

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73
Q

Interest Rate + Recapture
Rate equals

A. Discounting rate
B. Overall rate
C. Internal rate of return
D. Return on investment

A

B. Overall rate

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74
Q

These are individual
properties, such as hotels, fuel
stations, and restaurants that
usually change hands in the
marketplace while remaining
operational.

A. Specialized properties
B. Public sector assets
C. Institutional properties
D. Trade related properties

A

D. Trade related properties

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75
Q

A revenue-raising procedure,
based on the assessed value of
property related to a scale of
charges defined by statute within
a specified time-frame.

A. Gross income taxation
B. Ad valorem taxation
C. Capital gains taxation
D. Estate taxation

A

B. Ad valorem taxation

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76
Q

In mass appraisal, this is the
process of analyzing sets of
property and market data to
determine the specific
parameters operating upon a
model.

A. Standard deviation
B. Range
C. Mode
D. Calibration

A

D. Calibration

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77
Q

Any form of lease rental
arrangement in which the lessor
receives a form of rental that is
based on the earnings of the
lessee. Percentage rent is an
example.

A. Turnover rent
B. Base rent
C. Market rent
D. Economic rent

A

A. Turnover rent

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78
Q

At the most fundamental
level, value is created and
sustained by the
interrelationship of five factors
that are associated with any
product, service, or commodity.
These factors are –

A. Utility, need, purchasing power,
buyers and sellers
B. Capital markets, money markets,
discount rate and reserve requirements
C. Utility, scarcity, desire, purchasing
power, and transferability
D. Location, size, shape, terrain and
elevation

A

C. Utility, scarcity, desire, purchasing
power, and transferability

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79
Q

Public sector land valuation
and taxation in the Philippines is
the domain of two (2) arms of
the government, namely:

A. Department of Budget and
Management and Local Government
Units
B. Land Registration Authority and
Bureau of Internal Revenue
C. Local Government Units and
Bureau of Internal Revenue
D. Local Government Units and
National Tax Research Center

A

C. Local Government Units and
Bureau of Internal Revenue

80
Q

An ______________ market is
one that is characterized by
goods or services that are easily
produced and readily
transferable, with a large number
of buyers and sellers.

A. Active
B. Calm
C. Inefficient
D. Efficient

A

D. Efficient

81
Q

This theory is based on the
idea that the greater the volume
of an item, the less each
incremental volume should cost

A. Cheaper by the dozen
B. Economies of scale
C. Anticipation
D. Increasing returns

A

B. Economies of scale

82
Q

The process of orchestrating
land, labor, and capital to
produce an item

A. Conduction
B. Analysis
C. Entrepreneurship
D. Capitalization

A

C. Entrepreneurship

83
Q

Choose from the following
the economic factors affecting
the resources and efforts of
people to achieve their social
ideals.
I. Natural resources, quantity,
quality, location, rate of
depletion
II. Commercial and industrial
trends
III. Employment trends and wage
levels
IV. Availability of money and
credit
V. Price level interest rates, tax
burdens
VI. Other factors affecting
purchasing power

A. I, II, III, IV, VI
B. I, II, III, IV, V, VI
C. II, III, IV, V, VI
D. I, II, III, V, VI

A

B. I, II, III, IV, V, VI

84
Q

In the application of this
technique to estimate value, the
building value is estimated as
the present value of the residual
income attributable to the
building of an income producing
property.

A. Building residual technique
B. Land residual technique
C. Property residual technique
D. Development technique

A

A. Building residual technique

85
Q

These are assets that
embody a cultural, historic, and/
or architectural heritage.

A. Agricultural properties
B. Historic properties
C. Trade related properties
D. Public sector assets

A

B. Historic properties

86
Q

The process by which a least
cost replacement option is
determined for the remaining
service potential of an asset

A. Reproduction cost new
B. Capitalization
C. Value engineering
D. Optimization

A

D. Optimization

87
Q

A method of estimating the
reproduction cost or
replacement cost involves a
complete cost itemization of all
direct and indirect costs to be
incurred or incurred in the
construction of an
improvement

A. Index method
B. Cost-in-place method
C. Quantity survey method
D. Comparative method

A

C. Quantity survey method

88
Q

The process of retiring a
mortgage or debt over a
specified time period.

