 MOCK EXAM SET-A-1

 Appraiser’s /brokers Exam

Mock Exam Set B-2
 Appraiser’s /Broker’s Exam
Mock Exam Set C-3
 Appraiser’s /Broker Exam Reviewer
Mock Exam Set D-4
 Multiple choice
 MULTIPLE CHOICE
 APPRAISER’S/BROKER’S EXAM REVIEWER
EXAM SET E -3 (PAST EXAMS)
 APPRAISER/BROKERS’ EXAM REVIEWER
MOCK EXAM SET F
 Appraiser’s/Broker’s Exam: Reviewer (Financing)
Mock Exam Set G-3
 Appraiser’s/Broker Exam Reviewer
Mock Exam Set H
Censing Rules and Regulations
 REAL ESTATE LAWS
 URBAN AND RURAL LAND USE OWNERSHIP CARP
 APPRAISER’S /BROKER’SEXAM REVIEWER
MOCK EXAM SET I
 APPRAISER’S/BROKER EXAM: REVIEWER
MOCK EXAM SET J (ECONOMICS)
 MOCK EXAM ON PATENTS/AGRARIAN REFORM
 BUSLAW 1. OBLIGATIONS AND CONTRACTS WITH REAL PROPERTY LAWS
MULTIPLE CHOICE. WRITE THE LETTER OF THE CORRECT ANSWER.
 ELECT.2 Real Estate Brokerage
MULTIPLE CHOICE. Choose the letter of your correct answer.
 MOCK EXAM. SET O
 Mock Exam Set P
 ANSWER KEY MOCK EXAM SET Q
 Answer key MOCK EXAM SET Q
 Part I: FUNDAMENTALS OF REAL ESTATE SERVICES ME Set S- 1.1 100 item
 MOCK EXAM SET S -1.2
 Part II: special/Technical Knowledge
Mock Exam S-1.3 100 items
 MOCK EXAM SET -1.4
 MOCK EXAM SET -1.5
 THEORIES AND PRINCIPLES IN APPRAISAL
 STANDARDS AND ETHICS
 HUMAN AND PHYSICAL GEOGRAPHY
 REAL ESTATE FINANCING
 LAND MANAGEMENT SYSTEM AND REAL PROPERTY LAWS

MOCK EXAM SET-A-1

1. Income property investments

a. Low risk=low cap rate=high value
b. Low risk=low cap rate=low value
c. Low risk=low cap rate=low value
d. Low risk=low cap rate=high value
2. All other factors being equal, as the location of an income property becomes less desirable the cap rate used will be
a. Lower
b. Higher
c. Less reliable
d. Unaffected
3. Recapture generally applies to
a. WASTING ASSETS, SUCH AS BUILDINGS
b. Non-wasting assets, such as land
c. Both a and b
d. Neither a nor b
4. In the land residual technique, the appraiser starts with an assumption of.
a. Replacement cost
b. Building value
c. Net capitalization
d. Land value
5. In the building residual technique, the appraiser starts with an assumption of
a. Replacement cost
b. Building value
c. Net capitalization
d. Land value
6. The cash on cash rate is the same as the
a. Yield capitalization rate
b. EQUITY DIVIDED RATE
c. Overall capitalization rate
d. Break-even point
7. Name the two component rates that are inherent in every capitalization rate
a. Investors rate
b. Leased rate
c. Interest and recapture rates
d. Interest and depreciation rates
8. Under which method are the recapture installments lowest in the earlier year?
a. Annuity
b. Straight-line
c. Gross income multiplier method
d. Band of investment method
9. Under which methods are the installment highest?
a. Annuity
b. Straight-line
c. Gross income multiplier method
d. Band of investment method
10. Which recapture method suggests the greatest reduction in risk?
a. Annuity-line
b. Straight-line
c. Gross investment method
d. Band of investment method
11. Schedule rent (or contract rent) that is higher than market rent creates
a. Overage rent
b. Gross rent
c. Excess rent
d. Escalator rent
12. The amount paid over minimum base rent in a percentage is
a. Overage rent
b. Gross rent
c. Excess rent
d. Escalator rent
13. The lease under which the tenant pays a fixed rental and the landlord pays all expenses of ownership is the
a. Gross rate lease
b. Triple net lease
c. Net lease
d. Percentage lease
14. An index will be referred to in a (n)
a. Gross lease
b. Triple net lease
c. Escalator clause
d. Expenses-stop clause
15. The interest of a sublessee is a
a. Leasehold
b. Lease fee
c. Subleasehold
d. Sandwich lease
16. Increase in maintenance costs are passed on to tenants under a (n)
a. Tax-stop clause
b. Expense-stop clause
c. Gross lease
d. Escalator clause
17. The average of all variates is the
a. Mean
b. Mode
c. Median
d. Range
18. The center of all variates is the
a. Mean
b. Mode
c. Median /Mid range
d. Range
19. The different between the highest and lowest radiates is the
a. Mean
b. Mode
c. Median
d. Range
20. The mean of five house sales prices of P100,000, P75,000,P175,000, P200,000, and P150,000 is
a. P140,000 (P700K/5)
b. P150,000
c. P700,000
d. P175,000
21. The median of the house sales price in question 20 is
a. P140,000
b. P150,000
c. P700,000
d. P175,000
22. The aggregate of the house sales prices in question 20 is
a. P140,000
b. P150,000
c. P700,000
d. P175,000
23. What is the value in 5 years of an investment of P7,500 at 10% compounded daily.
a. P20,387
b. P12,365
c. P12,340
d. P12,290
24. To determine the value in 8 years of an investment of P10,000 at 10% compounded annually the applicable factors is
a. 2.143589 (1.108)
b. 2.357948
c. 1.948717
d. 2.182875
25. Calculate the monthly payment required to amortize a loan of P270,000 at 9 ½ percent interest for e term of 40 years.
a. P221.40
b. P2,187.17
c. P2,403
d. P2,214
Formula
PMT = PV × Si/S – 1
26. The factor used to find the monthly payment required to amortize a loan of P147,000 at 11 percent interest over 30 years is
a. .0092
b. .0096
c. .0100
d. .0097
Formula
Amortizations Factor = Si/S – 1
27. Geography is the scientific study of the location of people and activities across the earth’s surface and the reason for their______.
a. Existence
b. DISTRIBUTION
c. Planning
d. Space
28. The system used to transfer locations on the earth’s surface to locations on the map is ____.
a. Platting
b. Mapping
c. Projection
d. Survey
29. The Greek scholar who invented the word Geography is ___.
a. Hipparchus
b. ERATOSTHENES
c. Ptolemy
d. Aristotle
30. The scientific study of population characteristics is ____.
a. Migration
b. Ecumene
c. Density
d. Demography
31. In economic development, economic factor indicators are availability of consumer goods, worker productivity, access to raw materials,
economic structure and___.
a. Density
b. GNP
c. Population
d. Per capita income
32. In determine the quality of Life (QOL), it is based on indicators of socioeconomic environment and ______.
a. PHYSICAL ENVIRONMENT
b. Planning
c. Population
d. Migration
33. Urbanized is a process of becoming from a state of less concentration to state of___.
a. Threshold
b. More concentration
c. Calamity
d. Divisiveness
34. The two factors considered in relation to migration are___.
a. Push and pull
b. Push and push
c. Come and go
d. Pull and pull
35. Geography has relations to other disciplines and such as biological, physical social, mathematical and ____.
a. Medical
b. CULTURAL
c. Arts humanities
d. Botanical
36. _______ concerns with the relationship between humans and the physical environment.
a. Physical density
b. Physical geography
c. HUMAN GEOGRAPHY
d. Human density
37. A property has 25 apartment units, 15 units two bedroom unit renting for P5,000.00 per month each and 10 one bedrooms unit renting for
2,000.00 per month east. There are 14 two bedroom units occupied and 8 one bedroom units occupied.
The potential gross income yearly is.
a. P1,000,000.00
b. P1,120,000.00
c. P1,140,000.00
d. P1,150,000.00

15 × 5K × 12 = 900K
10 × 2K × 12 = 240K
PGI = 1.14M

38. If house in your area have increase in value 8% during the past year and the average price of house sold last year was P95,000.00. what is the
average price of houses sold today
a. P101,000.00
b. P101,500.00
a. P102,600.00 (95K × 1.08)
c. P103,000.00
39. An appraisal is last to be made of a three-bedroom house. One comparable with two bedrooms sold for P50,000.00. the appraiser makes an
adjustment of P1,000.00 to the comparable to account for the difference in the number of bedrooms. The adjustment sales price of the
comparable is:
a. P49,000.00
b. P51,000.00
c. P52,000.00
d. P53,000.00
40. Which of the following estimated would result n a capitalization rate of 4 percent
a. Potential gross income P200,000.00; value P5,000,000.00
b. Effective gross income P200,000.00; value P5,000,000.00
c. Net operating income P200,000.00; value P5,000,000.00
 d. None of the above
41. In regard to zoning, which of the following statement is CORRECT?
a. Zoning ordinances are always more restrictive that deed restrictions
b. A nonconforming use and variance refer to the same thing
c. Zoning normally establishes land-use districts and provided for different restriction within each district
d. Exclusive zoning and spot zoning refers to the same thing
42. A comparable site sold a month ago @ P25,000.00 per square meter. Its location is considered 15% superior and its and topography is 10%
inferior to the subject site. The time adjustment is 12% per year. Determine the adjustment sale price of the comparable site using straight plus
minus adjustment
a. P18,250.00 per sqm
b. P24,000.00 per sqm
c. P25,750.00 per sqm
d. P26,250.00 per sqm
43. Building Residential, 4 T&B and 4 car garage residential building was sold for P20,000,000.00 Using. The rules of thumb of building to land ratio
of 3:2 what is the value of the building?
a. P10,000,000.00
b. P11,000,000.00
c. P12,000,000.00
d. P8,000,000,00
44. An appraiser was asked t compute for the fair market rent per (square meter) of a P500.00 per square meter vacant commercial lot using the
following assumptions
Fair market value of lot per sq.m –P12,00.00
Interest rate -10% p.a
They yearly market rent is:
a. P500,000.00
b. P600,000.00
c. P700,000.00
d. P800,000.00
45. If a commercial structure is a rectangle with sides of 65 meters and 135 and the current local cost to built a similar structure is 4,500/sqm using
the square meter method
a. P18,000,000.00
b. P180,000,000.00
c. P 39,487,500.00 (65 × 135 × 4600)
d. P36,450,000.00
46. A house and lot are priced at P8,800,000.00. the lot alone is valued P1650,000.00. what percentage of the total asking price is attributable to
the value of the lot?
a. 18.8%
b. 19.0%
c. 18 and ¾ % (1.65M/8.8M)
d. 18 and ¼ %
47. R.A 7279, Sec-18 specifies that developers of proposed subdivision projects shall be required to develop an area for socialized housing
equivalent to:
a. 25% of the total subdivision area
b. 20% of the net saleable area
c. 20% of the total subdivision area
d. 25% of the cost development.
48. The basic formula for property valuation via income capitalization is:
a. Value=Income x Rate
b. Value= Income/Rate
c. Value=Rate/Income
d. Value=Selling Price/Income
49. In a property residential capitalization approach what is the value an improved property with a net income of P80,000.00 a year, an interest rate
8% and rate recapture of 2%?
a. P1,000,000.00
b. P800,000.00 (80K/8%+2%)
c. P840,000.00
d. P850,000.00
50. If houses in your area have increased in valued 8% during the past years and the average price of houses sold last year was P95,000.00. what
is the average price houses sold today?
b. P101,000.00
c. P101,500.00
d. P102,600.00 (95K × 1.08)
e. P103,000.00
51. Assuming four different shapes of a 500 square meters houses which would be the least expensive to built, assuming the same materials and
quality of construction?
a. A RECTANGLE
b. An L-shape
c. An H-shape
d. A U-shape
52. Assume the following figures:
Annual net income form property -P100,000.00
Land Value -P200,000.00
Interest rate -8%
Recapture rate (based on the remaining economic life of 25 years) -4%. What is the property value indicated by the building residual technique?
a. P800,000.00
b. P900,000.00
c. P960,000.00
d. P980,000.00
53. Ideally, the appraiser of a residential property will collect data on comparable property sales that occurred earlier than:
a. SIX MONTHS PRIOR TO THE DATE OF APPRAISAL
b. One year prior to the date of appraisal
c. 18 months to the appraisal
d. Two years prior to the date of appraisal
54. Which of the following is an advantage of two storey houses a single storey house?
a. Stairs
b. LOWER CONSTRUCTION COST PER SQUARE METER
c. Easier paint maintain error
 d. Less to paint and maintain error
55. When a part of a building or an obstruction physically intrudes, overlaps, or trespasses the property of another, this is referred to as an:
a. Assemblage
b. Escheat
c. Easement
d. Encroachment
56. The term real estate is generally used to refer to the physical land improvements, whereas the term real property denotes:
a. Machinery and equipment
b. Surface rights only
c. Legal interest and rights inherent in ownership
d. Air and subsurface rights
57. What is the distinction between the term market price and market value?
a. Market price is what is the seller asks for, while market is what the buyer actually pays
b. Market price is what the property seller for, while market value is what is what the sales price should be to typical buyer
c. Market price is what is currently owned the property, while market value is what is bought for
d. Market price is synonyms with replacement cost, while market value is the same as assessed value
58. The assessor’s Office is an agency where we inquire and conduct research on
a. Title verification
b. Certification lot plan
c. Zonal value
d. Cadastral map/tax map
59. An appraisal is best defined as:
a. An unbiased opinion of the quality, value or utility of an interest in real estate and related personality
b. An unbiased opinion of the likely price for which a parcel of real estate would sell at a given date
c. The process of studying the nature, quality, or utility of an interest in real estate in which a value estimate is not necessarily required
d. The process of developing an opinion as to market value or other defined value of a specified interest in a specified in time
60. Edwin owned a small farm of 1,500 sq.m in Antipolo. When he died, he had no heirs, no friends, and no will.
a. The state will take the property and sell it
b. The land will be in Bob’s name forever because he died without heir
c. The land will pass to the first person to occupy the land for seven years (i.e., squatter’s rights)
d. The land will pass to the adjacent owner equally.
61. A 7-years old residence is currently valued at P720,000. What was the original if it has appreciated by 60% since it is built?
a. P720,000
b. P450,000
c. P378,000.00
d. P1,152,000.00
62. In a soft market a landlord accepted a new tenant with 60-month lease at P5,000 per month but gave the new tenant six months free rent. Using
the average rent method, what is the effective monthly rent?
a. P5,555
b. P4,500 (60×50)0/66)
c. P3,000
d. P5,000
63. An office building recently sold for Php50,000,000. Given the following information:
Gross (potential) income: Php10,000,000
Vacancy factor : 8 percent
Expenses :45 percent of effective gross income
Annual mortgage payment :Php4,125,000
Equity :Php12,500,000
What is the overall rate of return for the property? What is the pre-tax cash flow?
a. 8.3 percent
b. 10 percent
c. 10.12%
d. 9%
Solution.
10M – 8% - 45% /50M
64. If the subject property is 10% superior to Comparable Sale no. 1 and the comparable sold for P1,000,000, what is the indicated value of the
subjected?
a. P1,000,000 x 0.90=P900,000
b. P1,000,000 x 1.10=P1,100,000
c. P1,000,0q00/1.10=P9069,090
d. P1,000,000/0.90=P1,111,111
65. A tenant has a least that states the base rent is P5,000 per month plus 3% of the sales above P50,000 in gross sales per month. The tenant’s
sales last year were P850,000. How much rent was paid last year?
a. P25,500
b. P75,000
c. P60,000
d. P67,500
66. If comparable sale# 1 sold for Php2,000,000 and has two-car garage, adding Php100,000 to the value and the subject property does not have a
garage, the indicated value of the subject property would be found by:
a. Subtracting Php100,000 from the subject property
b. Adding Php100,000 to the comparable sale
c. Subtracting Php100,000 from the comparable sale
d. Adding Php100,000 to the subject property
67. A residence has been listed for sale for the last six months at a price of P1,249,000 and it has not sold, in this market, the average marketing
period is 45 days for this type for property.
a. The subject property’s market value could be higher than the list price
b. The subject property’s market value could be higher or lower than the list price
c. The subject property’s market value is less than the list price
d. The subject property’s market value could be lower than the list price
68. A comparable property sold six months ago for Php1,250,000. Market investigation indicates the following:
Location adjustment +5 percent Adjustment Sequence: Time, Age, Location
Time adjustment +6 perecent P1,250,000 X 1.60 X.93 X 1.05 (round it) =1,293,862.5
Age adjustment +7 percent(dep-ed)

