ALPHA QUIZZES Flashcards by Wendell Tan | Brainscape

Q

Which of the following would be an example of an economic force?

A. a trend towards smaller household sizes
B. a city ordinance banning outdoor advertising
C. a city’s favorable climate
D. a manufacturing plant reopening after closing

A

D. a manufacturing plant reopening after closing

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Q

Which of the following would be an example of a social force?

A. higher utility rates for a certain area
B. lower interest rates
C. an increasing rate of separating spouses
D. Recurring flooding of a certain few homes in a subdivision

A

C. an increasing rate of separating spouses

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Q

Which of the following would be an example of a governmental force?

A. an area’s abundant natural resources that results in lower lumber costs
B. strict building codes requiring poured concrete foundations in homes within the city
C. the development of a new prive country club golf course
D. the opening of a new grocery store

A

B. strict building codes requiring poured concrete foundations in homes within the city

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Q

Which of the following is NOT a governmental influence?

A. Development of a new subdivision by a local builder
B. Sales tax increase for a certain area
C. A hotel occupancy tax
D. Development of a new sports arena financed by city bonds

A

A. Development of a new subdivision by a local builder

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Q

An area has a reputation for being a neighborhood with a low crime rate and an excellent quality of life. What force is this an example of?

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

A

A. Social

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Q

A neighborhood has excellent views of the ocean. What force does this exhibit?

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

A

D. Environmental

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Q

A city has a zoning code that does not allow satellite dishes in the front yard. This is an example of which kind of force?

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

A

C. Governmental

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Q

A city is influenced by its strategic location along the Pacific Coast and its favorable climate. Which of the four forces are these part of?

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

A

D. Environmental

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Q

A city had some major obstacles in its economic expansion in the 1980s including human rights issues, crime, and illegal immigration. Which of the four forces were these part of?

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

A

A. Social

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Q

A severe flood damaged Marikina City. Which of the four forces does this represent?

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

A

D. Environmental

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Q

A theme park outside a City has had a significant impact on uses of land in said city for many years and an influence on the value of that land. Which of the four forces does this represent?

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

A

B. Economic

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Q

The Military Base in a southeastern State is one of the largest developments in the country. It was created by the Department of Defense to build nuclear submarines for the Navy. What force does this represent?

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

A

B. Economic

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Q

The Tax Reform Act had a dramatic impact on real estate by eliminating many of the tax advantages for passive real estate investors. This is an example of which kind of force?

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

A

C. Governmental

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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. Economic
C. Governmental
D. Environmental

A

A. Social

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Q

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

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

A

A. Social

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Q

The four agents of production are?

A. scarcity, utility, desire, and effective purchasing power.
B. land, improvements, labor, and capital.
C. land, labor, capital, and entrepreneurship.
D. land, labor, materials, and entrepreneurship.

A

C. land, labor, capital, and entrepreneurship.

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Q

To have value, an item must possess what characteristics?

A. Land, labor, materials, and entrepreneurship
B. Scarcity, utility, demand, and effective purchasing power
C. Scarcity, utility, effective demand, and transferability
D. Scarcity, utility, effective purchasing power, and desirability

A

C. Scarcity, utility, effective demand, and transferability

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Q

Comparing an item’s value to the item’s cost is an evaluation of the item’s?

A. conformance
B. highest and best use
C. change
D. contribution

A

D. contribution

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Q

What two components comprise effective demand?

A. Cost and value
B. Desire and effective purchasing power
C. Desire and need
D. Desire and satisfaction

A

B. Desire and effective purchasing power

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Q

Appraising an improved property, an appraiser values the improvements as one use and the site as another use. This violates the theory of

A. contribution
B. conforming use
C. consistent use
D. highest and best use

A

C. consistent use

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Q

Issues concerning a site’s physical possibilities, legal permissibility, financial feasibility, and maximally productive uses relate to

A. agents of production
B. factors that create value
C. supply and demand
D. highest and best use

A

D. highest and best use

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Q

Scarcity, utility, effective purchasing power, and desire all relate to

A. agents of production
B. economic characteristics of value
C. supply and demand
D. highest and best use

A

B. economic characteristics of value

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Q

When the yield of a product falls as the cost is increased, this is called?

A. decreasing returns
B. supply and demand
C. balance
D. change

A

A. decreasing returns

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Q

Which is one of the four criteria of highest and best use?

A. Financially feasible
B. Supply and demand
C. Contribution
D. Competition

A

A. Financially feasible

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Q

Substitution is the primary basis of which approach to value?

A. Cost approach
B. Income capitalization approach
C. Sales comparison approach
D. All of the above

A

D. All of the above

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Q

Entrepreneurial incentive is the same as

A. contribution
B. profit
C. anticipation
D. competition

A

B. profit

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Q

Which of the following is NOT one of the four economic characteristics of value?

A. Utility
B. Effective purchasing power
C. Anticipation
D. Scarcity

A

C. Anticipation

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Q

The combination of desirability and effective purchasing power is called

A. demand unit
B. supply unit
C. balance
D. unit of comparison

A

A. demand unit

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Q

The theory that each incremental item becomes less expensive as the volume is increased is called

A. efficiency
B. economies of scale
C. profit
D. marginal utility

A

B. economies of scale

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Q

The ability to will, lease, give or sell a property is known as:

A. transferability
B. flexibility
C. liquidity
D. bankruptcy

A

A. transferability

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Q

The fact that there is a limited amount of land on earth represents what essential element of value?

A. Demand
B. Utility
C. Scarcity
D. Transferability

A

C. Scarcity

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Q

This means the desire to buy and an ability to pay

A. Demand
B. Utility
C. Scarcity
D. Transferability

A

A. Demand

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Q

the item satisfies a human need or desire, such as shelter, income or recreation

A. Demand
B. Utility
C. Scarcity
D. Transferability

A

B. Utility

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Q

element of value that means being able to transfer from one owner to another

A. Demand
B. Utility
C. Scarcity
D. Transferability

A

D. Transferability

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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-related comparable method

A

C. Comparablent transaction method

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Q

This is a discounted cash flow valuation method that takes into account future earnings potential

A

Gordon growth model

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Q

This variant of the comparable transaction method that specifically looks at transactions involving publicly traded companies

A

Guideline publicly traded comparable method

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Q

the increase of value with the passage of time is best described as

A. Depreciation
B. Appreciation
C. Return on investment
D. Return on investment

A

B. Appreciation

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Q

An example of economic obsolesence in real estate is

A. old kitchen cabinets
B. a pool built at your mother’s house
C. a noisy highway built right next to your home
D. sellers not being able to afford property due to economic factors

A

C. a noisy highway built right next to your home

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Q

refers to the loss of property value due to external factors

A

economic obsolesence

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Q

Which refers to specific sites for development located in areas identified as priorities in the national and regional master plans, as well as those designated through legislation and executive issuances as zones which can be developed into integrated resort, leisure and recreation complex?