A. Debt service
B. Installment
C. Amortization
D. Equity

A

C. Amortization

89
Q

It creates a lien in favor of
the mortgages on the property of
the mortgages

A. Lending
B. Financing
C. Mortgage
D. Discounting

A

C. Mortgage

90
Q

A credit regulation device of
the BSP that refers to the
percentage of deposits that
must be retained by banks

A. Discounted rates
B. Fiscal policy
C. Credit regulation
D. Reserve requirement

A

D. Reserve requirement

91
Q

The price paid for goods or
services, or the amount required
to create or produce the goods
or service

A. Value
B. Price
C. Cost
D. Selling price

A

C. Cost

92
Q

In property appraisal, these
are suppositions taken to be
true, involving facts, conditions,
or situations affecting the
subject (property being
appraised), or the approach in
the valuation

A. Assumptions
B. Market conditions
C. Perceptions
D. Observations

A

A. Assumptions

93
Q

Families are more aware of
recycling their consumer waste
than ever before. This is an
example of which kind of force:

A. Social
B. Governmental
C. Economic
D. Environmental

A

A. Social

94
Q

Which of the following is
the responsibility of the Real
Estate Practitioner’s
Professional Rules of Ethics and
Responsibilities as to FELLOW
PRACTITIONERS?

A. The Practitioner shall always set a
good example as a responsible law abiding citizen.
B. The Practitioner shall respect the
dignity, reputation, and privacy of
fellow practitioners.
C. The practitioner shall always
maintain transparency in all dealings
with the Client.
D. The Practitioner shall strictly
observe client-practitioner
confidentially

A

B. The Practitioner shall respect the
dignity, reputation, and privacy of
fellow practitioners.

95
Q

Interests in property
resulting from the legal division
of ownership interests in
businesses and real property,
from the contractual grant of an
optional right to buy or sell
property at a stated price within
a specified period, or from the
creation or investment
instruments secured by pooled
real estate assets

A. Business
B. Financial interests
C. Personal property
D. Real estate investment trust

A

B. Financial interests

96
Q

Select from the following the considerations involved in
the determination of the highest
and Best Use.
(I) To establish whether a use is
physically possible, regard will
be had to what would be
considered reasonable
participants.
(II) To reflect the
requirement to legally
permissible, any legal
restrictions on the user of the
asset need to be taken into
account as well as the likelihood
that these restrictions will
change.
(III) The Requirement that the
use be financially feasible takes
into account whether an
alternative use that is physically
possible and legally permissible
will generate sufficient return to
a typical participant, after taking
into account the cost of
conversion to that use, over and
above the return on existing use

A. II and III
B. I and II
C. I, II, III
D. I and III

A

C. I, II, III

97
Q

A type of business involving
a combination of two or more
entities that join to undertake a
specific project

A. Syndication
B. Limited partnership
C. Joint venture
D. General partnership

A

C. Joint venture

98
Q

In statistics, this term refers
to the difference between the
highest and the lowest scores.

A. Standard deviation
B. Mode
C. Mean
D. Range

A

D. Range

99
Q

Tax Imposed on profit
presumed have been realized on
the sale or disposition of lands
and/or buildings

A. Estate tax
B. Capital gains tax
C. Inheritance tax
D. Realty tax

A

B. Capital gains tax

100
Q

In matters of impartiality, a
Real Estate Appraiser/ Valuer
must _____.

A. at all times deal with client’s affair
with proper discretion and
confidentiality
B. not act in a manner that is
misleading or fraudulent
C. at all times maintain a high
standard of honesty and integrity
and conduct their activities in a
manner not detrimental to their
clients
D. perform an assignment with the
strictest independence, objectivity, and
impartiality and without
accommodation of personal interest

A

D. perform an assignment with the
strictest independence, objectivity, and
impartiality and without
accommodation of personal interest

101
Q

This describes the value of
an asset that has reached the
end of its economic life for the
purpose it was made, and the
asset may still have value for an
alternative use or for recycling.

A. Scrap value
B. Salvage value
C. Market value
D. Liquidation value

A

B. Salvage value

102
Q

Financial institution which
is primarily concerned with the
safe keeping of funds through
the acceptance of deposits of
money provision of credit
through lending money

A. Commercial Bank
B. Pawnshop
C. Central Bank
D. Saving Bank

A

A. Commercial Bank

103
Q

The final step in the
valuation process

A. Identification of the real estate
B. Data analysis
C. Correlation of value
D. Valuation reporting

A

D. Valuation reporting

104
Q

Provided below are non-exhaustive list of circumstances that commonly include an intangible asset valuation
component. Identify these purposes.
(I) Valuation of intangible assets
are often required in connection
with accounting for business
combinations, assist
acquisitions and sales, and
impairment analysis.
(II) Valuations are frequently
needed for transfer pricing
analyses, estate and gift tax
planning and reporting, and ad
valorem taxation analyses.
(III) Intangible assets may be the
subject of litigation, requiring
valuation analysis in
circumstances such as a
shareholder disputes, damage
calculations and material
dissolutions(divorce).
(IV) Other statutory or legal
events may require the valuation
of intangible assets such as
compulsory purchases/eminent
domain proceedings.
(V) Valuers are often asked to
value intangible assets as part of
general consulting, collateral and
transactional support
engagements.