Give the above information, what is the indicated value based on the comparable property?
a. Php1,232,250.00
b. Php1,300,000.00
 c. Php1,325,000.00
d. Php1,293,860.00
69. A property has an overhead garage door that is 13 years old. It cost P19,000 to replace Because the inclement weather comes outs of the
northwest, these doors typically last 15 years if they face the west and 25 years if they face east. This door faces east. What is the amount of
value left in this item?
a. P9,120.00
b. P9,880.00
c. P16,470.00
d. P2,660.00
13/15 (19,000) = 9,880
19,000 – 9,880 = 9,120.00
70. The area of rectangle with a base of 10 meters length and a length of 20 meters is
a. 250 sq.m
b. 200 sq.m (10×20)
c. 300 sqm.
d. 400 sqm.
71. All of the following statement are true except:
a. Real property refers to items that are not permanently fixed to a part of the real estate
b. Appraising is the art and items that are not permanently fixed to a part of the estate
c. Assets value change with time
d. Market change with supply and demand
72. The principle of substitution holds that a purchaser will pay not more for a property than
a. The minimum he can afford
b. THE COST OF ACQUIRING AND EQUALLY DESIRABLE SUBSTITUTE
c. The price of a previously owned property
d. The price of a property with grater utility
73. Which of the following conditions is assumed in the normal definition of market value
a. The estate value is as of a future date
b. The property will sell promptly
c. Payment will be made in cash or its equivalent
d. Only the buyer is knowledgeable as to the potential uses of the property
74. In which market are the there many potential buyers but few properties available?
a. Demand
b. Buyer’s
c. SELLER’S
d. Low-price
75. To estimate market value, an appraiser follows the
a. Appraiser report
b. Valuation process
c. Evaluation methodology
d. Appraisal guidelines
76. An appraisal of real estate
a. Guarantee its value
b. Assure its value
c. Determine its value
d. Estimates its value
77. In which market is the direct sales comparison approach most applicable?
a. Seller’s
b. Buyer’s
c. Reasonable
d. Active
78. The legal right to move items such as topsoil or coal from another is known as a/an:
a. Easement
b. Profit
c. Escheat
d. EMBLEMENTS/FRUITS
79. The process of change the use of a building from an apartment complex to a condominium form of ownership is normally referred to as a (n):
a. CONVERSION
b. Proration
c. Interim use
d. Variance
80. Which approach would best when appraising a 15-to-20 years old house?
a. Cost
b. Sales comparison
c. Income capitalization
d. Replacement cost new les depreciation
81. Before reconciliation the appraiser should
a. Re-inspect the subject property
b. EVALUATION THE RELIABILITY OF EACH APPROACH TO VALUE
c. Review the over-all appraiser process and check for technical accuracy
d. Seek the property owner’s opinion
82. 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
83. The walls between two condominium units are NORMALLY considered to be:
a. Individual unit elements
b. Common elements
c. LIMITED COMMON ELEMENTS
d. Propriety lease elements
84. What would be the indicated value of a property that rented for P7,500 per month, using a monthly gross rent multiplier of 110, if the express
attributable to the property were P1,250 per month?
a. P756,700.00
b. P825,000.00 (7,500 – 1,250)(12)(110)
c. P687,500.00
d. P611,250.00
85. A 7 years old residential is currently valued at P720,000. That is the original value f it has appreciated by 60 percent since it was built?
a. P270,000.00
b. P378,000.00
c. P450,000.00 (720K/160%)
d. P152,000.00
86. ____ includes not only the ground or soil but everything which is attached to the earth whether by course nature or by man
a. Land
b. Building
c. Other land improvements
d. Real Estate
87. This evolution of value theory emphasized the relationship of market price and value, normal value under conditions of balance supply
and demand
a. Social theory of Mill
b. Cost theory of Adam Smith
c. THEORIES OF AUSTRIAN SCHOOL
d. Theories of Physiocrats
88. Under the international valuation standards (IVSC), two types of values are:
a. Fair market value and sound value
b. MARKET VALUE AND NON-MARKET VALUE
c. Economic value and market value
d. Fair market value and liquidation value
89. Under IVSC, the “C” standards for:
a. Corporation
b. COMMITTEE
c. Conference
d. Charter
90. A property with an annual net income of P382,500.00 was recently sold for P4,250,000.00. the remaining economic life of the building is
estimated to be 25 years. Linda value is estimated to be P900,000.00. Based on the data gathered. The overall rate of the property is:
a. 8%
b. 9% (382,500/4,250,000)(100)
c. 10%
d. 12%
91. There are various types of appraisal reports. Which of the following step would be the final one taken the appraisal process?
a. Narrative report
b. Bank form report
c. PERSONAL LETTER OF OPINION
d. Valuation report
92. A house and lot is period at P7,500,000.00. the lot alone is valued P2,531,250.00. what percentage of the total asking price is attribute to the
house?
a. 33 ¾ %
b. 33 ¼%
c. 66 ¼%
d. 66 ¾%
93. The value of the property with a monthly net income of P75,000.00 and with an overall capitalization rate of 9% is.
a. P833,333.00
b. P10,000,000.00
c. P1,000,000.00
d. P900,000.00
94. A regression gives information to estimate monthly rent for apartments:
Rent=250+(75xRooms)+(50xstudents)+(25xdistance)=
Where: 225 × 2 = 1,250
Rooms is the number of rooms in the apartment
Students id the percent of students in the apartment building (0=- percent)
Distance is the distance from the periphery of the campus
The rent for an apartment with 3 rooms, 100 percent students and 50 meters from campus would be:
a. Php1,500.00
b. Php1,775.00
c. Php2,500.00
d. Php3,000.00
95. Building value :Php50,000,000.00
Net operating income :Php8,350,000.00
Building capitalization rate :14 percent
Land capitalization rate :9 percent
What is the residual income to the land?
a. Php 1,350,000.00
b. Php 3,850,000.00
c. Php 4,500,000.00
d. Php 70,000,000.00
96. What is the present value of a 40-years net income of Php 10,000 per year if payments are in advance and the net income is discounted at a
rate of 12 percent?
a. P82,330.00
b. P82,438,.00
c. P92,210.00
d. P92,330.00