A. Industrial Zone
B. Special Economic Zone
C. Commercial District
D. Tourism Development Areas

A

D. Tourism Development Areas

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Q

Identify the basic system of coordinates used to describe the spatial distribution of elements in a Geographical Information /system (GIS)

A. Map projection
B. Cross-hatching
C. Computer-aided design
D. Modelling

A

A. Map projection

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Q

Analytic geometry provides a technique of visualizing numbers as points on a graph and equations as geometric shapes. Determine the
shape of the equation x + y = 0 when graphed

A. Ellipse
B. Straight line
C. Parabola
D. Circle

A

B. Straight line

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Q

Which is NOT a Principle of Lifeblood Theory?

A. Taxation is a limited and plenary power
B. A valid tax result in destruction of the taxpayer’s property
C. Collection of taxes may not be enjoined by injunction
D. Taxation could not be the subject of compensation and set-off

A

A. Taxation is a limited and plenary power

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Q

What refers to the VALUE that may be recovered when the property will
be retired or disposed at a future time?

A. Salvaged
B. Zonal
C. Appraised
D. Assessed

A

A. Salvaged

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Q

Mortgages and deeds of trust are ____________.

A. Personal property.
B. Fixtures.
C. Real property.
D. Emblements

A

C. Real property

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Q

What is the rate at which the Net Present Value equals zero, reflecting both the return on the invested capital and the original investment, which are basic considerations of potential investors?

A. Income Approach
B. Investment Method
C. Internal Rate of Return
D. Market Data

A

C. Internal Rate of Return

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Q

An appraisal made for the purpose of determining a fair compensation for private property to be acquired for use of the government is called ___________ appraisal

A. foreclosure
B. assessment
C. zonal value
D. expropriation

A

D. expropriation

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Q

A Philippine REIT company is required to distribute its distributable income as dividends to its shareholders not later than the last day of
what month following the close of its fiscal year?

A. Sixth
B. Third
C. Fourth
D. Fifth

A

D. Fifth

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Q

Identify the branch of science which deals with the study of processes and patterns in the natural environment like the atmosphere, hydrosphere, biosphere and geosphere, as opposed to the cultural or built environment.

A. Human geography
B. Physical geography
C. Environmental science
D. Geological science

A

B. Physical geography

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Q

Which refers to assets arising from the “right to benefits” from artistic works such as plays, books, films and music and from con-contractual copyright protection?

A. Technology-based
B. Contract-related
C. Artistic-related
D. Marketing-related

A

C. Artistic-related

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Q

A short-term financing instrument is part of the _____.

A. Money Market
B. Feasibility Study
C. Industry Market
D. Absorption Analysis

A

A. Money Market

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Q

Identify the sources of revenues that is sufficient to meet the demand of public expenditures?

A. Justifiable
B. Theory Adequacy
C. Equitability
D. Fiscal Adequacy

A

D. Fiscal Adequacy

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Q

Choose from among the following where the tax laws should be capable of convenient, just and effective administration

A. Fiscal Adequacy
B. Equality
C. Administrative Feasibility
D. Theory Adequacy

A

C. Administrative Feasibility

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Q

Which is the model of price used in economic theory where it shows the relationship between the quantity of commodity for sale at various
prices and the quantity the consumers wish to buy

A. Supply and demand
B. Market forces
C. Pareto principle
D. Balance of payments

A

A. Supply and demand

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Q

Which refers to the exclusive control of the occupant over the agreed particular area and sleeping quarters?

A. Tenement Unit
B. Dwelling Unit
C. Housing Unit
D. Dormitory

A

B. Dwelling Unit

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Q

The power to adopt the Code of Ethics and Responsibilities, under the RESA shall be under the

A. Professional Regulatory Board of Real Estate Service
B. Professional Regulation Commission
C. Accredited and Integrated Professional Organization
D. Professional Regulatory Commission

A

A. Professional Regulatory Board of Real Estate Service

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Q

Under the then code of ethics, the realty service is considered the following and not a

A. Profession
B. Business
C. Calling
D. Occupation

A

B. Business

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Q

A person who buys two 1-bedroom condominium units adjacent to each other within a 12-month period this year shall be subject to VAT if the total exceeds

A. P2,500,000
B. P1,500,000
C. P3,199,200
D. P1,919,500

A

C. P3,199,200

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Q

The ground floor of a condominium project shall be considered as commercial per BIR RR 28-98, how much rate shall be added to an
established residential zonal value?

A. 25 percent
B. 10 percent
C. 20 percent
D. 50 percent

A

C. 20 percent

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Q

It is a certification issued by the Environment Management Bureau (EMB) certifying that, based on the submitted project description, the
project is not covered by the EIS system and is not required to secure an ECC

A. Environmental Compliance Certificate
B. Environment Impact Statement
C. Certificate of Non-Coverage
D. Initial Environmental Exam Report

A

C. Certificate of Non-Coverage

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Q

The word “Commission” in RA 9646 stands for?

A. Professional Fee
B. Real Estate Board
C. Broker’s Commission
D. Professional Regulation Commission

A

D. Professional Regulation Commission

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Q

The party holding the lien is called ___________. Examples of which are
mortgage lenders, judgment holders, and tax authorities

A. Lienor
B. Lienator
C. Lienee
D. Lienatee

A

A. Lienor

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Q

RA 9646, the Real Estate Service Act of the Philippines, became effective last

A. June 15, 2009
B. July 30, 2009
C. July 30, 2010
D. June 30, 2010

A

B. July 30, 2009

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Q

The legal term escheat means ___________.

A. An agent’s license has been revoked.
B. Fraud has been committed.
C. Title has reverted to the state.
D. Mortgage property can be conveyed.

A

C. Title has reverted to the state

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Q

Synergy or Plottage is

a. The process whereby large parcels of land are divided into lots and recorded in the register of deeds
b. Is the assemblage of two or more parcels of land
c. Is the name of the discount given when larger parcels sell for more per hectare than smaller ones
d. An incremental increase of value that results when two or more sites are combined to produce greater utility

A

d. An incremental increase of value that results when two or more sites are combined to produce greater utility

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Q

The length of a tract of land along a street is called the land’s

a. depth
b. width
c. frontage
d. abutment

A

c. frontage

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Q

Refers to prices or values of land adjacent to or “across the fence”
from railroad, pipeline, highway or other corridor real estate.

a. buyer’s market
b. across the fence value
c. corner influence
d. property line

A

b. across the fence value

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Q

A _______ is an article that was once personal property, but that has
been installed in or attached to land or a building so that such article is
regarded in law as part of the real estate

a. Fixture
b. Trade fixture
c. domestic trade
d. all of the above

A

a. Fixture

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Q

A trade fixture:

a. Contributes to the value of the property to which it is attached
b. Contributes nothing to the value of real estate
c. Is considered, but given no value by real estate appraisers
d. Both (b) and (c)