A. I, IV, III, V only
B. I, II, III, IV, V
C. II, III, IV, V only
D. I, II, III, only

A

B. I, II, III, IV, V

105
Q

The present and future
demand for a property and its
absorption rate is considered in
a

A. letter in appraisal
B. market feasibility study
C. market segmentation
D. highest and best used analysis

A

B. market feasibility study

106
Q

The appraiser final estimate
should be based on

A. average of three value indications
obtained by three approaches
B. weighing of the reliability of the
information analyzed in each of the
three approaches
C. the most sophisticated guess
technique
D. adjustment for most recent
indicators in the local market

A

B. weighing of the reliability of the
information analyzed in each of the
three approaches

107
Q

The form of which a formal
appraisal is presented is called

A. A presentation of value
B. A narrative report
C. An appraisal report
D. A value certification

A

C. An appraisal report

108
Q

The following are
considered essential elements of
a real estate contract, EXCEPT
_______.

A. Consent of the parties
B. A lawful object
C. Consideration
D. Parol evidence

A

D. Parol evidence

109
Q

Who is the chairman of
LBAA or Local board of
assessment Appeal?

A. Register of Deeds
B. City Treasurer
C. Fiscal
D. City Assessor

A

A. Register of Deeds

110
Q

Determine the disposition
of title upon the death of any of
the co-owners in a joint tenancy

A. Convey title without the permission
of co-owners; probate is usually
required,
B. Convey title without the permission
of co-owners; no probate nor will
required due to the right of
survivorship.
C. Convey title with the permission
of co-owners; probate is usually
required.
D. Convey title with the permission of
co-owners; no probate nor will required
due to the right survivorship.

A

B. Convey title without the permission
of co-owners; no probate nor will
required due to the right of
survivorship.

111
Q

The Professional Rules of
Ethics and Responsibilities to the
Government are the following,
EXCEPT, the Practitioner shall
_______.

A. Comply with Sec 33 and Sec 38,
Art IV RA 9646
B. pay correct taxes and fees required
by law. They shall not encourage,
tolerate, or participate directly or
indirectly in the evasion of illegal
reduction in the payment due to the
government.
C. secure all necessary licenses,
permits and authority as may be
required by law, ordinance or rules and
regulations
D. always set a good example as a law-abiding citizen

A

A. Comply with Sec 33 and Sec 38,
Art IV RA 9646

112
Q

Value in use is

A. Subjective
B. Objective
C. Readily measurable
D. A market phenomenon

A

A. Subjective

113
Q

The “as of” date in an
appraisal report is

A. the date to which the value
applies
B. immaterial to the value estimate
C. the date on which the report is
delivered
D. the date on which the property will
be conveyed

A

A. the date to which the value
applies

114
Q

Common items such as
materials and labor are included
in Direct cost. What others are
included?
I. transport, installation costs
II. professional, and other fees
(commissions, etc.)
III. overheads, taxes
IV. finance cost (interest on debt financing)
V. profit margin/return to investors

A. I, II, III, IV
B. II, III, IV, V
C. I, III, IV, V
D. I, II, III, IV, V

A

C. I, III, IV, V

115
Q

To be considered
comparable to the subject
property, a comparable must
have been sold in

A. Market transaction
B. Industry transaction
C. Real estate transaction
D. Arms-length-transaction

A

D. Arms-length-transaction

116
Q

The total loan payment
made on a parcel of real estate
during any one year is generally
referred to as:

A. Debt service
B. Equity
C. Mortgage constant
D. Cash flow

A

A. Debt service

117
Q

Public and private
agricultural land is excluded
from CARP when it has a slope
or gradient of:

A. Nine percentage
B. Twelve percentage
C. Eighteen Percentage
D. Fifteen percentage

A

C. Eighteen Percentage

118
Q

It is a relatively large area
not materially altered by human
activity where extractive
resource uses are not allowed
and maintained to protect
outstanding natural & scenic
areas of national or international
significance for scientific,
educational & recreational use.