APPRAISER’S /BROKERS EXAM

MOCK EXAM SET B-2

97. Which principle of value suggests that the maximum value of a property generally cannot exceed the cost of its replacement?
a. Balance
b. SUBSTITUTION
c. Anticipation
d. Opportunity cost
98. Which of the following statement is NOT true in regard to real estate markets ?
a. Price is seldom equal to value
b. Supply and demand are seldom in balance
c. SUPPLY ADJUSTS MORE QUICKLY THAN DEMAND
 d. There are many government regulations
99. The term absorption rate refers to:
a. An estimate of the expected annual sales or new occupancy of a particular type of land use
b. AN ESTIMATE OF THE RATE AT WHICH A TYPE OF REAL ESTATE SPACE WILL BE SOLD OR OCCUPIED .
c. The rate at which the cash flows from a property will cover the initial investment in the property
d. The rate of retain used converted future payments into present cash values?
100. Which of the following explanations would be the BEST definition of market value?
a. Value top a typical investor
b. Value to any a typical who is willing purchase the property in the open market
c. Value to a typical seller
d. Value to the user who pays market rent
101. The term market value is MOST closely associated with which of the following value concepts?
a. Highest sales price
b. Value in exchange
c. Values in use
d. Assessed value
102. Which of the following economic principles BEST explains the occurrence of located location obsolescence resulting from a change in
surrounding land use?
a. Anticipation
b. Conformity
c. Contribution
d. Substitution
103. What economic principle suggest that the value of property is created and maintenance when there is equilibrium in the supply, demand and
location of real estate ?
a. Balance
b. Equilibrium
c. Substitution
d. Surplus productivity
104. Which of the following land uses would NOT be considered a single purpose property?
a. Nuclear power plant
b. Grain elevator
c. GOLF COURSE
d. Cemetery
105. Normally, the amount of money a lender will agree to lend against a specified parcel of real estate is based on which of the following prices or
values?
a. Contract price
b. Appraisal value
c. CONTRACT PRICE OR APPRAISAL VALUE, WHICHEVER VALUE, WHICHEVER IS LESS
d. Assessed value
106. The legal ownership rights in real estate are limited by all of the following conditions EXCEPT:
a. Private voluntary restrictions such as deed restrictions
b. The law of nuisance
c. SUPPLY OF REAL ESTATE IN THE MARKETPLACE
d. Public Limitations such as eminent domain
107. The real property in a condominium form of ownership in severalty is referred to as:
a. Unit
b. Common area
c. Limited common area
d. Cooperative
108. Property taxes levied local governments are normally referred to as ad valorem taxes. The term ad valorem means:
a. Ability to pay
b. ACCORDING TO VALUE
c. According to most likely sales price
d. Ability to collect the tax
109. If a commercial use such as retail store is permitted to remain in business following a zoning change to residential use, the owner is said to
have received a:
a. VARIANCE
b. Nonconforming use
c. Local exception
d. Buffer zone use
110. A hectare of land contains___ square meters
a. 10,000
b. 1,000
c. 100,000
d. 1,000,000
111. A fixture such as a permanent book case or wall-to-wall carpeting is legally treated as:
a. Personalities
b. REALITY
c. Intangible property
d. Personal property
112. When a real estate is put up as a collateral for a loan, the borrower is known as the____ and the lender is known as the____.
a. MORTGAGE, MORTGAGEE
b. Mortgage, mortgagor
c. Mortgage, financial intermediary
d. Agent, principal
113. The term fee simple estate refers to an estate that:
a. Has all lease at the market rate
b. Has been leased at a specified fee
c. IS NOT A SUBJECT TO ANY LEASES
d. Is fully encumbered by leases
114. What term is used to identify recently sold or leased properties that are similar to a particular property being evaluated and used to indicate the
value for the property being appraisal?
a. Subjects
b. COMPARABLES
c. Relatives
d. Outliers
115. Reconciliation criteria used to estimate the final value in an appraisal included which of the following factors?
 a. Appropriateness, accuracy, market evidence
b. Appropriateness, quality of evidence,, accuracy
c. ACCURACY, DIFFERENCES IN VALUE, APPROPRIATENESS
d. Quantity of evidence, accuracy, market value
116. In the valuation process, which of the following steps identifies the items that contribute to a concise appraisal completed in a through and
efficient manner?
a. Definition of the problem
b. DATA COLLECTION AND PROBLEM
c. Highest and best use analysis
d. Reconciliation
117. A common phrase included in all real estate appraisal forms includes the use of the “as of” date Normally, the “as of “date in an appraisal report
refers to the date:
a. The appraisal assignment was accepted
b. The appraisal assignment is to be delivered
c. OF THE LAST INSPECTION
d. The loan is to close
118. In using the sales comparison approach, the appraiser finds that one of the comparables is superior to the subject property in terms of location.
In this event what adjustment will be made?
a. The comparable will be adjusted upward
b. THE COMPARABLE WILL BE ADJUSTED DOWNWARD
c. The subject property will be adjusted upward
d. The subjected property will be adjusted downward
119. Normally, the comparable sales approach would be considered the MOST reliable when which of the following condition exist?
a. The approach is new and an occupied
b. A high rate of inflation exists
c. Obsolescence must be measured
d. ACCESS TO RELIABLE MARKET DATA EXISTS
120. Your appraising assignment involves the estimation of value for a 10 meter parcel of land. You have identified and examined 10 comparables
that are similar to the subject property except for size differentials. You have developed a simple linear regression equation in which sales price
(expressed in thousands of pesos)is the depended variable and size (expressed in square meters) is the independent variable. The equation
you have developed is Y=180,000 + 1,000 (x) using equation and the information given, what is the indicated sales price for the subject
property?
a. Php 180,000
b. Php 360,000
c. Php 280,000
d. Php 435,000
121. In appraising a property, the appraiser identifies a similar property that appears to be a very good comparable. The appraiser finds that when
the comparable sold, very favorable financing was part of the sales. In regard to the comparable, what is the appropriate action?
a. Not use the sale under any condition
b. Give the sale less weight than any of the other comparables
c. ADJUST THE SALES PRICE FOR CASH EQUIVALENT EQUIVALENCY AND EXPLAIN
d. Do nothing because the comparable sold thus represents normal market activity
122. The portion of land that is NOT necessary for the existing improvement is referred to as:
a. Over improved land
b. Excess land
c. Useless land
d. Under improved land
123. The term site refers to:
a. Land that has been improved
b. Land within a certain set of boundaries
c. A legal description of a plot of land
d. Raw land within no improvements
124. _____ is the estimated cost at current price to construct an exact replica of the building using the same standards, materials, design, and lay
out and including any deficiencies, super adequacies, and obsolescence as the subject building.
a. Replacement cost
b. Unit-in-place cost
c. Reproduction cost
d. Market cost
125. The cost approach to value is generally MOST accurate when which of the following situations exists?
a. The building is sold and suffers from a great deal of depreciation
b. The building is new and is being used under its highest and best use
c. The building is sold and reproduction or replacement cost is not known
d. A vacant tract of land is being appraised
126. In the appraisal of real estate, the necessary step taken by the appraiser of valuing the land if vacant is part of which approach to value?
a. Cost
b. Sales comparison
c. Income capitalization
d. Gross rent multiplier
127. Which of the following statement is CORRECT in regard to estimating the value of residential real estate ?
a. The highest and best use of a site with a newly constructed house property located on the site is always its present value
b. The total area of a single family residence for purpose of using the cost approach to value is calculated by summing the interior areas of
the structure
c. A newly constructed house cannot suffer from any type of depreciation
d. TOTAL ACCRUED IS A LOSS IN VALUE FROM CAUSES
128. Super adequacies that might exist in a structure would be recognized and included in which of the following types of depreciation?
a. Physical deterioration
b. FUNCTIONAL OBSOLESCENCE
c. Economic obsolescence
d. Local obsolescence
129. A house being appraised has a total living area of 50 squares. For a house similar construction quality, national cost services indicates a cost of
Php 15,000 per square meter. The location multiplier is .95.the cost figure are five months old and the appraiser estimates that construction
costs have increase 5 percent during this period. What tis period. What is the current estimated replacement cost of this house?
a. Php 712, 425
b. Php 748,125
c. Php 784,500.00
d. Php 874,000.00
Sol.50×15K = 750K×95%=712,500+5%=748,125
130. The method of estimating total replacement cost of a building that measures the total floor area and multiplies this total by the current cost
per square meter is referred to as which of the methods?
a. Comparative unit method
b. Builder’s methods
c. Unit in place method
d. Quantity survey method
131. The term amortization refers to:
a. An increase in value of the property
b. An decrease in value of the property
c. Periodic repayment of debt normally in equal amount
d. Assessment of property for tax purposes
132. The amount of debt payment due on a loan is function of the amount borrowed, the interest charged, and the term of the loan. In regard to the
term, which of the following statement is CORRECT?
a. The longer the term, the greater the periodic payment
b. THE LONGER THE TERM, THE LESS THE PERIODIC PAYMENT
c. The longer the term, the higher the interest rate charged and thus the higher payment
d. The longer the term, the lower the interest rate charged and thus the higher the employment
133. You have collected the following data on a comparable property, which you plan to use in estimating the gross rent multiplier for rental
properties in a neighborhood: sales price is Php1,000,000, annual rent is Php60,000, annual property taxes is Php9,000, monthly mortgage
payment is Php 7,150.
What is the monthly gross rent multiplier indicated by this property?
a. 100
b. 125
c. 150
d. 200
134. When payments on a loan are not to cover the interest on a loan, which of the following result is applicable?
a. THE LOAN HAS NEGATIVE AMORTIZATION
b. The loan will never get repaid
c. The loan has debt coverage ratio less than one
d. The loan is a reverse annuity mortgage
135. Reversion can follow which of the following types of legal estates?
a. Leasehold
b. Fee simple
c. Tenancy in common
d. Fee simple absolute
136. Which of the following statements would be CORRECT if contract rent is likely to exceed market rent for the term of the lease ?
a. THE LEASEHOLD ESTATE IS NOT LIKELY TO HAVE ANY VALUE
b. The leased fee estate is probably less valuable than a fee simple estate in the property
c. The leasehold interest will be greater than the fee simple value
d. The leasehold value is not affected by the contract rent
137. Which of the following terms refers to a lease used to sublease a property?
a. Blanket lease
b. Subordinated lease
c. Sandwich lease
d. Double lease
138. Which of the following reasons is often given as a weakness or disadvantage of using the sales comparison approach?
a. The market may be too active
b. There may be so many sales that the appraiser cannot find comparables
c. The sale comparison approaches is based on historical information or offering in the market
d. A competitive and knowledgeable market may exist
139. Which principle of value suggests that the of a property is equal to the present value of the property’s project-income?
a. Balance
b. Anticipation
c. Opportunity cost
d. Substitution
140. What term applies to the difference between the purchase price and the net proceeds from any mortgage (s) used to purchased property’s?
a. Asset
b. Reversion
c. Capitalizations tax
d. Equity
141. The relationship of a property to other properties in terms of time and distance preferences is referred to as:
a. Linkage
b. Externality
c. District
d. Neighborhood
142. The demand for new homes in a market area is estimated to be 500 per year. Developer abel’s new subdivision, when completed, is expected
to capture 10 percent of the market. Therefore Abel’s subdivision has an expected absorption rate of:
a. 50 percent
b. 5 percent
c. 50 homes per year
d. 10 homes per year
143. The market value of a property and the selling price of that same property could be equal under which of the following conditions?
a. They are always equal
b. They are never equal
c. They are sometimes equal
d. They are only equal rental property
144. Which of the following economic principle is the underlying justification as to why the adjustment process is used in the sales comparison
(market) approach?
a. Anticipation
b. Contribution
c. Highest and best use
d. Opportunity cost
145. _____refers to that possible and legal use of land that will preserve the land’s utility and generate a net income that forms when capitalized, the
greatest present value of the land.
a. Linkage
b. Present value
c. Market value
 d. Highest and best value
146. The primary difference between a straight-term (interest-only) mortgage and a fully amortized mortgage is in the:
a. Loan-to-value ratio
b. Interest rate
c. Length of the loan
d. Method of principle repayment
147. In regard to an easement which of the following statement is CORRECT?
a. An easement is a person property right rather than a real property right
b. An easement must always be in writing
c. An easement, once created, becomes a life estate
d. An easement may be terminated once the purpose for which it was created no longer exists .
148. An irregularly shaped lot is located in an area where the zoning setback required of 1.5 meters would result in a planned building not property
fitting on the lot. To seek relief from the harshness of this requirement, the owner seek what type of adjustment from the local authority?
a. Nonconforming use
b. Exception
c. Variance
d. Special use permit
149. In referring to various parties in a deed, the grantee is the:
a. Seller
b. Buyer
c. Broker
d. Escrow agent
150. The walls located between two condominium units are normally considered:
a. Individual unit elements
b. Limited common elements
c. Public elements
d. Propriety lease elements
151. In determining whether an item is real property, which of the following test is NORMALLY considered?
a. Manner of attachment intention of the party who made the attachment, purpose for which the item is used
b. Manner of attachment, age of the item, cost of the item
c. Number of the items in question, current market value, purpose for which the item is used
d. Actual owner, cost of the item, current market value.
152. The private right and privileges of real property ownership are limited are limited by what four powers of government?
a. Police power, eminent domain, taxation, escheat
b. Police power, adverse possession, taxation escheat
c. Eminent domain, zoning, condemnation, taxation
d. Zoning, police power, escheat, adverse possession
153. A written instrument, usually under seal, conveying some property interest from a grantor to a grantee is a common definition of which of the
following?
a. Mortgage
b. Lease
c. Deed
d. Sale contract
154. A current land use that existed prior to the establishment of zoning district and is NOT consistent with the current restrictions impose on land
uses in that district s called a (n):
a. Variance
b. Nonconforming use
c. Illegal use
d. Transitional use
155. In the valuation process, when does the reconciliation of value indications to a final value estimate take place?
a. After completing of each approach
b. AFTER COMPLETION OF ALL THREE APPROACHES
c. After the legal description is complete
d. Periodically during the appraisal process
156. Which of the following statement is CORRECT in regard to the range of value used in the final value estimate?
a. There should be a single point estimate, not a range of values
b. A good range in values is plus or minus 5 percent
c. THE RANGE OF VALUE DEPENDS ON THE PRECISION ASSOCIATED WITH THE ESTIMATE AND THE CONFIDENCE THE
APPRAISER HAS IN THE VALUE
d. The price should be given in whole numbers
157. Comparing the physical components of the subject property with those of comparable properties is part of what step in the appraisal
process?
a. Defining the problem
b. Collecting the data
c. Analyzing data via the sales comparison approach
d. Recording the value approaches
158. Which of the following guidelines is the PRIMARY one that should be followed by an appraiser in regard to the collection and analysis of data
analysis data use in the appraiser process?
a. They should be limited to public land record
b. They should be primary data only
c. They should be current
d. They should have a bearing or influence on the estimating of value
159. The valuation process has numerous steps that should be followed. Which of the following steps is NOT a normally acceptable one undertaken
by an appraisal process
a. Definition of the problem
b. Collection and analysis of data
c. Averaging of the three approaches to value/weighing
d. Report of the defined value
160. Which of the following statements BEST describes how the adjustment process is used in the comparable sale approaches?
a. The subject property is adjusted to the comparables to make it as similar as possible
b. The comparables are adjusted to the subject property to make them as similar as possible
c. The subject property is valued using its highest and best use
d. Accrued depreciation is subtracted from replacement cost to estimate the value of the subject property
161. Numerous elements of comparison are used by appraisers in the sales comparison approaches. Which of the following elements is NOT one
that should be employed in this approach?
a. Conditions of false
b. Property rights being conveyed
 c. Cost
d. Location
162. An appraiser is attempting to estimate the value of a house. The subject property has four bedrooms and a swimming pool. The appraiser has
found three comparables that have recently sold.
Comparable Sales Price (in Php) Bedrooms Swimming Pool
1 1,100,00 5 No
2 1,010,000 4 No
3 1,040,000 3 Yes
The appraiser estimates that each bedrooms has a worth of Php 100,000 and swimming pool is worth of Php150,000.
Given the above information, what is estimated value of the subject property using the average derived from the comparable
a. Php 1,010,000
b. Php 1,040,000
c. Php 1,150.000
d. Php 1,250,000
163. For functional obsolescence to be curable, the
a. cost of replacing the feature must be less than the value of the feature
b. Feature as improved must contribute to the income of the property
c. Cost of replacing the feature must be the same as lot less than the anticipated increase in value
d. Contribution of the improved feature to the income of the property must be greater than the cost to install it
164. The term frontage refers to the:
a. Curb length along the perimeter of a property
b. Width of a site
c. Linear distance of a piece of land along a lake, river, street or highway
d. Distance between the form front f a site and the back of the site
165. A residential neighborhood may suffer from economic obsolescence as a result of which of the following conditions?
a. An increase in mortgage interest rates
b. Expansion of an airport runway on an adjoining property
c. Highest and best use of the surrounding land
d. A decrease in the millage rate used to calculate property taxes
166. A lot measuring 10 meters by 12 meters by 21 meters costs Php315,000. At the same rate per square meter, what would a lot measuring 12.5
meters by 25 meters cost?
a. Php 312,500
b. Phph 315,000
c. Php 393,750
d. Php 468,750
167. Corner influence is MOST important to the appraiser under which of the following conditions?
a. Traffic flow on the road fronting the property is only one way
b. The property is zone highway commercial
c. Access to the property is readily available
d. Investigation and analysis show concerns to be valuable
168. A house with a total living area of 100 square meters would cost Php 10,000 per square meter to reproduce new. It has an expected economic
life of 50 years and is estimated to have an effective age of five years. The lot has market value of Php2,500,000. What is the estimated value
of the property using the cost approach?
a. Php 4,000,000
b. Php 2,600,000
c. Php 3,400,000
d. Php 3,500,000
Sol. Effective age/Economic life = 5/50 = 0.1
1M-10%=900k+2,5M
169. In regard to various statistical test undertaken by appraisers, which of the following statements is CORRECT with respect to the median?
a. The median and the mode are always the same
b. The median is the most commonly occurring value in a group
c. The median is the middle value in a group
d. The median as always greater than the mean
170. The term ground lease applies to what type of lease?
a. A lease that applies to the ground floor of a structure
b. Any lease that includes land
c. A lease allowing something to be removed from the land
d. A lease that applies to the land only
171. A comparable property sold six months ago for Php 1,250,000. Market investigation indicates the following:
Location adjustment : +5 percent
Time adjustment : +6 percent
Age adjustment : -7 percent
Given the above information, what is the indicated value based on the comparable property?
a. Php 1,232,250
b. Php 1,293,860
c. Php 1,300,000
d. Php 1,325,000
Sol. 1,250,000+6%=1,325,00+5%=1,391,250-7%=1,293,860
172. Data obtained from published sources are referred to as:
a. Primary data
b. Secondary data
c. General data
d. Specific data
173. Market rental rates tend to be set the rate that prevails for equally desirable space. This is a reflection of what appraisal principle?
a. Anticipation
b. Balance
c. Substitution
d. Competition
174. The process of identifying and analyzing submarkets of a larger market is known as:
a. Extraction
b. Market allocation
c. Market segmentation
d. Substitution
175. When a property’s highest and best is in a stage of transaction, which of the following action is required of the appraiser?
a. Consider interim use
b. Ignore interim use
 c. Consider interim use only if it result in a higher value
d. Consider interim use only if it result in a lower value
176. The common areas in a condominium project normally are owned by whom?
a. The developer
b. The homeowners association
c. Each individual unit owner or corporation
d. The board of directors of the homeowner’s association
177. A strip of land used to separate two adjoining parcels of land that have incompatible uses, such as a residential subdivision and an
industrial park, is referred to as a:
a. Buffer zone
b. Planned unit development
c. Nonconforming use
d. Variance
178. In appraising a condominium, an appraiser should consider the following approach(es) to value:
a. Cost approach
b. Sales comparison approach
c. Income comparison
d. All three approaches
179. Which of the following statement is CORRECT for the purpose of estimating vacancy rates in an appraisal used to estimate the value of a fee
simple estate?
a. Projects that highest and best use of the site normally would no vacancy
b. The vacancy rate in an appraisal normally should be the vacancy rate currently experiences by the project
c. The vacancy rate in an appraisal should reflect the typical vacancy rate for comparable properties
d. The vacancy rate should never be zero
180. As the degree of risk and uncertainty associated with the income potential of property increases, the income generated by that property may be
capitalized a higher rate. This action will bring about which of the following results?
a. A hgher capitalization rate will mean a higher value
b. A higher capitalization rate will mean a lower value
c. A change in the capitalization rate will have no bearing on the estimate of value
d. A change in the capitalization rate will have an effect on value only if the property is being under its highest and best use
181. An office building has 1,00 square meters of net leased space. The owner has an annual mortgage payment Php 750,000 and expects
operating expenses to be Php 250,000. If the owner wants a before tax cash flow Php 500,000, what should the gross rent square meter be on
a monthly basis?
a. Php 100
b. Php 125
c. Php 150
d. Php 1,500
182. Demand is one of the essential elements or characteristics of value, however, for demand to value where must also be .
a. Purchasing power
b. Need
c. An adequate supply
d. Good sales technique
183. Which of the following calculations is NOT a type of yield rate?
a. INTERNATIONAL RATE OF RETURN
b. DISCOUNT RATE
c. OVERALL CAPITALIZATION RATE
d. INTEREST RATE
184. What information is NOT needed to apply the building residential technique?
a. Building value
b. Land value
c. Net operating income
d. Land and building capitalization rate
185. What term used to denote the difference, if any, between the present value of expected benefits, or positive cash flows, and the present value
of capital outlays, or negative cash flows?
a. Profitability index
b. Net present value
c. Internal of return
d. Net cash flow
186. Given the following information
Building capitalization rate:
Land capitalization rate
Land value as a percent of total value:
What is the overall capitalization rate by using the band of investment approach?
a. 0.097
b. 0.100
c. 0.103
d. 0.110
187. Given the following information, what is the building capitalization rate for the subject property?
Land value : Php600,000
Net operating income : Php250,000
Land capitalization rate : 8 percent
Overall capitalization rate : 9 percent
a. 10.9 percent
b. 9.3 percent
c. 8.4 percent
d. 8.8 percent
188. If a property has a net income ratio of .75 and gross income multiplier of 9, what is the indicated overall capitalization rate?
a. 2.78 percent
b. 6.75 percent
c. 8.33 percent
d. 12.00 percent
189. The term holding period usually refers to the:
a. Time span in which improvements continue to contribute to value
b. Period of time which net income remains greater than operating expense
c. TIME SPAN OF OWNERSHIP
d. Period of time that this since construction of the improvements
190. Capitalization is the process of:
 a. Forecasting future yields of a property
b. Calculating expenses to find price
c. Deducting expenses to find net assets
d. CONVERTING INCOME INTO A VALUE INDICATION
191. Which of the following statements BEST describes the amount of adjustment an appraiser should make for vacancy allowance in a
property?
a. 5 percent of gross income
b. 1 percent for each year property has been rented
c. Somewhere between 5 percent and 10 percent
d. THE AMOUNT WILL VARY WITH EACH PROPERTY
192. Which of the following returns would be include in the capitalization rate established by the appraiser for a property with a declining value a
constant land value?
a. Return on the land and building
b. RETURN ON THE LAND AND BUILDING AND RECAPTURE OF THE BUILDING
c. Return on the land and building and recapture of the land and building
d. Return on the land and building and recapture of the land
193. In addition to the income generated by rents, what else does the income approach always require the appraiser to analyze?
a. Total debt service
b. Pretax cash flow
c. OPERATING EXPENSES
d. After-tax cash flow
194. A 10-unit apartment complex has been purchased for Php 25,000,000. A 75 percent loan has been obtained. Vacancy allowance, operating
expenses, reserve accounts, and debt services equal Php2,375,000 annually. How much must each unit rent for monthly to generate a 10-
percentr dividend rate?
a. P 23,750
b. P 24,000
c. P 25,000.00
d. P 30,000.00
195. The mathematical process of converting investment in flows or an income into a present value is commonly referred to as:
a. Compounding
b. DISCOUNTING
c. Amortization
d. Equity reduction
196. In analyzing the market by using a gross rent multiplier (GRM) technique, value is estimated by doing which of the following?
a. Dividing market rent by gross rent multiplier
b. Dividing market rent by net income
c. Multiplying operating expenses by gross rent multiplier
d. MULTIPLYING MARKET RENT BY GROSS RENT MULTIPLIER
197. Which of the following statement is MOST descriptive of what occurs with a capitalization rate used in the income approach to value?
a. THE CAPITALIZATION RATE INCREASES WHEN THE RISK INCREASES
b. The capitalization rate increases when the risk increases
c. The capitalization rate increases when risk decreases
d. The capitalization rate remains the same as long as there is possible net income
198. A set percentages indicating the proportion of site value attributable to each additional amount of depth in the lot is referred to as:
a. DEPTH TABLE
b. Multiplication tables
c. Plottages
d. Grid
199. Risk due to the use of depth financing is referred to as:
a. Interest risk
b. Financial risk
c. Leverage risk
d. Equity risk
200. A large national tenant that occupies space in a shopping center is often to as a (n):
a. Discount tenant
b. Another tenant
c. Department store
d. Mall tenant
201. Which of the following conditions is NOT a basic assumption in the definition of market value ?
a. The seller receives cash or its equivalent
b. Both the buyer and seller are knowledgeable about current market conditions
c. The value will be as of a specific date
d. The property will sell promptly
202. Which of the following conditions is assumption in the normal definition of market value?
a. The stated value is a of a future date
b. The property will sell promptly
c. Payment will be made in cash or its equivalent
d. Only the buyers knowledgeable as to the potential uses of the property
203. In considering the highest and best use of a parcel of land to be improved with an office building the appraiser determine the optimal land to
building ratio for the parcel. Which of the following economic principles does this illustrate?
a. Anticipation
b. Balance
c. Contribution
d. Substitution
204. An existing site has an improvement on it such as a building. Which of the following statements BEST describes the highest and best use of
that site?
a. It cannot determined
b. It is automatically the current use the site is improved
c. It may be different from the current use (IMERIM USE)
d. If the improvement is a residence, then the land does not have a highest and best use
205. A tax assessment is intended to accomplish which of the following results?
a. Set the maximum price paid at a foreclose sale
b. Establish the asking price of property when listed for sale by the owner
c. Aid determination of how much property tax is due
d. Determine market value
206. The process of changing the use of a building from an apartment complex to a condominium form of ownership is normally referred to as a (n)
a. Conversion
 b. Proration
c. Interim use
d. Variance
207. In regard to zoning, which of the following statement is CORRECT?
a. Zoning ordinance are always more restriction than deed restrictions
b. A nonconforming use and a variance refer to the same thing
c. Zoning normally establishes land use districts and provides for different restrictions with each district
d. Exclusionary zoning and spot zoning refer to the same thing
208. The extension of some improvements or object, such as a building or driveway, across the legal boundary of an adjoining tract of land is
referred to as a (n):
a. Easement
b. Emblements
c. Encroachment
d. Profit
209. The legal right of the state to acquire property of a decedent who died without a will and without heirs is referred to as what?
a. Eminent domain
b. Escheat
c. Dedication
d. Devise