A

d. Both (b) and (c)

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Q

What term is used to describe a study of the cost -benefit relationship
of an economic endeavor?

a. Investment analysis
b. Cash flow analysis
c. Feasibility analysis
d. Market analysis

A

c. Feasibility analysis

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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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Q

Linkages are

a. The devices used to change a property from one use to another
b. The relationships between a buyer and seller in a real estate deal
c. Time-distance relationships between a property use and the supporting
facilities
d. The tools necessary to market real estate

A

c. Time-distance relationships between a property use and the supporting
facilities

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Q

The scientific study of population statistics is

a. scientography
b. demography
c. segmentation
d. forecasting

A

b. demography

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Q

Another term for developer’s profit is

a. contractor’s profit
b. entrepreneurial profit
c. surplus productivity
d. management profit

A

b. entrepreneurial profit

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Q

The cost of improvements identical in design and material to those of
the subject property is called the subject’s

a. reproduction cost
b. replacement cost
c. sales price
d. market value

A

a. reproduction cost

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Q

The cost of improvements identical in utility to those of the subject
property is called the subject’s

a. reproduction cost
b. replacement cost
c. sales price
d. market value

A

b. replacement cost

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Q

The index method of estimating construction cost is based on

a. the original cost of improvements
b. the cost of new improvements at current prices
c. book value
d. the national cost average of all components

A

a. the original cost of improvements

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Q

The amount of entrepreneurial profit

a. reflects the success of the project
b. is based on how project expenses are categorized
c. always be the same, provided the project is completed within its estimated
budget
d. cannot be estimated accurately

A

a. reflects the success of the project

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Q

A person owning less than the entire bundle of rights has

A. escheat
B. a fee simple title
C. a partial interest
D. personal property

A

C. a partial interest

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Q

All of the following statements are true EXCEPT

A. real property is a type of service
B. value is dependent on market conditions
C. a good or service has no value in exchange unless it possesses certain
economic and legal characteristics
D. the price representing value is usually quoted in terms of money
E. real estate may be sold for all cash or financing arranged

A

A. real property is a type of service

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Q

All of the following will affect the market value of a property EXCEPT

A. political factors
B. legal use restriction
C. acquisition cost to the present owner
d. economic factors
e. social concerns

A

C. acquisition cost to the present owner

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Q

Capacity to satisfy wants, production by labor and their exchangeability

A. economic concept
B. economic principle
C. economic value
D. economic utility
E. economic forces

A

D. economic utility

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Q

Amount may be recovered when the property will be retired or
disposed at a future time

A. scrap value
B. book value
C. zonal value
D. salvage value
E. market value

A

D. salvage value

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Q

Fair market value of the land in a specific zone or areas as established by the BIR

A. scrap value
B. book value
C. zonal value
D. salvage value
E. market value

A

C. zonal value

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Q

The selling price of real estate is usually based on its:

a. Market Value
b. Speculative Value
c. Intrinsic Value
d. Exchange Value

A

a. Market Value

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Q

The average selling price of homes in a district can best be determined by:

a. Comparative Analysis
b Assessed Value
c. An appraisal
d. Any of the above

A

c. An appraisal

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Q

The best evidence of ownership is

a. Tax declaration
b. Torrens title
c. Technical description
d. Vicinity map

A

b. Torrens title

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Q

The following are determinants of value in appraisal of realty except

a. Transferability
b. Demand
c. Scarcity
d. Purchasing Power

A

d. Purchasing Power

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Q

Factors that will influence value related to population growth, birth
control measures and migration

a. Physical
b. Economic
c. Social
d. Cultural

A

c. Social

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Q

Factors that will influence value which are governmental based. It is
the degree of efficiency in the maintenance of peace and order and the effort of providing the essential services like: utilities, zoning and land
use ordinance, anti-squatting law, rental control law and etc.

a. Physical
b. Economic
c. Social
d. Political

A

d. Political

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Q

Factors what will influence value which forces include the nature or
basic industry and business activity in the neighborhood, trend of
employment, and expansion of housing programs

a. Physical
b. Economic
c. Social
d. Political

A

b. Economic

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Q

Factors that will influence value which refer to the location and age of
the neighborhood (size, area, shape and land topography), type of
improvements and architectural trends, street pattern, sidewalks and
underground drainage.

a. Physical
b. Economic
c. Social
d. Political

A

a. Physical

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Q

Refers to the commitment for more than a limited duration of funds,
land resources, facilities and service by the two or more legally separate
interest, to an enterprise for their mutual benefit

A. corporation
B. land assembly
C. cooperative
D. joint venture

A

D. joint venture

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Q

Easement is to real property, usufruct is to

a. Personal property
b. Personal or real property
c. Personal and real property
d. Real property

A

b. Personal or real property

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Q

It is a plan showing the general features and layout of a subdivision including block and lots and opens spaces

A. Vicinity plan
B. Subdivision plan
C. Approved survey plan
D. Location plan

A

B. Subdivision plan

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Q

A common point of reference is seen in the technical description as BLBM which means

A. Bureau of Lands Barrio Monument
B. Barrio Location Boundary Monument
C. Bureau Location and Barrio Monument
D. Bureau of Lands Boundary Monument

A

A. Bureau of Lands Barrio Monument

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Q

Surveys whose principal purpose is the determination of data relating to bodies of water are referred to as

A. Marine survey
B. Aquatic survey
C. Hydrographic survey
D. Aquagraphic survey

A

C. Hydrographic survey

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Q

These involve the classification of the country’s unclassified public forests into alienable or disposable lands

A. Geodetic survey
B. Land classification survey
C. Tax mapping
D. Public domain land survey

A

B. Land classification survey

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Q

The shape and details of a lot may be more accurately plotted using the description found in the

A. Transfer certificate of title
B. Tax declaration
C. Subdivision map
D. Deed of Absolute sale

A

A. Transfer certificate of title

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Q

In a title, the letters “Psu” appears which would mean

A. Private subdivision
B. Private survey
C. Public survey
D. Private land survey

A

B. Private survey

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Q

In case several lots were acquired to be developed into a subdivision,
the survey would be a private consolidation subdivision survey indicated
by the letters

A. Psu
B. Pcn
C. Pcs
D. Pcss

A

C. Pcs

Q

A private subdivision survey is indicated using the letters

A. Pss
B. Psu
C. Psd
D. Psds

A

C. Psd

Q

A lot buyer wanted to have the 6 parcels of land he just bought all adjacent to each other into one title. He will have this survey undertaken

A. Private consolidation survey
B. Private survey
C. Private assembly survey
D. Public consolidation survey

A

A. Private consolidation survey

Q

In order for Mr. Eneer to plot the shape and details of the lot he just bought from the transfer certificate of title, he must have at least the
following data