A. Protected area
B. National Park
C. Natural Park
D. Protected Landscapes/seascapes

A

C. Natural Park

119
Q

What is the title of Part II of
the Philippine Valuation
Standards 2nd Edition, 2018?

A. Valuation of properties in the
Extractive Industries
B. Mass Appraisal for Property
Taxation
C. Philippine Context Focusing on
Valuation for Taxation and Other
Purposes
D. International Valuation Standards
(IVS) 2017

A

C. Philippine Context Focusing on
Valuation for Taxation and Other
Purposes

120
Q

The statement that the real
estate appraiser should be
imbued with a social conscience
for he/she does not live by
him/herself and his/her family
alone can be reflected in the
statement of –

A. No man is an island
B. Better to live inside a subdivision
C. Network with others
D. Join a professional organization

A

A. No man is an island

121
Q

The following are the
necessary qualifications of an
Appraiser to estimate property
value of diversified purpose as:

I. Transactions involving transfer
of property ownership.
II. Pending settlement of taxes and
establishment on the basis of
taxes
III. Property treated as fixed
asset in financial reporting
IV. Establishment of rental rates
V. Establishment payment of just
compensation in condemnation
proceedings

A. I.II.III.IV.V
B. I.III.IV.V
C. I.II.III.V
D. I.II.III.IV

A

A. I.II.III.IV.V

122
Q

The area of a triangular plot
is computed by the formula

A. ½ length x width
B. ½ altitude x width
C. ½ length x base
D. ½ altitude x base

A

D. ½ altitude x base

123
Q

An appraisal report can be
undertaken in the following
types, EXCEPT:

A. Form Report
B. Oral Report
C. Marketing Report
D. Narrative Report

A

C. Marketing Report

124
Q

The correct translation of
professional regulations
commission in Filipino is

A. Komisyon sa regulasyon ng
propesyonal
B. Komisyon sa regulasyon ng mga
propesyonal
C. Komisyon ng regulasyon sa
propesyonal
D. Komosyon ng regulasyon sa mga
propesyonal

A

B. Komisyon sa regulasyon ng mga
propesyonal

125
Q

A parallel beam is known as
–

A. A jamb
B. A girder
C. A joist
C. a batten

A

C. A joist

126
Q

In a conventionally
constructed house, the highest
member of the frame is –

A. Rafter
B. Ridge board
C. Girder
D. Collar beam

A

B. Ridge board

127
Q

One acre is equivalent to

A. 15,280 sqft
B. 10,560 sqft
C. 5,280 sqft
D. 43,560 sqft

A

D. 43,560 sqft

128
Q

It refers to a heating system
based on hot water

A. Hydronic system
B. Cogeneration system
C. Convector system
D. Hydraulic system

A

A. Hydronic system

129
Q

Identify the government
office/division that shall prepare
a list of real properties in the
assessment roll showing the
names of the landowners, lot
and title numbers, areas, land
classification, market and
assessed values taken from
existing tax declaration of all
land parcel within the Urban
Zone

Bureau of Local Government
Finance
B. Provincial Assessor
C. City or Municipal Assessor
D. Land Management Bureau

A

C. City or Municipal Assessor

130
Q

Which approach to value
would be most likely to be used
in appraising a public library?

A. Income Approach
B. Market Data Approach
C. Cost Approach
D. Replaceable Approach

A

C. Cost Approach

131
Q

What law provides
designated HLURB as sole
regulatory power in house and
lot development, mandated to
encourage greater participation
of the private sector for the lowcost housing liberalization of
development standards,
simplification of regulations and
decentralization of licenses and
permits?

A. EO 70
B. EO 90
C. PD 457
D. PD 1216

A

B. EO 90

132
Q

A differentiation of the
subject property from other
properties by sub classification
into smaller groups with differing
physical and locational
characteristics.

A. Aggregation
B. Economic consideration
C. Economic classification
D. Disaggregation

A

D. Disaggregation

133
Q

Land, Labor, Capital and management introduced into a real property
at an increasing rate until a maximum return is reached, demonstrates
most nearly the principle of:

A. Conformity
B. Substitution
C. Regression
D. Balance

A

D. Balance

134
Q

What principle states that between dissimilar properties, the value of
the lesser-quality property is favorably affected by the presence of the
better-quality property?

A. Conformity
B. Substitution
C. Progression
D. Competition

A

C. Progression

135
Q

What are the four elements of value in real estate?