APPRAISER’S /BROKER’S EXAM

MOCK EXAM SET C-3

210. Cost value are MOST likely to be similar under which of the following conditions?
a. The property is new
b. The property is small
c. The property is special purpose
d. The property has no deferred maintenance
211. Highest best use analysis s used to determine which of the following factors?
a. THE TYPE OF PROPERTY TO UP ON A SITE
b. THE AMOUNT OF CAPITAL TO INVEST IN A SITE FOR IMPROVEMENTS
c. WHETHER ANY EXISTING BUILDING ON A SITE SHOULD BE DEMOLISHED
d. ALL OF THE ABOVE
212. A property has an appraised value of P1,000,000.00. The owner currently owes P600,000.00 in mortgage loans against the property. The
owner’s equity is:
a. P400,000.00 (1M-600k)
b. P600,000.00
c. P140,000.00
d. P160,000.00
213. Which of the following valuation concepts is indicative of special purpose properties, such as churches or schools, when the
continuation of the special use is assumed?
a. Value in exchange
b. Value in use
c. Value in perpetuity
d. Book value
214. Which of the following explanation BEST description the term market place?
a. The amount of money actually paid in a transaction sale price
b. The amount of the loan
c. The amount of money necessary to replace the property reproduction
d. Same term as market value
215. What economic principles is BEST illustrated when an appraiser concludes that modernization of the plumbing system in the subject
property will increase the value of the property by more than the cost of modernization?
a. Anticipation
b. Balance
c. Contribution
d. Substitution
216. Which of the following statements is CORRECT in regard to the highest and best use of a parcel of land?
a. Unimproved land does not have a highest and best use.
b. If the improvement to the land is a house, then the highest and best use is always residential
c. The highest and best use can change over time
d. Highest and best use is strictly n economic concept and is not influence by physical and legal considerations.
217. The total loan payment made on a parcel f real estate during any one year is generally referred to as :
a. DEPT SERVICE
b. Equity
c. Mortgage constant
d. Cash flow
218. The test used to determine whether or not an article is a fixture depends on all the following conditions EXCEPT:
a. Reasonable intent of the party attaching the object.
b. Adaptation of the object
c. Cost of the item being attached
d. Method of attachment
219. The legal estate in land that provides degree or extent of ownership rights recognized by law any may be referred to by which of the following
terms?
a. FEE OWNERSHIP
b. FEE SIMPLE
c. FEE SIMPLE ABSOLUTE
d. ALL OF THE ABOVE
220. Which of the following action is an example of the legal of government based on police power?
a. Taxation
b. Escheat
c. Eminent domain
d. Zoning
221. In a voluntary conveyance of real estate, the ____conveys the title to the property and the ____ receives the title.
a. Grantor, grantee
b. Grantee, grantor
c. Owner, seller
 d. Grantee, grantor
222. All legal rights, such as riparian or easements that “go with land” when title to the land is transferred are known as:
a. Encroachment
b. Seizings
c. APPURTENANCES
d. Easements
223. Numerous public and private limitations are placed on real property. Some are voluntary and others are involuntary. Which of the following
limitations is NOT an example of a private involuntary limitations?
a. encroachment
b. Adverse possession prescription
c. Mechanics lien
d. Deed restriction
224. Reference to a plat map would be made in which of the following legal description methods?
a. Lot and block mids & bound
b. Rectangular survey
c. Street address
d. Monuments
225. Which of the following terms refers to the right of a person who owns a property free and clear of any leases?
a. Leased fee estate
b. Leasedhold estate
c. Fee simple estate
d. Lesse’s estate
226. When a building, a part of a building or an obstruction physically intrudes, overlaps, or trespasses the property of another, this is referred to
as an:
a. Escheat
b. Easement
c. Encroachment
d. Assemblage
227. An appraisal is best defined as:
a. An unbiased opinion of the most likely price for which a parcel of real estate would sell at a given date.
b. An unbiased opinion of the nature, quality, value or utility of an interest of an interest in real estate and related personally
c. The process of developing an opinion as to market value or other defined value of a specified interest in a specified point in time.
d. The process of studying the nature, quality of an interest in real estate in which a value estimate is not necessarily required.
228. In the appraisal process, the property being appraisal is referred to as the:
a. Comparable property
b. Assessed property
c. Subject property
d. Appraised property
229. The appraisal process undertaken by an appraiser consists of many steps. What is the correct first step in the appraiser process?
a. Definition of the problem
b. Collection and analysis of data
c. Analysis of highest and best use
d. Initial estimate of value
230. The objective of undertaking an appraisal of real estate is to:
a. Determine asking price
b. Estimate value
c. Establish loan value
d. Identify legal rights and interest that may exist
231. If comparable sale #1 sold for Php2,000,000 and has a two-car garage, adding Php100,000 to the value, and the subject property does not
have a garage, the indicated value of the subject property would be found by:
a. Adding Php100,000 to the comparable sale
b. Subtracting Php100,000 from the comparable sale
c. Adding Php100,000 to the subject property
d. Subtracting Php100,000 from the subject property
232. When an appraiser is using the sales comparison approach, one of the elements of comparison that may have to be adjustment is often
referred to as a time adjustment. What does the time adjustment provide?
a. An adjustment for the period of time between when a listing is taken on property and when the property actually sells.
b. An adjustment between the date of sale of a comparable and the date of the appraisal to allow for any changes over time
c. An adjustment between the listing date of a comparable sale and date the subject property is actually appraised
d. An adjustment for the period of time between the actual sale of a comparable for the appraisal assignment
233. An appraiser has been asked to estimate the value of a lot. In the same neighborhood, the appraiser collects the following sales data:
Lot Sale Sales Price Time of Sale
1 150,020 Php 144,250 x 4 months ago
1.04
2 149,991 Php 147,050 x 2 months ago
1.02
3 194,968 Php 145,600 x 3 months ago
1.03
449,979/3
=149,993
The price appreciation for lots is estimated to be at the rate of 1% per month (simple, not compound) given the above information, what is the
estimated value of the subject property?
a. Php50,000
b. Php100,000
c. P140,000.00
d. P150,000.00
234. Deferred maintenance usually results in which of the following losses in value?
a. Incurable physical depreciation
b. Curable physical depreciation
c. Curable functional obsolescence
d. Curable external obsolescence
235. What terms applies to the effect on value of location or proximity to the intersection of two streets ?
a. Corner influence
b. Amenity
c. Externality
d. Plottage
236. Functional obsolescence could be caused by which of the following?
 a. A ceiling that is to high
b. Deferred maintenance
c. A poor location
d. A worn-out roof
237. The building cost estimate method that replicates the contractor’s development of a bid and is the most comprehensive way estimate building
costs, si known as the:
a. Unit-n-place method
b. Quantity survey method
c. Breakdown method
d. Comparative unit methods
238. Included in the cost approach to value is all of the following components EXCEPT:
a. Replacement cost
b. Highest and best of the land
c. Acquisition cost
d. Accrued depreciation
239. In regard to accrued depreciation, which of the following terms does NOT belong together?
a. Physical deterioration-curable
b. Functional obsolescence-incurable
c. Economic obsolescence-curable (incurable)
d. Functional obsolescence-curable
240. The combining of two or more into a single ownership with the value of the assembled lots being more than the sum of the values of the
individual lot is referred to as:
a. Highest and best use
b. Economic rent
c. Escheat
d. Plottage
241. Another term used to denote the actual age of a building is
a. Chronological age HISTORICAL
b. Effective age
c. Economic age
d. Depreciated age
242. A building has a roof that originally had an expected life of 25 years. The roof’s effective age is 15 years. A new roof will cost Php100,000 to
install. Using a straight line method, what amount of depreciation would be charged of the roof?
a. Php40,000
b. Php60,000
c. P580,000.00
d. P100,000.00
243. The basic capitalization formula used in the income approach to value contains three Components. Those three components are:
a. Market, cost, income
b. Value, rate, income
c. Physical, functional, economic
d. Potential, gross, net income
244. What is the gross income multiplier for a property with a current market value of Php570,000 and rents for Php5,000 per month?
a. 9
b. 9.5
c. 10
d. 10.5
Sol. 5k × 12 = 60k
570k/60k = 9.5
245. The peso amount of rent received from a parcel of real estate when rented in an open, competitive market is referred to as:
a. Economic rent market
b. Contract rent
c. Ground rent
d. Gross rent
246. A mortgage loan for Php 300,000 at 9 percent annum for 30 years has been made. What is the amount of interest for the first month?
a. Php163.90
b. Php900.00
c. P2,250.00
d. P2,413.90
Sol. 9%/12 = 0.0075 × 300K = 2,2250
247. What is the range of a group of variables indicate to the appraiser?
a. The value of the highest sample
b. The difference between the lowest and the highest values
c. The average for the group
d. The percentage variation from the mean
248. Which of the following types of lease does NOT provided at least some protection to the lessor against inflation?
a. Flat lease
b. Index lease
c. Reappraisal lease
d. Graduated lease
249. Which of the following statement is CORRECT in regard to assessed value ?
a. The assessed value must equal the market value
b. The assessed value is used primarily to calculate property taxes
c. The assessed value is used primarily to calculate property insurance
d. The assessed value will never exceed cost
250. A father sells his home to his daughter and her husband. Such a sale would NORMALLY be described as which of the following sales?
a. Arm’s-length sale unrepresentative
b. Illegal sale
c. Distorted sale
d. Forced sale
251. In collection data, an appraiser concludes that comparable properties have increased in value at a 6-pecent for a comparable that sold years
ago for Php1,000,000 is:
a. Php60,000
b. Php120,000
c. P123,600.00 (1.06)2
d. P1,123,600.00
Sol. 1M(1.06)2
252. Which of the following actions is NOT characteristic of market value ?
a. Sale as soon as possible
b. Well informed buyers
c. Typical financing
d. Typically motivated sellers
253. Which of the following factors is NOT normally considered to affect the supply of real estate?
a. Volume of new construction
b. Standing stock
c. Land use and city growth
d. Competition
254. What term best describes the effect of a power on the value of a nearby home ?
a. Balance
b. Externalities
c. Contribution
d. Conformity
255. Which of the following appraisal principles holds that market value is indicated by the value of another property with similar utility?
a. Supply and demand
b. Substitution
c. Competition
d. Balance
256. The specific use of a parcel of land that gives that land the greatest residual of income is referred to as the land’s
a. Intrinsic use
b. Highest and best use
c. Income producing use
d. Efficient use
257. The proper or most correct of an improvement to land, such as the construction of a house, is normally strongly influenced by the
application of which of the following economic principles?
a. Conformity
b. Encroachment
c. Escheat
d. Substitution
258. The term lenders often use to refer to the relative amount of money they will lend on a specific parcel of property is known as:
a. Gross rent multiplier
b. Debt-to-equity ration
c. Value to loan ratio
d. Loan to value ratio
259. Effective demand in the market place for housing varies MOST directly with which of the following conditions?
a. Purchasing power
b. Interest rates
c. Lis pendens
d. Escheat
260. A worn path crosses an owner’s property. What legal doctrine would require a potential purchaser to take note of the fact that there may be
an unrecorded prescriptive easement against that property?
a. Actual notice
b. Constructive notice
c. Lis pendens
d. Escheat
261. An individual owner of a condominium unit is in default on payment of the property taxes to the local government Of the following choices, which
is the only available to the taxing authority?
a. Levy the tax on the entire condominium project
b. Procedure against the individual unit
c. Place a lien on the common areas
d. Foreclose against the homeowners association
262. The legal right of government to acquire private property for a public use or purpose with just compensation is known as:
a. Nothing
b. Air rights only
c. Everything below the surface only
d. Every above and below the surface
263. In regard to the legal concept of land, what is a landowners entitled to in additional to the surface rights?
a. Nothing
b. Air rights only
c. Everything below the surface only
d. Everything above and below the surface
264. The term real estate is generally
a. Air and sub surface rights
b. Surface rights only
c. Machinery and equipment
d. Legal interests and rights inherent in ownership
265. Which of the following activities is NOT a public limitation on real estate
a. Building codes
b. Zoning
c. Adverse possession
d. Fire codes
266. 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 an 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
267. Which of the following terms refer to the legal interest belonging to a person who is leasing property from someone else?
a. Leased fee estate
b. Leasehold estate
c. Fee simple estate
d. Lesee’s estate
268. Which of the following terms refers to the stages that a neighborhood goes through over time?
a. Revitalization
b. Leasehold cycle
c. Life cycle
 d. Change
269. The term appraisal refers to:
a. The process of estimating the market value of property
b. The valuation of a market and how it affects property values
c. The process of estimating the most likely sales price of a property
d. The act of process of developing an opinion of value
270. The date of valuation for an appraisal is determined by which of the following?
a. The actual date the appraisal is signed
b. The date the appraisal assignment is accepted
c. The date the property is actually inspected
d. Whatever date is specified in the appraisal report
271. What is the PRIMARY purpose of economic base analysis?
a. To forecast future economic growth in an area and divided that growth between basic and non-basic industries
b. To forecast changes in local zoning ordinances
c. To determine property tax rates and the likely amount of tax due on property
d. To forecast inflation rates
272. In using the sales comparison approach, the appraiser finds that in term of location, sale1 is superior to the subject property but is inferior to
sell#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 selle#2 up
d. Sale#1 up and sale#2 down
273. A single-family residential located on a busy street rents for Php500 per month less than similar rental properties located on other streets in the
same area. The average gross rent multiplier in this neighborhood id 110. What is the lump peso adjustment for the locational obsolescence of
the residence?
a. P500
b. P6,000
c. P50,000.00
d. P55,000.00.
Sol. 5k × 110%
274. 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 (market contributions)
c. Appreciation in value adjustment
d. Time value of money adjustment
275. The building cost method that finds the cost of the component parts of a building through standard cost estimated and then adjusts for the
condition of the component, time and location is known as the:
a. Unit-in-place method
b. Quantity survey method
c. Break-down method
d. Comparative unit method
276. Maria’s house was built 12 years ago. Because he keeps it in excellent condition, it shows only as much wear as a typical five-year-old house.
Maria’s house therefore has an effective age of:
a. 5 years
b. 7 years
c. 12 years
d. 17 years
277. Which of the following methods is the MOST detailed in estimating the costs of reproducing abuilding as part of the cost approach to value?
a. Unit-in-price
b. Quantity survey
c. Comparative unit
d. Trade breakdown
278. The cost approach to value takes into consideration all of the following factors EXCEPT:
a. Value of the land
b. Replacement (Reproduction) cost of the improvements
c. Original sales price
d. Physical defects
279. When using cost approach to value, an appraiser should value the land as though:
a. It has been improved with a building
b. It is currently being used with an interim use
c. It is vacant and available for highest and best use
d. Zoning ordinance are not
280. A tract of land containing four hectares recently sold for Php600 per square meter. What is the estimated land value?
a. P600,000.00
b. P2,400,000.00
c. P6,000,000.00
d. P24,000,000.00
Sol 600 × 40,000
281. What is the correct percentage of accrued depreciation for a 15-year old building if the building has an effective age of 20 years and a
remaining economic life of 30 year?
a. 20 percent
b. 30 percent
c. 40 percent
d. 60 percent
282. What term applies to the rent specified in a lease?
a. Based rent
b. Market rent
c. Contract rent
d. Gross rent
283. The sale comparison approach is said to be most reliable when of the following market exist ?
a. Active market
b. In acted market
c. Buyer’s market
d. Seller’s market
284. Numerous elements should be identified when an appraiser is attempting use the sale comparison approach to value. Which of the
following list BEST explains elements of comparison?
 a. Demand, supply, utility, transferability
b. Physical, functional, economic, location
c. Date of sale, location, physical, condition of sale
d. Location, location, location location
285. 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
286. In the short run, which of the following conditions has the MOST effect on real estate price?
a. More changes in demand than changes in supply
b. More changes supply than in demand
c. More inflation than demand
d. More sellers than buyers
287. What term is used to describe the value to a typical investor?
a. Market value
b. Investment value
c. Sale value
d. Use value
288. Which of the following statements applies to a property with a nonconforming use ?
a. The existing nonconforming use is the highest and best use
b. A nonconforming use is likely to arise from changes in zoning
c. A nonconforming use property may be under improved but cannot be over improved
d. In the sales comparison approach, an appraiser
289. 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
290. A description of the surface feature of a parcel of land such as elevation or drainage is known as its:
a. Location
b. Plottage
c. Topography
d. Restriction covenant
291. An owners of a parcel of land leases the land to a tenant for ten years. The next day the owner sells the land to a thirty. Which of the following
statements is CORRECT?
a. The new owner has an option as to whether to accept the terms of the lease
b. The tenant may voluntary terminate the lease
c. The tenant’s leasehold is not affected
d. The term legal interest is automatically terminated by operation of law
292. Which of the following approaches to value uses market data?
a. Income approach
b. Direct sales comparison approaches
c. Cost approach
d. All three approaches
293. Which of the following estimates would result in a capitalization rate of 20 percent?
a. Potential gross income P1,000,000, value P5,000,000
b. Effective gross income P1,000,000, value P5,000,000
c. Net operating income P1,000,000, value P5,000,000
d. Cash flow P1,000,000, value P5,000,000
294. In estimating the net operating income of a building one of the necessary steps is the calculation of other income”. Which of the following items
is NOT considered other income?
a. Parking fees
b. Telephone switchboard services
c. TV closed-circuit connection fees
d. Escalation clauses in leases
295. A leased interest may be created only if the contract rent is:
a. Greater than market rent
b. Equal to market rent
c. Less than market rent
d. A flat rent
296. Suppose a property’s NOI and value are expected to change over an investment holding period. What would be the relationship between the
overall rate and the property yield rate?
a. The overall rate would be less than the property yield rate
b. The overall rate would be equal to the property yield rate
c. The overall rate would be greater than the property yield rate
d. More information is required determine the relationship between the overall rate and the property yield rate
297. Which of the terms BEST describes a pattern or income cash flow that is regular and predictable?
a. Reversion
b. Lease
c. Annuity
d. Payment
298. A property has NOI of Php1,000,000, interest payment of Php800,000 and principal payments of Php100,000. What is the debt coverage ratio?
a. 0.80
b. .0.90
c. 1.11
d. 1.25
299. A small restaurant contains an oven and a freezer, each of which cost Php9,000 and has estimated useful life of 10 years Carpeting costs
Php35,000 and has an estimated usefull life of seven years. What annual reserve for replacement would be appropriate for these items?
a. P5,900.00
b. P6,070.00
c. P6,800.00
d. P5,000.00
300. If a property has an overall capitalization rate of .095 and a mortgage at a 75 percent loan-to value ratio having an annual mortgage constant
of .11, what is the equity dividend rate?
a. 0.05
 b. 0.06
c. 0.07
d. 0.09
301. The term effective rate refers to the:
a. Loan constant on a mortgage
b. True rate of return considering all relevant finance expenses
c. Interest rate after inflation is considered
d. Rate at which future payments are discounted to present cash flows
302. What is the present value of a 40 years net income of Php10,000 per year if payment are in advance and the net income is discounted at a rate
of 12 percent?(Factor=8.233030)
a. P82,330
b. P82,438
c. P92,210.00
d. P92,330.00
303. When a property’s vacancy and bad debts is building from the property’s gross (potential) income which of the following incomes is derived?
a. Effective gross income
b. Net operating income
c. Taxable income
d. Cash flow income
304. The basic equation in the income approach to value is:
a. Rate divided by income equal value
b. Income divided by rate equals value
c. Rate times income equals value
d. Rate plus income equals value
305. One of the standard techniques by appraisers when analyzing the income of property is to divided the income being generated between the
land and the improvements and then to capitalize the residential income to the improvements into a estimate. Such a techniques is referred to
as the:
a. Land residential technique
b. Building residential technique
c. Property residential technique
d. Plottage residential technique
306. The income approach to value:
a. Is based on the principle of anticipation
b. Translated the ability of property to generate income into an indication of value
c. Requires an estimate of net operating income of property
d. All of the above are correct
307. The lump sum that an investor at the termination an investment is referred to as the:
a. Remainder
b. Reversion
c. Lump sum
d. Gain
308. Which of the following land uses is generally NOT considered income property ?
a. hotels
b. Undeveloped land
c. Office buildings
d. Apartment buildings
309. A collection of retail store which a common parking area generally one or more large department, discount, or stores; and sometimes including
an enclosed mall or walkway, is commonly referred to as a:
a. Mall
b. Retail complex
c. Mixed use development
d. Shopping center
310. What is the distinction between the terms market price and market value?
a. Market price is synonymous with replacement cost, while market value is the same as assessed value
b. Market price is what the seller asks for, while market value is what the buyer actually pays
c. Market price is what the property sells, for, while value is what sales price should be to a typical buyer
d. Market price is what is currently owned the property, while market value is what is bought for
311. Under which of the following conditions would an appraiser appraise the value of the property as of future date ?
a. If the current use is the highest and best use
b. If the appraiser uses all three approaches to value
c. If the market is stable and there is no inflation
d. If the value is appropriately defined for a future date of the value
312. What type of analysis identifies land uses that are legally permissible, physically possible and financially feasible?
a. Sensitivity
b. Highest and best use
c. Feasibility
d. Supply and demand
313. Included in the definition of highest best use are certain tests or criteria that must be met. Which of the following condition is NOT a certain the
highest and best use of land?
a. Physical possible
b. Legally permissible
c. Financially feasible
d. Supply and demand
314. When two or more individual parcels are legally encumbered by one mortgage and one of the parcels is to be freed from the encumbrance, the
instrument used is a (n):
a. Partial release of mortgage
b. Satisfied agreement
c. Sub assignment of mortgage
d. Estopped certificate
315. Which of the following statement is NOT necessarily correct about a local zoning ordinaries?
a. Zoning can establish height restriction on building
b. Zoning is often used to separate income incomparable land uses
c. Zoning is often used separate incompatible land uses
d. Zoning establishes setback requirements for improvements on land
316. A mortgage secured by a legal claim against two or more separate properties is referred to as a:
a. Wraparound mortgage
b. Participation mortgage
 c. Blanket mortgage
d. Ground lease mortgage
317. The property tax due on real estate calculated by what method?
a. A condominium the tax rate by the assessed value
b. Multiplying the tax rate by the assessed value
c. Dividing the tax rate by the most probable sales price
d. Multiplying the rate by the most probable sales price
318. Which of the following statement is CORRECT in regard to a condominium form of ownership ?
a. A condominium is a legal form of property ownership
b. A condominium provides each unit owner with a propriety lease
c. A condominium provides the same legal interest as a cooperative
d. A condominium may not be owned by tenants in common
319. What is the tax rate in all kinds of Real properties?
a. 1%
b. 2%
c. 5%
d. 3%