A. Tie line measurement
B. Bearings and lot points
C. Bearings and distance from lot points
D. Bearings and tie line

A

C. Bearings and distance from lot points

Q

It is the relationship between a thing desired and a potential purchaser

A. Price
B. Value
C. Cost
D. Counter offer

A

B. Value

Q

An observation in the principles of appraisal is that the desire for property to be effective must be backed by

A. Effective demand
B. Sufficient supply
C. Purchasing power
D. Immediate need

A

C. Purchasing power

Q

It is not a value factor in the appraisal of a parcel of land

A. Sun orientation
B. Frontage
C. Depth
D. Shape

A

A. Sun orientation

Q

It reflects the loss in value brought about by the wear and tear and the action of natural elements

A. Natural obsolescence
B. Deterioration
C. Economic obsolescence
D. Functional obsolescence

A

B. Deterioration

Q

The subdivision plan of a parcel of land which has been subdivided into several lots will have to be approved by this government agency

A. Registry of deeds
B. Department of Lands
C. Bureau of Lands
D. Local government

A

C. Bureau of Lands

Q

A city assessor, under the RESA, after taking the licensure examination and passing the same will be given a license as

A. Licensed real estate assessor
B. Licensed government assessor
C. Licensed real estate appraiser
D. Licensed public assessor

A

C. Licensed real estate appraiser

Q

Generally referred to as a surveyor, a function of which is to undertake land surveys to determine their metes and bounds and prepare the plans
thereof for titling and for other purposes

A. Survey engineer
B. Geodetic engineer
C. Land surveyor
D. Land survey engineer

A

B. Geodetic engineer

Q

In order to mark the lot plan boundaries on the parcel of land, the following is used as the marker

A. Land monument
B. Cylindrical concrete monument
C. Concrete lot marker
D. Concrete monument

A

B. Cylindrical concrete monument

Q

Market data approach in appraisal is also called

A. Sales comparison approach
B. Survey approach
C. Market survey approach
D. Cost approach

A

A. Sales comparison approach

Q

The cost to create a virtual replica of an existing building using the same design and similar building materials is referred to as

A. Reproduction cost
B. Replacement cost
C. Estimated similar cost
D. Rebuilt cost

A

A. Reproduction cost

Q

A financial modeling technique based on explicit assumptions regarding the prospective cash flow (income and expenses) to a property
or business

A. Cash flow analysis
B. Value discounting analysis
C. Discounted cash flow analysis
D. Financial modeling analysis

A

C. Discounted cash flow analysis

Q

The estimated period over which a building or machinery is anticipated to be profitably utilized

A. Economic life
B. Useful life
C. Remaining life
D. Utility

A

A. Economic life

Q

A loss in value within a structure due to changes in tastes, preferences, technical innovations, or market standards

A. Depreciation
B. Functional obsolescence
C. Physical depreciation
D. Utility value loss

A

B. Functional obsolescence

Q

It is referred to as the discount rate that equates the present value of the cash flows of a project to the present value of the capital investment

A. Internal rate of return
B. Rate of return
C. Net present value
D. Return on investment

A

A. Internal rate of return

Q

The practice of appraising multiple properties as of a given date by a systematic and uniform application of appraisal methods and techniques

A. Market data approach
B. Averaging appraisal
C. Mass appraisal
D. Benchmarking appraisal

A

C. Mass appraisal

Q

The measure of the difference between the discounted or inflows, and the costs, or outflows, in a discounted cash flow analysis

A. Net present value
B. Discounted value
C. Net income
D. Profit

A

A. Net present value

Q

The value corresponding to the remaining useful life of an asset, commonly used in regard to the machinery

A. Remaining value
B. Useful life value
C. Salvage value
D. Utility value

A

A. Remaining value

Q

The estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if
the asset were already of the age and in the condition expected at the end of its useful life

A. Salvage value
B. Scrap value
C. Depreciated value
D. Residual value

A

D. Residual value

Q

A highly accurate method of field operations for identifying real property, defining property boundaries, determining actual use, and
discovering undeclared properties for taxation purposes

A. Real property tax administration
B. Property identification system
C. Tax mapping
D. Assessment operations

A

C. Tax mapping

Q

A transaction freely arrived at in the open market, unaffected by abnormal pressure, or absence of normal competitive negotiation as
might be true in the case

A. Fair market value
B. Open market transaction
C. Arm’s length transaction
D. Regular transaction

A

C. Arm’s length transaction

Q

The act or process of determining the value of a property subject to tax, including discovery listing, classification and appraisal of property

A. Appraisal
B. Property identification
C. Assessment
D. Real property tax administration

A

C. Assessment

Q

The increase in value of the other interests of the property owner that can be attributed to the new use to which his former property will be put
by the expropriating authority

A. Appreciation
B. Beneficial increase
C. Market value appreciation
D. Consequential benefits

A

D. Consequential benefits

Q

The assigning of new assessed values to property particularly real estate

A. Revaluation
B. Reassessment
C. Re-appraisal
D. Reclassification

A

B. Reassessment

Q

The cost of constructing an exact replica of the building being appraised based on current prices of labor and materials and contractor’s
practices

A. Reconstruction cost
B. Replacement cost
C. Reproduction cost
D. Renovation cost

A

C. Reproduction cost

Q

It is the cost of constructing a similar property which is equally desirable and has the same utility as the one under appraisal

A. Reproduction cost
B. Replacement cost
C. Similar cost
D. Replica cost

A

B. Replacement cost

Q

A graphic representation of an LGU drawn to scale on standard drawing material, having property lines showing all parcels of real
property and identifying each separate real property ownership by a unique number

A. Cadastral map
B. Land map
C. Tax map
D. Property identification map

A

C. Tax map

Q

The value remaining after deducting depreciation from the replacement cost

A. Depreciated value
B. Useful life value
C. Salvage value
D. Utility value

A

A. Depreciated value

Q

Refers to catchments area or drainage basin from which the water of a stream or stream system is drawn

A. Dam
B. Water reservoir
C. Water catchment
D. watershed

A

D. watershed

Q

It is provided that before any general revision of real property assessment is made, the following should first be prepared by the city or
municipality

A. Historical record of values
B. Survey of real properties
C. Schedule of Market Values
D. Census of real properties

A

C. Schedule of Market Values

Q

An open-sided roofed automobile shelter that is usually formed by an extension of the side of a under the MRPAAO is referred to as

A. Carport
B. Garage
C. Parking space
D. Car shelter

A

A. Carport

Q

To be admitted to the licensure examination for real estate service, a candidate should be

a. American Citizen with reciprocal arrangement
.b. Citizen of China with special arrangement
c. Citizen of the Philippines
d. Indonesian with Filipina spouse

A

c. Citizen of the Philippines

Q

No foreigner may be admitted to take the board exam nor be given certificate to operate in the Philippines unless there is ____

a. Foreign reciprocity
b. Foreign request
c. Foreign Intervention
d. Foreign arrangement