A. Demand, utility, scarcity. and transferability
B. Utility, scarcity, uniqueness, demand
C. Scarcity, demand, transferability, immobility
D. Demand, utility, immobility, scarcity

A

A. Demand, utility, scarcity. and transferability

136
Q

What is the term used that refers to the face of a building especially
the principal front that looks onto a street or open space?

A. Frontage
B. Portrait
C. Façade
D. Perspective

A

C. Façade

137
Q

Which foreign technology company was blacklisted by the U.S.
Government in May 2019 because it was alleged that its equipment are
pervasively unsafe?

A. Panasonic
B. Samsung
C. Huawei
D. Xiaomi

A

C. Huawei

138
Q

What refers to Cost Approach? Define from the following statements. I. A Single Universal approach to value real estate
II. A method of estimating reproduction and replacement cost
III. An estimate of the investment requires to duplicate the property in its
present condition
IV. The approach used to determine the cost of replacing the property
loss of deterioration
V. A method to estimate the value plus the cost of replacement and
improvements minus depreciation

A. I, III, IV, V
B. II, III, IV, V
C. I, II, III, IV
D. I, II, IV, V

A

B. II, III, IV, V

139
Q

What is also known as the Guideline Transactions Method, which
utilizes information on transactions involving assets that are the same or
similar to the subject asset to arrive at an indication of value?

A. Gordon growth model
B. Market approach consideration
C. Comparable transaction method
D. Guideline publicly-traded comparable method

A

C. Comparable transaction method

140
Q

What should the appraiser do in a case that in the preparation of the
appraisal report. his/her analysis found out that one of the approaches
uses is not applicable in the engagement?

A. State in the report that the approach is not applicable and explain his/her
reason
B. Use hypothetical date to make the approach applicable
C. Do not include the approach in the report
D. Just state in the report that the approach is not relevant

A

A. State in the report that the approach is not applicable and explain his/her
reason

141
Q

In valuation, the appraiser is also aware that the sales price of a
property is also the __________________

A. market value
B. appraised value
C. transaction price
D. insurance value

A

C. transaction price

142
Q

Select from the following checklist of observable attributes of real
property (Land) that should not be overlooked in conducting field
inspection.
I. Geographic location (topography, squatters)
II. Physical condition (shape, size, swamp)
III. Land improvements (plants, structures)
IV. Legal limitations (zoning, easements)
V. Services available (utilities, amenities, facilities)

A. I, II, III, IV, V
B. II, III, IV, V
C. I, II, IV, V
D. I, II, III, IV

A

A. I, II, III, IV, V

143
Q

Which of the following is not one of the required qualifications for
assessors?

A. A resident of the LGU concerned
B. Lawyer
C. First grade civil service eligible
D. Civil or mechanical engineer

A

B. Lawyer

144
Q

Choose from the following what Appraisal or Valuation is all
about.
I. An Act of estimating the value of a property for a specific purpose as of
a specific date
II. A Valuation of property by the estimate of an authorized person
III. The result of valuing the property, making a cost estimate, forecasting
earnings or any combination of two more stated results
IV. The determination of the monetary values of the property rights
encompass in an ownership at some specified time/period

A. I. III. IV
B. II. III. IV
C. IV. II. I
D. I. II. III. IV

A

D. I. II. III. IV

145
Q

In the sales comparison approach, an adjustment was made because
the comparable was sold as a life estate and the subject involves a fee
simple absolute estate. This element of comparison is with respect to the

A. financing terms
B. conditions of sale
C. market conditions
D. property rights conveyed

A

D. property rights conveyed

146
Q

The method of construction cost or reproduction cost estimating.

A. Volume Method
B. Area Method
C. Quantity Survey Method
D. All of the above

A

C. Quantity Survey Method

147
Q

A large home built in an area of small cottage is an example of

A. over-improvement
B. under-improvement
C. land regression
D. functional obsolescence

A

A. over-improvement

148
Q

Enumerate the KEY STEPS in the Guidelines of Publicly-traded
Comparable Method.
I. Identify the relevant guideline publicly-traded comparable and calculate the key valuation metrics for those transactions
II. Identify the valuation metrics/comparable evidence that
are used by participants in the relevant market
III. perform a consistent comparative analysis of qualitive and quantitative similarities and differences between the publicly-traded comparable and the subject asset IV. Make necessary adjustments to the valuation metrics to reflect differences
between the subject asset and the publicly-traded comparable V. Apply the adjusted valuation metrics
to the subject asset and if multiple valuation metrics are used, weight the
indications of value.