APPRAISER’S /BROKER EXAM REVIEWER

MOCK EXAM SET D-4

320. List the physical characteristic of land that best fits each description .
1. Land is not standardized.
2. Location of land cannot be change.
3. land is durable and does not wear out.
321. List the economic characteristic of land that best fits each description .
1. Investments in land are long term.
2. Change in land will affect its value.
3. Buyers prefer some locations over others.
4. The supply of land is fixed.
322. Are the following statements true (T) or false (F )?
1. F land’s indestructibility makes it easily regulated by local government
2. F Scarcity means that we do not have enough land to satisfy demand
3. F The characteristic of modification means that the changes will always increase a property’s value.
323. List the term that best matches each of the following descriptions .
1. The physical characteristic of real estate that land cannot be destroyed.
2. The economic characteristic of real estate that changes in land may affect its value as well as the value surrounding properties.
3. The physical characteristic of real estate that land cannot be moved.
4. The economic characteristic of real estate refers to the limited supply of land.
5. The economic characteristic of real estate that no two parcels of real estate are alike
6. Investments in real estate are for the long term.
7. Refers to people’s preference for some areas over others
324. Name the factors the supply or demand for real estate that best fits each description .
1. A measure for the number of units that are not occupied.
2. the availability of carpenters and other workers.
3. The number of people without jobs.
4. Zoning laws regulating the type of real estate construction
5. The number of people without jobs.
6. Setting interest rates for the country’s money supply
325. Are the following statements true (T) of false (F)
1. The real estate market is relatively quick to adjust to the force of supply and demand.
2. Most brokers do not try to advise clients regarding property outside the area in which are actively engage
3. If the demand for real estate decreases and the supply increases, price will increase.
4. If the supply of real estate decreases and the demand increases, price will increase.
326. Supply the term that best matches each of the following descriptions .
1. Divides real estate markets into submarkets
2. Details the characteristics of the population
3. The percentage of building units that are not occupied
327. List the components included in each of the following terms :
1. Land
2. Real estate
3. Real property
328. Are the following statements true (T) or false (F)
1. It is possible for one person to own the air rights and another person to own the remaining rights same parcel of land.
2. Trees and shrubs found naturally growing on the property would be considered improvements.
3. Land that is unimproved also might be called raw land.
329. Supply the term best matches each of the following descriptions.
1. Law recognized by the courts based on custom and usage.
2. Rights a property owner has in anything below the surface.
3. Additions to the property that area created artificially rather that by nature
4. Rights a property owner has in anything above the surface.
5. A legal system recognizes private ownership of land.
330. List the test a fixture that corresponds each description .
1. The item is securely bolted to the wall.
2. The listing agreement between the broker and seller list the item.
3. The item was constructed that so that it would fit into the wall space to the fireplace.
4. The item is specially listed in the lease agreement.
331. Are the following statements true (T) or false (F)
1. Another name for personal properties is channel property.
2. The primary characteristic of personal property is mobility.
3. A true fixture is considered real property.
4. Objects can be converted from personal property to real, but not from real property to personal property.
332. Determine if the following item are likely to be or personal property .
1. Refrigerator
2. Furnace
3. fence
4. Garage
 5. Bowling alleys
6. Planted shrubs
7. Window air conditioner
333. Supply the term that best matches each of the following descriptions .
1. An item that was once personal property has been attached to the estate and has become real property
2. Annual crops on the changing real property to personal property
3. The process of changing real property to personal property
4. A type of fixture that remains personal property and can be removed by the tenant.
5. The process of changing personal property to real property.