A

a. Foreign reciprocity

Q

In order that a candidate may be deemed to have passed the examination, he/she must have obtained 75% in all subjects with no
rating below in any subject

a. 60%
b. 50%
c. 70%
d. 40%

A

b. 50%

Q

Attendance in Real Estate Seminar and Review with certification as provided by an accredited ____ by PRC is prerequisite in taking the Real
Estate Broker’s Exam

a. Trainer
b. Lecturer
c. Service Provider
d. Training provider

A

c. Service Provider

Q

The professional identification card from PRC shall be renewed every

a. 3 years
b. 2 year
c. yearly
d. 5 years

A

a. 3 years

Q

It is the only accredited arid integrated professional organization by PRC

a. IAPO
b. APPO
c. AIPO
d. IAAPO

A

c. AIPO

Q

Cash surety bond of real estate appraisers is not less than ____

a. P 5,000
b. P 10,000
c. P 15,000
d. P 20,000

A

d. P 20,000

Q

Under sec 32 on corporate practice of the real estate service, developer shall regularly submit to the commission and to SEC a list of

a. Real estate service practitioner’s
b. Brokers
c. Salesmen
d. Sub-agent

A

a. Real estate service practitioner’s

Q

In order to be admitted to the licensure examination for real estate service, a candidate at the time of filing his application shall establish to the satisfaction of the Board that he possesses the following qualifications except

a. Citizen of the Philippines; good moral character; must not have been convicted of
any crime involving moral turpitude
b. Holder of a relevant bachelor degree from CHED’s recognized schools, provided
that he has completed at least 120 credit units of real estate subjects and training
from accredited service providers.
c. An applicant for licensure exam for real estate consultant must show proof that
he has at least 5 years experience as a licensed real estate broker or an
assessor, or as a bank or institutional appraiser or an employed person
performing real property valuation or at least 5 years experience as a license
real estate appraiser.
d. must not have been convicted of any crime involving moral turpitude

A

c. An applicant for licensure exam for real estate consultant must show proof that
he has at least 5 years experience as a licensed real estate broker or an
assessor, or as a bank or institutional appraiser or an employed person
performing real property valuation or at least 5 years experience as a license
real estate appraiser.

Q

Applicant for the licensure examination for real estate service shall file the following documents except

a. birth certificate (NSO) or valid Philippine passport, or any proof of citizenship.
b. Transcript of record and/or diploma with scanned picture; notarized certification by
employer of his/her year of experience or prerequisite Certification of Registration
(COR) and/or Professional Identification Card (PIC) or DTI license (for real estate
consultant)
c. NBI clearance; duly notarized accredited seminar and/or training certificate;
community tax certificate;
d. 4 colored passport size picture with light background and complete name tag

A

d. 4 colored passport size picture with light background and complete name tag

Q

Per sec 30 of IRR RESA, all positions in government requiring the services
of registered and license real estate service practitioners within __ years from effectivity shall be filled only by registered and licensed real estate service practitioners

a. 1 year
b. 2 years
c. 3 years
d. 4 years

A

c. 3 years

Q

No partnership or corporation shall engage in the business of real estate-service unless it is duly registered with the SEC and persons authorized to act for the partnership or corporation are all __ real estate brokers,
appraisers or consultants as the case may be

a. Registered and licensed
b. Recorded and listed
c. Registered
d. Registered and listed

A

a. Registered and licensed

Q

Under sec 32, the partnership or corporation shall regularly submit a list of its real estate service practitioners to the Commission and SEC as part of its __ reportorial requirements

a. Annual
b. Quarterly
c. Monthly
d. bi-Monthly

A

a. Annual

Q

In case of termination or resignation from office of a real estate practitioner, the same shall be reported by employer to the Board within a
period not to exceed __ days from date of effectivity

a. 7 days
b. 15 days
c. 10 days
d. 12 days

A

b. 15 days

Q

Subject to the provisions of the Labor Code, a corporation or partnership may hire the services of registered and licensed real estate brokers,
appraisers, consultants on commission basis to perform real estate services and the latter shall be deemed __ contractor and not employees
of such corporation

a. Independent
b. Sole
c. dependent
d. part-time

A

a. Independent

Q

Part of the official seal of the PRBRES signifies the vital role of the real estate service practitioners in the social, political, economical
development and progress of the Philippines

a. Land
b. Sun & rays
c. Rising sun
d. Gold

A

c. Rising sun

Q

The __ of the official seal of the PRBRES signifies ethical standards and
prosperity

a. Land
b. Sun & rays
c. Rising sun
d. Gold

A

d. Gold

Q

An act regulating the practice of Real Estate Service in the Philippines or within the Philippine jurisdiction

a. Real Estate Service Act/ RA 9646/RESA law
b. Real Estate Practitioners Act
c. Real Estate Property Practitioners Act
d. RA 9558 law

A

a. Real Estate Service Act/ RA 9646/RESA law

Q

Refers to the Professional Regulatory Board of Real Estate Service

a. The Board
b. Regulation Board
c. Commission
d. Commissioner

A

a. The Board

Q

IRR of RA No. 9646 refers to several words except

a. Implementing Requirements & Rules of RA 9646
b. Implementing Rules & Regulations of RA 9646 regulations
c. IRR
d. Real Estate Service Act of the Philippines

A

a. Implementing Requirements & Rules of RA 9646

Q

Real Estate Service Practitioners shall refer to

a. Real estate salesperson, broker, appraiser, consultant
b. Real estate assessor; auditor
c. Real estate consultant, accountant
d. Real estate consultant, auditor

A

a. Real estate salesperson, broker, appraiser, consultant

Q

Refers to a person who conducts valuation and possesses the necessary qualifications, license, ability, and experience

a. Assessor
b. Broker
c. Salesman
d. Appraiser

A

d. Appraiser

Q

Refers to an official in the local government unit, who performs appraisal and assessment of real properties, including plants, equipment, and
machineries essentially for taxation purpose

a. Appraiser
b. Assessor
c. Examiners
d. Consultant

A

b. Assessor

Q

Refers to and consist of real estate consultants, real estate appraiser, real estate assessor, real estate broker, real estate sales person

a. Property consultant
b. Real estate Practitioner
c. IAPO
d. AIPO

A

b. Real estate Practitioner

Q

Refers to a duly registered and licensed natural person who for a professional fee act as an agent for real estate transaction

a. Real Estate Broker
b. Real Estate Sales Person
c. Real Consultant
d. Real Estate Man

A

a. Real Estate Broker

Q

Refers to a duly accredited natural person who performs service for and in behalf of a real estate broker registered and licensed by PRC

a. Real Estate Appraiser
b. Real Estate Consultant
c. Real Estate Appraisal
d. Real Estate Salesperson