A. III, IV, V, I, II
B. II, I, III, IV, V
C. I, II, III, IV, V
D. III, IV, I, V, II

A

B. II, I, III, IV, V

149
Q

It is the result of incompatibility with current market requirements

A. Depreciation
B. Physical Depreciation
C. Functional Depreciation
D. External Obsolescence

A

C. Functional Depreciation

150
Q

The most commonly used method of estimating construction cost to
derive an estimate in terms of cost per unit area:

A. Replacement/Reproduction cost
B. Comparative-unit method
C. Unit-in place method
D. Quantity survey method

A

B. Comparative-unit method

151
Q

A financial modeling technique based on explicit assumptions
regarding the prospective income and expenses or business of a property
which involves the projection of a series of periodic cash flows either to
an operating property, development property or a business

A. Direct capitalization
B. Net present value
C. Mass appraisal
D. Discounting cash flow analysis

A

D. Discounting cash flow analysis

152
Q

The period over which a building may be profitably used is its

A. Actual life
B. Physical life
C. Useful life
D. Effective life

A

C. Useful life

153
Q

A valuation technique which presumes that income can be split
between land and improvements and that the residual to land can be then
capitalized into value

A. Cost approach
B. Income approach
C. Sales comparison approach
D. Land residual technique

A

D. Land residual technique

154
Q

A method that is used to build a capitalization rate using just two
components; financing and equity

A. Build-up method
B. All risks method
C. Band of investment method
D. Gross income multiplier method

A

C. Band of investment method

155
Q

The adjustment in the sales comparison approach that involves
comparing two properties with similar feature and characteristics, but
different date of sale is referred to as the:

A. Loan closing adjustment
B. Time adjustment
C. Appreciation in value adjustment
D. Time value of money adjustment

A

B. Time adjustment

156
Q

The following are social indicators for the desirable “Quality of
Life” except

A. Health
B. Public
C. Housing
D. Religious Tolerance

A

D. Religious Tolerance

157
Q

Provinces are further subdivided into cities and municipalities. The
Philippines has a total of how many provinces?

A. 71
B. 75
C. 78
D. 81

A

D. 81

158
Q

It is territory or part of a territory lying wholly within the boundaries of
another

A. Enclave
B. Exclave
C. Extraterritoriality
D. Quadri point

A

A. Enclave

159
Q

It is the description of a place in relation to another

A. Relative location
B. Absolute location
C. exact location
D. reference location

A

A. Relative location

160
Q

Converting an estimate of income into an estimate of value by use of
rate

A. Discount rate
B. Value estimate
C. Capitalization
D. Income estimate

A

C. Capitalization

161
Q

L, M and N owned property as joint tenants. M died, followed by the
death of N. Title to the property would be held by

A. L in severalty
B. L and the heirs of N as tenants in common
C. L and the heirs of N in joint tenancy
D. L and the heirs of both M and N as tenants in common

A

A. L in severalty

162
Q

There is an important technical difference between the term
reproduction cost and replacement cost. Replacement cost refers to the
cost of constructing a building that

A. would have similar utility to the comparable
B. would have utility to the subject property
C. would have similar utility to the subject property
D. would have replacement to the subject property

A

C. would have similar utility to the subject property

163
Q

The band of investment refers to a valid capitalization method that is
used to build a capitalization rate using just two components: financing
and equity. It is determined using the formula: Cap Rate = Financing
Component + Equity Component. Financing and equity components,
respectively refers to

A. The annual mortgage constant multiplied by the loan to value ratio and the investor’s required equity rate multiplied by the percentage of cash equity
B. The investor’s required equity yield rate multiplied by the percentage of cash equity and the annual mortgage constant multiplied by the loan to value ratio
C. The mortgage multiplied by the percentage of value ratio and the investor’s required equity yield rate multiplied by the percentage of cash equity
D. The investor’s required yield rate multiplied by the percentage of cash equity and the annual mortgage constant multiplied by the percentage of cash equity

A

A. The annual mortgage constant multiplied by the loan to value ratio and the investor’s required equity rate multiplied by the percentage of cash equity

164
Q

The three (3) traditional cost- estimating methods, except:

A. replacement/reproduction cost
B. comparative-unit method
C. unit-in-place method
D. quantity survey method

A

A. replacement/reproduction cost

165
Q

A valuation review that is limited to the data presented in the report
which may or may not be independently confirm.

A. Desk review
B. Administrative review
C. Technical review
D. Field review

A

A. Desk review

166
Q

If a real estate development happens to go bankrupt, who would get
the money back first from liquidation?