MULTIPLE CHOICE

334. The physical characteristics of real property that no two parcels of land are exactly is called
a. Immobility
b. Non-Homogeneity
c. Situs
d. Indestructibility
335. The economic characteristic of real property include all of the following except
a. Non-homogeneity
b. Scarcity
c. Situs
d. Fixity (permanence of investment)
336. Which of the following factors would not be considered when determining whether an item of personal property has become area?
a. Method of attachment
b. Value of the item
c. Permanence of the installation
d. Agreement between the parties
337. A shopping mall is an example of what type of real estate?
a. Industrial
b. Commercial
c. Residential
d. Special purpose
338. Laws developed through the years by the courts based on custom and usage are referred to as
a. The allodial system
b. Common law
c. Statute law
d. emblements
339. The economic characteristic of scarcity to which of the following?
a. No two parcels of land are exactly alike
b. There may not be enough land in certain areas to satisfy demand
c. People prefer certain areas
d. The real estate industry has run out of land to continue sufficient development
340. Included in the term real property
a. Is anything permanently affixed to the land
b. Are the air right to the property
c. Are mineral rights to the property
d. All of the above
341. The economic characteristic of situs to which of the following?
a. No two parcels of land are exactly alike
b. There may not be enough land in certain areas to satisfy demand
c. People prefer certain areas
d. Land cannot be destroyed
342. A warehouse is an example of what type of real estate?
a. Residential
b. Special purpose
c. Industrial
d. Commercial
343. A system of laws that recognizes private ownership of land is referred to as
a. The allodial system
b. Common law
c. Statute law
d. Feudal law
344. Of the following items, which would be considered personal property?
a. A store’s display counter
b. A garage
c. An installed dishwasher
d. Growing bushes
345. In the real estate market, supply and demand interact to affect property price, which of the following relationship is not correct?
a. When demand decreases, prices increase
b. When supply increase, price decrease
c. When demand decreases, price decrease
d. When supply decreases, price increase
346. Thy physical characteristics of real property include all of the following except
a. Non-homogeneity
b. Immobility
c. Situs
d. Indestructibility
347. Which of the following factor would be considered when determining whether an item of personal property has become real ?
a. Agreement between the parties
b. Method of attachment
c. Permanence of the installation
d. The length of time was been attached to the property
348. In the real estate market there are several factors that affect the supply and demand of real estate. Which of the following would not affect the
supply of real estate?
a. The demographics of the country’s population
b. The availability of building supplies
c. Changes in the local government’s zoning codes
 d. The availability of skilled construction labor
349. The term land includes all of the following except
a. Tress growing on the property
b. The property’s surface
c. Below the property to the center of the earth
d. A shed constructed on the property
350. An office building is an example of what type of real estate?
a. Residential
b. Special purpose
c. Industrial
d. Commercial
351. A mobile home on a permanent foundation most likely would be considered
a. Chattel property
b. A trade fixture
c. Real property
d. Personal property
352. The economic in real estate are usually for the long term
a. Investments in real estate are usually for the long term
b. Land cannot be destroyed
c. Land cannot be removed
d. No two parcels of land are exactly alike
353. All of the following are true regarding emblements except they
a. Are also called fructus industrials
b. Include cultivated crops
c. Are considered real property
d. Are also called fruits of industry
354. Services provided by the real estate industry included all of the following except
a. Bringing home buyers and sellers together
b. Managing real estate for investors
c. Selling homeowners
d. Estimating the value of real estate
355. Which of the following is considered to be personal property?
a. Tress growing on the property
b. Trade fixtures installed on the property
c. A garage
d. A driveway
356. Which economic characteristic of real estate refers to the concept that changes in a parcel of land affect its value either favorably or unfavorably
a. Fixity
b. Scarcity
c. Non-homogeneity
d. Modifications
357. A tenant occupies a rental unit in an apartment building and installs new wooden kitchen cabinets. At the end of the lease the tenant wishes to
remove the cabinets. Which of the following is true regarding removal of the cabinets?
a. The cabinets can be removed by the tenant
b. The cabinets can be removed, but the tenant owes compensation to the property owner
c. The cabinets must stay, but the tenant is entitled to compensation
d. The cabinets must stay
358. A church is an example of what type of real estate?
a. Residential
b. Special purpose
c. Industrial
d. Commercial
359. A restaurant owner occupying a leased space in a commercial building installs a large neon sign in the window. The sign would probably be
considered
a. An emblements
b. A trade fixture
c. Real properties
d. A fixture
360. What physical characteristic makes real estate easy for local governments to tax and cause it to be heavily influence by changes in the
surrounding areas?
a. Indestructibility
b. Non-homogeneity
c. Immobility
d. Situs
361. Which of the following is included in the definition of real estate but not in the definition of land?
a. The air rights
b. The property’s surface
c. Below the property to the center of the earth
d. Fixture on the property
362. Which economic characteristic of real estate refers to the concept that the supply of land is limited therefore strong demand in certain areas will
increase property values?
a. Fixity
b. Scarcity
c. Non-homogeneity
d. Modifications
363. Name at least two examples of police powers.

Are the following statements true (T) or false (F)?

364. F Building codes regulate the purposes for which buildings may be used.
365. T Amendment, unlike variances, require a change to the zoning laws.
366. T Zoning laws are not set by the fedal government.
367. _ How does a town obtain its power to control land through zoning laws?
368. Under what circumstances might a nonconforming use be brought back into conformance with zoning laws?
a. Following reasonable time for passing out (like industrial to commercial)
b. The structure is destroyed
c. The non-conforming use is abandoned.
d. Title to the property is transferred
369. _The government power to create laws to public health and safety and promote the general welfare
370. _ Local laws that regulate the control and use of land.
371. _ Use in existence prior to the zoning law that is allowed to continue
372. _ Changing an area from higher-density use to lower-density use.
373. _ Permission for a property owner to use the land in a way not allowed under the zoning law.
374. _ enacted to protect the public health and safety from inferior construction practices.
375. Permission granted by a local government to build a specific structure
376. _ A document issued by a local government permitting a new building to be occupied that is issued only if the building is in compliance with
building codes.
377. Name the elements of value the fits each description.
a. _ Wanted by someone with the purchasing power to obtain it.
b. _ Refers to the supply of something in relationship to the demand for it.
c. _Satisfaction a need.
d. _ Ability to pass title to someone else
Are the following statement true (T) or false (F)?
378. F The appraiser object is to estimate the market pree of the property.
379. T A parcel of real estate may have many values at one time
380. F The market value is the highest price the property will bring on the open market.

Supply the term that best matches each of the following descriptions.
381. The total in pesos for replacing the land constructing the improvements on the property
382. The most probable price for a property if payment is made in cash and the parties are knowledgeable, well informed, and acting without
pressure
383. What a property actually sells for
384. The process of estimating and supporting opinion of value

385. Name the economic principle that best each description. (Principles of Values)
 A property’s value is diminished by P10,000 because it lacks a garage.
 An owner adds a fourth bedroom to her home and realizes a significant gain in property value. The addition of birth bedroom a year later
results in only a modest increase in value
 A prospective buyer believes a suburb will be passing a rent control ordinance.
 After reviewing a property, a buyer decides that its greatest value could be realized if a strip mall were built on it.
 A developer decides to assemble four adjacent lots so than an officer building can be built.
 A property’s value through a renewal phase.
 A property’s owner’s house is worth approximately the same as other similar houses on the block.
 A homeowner’s property value suffers because it is next to a house that has become rundown.
 A homeowner’s property’s value benefits because it is next to a house that recently has been renovated.

Are the following statements true (T) or false (F)?

386. F A property’s highest and best use is the always the existing use of the property
387. F The principle of contribution provides that the value of the property will increase by the cost of any improvements.
388. T The highest and best use of a property may change.

Supply the term that best matches each of the following descriptions. (Principles of Values)
389. The value of property is maximized if it is used in the same way as neighboring properties.
390. The value of real estate does not remain constant.
391. Effect on the value of property based on some future event.
392. Effect of an improvement on a property’s value
393. Property values change as these two forces adjust themselves in real estate market
394. Process of merging lots.
395. The value of a better property will decrease if it is near a poorer quality property
396. Combining lots to increase the value of the new larger lot over the sum of the smaller ones.
397. The value of a property will increase if it is near a better quality property
398. The one legal use that provides a property its greatest value.
399. The maximum value of a property is equal to the cost of purchasing an equally desirable property

400. Name the step of the appraisal process that best fits each description. (Appraisal Process)
a. _ The market data, cost and income analysis is performed.
b. _ This step includes the type of value to be estimated.
c. _ The appraiser correlates the result to arrive at a value.
d. _ This step includes information about the area where the property is located, as well as about the property itself.
e. _ The last step in the process can take many formats.
f. _ The appraiser identifies the types of data needed and data sources.
401. Name the three approaches estimating real estate value.
Sales comparison or market data, cost approach and income approach

Are the following statements true (T) or false (F)?

402. F When making adjustments under the sale comparison approaches we always adjust the subject property.
403. T When making adjustments under the sales comparison approach, if the comparable property has a superior feature we reduce the sales
price.
404. T If there are a number of comparable properties to use, choose the comparables that require the most adjustments.
405. T How many comparable properties are usually required to form a sufficient basis for estimating value the sales comparison approach?
406. List the four areas for making adjustments under the sale comparison approach
407. What type of property is best suited for the sales comparison approach?

Supply the term that best matches each of the following descriptions.
408. _ Property similar to the property that has recently sold
409. _ The property being appraised.
410. _ The sales price of the comparable properties after adjustments are made.
411. What three types of depreciation are used in the cost approaches?

Are the following statement True (T) or false (F)

412. – The reproduction cost approaches calculates current construction cost to produce improvements that are equivalent to the subject property.
413. _ Using the replacement cost approach takes advantage of current construction materials and techniques.
414. _ Economic obsolescence can be both curable and incurable.
415. List the methods used to determine the cost of improvements on the subject property.
416. Name the types of depreciation for each of the following examples.
a. _ Bedrooms with no close
b. _ An apartment building located near a noisy factory
c. _ A building with defective air-conditioning equipment
d. _ A condo building located in an area with traffic congestion
417. List the four steps to estimating value using the cost approach.
418. What type of property is best suited for the cost approach?

Supply the term that best matches the each of the following descriptions ( Cost approach & depreciation)
419. _ Cost of duplication property exactly as it is constructed
420. _ Cost producing improvements similar or equivalent to the subject property
421. _ Cost of curing the defect does not exceed the increase in property value
422. _ Cost of curing defect exceeds the increase in property value
423. _ Refers to the physical wear and tear on the property
424. _ Refers obsolete feature in the building
425. _ Refers to features external to the building
426. -List the five to estimate value using the income approach.

Are the following statements true (T) or false (F)?

427. _ Annual operating costs are deducted from the potential gross income to determine effective gross income.
428. _ Operating expenses used in the income approach include insurance and depreciation cost.
429. What is the formula for finding the capitalization rate?
430. What is the formula for applying the capitalization rate to find the value of the subject property
431. List the effect on value in the following situations: Market value increase or decreases?
a. _ Rate increase
b. _ Rate decrease
c. _ Expenses increase
d. _ Expenses Decrease
432. What type of property is best suited for the income approach?

Supply the term best matches each of the following descriptions. (See Operating Statement
433. _ Anticipated income from rent and all other sources
434. _ Potential gross income less uncollected rent and vacancies
435. _ Effective gross income less operating expenses
436. _ The yield investor will expect for investment money in the property
437. _What is the formula for finding the GRM
438. _What is the formula the finding the GIM
439. _What is the formula for applying the GRM to a subject property?
440. _What is the formula for applying GIM to a subject property?
441. _Calculate the GIM if a property sells for P1,250,000 and the gross monthly rent is P9000.00
442. Calculate the GIM if a property sells for P1250,000 and the gross annual income is P108,000.00
443. Calculate the property value if the GRM is 126.5 and the gross monthly rent is P12,000.00
444. Calculate the property value if the GIM is 10.5 and the gross annual income is P120,000.00
445. What type of property is best for the GRM?
446. What type of property is best suited for the GIM?

Supply the term that best matches each of the following descriptions.
447. _ A number by which a property’s gross monthly rent is multiplied to estimate its value
448. _ A number by which a property’s gross annual income is multiplied to estimate its value

MULTIPLE CHOICE

449. The income approaches would be best used in appraising a (n)

a. Single-fanfily residence.
b. Church
c. Apartment building.
d. School
450. The sales comparison ( market data) approach can be used effectively in an appraisal if
a. Current construction costs are available.
b. The property generates income
c. Depreciation for the property can be calculated.
d. There are recent sales of similar properties.
451. One of the concepts used in appraisal is “highest and best use,” which refers to
a. The property’s current use.
b. The legal use that will yield the through long standing use.
c. Acquiring title to the property through long standing use.
d. Acquiring a zoning variance for a more valuable use.
452. Which of the following methods is used to calculate the gross rent multiplier?
a. Divided the sale price by gross rent.
b. Multiply the capitalization rate by net income
c. Divide net income by the capitalization rate
d. Multiply gross rent by the capitalization rate
453. Which of the following steps is used in the cost approach to estimating property value?
a. Estimate the market value of the land
b. Determine the capitalization rate
c. Determine the vacancy rate
d. Identify several similar buildings have recently sold
454. A property appraisal is the
a. Selling price
b. Depreciable basis
c. Estimate of market value
d. Utility value.
455. In the cost approach to estimating value, the type of depreciation that is always considered incurable is
a. Physical deterioration
b. Functional obsolescence
c. Economic obsolescence.
d. Market obsolescence.
456. What is the gross rent multiplier for a property if the annual gross income from a building is P66,000, net operating income is P29,500 And the
building sells for P561,00?
a. 6.5
b. 7.2
c. 8.1
d. 8.5 (561,000/66,000)
457. To determine the listing price of a residential property, an most likely would use a (n)
a. Income analysis
b. Cost analysis
c. Competitive market analysis
d. Assessment analysis
458. To determine the listing price of a church, an appraiser most likely would use a (n)
a. Income analysis
b. Cost analysis
c. Market analysis
d. Data comparison analysis.
459. If an expensive home is built in an area consisting of less expensive homes, its value will be affected by the concept of.
a. Functional obsolescence
b. Regression
c. Contribution
d. progression
460. In performing an appraisal of single-family residence, the appraiser reduced its value because of functional obsolescence. The appraiser
was referring to
a. Proximity to a waste incinerator
b. Special assessment on the property
c. A cracked foundation.
d. A one-car garage.
461. To determine the listing price of an office building, an appraiser most likely would use a (n)
a. Income analysis
b. Cost analysis
c. Market analysis
d. Data comparison analysis.
462. According to the principle of conformity, the highest value for a house obtain if its location is
a. Next to an office building
b. In a residential development
c. Near a shopping center
d. Across the street from a church
463. Which of the following would an appraiser most likely consider function obsolescence?
a. Deterioration of the property
b. Location next to a noisy factory
c. A leaky roof
d. A house in an exclusive area with a one car garage
464. A competitive market analysis (CMA) is frequently prepared by a real estate agent to estimate the most probable sales price of a property.
This method is based on the
a. Gross rent multiplier
b. Cost approach
c. Market approach
d. Income approach
465. The last house in a new development sold for twice the price paid for the first houses sold in the same development. The higher price is a result
of
a. Supply and demand
b. Conformity
c. Progression
d. Contribution
466. which of the following appraisal method requires that the appraiser calculate the amount of accrued depreciation
a. cost approach
b. income approach
c. sales comparison approach
d. gross income multiplier
467. Which of the following is considered economic obsolescence?
a. A leaky roof
b. Abandoned building in the area
c. Outmode plumbing fixture
d. A cracked foundation
468. A group investor making very high profits from shopping most likely would concerned with the principle of
a. Conformity
b. Progression
c. Competition
d. Contribution
469. An appraiser calculates the replacement cost of building when using the
a. Cost approach
b. Sales comparison approach
c. Income approach
d. Gross rent multiplier
470. An appraiser estimating the value of property with a net income of P40,000 decides to use an 8 percent capitalization rate instead of a 10
percent rate. Use of the lower rate result in
a. A 2 percent decrease in the appraised value
b. A P1000,000 decrease in the appraise in the appraise value
c. A P1,000,000 decrease in the appraise value
d. No change in the appraised value.