A

d. Real Estate Salesperson

Q

Not included in the following instances leading to revocation or suspension of Certificate of Registration and the Professional
Identification Card

a. Procurement of certificate of registration and/or professional identification card, or
special/temporary permit by fraud or deceit; unprofessional or unethical conduct
b. Allowing an unqualified person to advertise or to practice the profession by using
one’s certificate of registration or professional identification card, or special
temporary permit.
c. Malpractice or violation of any of the provisions of RA 9646, the IRR, and the Code
of Ethics & Responsibilities for real estate service practitioners.
d. Not Engaging in the practice of profession during the period of one’s
suspension

A

d. Not Engaging in the practice of profession during the period of one’s
suspension

Q

The natural and integrated professional organization of natural persons duly registered and licensed as real estate service practitioners. To be recognize by the Board as the only accredited organization of real estate
practitioners. It is mandatory to join for those registered with the PRB-RES

a. AIPO/Accredited and Integrated Professional Organization.
b. IAPO/Interim Accredited Professional Organization
c. APO/Accredited Professional Organization
d. IAP/Interim Accredited Professional

A

a. AIPO/Accredited and Integrated Professional Organization.

Q

The board shall adopt and promulgate the Code of Ethics & Responsibilities for real estate practitioners which shall be prescribed by
the__

a. AIPO
b. IAPO
c. IPO
d. OPAI

A

a. AIPO

Q

Coverage of those who shall be registered by the Board without examination except

a. Active practitioners with 15 CEP units during the effectivity of the of RA 9646 as of
July 30, 2009; failed to renew license prior to July 30, 2009 with 24 CEP units
earned from 2007 to July 30, 2011.
b. Passed 2006 DTI exam and prior years but failed to secure license upon effectivity
of RA 9646 with earnings of 120 CEP credit units;
c. Passed 2007 DTI exam but falled to secure license on July 30, 2009 and with 18
CEP units. Passed 2008 & 2009 DTI exam but failed to secure license upon
effectivity of RA 9646 and with 15 CEP units.
d. Passed the 2011 exam but failed to secure license prior to June 1, 2011

A

d. Passed the 2011 exam but failed to secure license prior to June 1, 2011

Q

The Real Estate Practitioner who fail to comply with the necessary CPE requirements within years after effectivity of RA 9646 on or before July 30, 2011 shall be required to take the Board Exam

a. 2 years- July 30, 2011
b. 1 year-July 30, 2010
c. 3 years-July 30, 2012
d. 2&1/2 years -December 30, 2011

A

a. 2 years- July 30, 2011

Q

The amount and duration of the Professional Indemnity Insurance of Real Estate Appraiser is

a. P 10,000 every 3 years
b. P 20,000 every 2 years
c. P 50,000 every 5 years
d. P 20,000 every 3 years

A

d. P 20,000 every 3 years

Q

Per sec 39, any violation of RA 9646 including violations of the IRR by a licensed/accredited person shall be meted the penalty of fine of not less than __ and/or 2 years imprisonment

a. P 100,000
b. P 25,000
c. P 50,000
d. P 75,000

A

a. P 100,000

Q

Per sec 39, any violation of RA 9646 including violations of the IRR by an unlicensed/not accredited person shall be meted the penalty of fine of not less than P 200, 000 and/or __ years imprisonment

a. 2 years
b. 3 years
c. 4 years
d. 5 years

A

c. 4 years

Q

The Board shall be assisted by the Commission in carrying out the provisions of RA 9646 & IRR. The lawyers of the Commission shall act as
__ against Illegal practitioners and other violators

a. Investigator
b. Prosecutor
c. sheriff
d. judge

A

b. Prosecutor

Q

Not included in the composition of the official seal of the Professional Regulatory Board of Real Estate Service (PRBRES)

a. Land, structures, trees & fruits; green lines, rising sun
b. Red, white, blue, yellow, gold
c. Blue, green, sun & rays, map of the Philippines
d. Building, blue, green, violet

A

d. Building, blue, green, violet

Q

Not true interpretation

a. Land-real estate; structures - improvement on land; trees & fruits-agriculture
produce; green lines-real estate practitioners
b. Red, white, blue. yellow-color of the Philippine flag, blue-service; green-environment
& ecology
c. Sun and rays-life & light; rising sun-vital role of resp in Philippine progress; map of
the Philippines- the Philippine archipelago.
d. Land-prime rice land; red-alertness, vigilance

A

d. Land-prime rice land; red-alertness, vigilance

Q

RA 9646 or RFSA law has ___ sections

a. 45
b. 30
c. 35
d. 25

A

a. 45

Q

Real estate practitioners shall refer to the following except

a. Real estate consultant; real estate appraiser
b. Real estate assessor
c. Real estate broker, real estate salesperson
d. Real estate developer

A

d. Real estate developer

Q

The Board shall create a _____ composed of a chairperson coming from the Board, a member from AIPO and a member from the academe

a. CPE Council
b. CEP Council
c. Realty Council
d. CRESAR Council

A

a. CPE Council

Q

In a typical real estate market, if the demand for commercial office space declines and the supply of office space also declines at the same ratio, market rent per square foot should

a. Increase
b. Decrease
c. Reach thirty
d. Remain the same

A

d. Remain the same

Q

If someone is unlawfully forced to execute a contract it is called what?

a. Fraud
b. Duress
c. Treason
d. Execution

A

b. Duress

Q

Which of the following real estate contract clauses is typically seen in blanket mortgages and allows for the freeing of all or part of a property from a claim through a proportional or full amount of the mortgage being
paid off?

a. The Release Clause
b. The Defeasance Clause
c. The Alienation Clause
d. The Prepayment Penalty Clause

A

a. The Release Clause

Q

In the case of a standard tax lien who gets paid first?

a. the homeowner.
b. the buyer/seller.
c. the commission.
d. the government

A

d. the government

Q

Which of the following can be achieved by dividing the price of the property by the rent that is produced?

a. Interest Rate
b. Capitalization Rate
c. The Economic Value
d. Gross Rent Multiplier

A

d. Gross Rent Multiplier

Q

What is the procedure used by a public or private entity with the powers granted to take privately owned real estate?

a. Escheat
b. Condemnation
c. Eminent Domain
d. Inverse Condemnation

A

b. Condemnation

Q

Researching recently sold homes in the area and homes that haven’t been sold in the area and comparing their prices. Is an example of

a. a comparative market analysis.
b. a research housing study.
c. a home marketing plan.
d. a sellers study

A

a. a comparative market analysis.

Q

Joint tenants with a right of survivorship means

a. co-owners have unequal interests in a property.
b. if one owner dies, that owners family has an interest in the property and can absorb
it.
c. if one owner dies, the other owner must sell his half and they divide the interest
among themselves.
d. if one owner dies, that owner’s interest in the property will pass to the surviving
owner or owners.

A

d. if one owner dies, that owner’s interest in the property will pass to the surviving
owner or owners.