A. Debt financiers
B. Equity financiers
C. Consultants to the project
D. Developers

A

A. Debt financiers

167
Q

In using the sales comparison approach, the appraiser finds that in
term of location, sale#1 is superior to the subject property but is inferior
to sale#2. The correct procedure would be to adjust:

A. Both sales down to the subject property
B. Both sales up to the subject property
C. Sale#1 down and sale#2 up
D. Sale#1 up and sale#2 down

A

A. Both sales down to the subject property

168
Q

Assume a swimming pool cost P 1M to install; however, the increase
in market value of the property is only P100T. Which principle is
illustrated?

A. Conformity
B. Consistent theory
C. Contribution
D. Balance

A

C. Contribution

169
Q

A building was constructed 15 years ago and is well-maintained;
based on the observation of the appraiser its condition is similar to other 9-year-old buildings. The effective age of the building is

A. 15 years
B. 9 years
C. 6 years
D. 24 years

A

B. 9 years

170
Q

To adjust the sale price of a comparable sale with a 12% better
location, you should

A. Add 12% to the sale price of the comparable
B. Multiply the sale price of comparable by 12%
C. Subtract 12% from the price of the subject of appraisal
D. Subtract 12% from the sale price of the comparable

A

D. Subtract 12% from the sale price of the comparable

171
Q

The predominant depreciation category for severe termite damage
throughout a structure

A. Physical deterioration—curable
B. Physical deterioration—long-lived incurable
C. Functional obsolescence—curable
D. External obsolescence—incurable

A

B. Physical deterioration—long-lived incurable

172
Q

The largest lake in the Philippines archipelago is Laguna de bay in the
province of Laguna and Rizal. The smallest lake that is in Agusan
province is

A. Lake Lanao
B. Taal Lake
C. Naujan Lake
D. Lake Lumao

A

D. Lake Lumao

173
Q

This defines the nature of the hypothetical transaction, e.g. whether or not there is exposure to a market and the assumed motivation and
behavior of the parties

A. Valuation process
B. Basis of value
C. Approach value
D. Discounting cash flow analysis

A

B. Basis of value

174
Q

On the absence of sufficient direct market evidence this method of
appraisal is regarded as an acceptable method of arriving at the value of
specialized assets but must incorporate market observations by the
valuer with regard to current cost and depreciation rates

A. Discounting cash flow
B. Cost to cure method
C. Depreciated replacement cost
D. Building residual technique

A

C. Depreciated replacement cost

175
Q

What are the types of depreciation?

A. Physical depreciation, functional, accrued
B. Physical depreciation, functional, external
C. Physical depreciation, functional extreme
D. Physical depreciation, accrued, external

A

B. Physical depreciation, functional, external

176
Q

The four (4) property types for appraisal/valuation are the following:

A. Residential, Commercial, Industrial, Agricultural
B. Real Property, Personal Property, Businesses, Financial Interest
C. Land, Building, Machineries, Businesses
D. Mineral, Timberland, Real estate, Real property

A

B. Real Property, Personal Property, Businesses, Financial Interest

177
Q

The Philippine valuation standards defines a value as a person of
good repute who

A. Follow all the requirements of the pvs code of conduct
B. Is a member of a recognized national professional valuation body
C. Pursue a program of professional learning throughout his/her career
D. A, B, C

A

D. A, B, C

178
Q
  1. Under the Philippine valuation standards, guidance notes 1 pertains
    to real property valuation and guidance notes 2 pertains to

A. Business valuation
B. Valuation of agricultural properties
C. Valuation of plant, machinery, and equipment
D. Valuation of lease interests

A

D. Valuation of lease interests

179
Q

The estimated additional cash inflow at the end of the economic life
of the subject is known as

A. Reversion value or exit value
B. Market value
C. Discounting cash flow
D. present value

A

A. Reversion value or exit value

180
Q

Under the Philippine valuation standards, Guidance notes 13 (GN13)
pertains to mass appraisal for property taxation and GN5 pertains to

A. Valuation of intangible Assets
B. Valuation of Agricultural properties
C. Consideration of hazardous and toxic substances in valuation
D. Valuation of personal property

A

D. Valuation of personal property

181
Q

Integrity requires a valuer not to

A. Knowingly develop and communicate a report that contains false, inaccurate, or biased opinions and analysis
B. Act in a manner that is misleading and fraudulent
C. Contribute to or participate in a valuation service that other reasonable valuers would not regard to be justified
D. All of these

A

D. All of these

182
Q

The following is truly a global valuation standard

A. Asian valuation standard
B. Uniform standards of professional appraisal practices
C. Philippine valuation standards and development
D. International valuation standard

A

D. International valuation standard

183
Q

Is sometimes called historical age or chronological age, is the
number of years that have elapsed since the building construction was
completed.