Solution
40,000/8% = 500,000
40,000/10% = 400,000
5000-4000 = 100,000

471. The economic effect of an improvement on a property’s value is indicated by the appraisal principle of
 a. Reproduction
b. Contribution
c. Progression
d. Diminishing returns
472. All of the following statements describing the capitalization rate are false except
a. The rate is divided by net income to determine value
b. An increase in the rate result in an increase in value
c. The rate increase when the investment’s risk increase
d. The rate represents the return on the investment
473. An appraise who calculates the cost of reproducing a building is finding the
a. Present of the building
b. Current cost to duplicate the building
c. Depreciated value of the building
d. Current cost to build a similar building cheaper materials
474. A property has monthly net income of P1,800, and appraiser believes a 9 percent rate of return is appropriate for the property. Its value would
be estimated at
a. P20,000.00
b. P21,600.00
c. P240,000.00 (1800 × 12)/9%
d. P2,400,000.00
475. An investor who follows the concept that “the whole is worth more than parts” is using the concept of
a. Depreciation
b. Progression
c. Plottage
d. Contribution
476. An appraiser who calculates the cost constructing an older building using modern techniques and materials is finding building’s
a. Unit cost
b. Replacement cost
c. Reproduction cost
d. Operating cost
477. Physical deterioration is a result of all of the following except
a. Poor floor plan
b. Cracked sidewalks
c. Peeling paint
d. Broken windows
478. For a property to have all of the following must be present except
a. Competition
b. Utility
c. Demand
d. Transferability
479. An incurable cause of property depreciation is
a. Physical deterioration
b. Functional obsolescence
c. Zoning obsolescence
d. Economic obsolescence
480. Which of the following is not an approach to estimating property value?
a. Income approach
b. Cost approach
c. Assessment approach
d. Sales comparison approach
481. An investor is willing to pay a premium for a commercial property because he believes there will be an increase in the area’s population. The
investor’s decision is based on the concept of
a. Anticipation
b. Competition
c. Conformity
d. Contribution
482. An appraiser estimating the value of vacant land is using the
a. Cost approach
b. Income approach
c. Sales comparison approach
d. Gross income multiplier approach
483. When using the sales comparison approach, all of the following important characteristics in selecting comparables excepts
a. Sales dates of the properties
b. Location of the properties
c. Cost to the sellers
d. Number of rooms
484. An investigates the zoning code for a property determine how much should be offered for the property. The investor’s decision will be based
on the concept of
a. Anticipation
b. Competition
c. Highest and best use
d. Contribution
485. To calculate net operating income in an appraisal, all of the following are deductible from gross effective income except
a. Loan payments
b. Repairs
c. Cleaning expenses
d. Legal fees
486. Which of the following is deducted from potential gross income to calculate effective when using the income approach?
a. Legal expenses
b. Repairs
c. Loan payments
d. Vacancy loss
487. Estimating the value of property requires a systematic set of procedures. The first in the appraisal process is typical to
a. Develop an appraisal plan
b. Collect general data on the area
c. Define the purpose of the appraisal
d. Estimate the value of the land
488. What is the value of a property that produces gross income of P94,000 and the GIM is 8.5?
a. P66,583
b. P110,588
c. P132,706
d. P799,000 (94K×8.5)
489. An appraiser would use the cost approach as the primary appraisal method for a
a. Parking garage
b. Condominium
c. Shopping mall
d. Public school
490. An investor purchased a property for P450,000. If the property has annual net income of P36,000, the capitalization rate on the investment is
a. 6.6 percent
b. 8 percent 36K/450K
c. 9 percent
d. 12.5 percent
491. If appraising a newly single-family house, an appraiser would be most interested in the
a. Cost constructing the house
b. Capitalization rate of the house
c. Location of the house
d. Gross rent multiplier
492. To calculate the monthly gross rent multiplier of a property
a. Multiply the monthly gross income by 12
b. Divide the purchase price by the gross monthly income
c. Divide the capitalization rate by the monthly gross income
d. Divide the annual gross income by the purchase price
493. Using the cost approach an appraiser determines that the value of a property is P230,000. If the appraiser estimated the cost of replacing the
structures on the property at P160,000 and the value at P90,000, what was the amount of accrued estimated by the appraiser for the property?
a. P10,000
b. P20,000 (160K+90K-230K
c. P60,000
d. P90,000
494. An apartment building has six units that rent for P750 a month. If the purchase price of the property is P480,000 the property’s annual gross
income multiplier is
a. 7
b. 9 (480K)/(750×6×12)
c. 54
d. 10
495. An appraiser calculates a separate value for the land when using the
a. Sales comparison approach
b. Income approach
c. Cost approach
d. Gross rent multiplier approach
496. If an appraiser uses more than one appraisal method and assign deferent weights to results of each, she is using
a. Substitution
b. Contribution
c. Replacement
d. Reconciliation
497. An apartment building has a capitalization rate of 6 percent. If the expenses on the property increase by P6,000 while the rent remain the same,
the property value will
a. Remain unchanged
b. Increase by P6,000
c. Decrease by P36,000
d. Decrease by P100,000 (6K/6%)

APPRAISER’S/BROKER’S EXAM REVIEWER

EXAM SET E -3 (PAST EXAMS)