Q

The Bundle of Rights include

a. Possession, ability, illusion, enjoyment, disposition
b. Possession, ability, exclusion, enjoyment, disposition
c. Possession, control, illusion, enjoyment, disposition
d. Possession, control, exclusion, enjoyment, disposition

A

d. Possession, control, exclusion, enjoyment, disposition

Q

Which of the following correctly defines the doctrine of prior appropriation?

a. First-in-time-first-in-right.
b. The person or entity who pays the highest price for the use of the water source is
granted the use rights to the water in the source.
c. The right to use river water adjacent to one’s property.
d. The rights to free use of all lake water

A

a. First-in-time-first-in-right

Q

The owner of a condominium has the use of many facilities there, including a pool. Under the typical condominium arrangement, the
facilities are owned by

a. the corporation in which each of the owners hold stock.
b. the association of homeowners in the condominium.
c. some of the condominium owners in the form of divided interests.
d. all the condominium owners in the form of percentage undivided interests

A

d. all the condominium owners in the form of percentage undivided interests

Q

Severalty ownership _____

a. is ownership by one person
b. is ownership by several people
c. is ownership by stockholders in a corporation
d. is a ownership with an inherent right of survivorship

A

a. is ownership by one person

Q

The type of easement that is a right-of-way for a utility company’s power lines is what?

a. An easement by prescription
b. An easement appurtenant
c. An easement by necessity
d. An easement in gross

A

d. An easement in gross

Q

What is an item on a property that is installed by the tenant, and is related to the tenant’s business classified as?

a. fixtures
b. trade fixtures
c. easements
d. emblements

A

b. trade fixtures

Q

By which of the following can you not lose title to your property involuntarily?

a. Adverse possession
b. Foreclosure
c. Dedication
d. Avulsion

A

c. Dedication

Q

Generally speaking, what happens when the supply of available houses in an area increases significantly?

a. The average cost of housing goes down
b. The average cost of housing goes up
c. Commission rates are raised
d. Commission rates are lowered

A

a. The average cost of housing goes down

Q

An individual owned three hectares of land. When she sold one hectare to her friend, she reserved for herself and family an appurtenant easement over the friend’s land for ingress and egress. The friend’s land is what?

a. Subject to a tenement lawsuit
b. The dominant tenement
c. The servient tenement
d. Is involuntarily committing tax fraud

A

c. The servient tenement

Q

Typically, a trust is a _____-party relationship

a. One
b. Two
c. Three
d. Four

A

c. Three

Q

Three identical properties in a suburban neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which property would have sold for the lowest
price?

a. The first property sold
b. The second property sold
c. The third property sold
d. The properties would all sell for the same price.

A

a. The first property sold

Q

The Latin phrase ad valorem comes up often when talking about property taxes. What does ad valorem mean?

a. value
b. added value
c. according to value
d. property value derived from assessment value

A

c. according to value

Q

What determines who pays for what and how much at closing?

a. The government
b. The seller
c. The buyer
d. Proration

A

d. Proration

Q

The power to adopt the Code of Ethics and Responsibilities, under the RESA shall be under the

a. Professional Regulatory Board of Real Estate Service
b. Professional Regulation Commission
c. Accredited and Integrated Professional Organization
d. Professional Regulatory Commission

A

a. Professional Regulatory Board of Real Estate Service

Q

Under the then code of ethics, the realty service is considered the following and not a

a. Profession
b. Business
c. Calling
d. Occupation

A

b. Business

Q

A person who buys two 1 bedroom condominium units adjacent to each
other within a 12 month period this year shall be subject to VAT if the total exceeds

a. P2,500,000
b. P1,500,000
c. P3,199,200
d. P1,919,500

A

c. P3,199,200

Q

The ground floor of a condominium project shall be considered as commercial per BIR RR 28-98, how much rate shall be added to an
established residential zonal value?

a. 25 percent
b. 10 percent
c. 20 percent
d. 50 percent

A

c. 20 percent

Q

The word “Commission” in RA 9646 stands for?

a. Professional Fee
b. Real Estate Board
c. Broker’s Commission
d. Professional Regulation Commission

A

d. Professional Regulation Commission

Q

The party holding the lien is called ___________. Examples of which are
mortgage lenders, judgment holders, and tax authorities

a. Lienor
b. Lienator
c. Lienee
d. Lienatee

A

a. Lienor

Q

RA 9646, the Real Estate Service Act of the Philippines, became effective last.

a. June 15, 2009
b. July 30, 2009
c. July 30, 2010
d. June 30, 2010

A

b. July 30, 2009

Q

What refers to the span of time that appears to be as a new item or structure, regardless of its actual age which is either shortened or
lengthened because of its characteristics, condition of efficiency, it also refers to the number of years of age indicated by the condition of the building in any improvement?

a. Economic life
b. Productive life
c. Effective Age
d. Influential time

A

c. Effective Age

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 low-cost 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

Q

Which economic characteristic of land shows that land and building are relatively long-lasting assets?

a. Valuable
b. Durability
c. Divisibility
d. Immobility

A

b. Durability

Q

It is a coastal flood phenomenon of rising water commonly associated with low pressure weather system

a. Tsunami
b. Storm surge
c. Tidal wave
d. Tectonic wave

A

b. Storm surge

Q

The following are causes of depreciation, EXCEPT ____

a. functional obsolescence
b. physical deterioration
c. economic life
d. economic obsolescence

A

c. economic life

Q

Which refers to any and which has not had any significant buildings or structures erected on it

a. Open space
b. Raw land
c. Reserved space
d. Idle land

A

d. Idle land

Q

What law refers to as Comprehensive Agrarian Reform Program Extension with Reforms (CARPER)?

a. RA 9700
b. RA 7160
c. RA 6552
d. RA 6657

A

a. RA 9700

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

Q

The fact that there is a limited amount of land on earth represents what essential element of value?

a. Demand
b. Utility
c. Scarcity
d. Transferability

A

c. Scarcity

Q

Which of the following statements does NOT correctly describe a fiduciary?

a. A fiduciary must conform to the principal’s legal instructions
b. A fiduciary owes loyalty to the principal
c. A fiduciary is a neutral third party
d. A fiduciary is the highest standard of care in equity or law

A

c. A fiduciary is a neutral third party

Q

Which of the following two real estate contract clauses protect the lenders in some way, usually by asking for some form of payment(insurance)?

a. Alienation and Release Clause
b. Acceleration Clause and Release Clause
c. Release Clause and Prepayment Penalty Clause
d. Acceleration Clause and Prepayment Penalty Clauses

A

d. Acceleration Clause and Prepayment Penalty Clauses

Q

The increase of value with the passage of time is best described as

a. Depreciation
b. Appreciation
c. Return of investment
d. Return on investment

A

b. Appreciation

Q

An example of economic obsolescence in real estate is

a. old kitchen cabinets.
b. a pool built at your mother’s house.
c. a noisy highway built right next to your home.
d. sellers not being able to afford property due to economic factors

A

c. a noisy highway built right next to your home.