A. effective age
B. Useful life
C. Actual age
D. Remaining useful life

A

C. Actual age

184
Q

Is used when the value of the land can be estimated with a
reasonable accuracy using the market comparable

A. Development approach
B. Sales comparison
C. cost approach
D. Building residual technique

A

B. Sales comparison

185
Q

Refers to assets which are not readily convertible into cash. It is
synonymous with capital asset which is employed for the purpose of
producing revenue. Also referred to tangible assets where there is no
proprietary accountable as hospital, religious and charitable
organizations, and educational institutions

A. Tangible value
B. Capital property
C. Intangible assets
D. Fixed assets

A

D. Fixed assets

186
Q

This is the economic period over which existing improvements
are expected to continue to

A. Contribute to property value
B. Effective age
C. Useful
D. Remaining economic life

A

Remaining economic life

187
Q

It is fundamentally concerned with the ways in which patterns on
earth surface reflect and influence physical and human processes

A. Geography
B. Human Geography
C. Physical Geography
D. human and physical Geography

A

C. Physical Geography

188
Q

In income approach to value by discounted cash flow analysis value
is estimated by

A. FV = PV x (1+i)^ n
B. PV = FV / (1+i)^n
C. V = I/R
D. A & B

A

D. A & B

189
Q

Amount that would be realized from disposition of the property in the
used market assuming a relative short period of time.

A. liquidation value
B. salvage value
C. Scrap Value
D. Sound value

A

A. liquidation value

190
Q

Select the primary and principal property assessment records/forms
from the following:
I. Real Property Field Appraisal and Assessment Sheet (FAAS) for Land
and Other Improvements
II. Real property Field Appraisal and Assessment Sheet (FAAS) for
Buildings and Other Structures
III. Real Property Field Appraisal and Assessment Sheet (FAAS) for
Machinery
IV. Tax Declaration (TD) of Real Property
V. Tax Map Control
VI. Torrens Title/TCT/OCT

A. II, III, IV, V, VI
B. I, II, III, IV, V, VI
C. I, II, III, IV, V
D. I, II, IV, V, VI

A

C. I, II, III, IV, V

191
Q

Which of the following is NOT an element of comparison for the
subject of an appraisal assignment?

A. Property rights conveyed, terms of sale, conditions of sale, market
conditions, location, physical and economic characteristics
B. Property rights conveyed, financing terms, conditions of sale, market conditions,
location, physical and economic characteristics
C. Property ownership conveyed, terms of reference, conditions of sale, market
conditions, location, physical and economic characteristics
D. Property ownership conveyed, financing terms, market conditions, location,
depreciation, physical and economic characteristics

A

C. Property ownership conveyed, terms of reference, conditions of sale, market
conditions, location, physical and economic characteristics

192
Q

The following are the modes of acquiring ownership of real property
under Article 712, Book III of the Civil Code of the Philippines,
EXCEPT_______.

A. intellectual creation, testate and intestate succession
B. corporate inconclusion
C. by law, occupation, donation
D. by means of prescription, tradition

A

B. corporate inconclusion

193
Q

An analysis to determine if there are unsatisfied, unfulfilled, or unmet
demands that the proposed site could satisfy.

A. Sensitivity Analysis
B. Spatial Gap Analysis
C. Sales Analysis
D. Market Analysis

A

B. Spatial Gap Analysis

194
Q

Under CREATE as implemented by BIR Revenue Regulations No. NO.
8-2021 dated June 11, 2021, the new threshold for VAT exemption on the
sale of real property effective January 1, 2021 shall be?

A. P2.50M
B. P1.50M
C. P3.0M
D. P3,199,200

A

D. P3,199,200

195
Q

The object of the International Valuation Standard (IVS) is to
increase the confidence and trust of users of valuation services by
establishing transparent and consistent valuation practices. Enumerate
these Standards.
I. Identify or develop globally accepted principles and definitions
II. Identify and promulgate considerations for the undertaking of valuation
assignments and the reporting valuation
III. Identify specific matters that require consideration and methods
commonly used for valuing different types of assets or liabilities

A. I and III
B. I and II
C. II and III
D. I, II, II

A

D. I, II, II

BS REM (15 decks)

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