Q

Johnny is purchasing a house and does not want to purchase all of the furniture that is being left behind. He signs the contract on Tuesday, and on Thursday changes his mind about the furniture. He calls his agent, and they add the furniture to the contract. What is this an example of?

a. An option
b. A novation
c. An addendum
d. An amendment

A

c. An addendum

Q

What is radioactive gas dispersed from natural decay of mineral in earth
(odorless, colorless, tasteless)?

a. Asbestos
b. Radon
c. Mold
d. Argon

A

b. Radon

Q

In real estate, alienation is best described as

a. denying use of an easement.
b. changing a property from one zoning district to another.
c. the act of transferring bonds, cash, money or any form of currency in escrow.
d. the act of transferring title, ownership, an estate, or an interest in real estate
from one party to another.

A

d. the act of transferring title, ownership, an estate, or an interest in real estate
from one party to another.

Q

Which of the following would not be considered real property?

a. A fixture
b. An easement
c. Mineral rights
d. A mortgage

A

d. A mortgage

Q

A

Q

What type of ownership model is used for vacation real estate in which multiple purchasers own allotments of usage, typically in one-week increments, for the same property?

a. Condo
b. Timeshare
c. Condominium
d. Ownership in Severalty

A

b. Timeshare

Q

In real estate, a deed is best defined as

a. a written will signed by a lawyer.
b. a written promise to one person from another.
c. a declaration or assurance that one will do a particular thing or that a particular
thing will happen.
d. a written legal document by which ownership of real estate is conveyed from
one party to another.

A

d. a written legal document by which ownership of real estate is conveyed from
one party to another.

Q

What is the general technique of determining three-dimensional positions of points and the distances and angles between them?

a. Surveying
b. Subdivision Surveying
c. Sub and Plot Surveying
d. Sewer Lateral Inspecting

A

a. Surveying

Q

Usually, the appraiser is hired by the

a. The buyer
b. The seller
c. The lender
d. the real estate agent

A

c. The lender

Q

The cost of public services is distributed among real estate owners through what?

a. Personal property tax
b. Real property tax
c. Special assessment
d. Sales tax

A

b. Real property tax

Q

One individual or married couple in business alone (The most common form of business structure)

a. Sole Proprietorship
b. Limited Partnership
c. Single Co-operation
d. (LLC) or Limited Liability Company

A

a. Sole Proprietorship

Q

What is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent?

a. Life Estate
b. Fee Simple Absolute
c. Fee Simple Defeasible
d. Estate at Will

A

b. Fee Simple Absolute

Q

The legal principle under which a person who does not have legal title to a property acquires legal ownership based on the continuous occupation of the property

a. Condemnation
b. Eminent Domain
c. Adverse Possession
d. Inverse Condemnation

A

c. Adverse Possession

Q

An example of functional obsolescence in real estate is

a. outdated plumbing.
b. a house not having a pool.
c. a house in a lower-class area.
d. an agent not being able to sell a property.

A

a. outdated plumbing

Q

What is a written supplement or amendment to an existing will such as one affecting the transfer of real estate upon death?

a. Novation
b. Treaty
c. Codicil
d. Option

A

c. Codicil

Q

Commingling is the opposite of what?

a. Separation
b. Contribution
c. Combination
d. Transformation

A

a. Separation

Q

When calculating the amount of real estate taxes owed, calculations are
based on what type of value?

a. Assessed value
b. Implied value
c. Market value
d. Appraised value

A

a. Assessed value

Q

The owner of a secluded area adjacent to the ocean noticed that people from the local town walked along the shore in front of his property. The owner learned that the local citizens had been walking along this beach for half a century. The owner went to court to try to stop people from walking along the water’s edge in front of his property. The owner is likely to be:

a. Unsuccessful because the owner’s property extends only to the high-water
mark and the public can use the land beyond this point.
b. Unsuccessful because the locals have been doing this for over 5 years (statute of
frauds).
c. Successful because the locals have been doing this for less than 100 years (statute
of frauds).
d. Successful because the owner’s property extends 100ft into the ocean per his
riparian rights

A

a. Unsuccessful because the owner’s property extends only to the high-water
mark and the public can use the land beyond this point.

Q

This principle states that the citizenship of a person shall be based on the location of birth of a person is called

A

jus soli

Q

latin term for granting citizenship to anyone born to parents who are citizens of a country

A

Jus Sanguinis

Q

Any Filipino citizen may apply for a free patent title under RA 10023, and in the case of first- and second-class municipalities, the same should not exceed _____ square meters

A

750

Q

Free Patent Act

A

RA 10023

Q

According to RA 10023, otherwise known as Free Patent Act which is signed into law by President Gloria Macapagal Arroyo last May 9, 2010, to qualify, the land should be ___ sqm if it is in a highly urbanized city, ___ sqm in other cities, ___ sqm in first class and second class municipalities, and ___ sqm in third class municipalities

A

200, 500, 750, 1000

Q

Are those rights and obligations that are incidental to ownership of land adjacent to or abutting watercourses such as navigable streams and rivers

A

Riparian rights

Q

Which province is the considered as the geographic center of the Philippines?

A

Marinduque

Q

What law provides for a comprehensive urban and housing program in the Philippines? It is also called the Urban Development and Housing Act of 1992.

A

RA 7279

Q

Is the procedure in which an original contract is terminated and replaced with a new one.

A

novation

Q

The fact there is a limited amount of land on earth represents what essential element of value?

A

scarcity

Q

Section 2 of RA 4726 defines as an interest in real property consisting of a separate interest in a unit in a residential, industrial or commercial
building and an undivided interest in common directly, in the land on which it is located and other common areas of the building.

A

Condominium

Q

It is a written legal document by which ownership of a real property is conveyed from one property to another

A

deed

Q

Refers to a notice that the property has a pending litigation

A

Lis Pendens

Q

It is referred to as a parcel of land bounded on the sides by streets or pathways or natural or man-made features, and intended for buildings

A

Block

Q

is the lender’s estimate of the amount a home buyer can expect to be approved for during the loan process

A

pre-qualification

Q

incentives offered by sellers to attract home buyers, or to sweeten the deal

A

seller concessions

Q

is a database that allows real estate agent and broker members to access and add information about properties for sale in an area

A

multiple listing service / multiple listing system

Q

is the allocation of property expenses and other charges to seller or buyer, rents, taxes, insurance, or interest on loan

A

proration

Q

the term applied to the type of forest occurring on the tidal flat along the seacoast, extending along stream where the water is brackish

A

mangrove

Q

due to earth’s rotation, this causes the wind to deflect to the right in the northern hemisphere and to the left in the southern hemisphere

A

coriolis force