498. Land survey always uses a reference point which could be:
a. Bureau of Lands Location Monument
b. Municipal Location Monument
c. Provincial Boundary Monument
d. City Boundary Monument
e. All of the above
499. Amendment to the master deed of condominium project approved by majority of registered unit owner shall be based on:
a. Number of condominium units
b. Floor area of ownership
c. Total area of condominium units
d. Any of the above
500. Same owner of a 10-door apartment rented a unit to Emma for a payment for one year. Under the law on lease, Emma, without the consent of
Jane may perform of the following acts, excepts:
a. Sublease the unit
b. Assign his rights
c. Suspend payment if Jane fails to make the necessary repairs
d. Demand payment reimbursement consulting one half the value of the useful improvements introduce in good faith.
501. A case of sale of real property paid under deferred payment basis the payment of the documentary stamp tax shall accrue upon.
a. Notarization of Transfer document
b. Execution of the Deed of Absolute Sale
c. Executive of Contract to Sell
d. Payment of the full amount
502. Principle of ownership which mandates property owners to use their property in a manner that will promote not only their interest but also the
general welfare
a. Principle of social justice
b. Principle of progression
c. Stewardship principle
d. Principle of conformity
503. Under BIR Revenue Regulation No. 1:7,2003, the seller of payment home who failed to utilize the proceeds of the sale to acquire a new
residence within 18 months from sale shall be assessed additional deficiency capital gains inclusive penalties and
 a. 10% percent per annum
b. 25% interest per annum
c. 15% interest per annum
d. 20% interest per annum
504. Landless extended for justifiable cause, the period of completion of development of a subdivision project, counted license to sell, is
a. Six months
b. Twelve months
c. Eighteen months
d. Twenty four months
505. Segregate of return earned by an investor which does not included allowance for capital recovery is:
a. Discount rate
b. Interest rate
c. Recapture rate
d. Investment rate
506. Has ruled that all agricultural lands that are already classified as commercial, industrial or residential before June 15, 1988 no longer need any
conversion clearance even if it is still devoted to agricultural activity
a. Republic Act 6657
b. DOJ Opinion No. 44, Series of 1990
c. R.A 7279
d. PP 27
507. I paid real property tax is subject to 2% per month interest, up to a maximum period of
a. 12 months
b. 24 months
c. 36 months
d. Until paid
508. Filipino citizen can acquire by patent agricultural lands of the public domain not exceeding:
a. Five hectares
b. Seven hectares
c. Ten hectares
d. Twelve hectares
509. A former natural-born Filipino citizen can acquire urban land for business purposes no exceeding:
a. 1,00 sq.m
b. 10,000 sq.m
c. 5,000 sqm
d. 3 hectares
510. It is a legal principle that if at the end of the lease period the lessee continuous occupancy with the acquiescence of the lessor and without
notice to vacate, it is understood that there is an implied new lease.
a. Pactum de non aliendo
b. Pacto de retro
c. Pactum Commisorium
d. Tacita Reconducta
511. An authority given by the developer to a broker to look for a supplier of backfilling materials who shall be with developed lot is:
a. Procurement agency
b. General brokerage
c. Exchange agency
d. Sales agency
512. An agreement where the consideration of a contract is deposited with a third party who is authorized to release said consideration to the seller
the latter has compiled certain condition is:
a. Option
b. Escrow
c. Contract to sell
d. Hold over clause
513. A contract where real estate is hynothecated to secure an obligation where the creditor is given the right to possess the property and collect the
fruits therefore is known as:
a. Equitable mortgage
b. Real estate mortgage
c. Antichresis
d. Blanket mortgage
514. It a deceased owner of a land died instestate without any obligation, the document to be executed to transfer title to the sole her is:
a. Extrajudicial settlement of estate
b. Affidavit of adjudication
c. Deed of donation
d. Deed of conveyance
515. A former natural born Filipino citizen may in addition to acquiring residential land under B.P. 185 may still acquire land for business or other
purposes under R.A. 8179 provided the real does not exceed
a. One (1) hectares of urban land or 2 hectares of rural land
b. 5,000 square meters of urban land or 3 hectares of rural land
c. 5, 000 square meters of urban land or 5 hectares of rural land
d. 1,000 square meters of urban land or 3 hectares of rural land
516. Per BIR 28-98, the ground floor of a condominium project shall be commercial and additional rate shall be added to an established residential
zonal value
a. 10%
b. 20%
c. 25%
d. 15%
517. The rate of real estate tax in municipalities within Metro Manila is not more than:
a. One-half percent assessed value
b. Two and a half percent of assessed value
c. One percent of assessed value
d. Two percent of assessed value
518. The payment of estate tax, an allowed deduction to the gross estate of a decedent is funeral expenses which is
a. 5% of gross estate or P200,000.00 whichever is lower
b. 5% of gross estate or P200,000.00 whichever is higher
c. 10% of gross estate or P200,000.000 whichever is lower
d. 10% of gross estate or P200,000.00 whichever is higher
519. spouses who were married after the effectivity of the Family Code without any pre-nuptial agreement shall be governed by:
a. Conjugal partnership of gains
 b. Absolute separation of property
c. Absolute community of property
d. Any of the above
520. The following persons are disqualified to become lessee except:
a. Lawyers with respect to property of their clients under litigation which they take part.
b. Executors and administrators of properties
c. Husband and wife when there is separation of property in marriage settlement and when there is judicial separation of property
d. Guardian with respect to property of ward under guardianship
521. The priority right of a tenant to buy the land located in an urban land reform area is known as:
a. Tenant’s possessory right
b. Tenant’s retention right
c. Tenant’s incremental right
d. Tenant’s right of first refusal
522. A petition may filed by one or more owners of condominium project when damage to the project has rendered one-half or more of the units
untenantable and unit owners holding more than 30 percent interest in the common areas are opposed to repair or restoration project:
a. 30%
b. 40%
c. 50%
d. 60%
523. 18% percent interest per annum, how much is the interest of P500,000.00 for 65 days where number of days in a year is 360?
a. P15,000.00
b. P16,027.70
c. P16,250.00
d. P90,000.00
524. The capital gains tax due on the sale of P2,000,000.00 property with P500,000.00 initial payment is:
a. P100,000.00
b. P120,000.00
c. P20,000.00
d. P30,000.00 (500K×6%)
525. The best evidence fee simple ownership is a Torrens Title because it is indefeasible and :
a. Imprescriptible
b. Binding against the whole world
c. Has priority against a tax declaration
d. All of the above
526. Under R.A. 8791, the maximum redemption period after extrajudicial foreclosure of a mortgage executed by a corporation in favor of the bank
is:
a. 3 months
b. 6 months
c. 12 months
d. none of the above
527. A clause used in leases and mortgages that cancel specified right upon the occurrence of condition such as cancellation of mortgage upon
repayment of mortgage loan:
a. Acceleration Clause
b. Defeasance Clause
c. Automatic Redemption Clause
d. Hold over Clause
528. In sale with assumption of mortgage, the basis of the documentary stamp on the sale is
a. The down payment
b. The contract price
c. Selling price
d. None of the above
529. Under R.A.6732, administrative reconstitution of lost destroyed original copies of certificates may be availed of when the lost or destroyed
certificates in the registry of deeds consist of at least:
a. 10% of all titles in the registry
b. 40% of all titles in the registry
c. 20% of all the titles in the registry
d. 30% percent of all titles in the registry
530. When the loan is fully amortized by equal monthly payment the amount applied to the principal:
a. Decreases while interest payment increases
b. Increases while interest decreases
c. Increase by a constant amount
d. None of the above
531. To avail of exemption from capital gains in the sale of a family home, the seller is required, among others, to notify the BIR through a prescribed
form his intention to avail of the exemption. The notice must be filed within:
a. 15 days from the date of sale
b. 30 days from the date of sale
c. 60 days from the date of sale
d. None of the above
532. When the interest of participation of condominium unit owners in the common areas in common is proportionate, the formula applied is.
a. Unit area divided by total area of the common area
b. Unit area divided by total area of all condominium units
c. Unit area divided by total area of all condominium units and common area
d. Unit area divided by total floor area of condominium building
533. On bank’s acquired assets which part of its real estate inventories at the close at the close of its accounting period shall be classified as:
a. Ordinary Assets
b. Capital Assets
c. Fixed Assets
d. None of the above
534. Total refund to buyer for developer’s failure to complete the development within the reglamentary period is equivalent to : (PD 957)
a. 50% of total payment inclusive of amortization interest less penalty interest
b. 50% of total payment inclusive of amortization interest and penalty interest
c. 100% of total payment inclusive of amortization less penalty interest
d. 100% of total payment less penalty interest plus legal interest
535. In the cost approach to value, physical deterioration is estimated by the formula:
a. Economic life divided by chronological age
b. Chronological life divided by economic life
c. Economic life divided life divided by effective age
 d. Effective age divided by economic life
536. The principle of value which states that the value of a property tends to be enhanced when there is reasonable homogeneity in use:
a. Principle of Highest and Best Use
b. Principle of Conformity
c. Principle of Increasing Returns
d. Principle of Progression
537. A building is depreciated at 2.5% per year on a straight line basis. What is the estimated useful life of the building?
a. 30 years
b. 40 years (1/2.5%)
c. 50 years
d. 60 years
538. Several houses valued at P1,000,000.00 and P2,000,000.00 were built an area where an existing house valued at P300,00000 is located. As a
result, the value of the latter increased. The real estate principle of value that applies to this situation is called the principle of
a. Substitution
b. Improvement
c. Progression
d. Regression
539. Capital Gains Tax on the sale of real classified as capital assets is a:
a. Creditable tax on the sale
b. Deductible item from income tax
c. Final withholding tax
d. Expanded withholding tax
540. The real estate broker is usually authorized to do all of the following except:
a. Advertise the listing
b. Cooperative with brokers
c. Place for sale sign on the property
d. Bind the principal in a contract
541. When a property is sold to 2 or more buyer’s the property goes to
a. Buyer in good faith and who first registered with Register of Deeds
b. Buyer who pays the highest price
c. Buyer who was first in possession
d. None of the above
542. The position of trust assumed by the broker as an agent for the principal is described as:
a. Trusteeship
b. Confidential
c. Fiduciary relationship
d. Code of conduct
543. If the property is an ordinary assets, what is the applicable tax?
a. Capital Gains Tax
b. CWT
c. Percentage tax
d. Estate tax
544. Essential requirements of a Contract of Sale.
a. Consent or meeting of the minds of buyer and seller
b. Object or subject matter
c. Cause or consideration
d. All of the above
545. A stipulation which authorizes the mortgage to appropriate the property as his own upon failure of the debtor to fulfill the principle obligations.
This is void and of no legal effect.
a. Pactum Commisorium
b. Pactum De Non Aliendo
c. Pacto de retro sale
d. Res Nullius
546. The type of loan wherein the lender has some or complete control over the project and the income for a certain period, part or all which is
assigned to him to amortize the project, is:
a. Straight Loan
b. Flat Loan
c. Turn-key loan
d. Amortization loan
547. The best evidence of ownership is:
a. Transfer Certificate of Title
b. Tax Declaration
c. Realty tax
d. Vicinity map
548. The Seller realized a 30% gross profit over his cost. If the property is sold at P1,950,000.00, the cost is:
a. P1,365,000.00
b. P1,350,000.00
c. P1,650,000.00
d. P1,500,000.00
549. Registration of mortgage covering projects can only be affected when the deed is accompanied by a permit to mortgage issued by:
a. Local government unit
b. Housing and Urban Development Coordinating Council
c. Home Insurance Guarantee Corporation
d. House and Land Use Regulatory Board
550. The documentary stamp on lease of real estate is P3.00 for the first P2,000.00 or fraction thereof and additional:
a. P0.50 for every P1,000.00 in excess for first P2,000.00
b. P1.00 for every P1,000.00 in excess for first P2,000.00
c. P1.50 for every P1,000.00 in excess for first P2,000.00
d. P2.00 for every P1,000.00 in excess for first P2,000.00
551. The selling price if house and lot is P800,000.00. if its appraised value of P720,000.00 and loan to collateral ratio is 80% what is it loan value?
a. P640,000.00
b. P576,000.00
c. P720,000.00
d. P648,000.00
552. The capital gains tax on the sale of P2,000,000.00 property with P600,000.00 initial payment is:
a. P100,000.00
b. P120,000.00
 c. P30,000.00
d. P36,000.00
553. What is the cost of the fence with total length of 75 meters, with height above the ground of 2 meters and ½ meter below, if cost square is
P1,500.00?
a. P225,000.00
b. P281,250.00
c. P140,625.00
d. P112,500.00
554. Using the 4-3-2-1 rule (depth rule) if a 5-hectare belonging to different owners was sold for P10,000,000.00 what is the sum share of lot owners
owning the first quarter abutting the road?
a. P2,500,000.00
b. P4,000,000.00
c. P5,000.000.00
d. P6,000,000.00
555. The maximum area of residential land (urban area) which a former natural born Filipino citizen may acquire:
a. 10,000 sq. m
b. 500 sq. m
c. 10 sq. m.
d. 1,000 sq. m.
556. When a done of a parcel of land is a stranger, the donor’s tax rate is:
a. 20%
b. 6%
c. 30%
d. 25%
557. The collateral value of a house and lot package is determined by applying the:
a. Economic Value
b. Assessed Value
c. Appraised Value
d. Loan to Value Ratio
558. The use of borrowed funds to increase purchasing power is ideally to increase the profitability of an investment is:
a. Limited Liability
b. Debt coverage
c. Leverage
d. Interim financing
559. The amount of family home equivalent to fair market value considered as allowable deduction from the estate of a decedent:
a. P500,000.00
b. P1,000,000.00
c. P2,000,000.00
d. P750,000.00
560. The estate Tax Return shall be filed and paid with the BIR within:
a. 60 days from death of decedent
b. 90 days from death of decedent
c. 120 days from death of decedent
d. 180 days from death of decedent
561. Under the Urban Land Reform Law (P.D. 1517) an area is considered urban when it has a population density of at least 1,000 and where at
least 50% of economically active residents are engage in non-agricultural activities.
a. 500 residents per square kilometer
b. 1,000 residents per square kilometers
c. 1,500 residents per square kilometers
d. 2,000 residents per square kilometers
562. An appraisal technique in which comparative estimates are made between prices paid in actual transactions and the current listings:
a. Cost Approach
b. Income Approach
c. Market Approach
d. Economic Approach
563. The maximum term of loan under Pag-IBIG loan amounting to P3 million
a. 20 years
b. 25 years
c. 15 years
d. 30 years
564. A subdivision plan needs only the approval of the Land Registration Authority or Land Management Bureau to effect segregation of tiles when
the resulting number of lots is:
a. Nine (9) or less
b. Ten (10) or less
c. Twelve (12) or less
d. Fifteen (15) or less
565. A four storey building has a regular shape street frontage of 10 meters and depth of 20 meters, and height of 16 meters. If cost to construct is
P4,000.00 per cubic meter, what is the reproduction cost of the new building?
a. P12,800,000.00
b. P13,200,000.00
c. P12,560,000.00
d. P15,120,000.00
566. In case of refuse by the lessor to accept payment of the rental agreed upon, the lessee may either deposit, by way of consignation, the amount
in:
a. Court
b. City Municipal Treasury
c. Bank in the name of the lessor
d. Any of the above
567. Husband and wife can sell property to each other in the fo9llowing circumstances except when:
a. A separation of property was agreed upon in the prenuptial agreement
b. There has been a judicial separation of property
c. There has been a legal separation
d. Spouses have been separated for more than 10 years (ANNULMENT)
568. In a sale of property on installment plan where buyer is not engaged in trade or business, the application rate of tax is based on
a. Gross Selling Price
b. Fair Market Value
c. A or B , whichever is higher
 d. Assessed Value
569. Under RA 7279__ shall be restored to only when modes of acquisition have been exhausted.
a. Negotiated Purchase
b. Land Consolidation
c. Expropriation
d. Joint Venture Agreement
570. The schedule of market value for ad valorem tax in municipalities outside Metro Manila is prepared by
a. Municipal Assessor
b. Provincial Assessor
c. Sangguniang Panlalawigan
d. Provincial Treasurer
571. Property escheated to the government is considered as
a. Public Dominion
b. Patrimonial Property
c. Regalian Property
d. Any of the above
572. The use borrowed funds to increase purchasing power is ideally to increase the profitability of
an investments:
a. limited Liability
b. Debt Coverage
c. leverage
d. Internal Financing
573. The income approach in estimating the value of an investment property is an application of
a. Principle of substitution
b. Principle of progression
c. Principle of contribution
d. Principle ofAnticiplation
574. Under Urban land Reform Act (PD1517), the acquisition of lots of varying ownership through, among others, expropriation or negotiated
purchase for the purpose of planning is
a. Land Banking
b. Land Exchange
c. Land Use Plan
d. Land Assembly
575. The principle of value which states that the value of a property tends to be enhance where is reasonable homogeneity in use
a. Principle of highest and Best Use
b. Principle of Conformity
c. Principle of Increasing Return
d. Principle of progression
576. It refers to a grid of north and south (meridians), and east and west (Parallels) lines surveyed by the government in identifying Philippines
boundaries.
a. Meters and Bounds
b. Rectangular survey
c. Cardinal Direction
d. Monuments
577. it is ratio that expresses the relation gross income and sales price of a property
a. capitalization
b. gross Income Multiplier
c. Recapture
d. Effective Gross Income
578. A loss in value from any cause” is a common definition of
a. Effective Age
b. Functional Obsolescence
c. Depreciation
d. Economic Obsolescence
579. The value placed on taxable property by the assessor for ad valorem purpose is:
a. Appraised Value
b. Assessed Value
c. Fair market Value
d. Economic Value
580. The following are methods of acquiring lands for purposes of Urban Development and Housing Act, Except:
a. Foreclosure
b. Joint venture agreement
c. Negotiated purchase
d. Land swapping
581. Where a conflict arise on the issue of just compensation, the concerned agency expropriating is required to initially pay an amount equivalent to
100% of the
a. Offered amount
b. Appraised Value
c. Assessed Value
d. Zonal value
582. The following are of property descriptions ordinary used in deeds, contracts, to sell and leases, except:
a. Rectangular survey
b. Lot number
c. Bearing and azimuth
d. Monuments
e. Metes and bounds
583. Refers to an Imaginary line connecting from a reference point ‘I” of any given lot plan
a. Cardinal direction
b. Boundary line
c. Azimuth
d. Tie line
584. In the absence of any provision in the master deed of a condominium project, the share of the unit owners in the common area is
a. Proportionate to his unit area
b. Based on the value of his unit
c. Equal to all other unit
d. Deed by the majority of owners
e. Determine by the condominium corporation
585. The right of an owner-lessor to receive the correct rent and reversion of the property at the end of the lease is called
a. Fee simple
b. Leasehold
c. Lease fee estate
d. Net Lease
586. In case of false or fraudulent Estate, Donor or Capital Gains “Tax BIR form was willfully made, how much
a. 20%
b. 30%
c. 25%
d. 50%
587. For purposes of determining whether a seller transferor can be considered as habitually engaged in real estate business, he should offer
satisfactory evidence that the consummated at least 6 taxable real estate transactions during the preceding year.
a. Five
b. Six
c. Eight
d. Ten
588. the articles of Incorporation of homeowners association is registered with:
a. securities and Exchange Commission
b. housing and Land Use Regulatory Board
c. home Guaranty Corporation
d. HUDCC
589. Conversion permit of agricultural land of not more than 5 hectares shall be approved by the:
a. Municipal agrarian Reform Office
b. Provincial Agrarian Reform Office
c. Secretary, DAR
d. Regional Agrarian Reform Office
590. If TCT has an annotation that says “subject Rules 74, Section 4 of the Rules of Court; it means that the property is an inherited and any heir
unduly deprived of his lawful participation in the estate has 2 years assert his right over said property.
a. Two 2 years
b. Four 4 years
c. Five 5 years
d. Ten 10 years
591. The acquisition of the land in advance of actual need based on present value for future planned development is referred to in the Urban Land
Reform Law as:
a. Land Assembly
b. Land Banking
c. Urban Renewal
d. New Settlement Development
592. The type of listing that gives the real estate broker the greatest protection
a. Exclusive Agency Listing
b. Net Listing
c. Exclusive Right to Sell Listing
d. Multiple Listing
e. Open Listing
593. The following are determinants of value in appraisals of really , except
a. Contribution
b. Demand
c. Purchasing
d. scarcity
594. Property held by the owner as inventory or stock in trade of buy and sell business or used in connection with trade business or source of income
is referred to as
a. Capital Asset
b. Ordinary Asset
c. Fixed Asset
d. Intangible Asset
595. Subdivision and Condominium Buyers Protective Decree
a. PD 200
b. PD 1996
c. PD 957
d. PD 1081
596. Urbanizable areas refer to sites and lands which, considering present characteristics and prevailing condition, display marked and great
potential of becoming urban areas within the period of
a. Two (2) years
b. Three (3) years
c. Five (5) years (per RA 7279)
d. Ten (10) years
597. The following are modes of acquiring lands for the purposes of the Urban Development and Housing Act of 1992 except.
a. Joint Ventura agreement
b. Negated purchase
c. Community mortgage
d. Accretion
598. In mixed use condominium projects, the master deed may be amended by simple majority of the owners. Majority is based on:
a. Number of Condominium units
b. Floor area of ownership
c. Total area of condominium units
d. Any of the above
599. Conjugal partnership can be dissolved by:
a. Legal Separation
b. Annulment of Marriage
c. Judicial Degree of Separation of Property
d. Any of the Above
600. Amended to the master deed of a condominium project approved by majority of the registered owners need also be approved by the
city/municipal engineer and:
a. Local government
b. Housing and Urban Development Coordinating Council
c. Housing and Land Use Regulatory Board, HLURB
d. LAND Registration Authority
601. Unless revalidated, tax credit life is up to:
a. One (1) year
b. Two (2) years
c. Five (5) years
d. Four (4) years
602. The maximum period that a foreigner (individual may lease real estate including renewal is.
a. 25 years
b. 50 year
c. 75 years
d. 99 years
603. The principle holds that when two or more commodities with subdivision the same utility are available, the one with the lowest price receives the
greatest demands and widest distribution.
a. Principle of Contribution
b. Principle of Substitution
c. Principle of Balance
d. Principle of Completion
604. An estimate or opinion of value is:
a. Accounting
b. Valuation
c. Appraisal
d. computation
605. if the contract is under Maceda law, a buyer who has paid 2 years installment shall be refunded an amount equivalent to:
a. 60%percent of the total payments made
b. 50% of the payment payments made
c. 40% of the total payments made
d. 30% of the total payments made
606. Land valuation guidelines for socialized housing is set by the:
a. HUDCG
b. NHA
c. Department of Finance
d. Regular court
607. The schedule of fair market value in the municipalities in Metro Manila is prepared by:
a. MMDA
b. Concerned municipal assessor
c. Bureau of International Revenue
d. Sangguniang bayanby ordinance
608. The following compose the Board of Assessment Appeals in the city of Makati, except:
a. Registered of Deeds
b. City Prosecutor
c. City Assessor
d. City Engineer
609. A taxpayer has____ to redeem his real property which was levied and subsequently forfeited and acquired by the Local Government unit due to
tax delinquency.
a. 1 year
b. 4 years
c. 60 days
d. 3 years
610. In addition to the basic property tax, a province may levy an annual tax on an agricultural land, planted to perennial crops with less than 50
trees to a hectare at the rate of not exceeding__ of the assessed value of the property.
a. 1%
b. 2%
c. 3%
d. 4%
e. 5%
611. Seizure of a property by a court order, usually done to have it available in the event of adverse judgment of a pending suit, is:
a. Escheat
b. Forfeiture
c. Foreclosure
d. Attachment
612. This government agency is responsible for the preparation of comprehensive land use in a locality.
a. Local government unit
b. HUDCC
c. DAR
d. HLURB
613. Under the Rent Control Law (RA 9653), the lessor may ask for a deposit rental not exceeding:
a. I month
b. 2 months
c. 3 months
d. 1 year
614. Any amendment to the master deed of a condominium project decided by the majority of owners must be approved by the HLURB and
a. City/Municipal Mayor
b. City/Municipal Council
c. City/Municipal Engineer
d. City/Municipal Development Planning Officer
615. Easement is to real property, usufruct is to:
a. Personal property
b. Real property
c. Personal or real property
d. None of the above
616. Which of the following statement is not true?
a. Full ownership equals naked ownership plus usufruct
b. Usufruct equals naked ownership plus full ownership
c. Naked ownership equals full ownership minus usufruct
d. Usufruct equals full ownership minus naked ownership
617. The zonal value of a property can be obtained from
a. Assessor’s Office
b. Bureau of Internal Revenue
 c. Land Registration Administration
d. All of the above
618. If the contract of Sale is to Deed of Sale; Contract to Sell is to
a. Pacto de Retro Sale
b. Deed of Conditional Sale
c. Deed of Sale with Mortgage
d. Dacion en Pago
619. The following are properties of lands that may be acquired for socialized housing purpose under RA7279, except:
a. Lands owned by the government
b. Privately owned lands
c. Alienable lands of public domain
d. Registered but idle lands (should be unregistered)
620. In subdivision selling, the sales is considered a paid-up sale when the buyer has paid the:
a. Fifty percent of the purchase price
b. Reservation deposit
c. Stipulated earnest money
d. Required down payment
621. The rate of the property tax in a municipality or city within Metro Manila is
a. Not more than one percent of the assessed value
b. Not more than two percent of the assessed value
c. Not more than ten percent of the assessed value
d. Not more than fifteen percent of the assessed value
622. A kind of survey where the shape of the earth is taken into account in computing result is known as.
a. Plane survey
b. Geodetic survey
c. Topographic survey
d. Cadastral survey
623. The rational approach of allocating available land resources as equitably among competing user group is
a. Land assembly
b. Land use plan
c. On-site development
d. Urban renewal
624. Registration of a real estate instrument can be due course without the presentation of the owner’s duplicate certificate of the title when the
document is
a. Notice of Adverse Claim
b. Notice of list pendens
c. Writ of attachment
d. All of the above
625. Special power of attorney are necessary in the following cases, except
a. To perform acts of administration
b. To lease any real property for more than a year
c. To convey real rights on immovable property
d. To cancel any obligation gratuitously
626. In a sale a retro where it is stipulated that the vendor has the right to repurchase the property “when he has the means”, he has 10 to redeem it.
a. Three 3 years
b. Four 4 years
c. Ten 10 years
d. Twenty 20 years
627. The minimum educational requirement that an application for a license as an appraiser is
a. Seventy two (72) units in college
b. Eight two (82) units in college
c. One hundred forty four(44)
d. College graduate, 4-years course
628. Which of the following government agencies is in charge of the over-all strategies for the country’s National Housing Program?
a. National Housing Authority
b. Housing and Land Use Regulatory Board
c. Housing and Urban Development Coordinating Council
d. None of the above
629. Registration of sale of a five(5) hectare agricultural land must be accompanied by
a. DAR Conversion Permit
b. HLURB License to Sell
c. DAR Clearance
d. LGU Development Permit
630. The following are public dominion, except
a. Navigate river converted into fishpond
b. Canal
c. Public plaza converted into housing
d. Subdivision roads
631. In case of real property, prescription in good faith is
a. 5 years
b. 15 years
c. 30 years
d. 10 years
632. Ownership of a piece of land can be acquired through any of the following modes, except
a. Tradition
b. Prescription
c. Occupation
d. Succession
633. a former natural born Filipino citizen can acquired not more 5,000 sq. meters of land in the urban area for business purposes under
a. BP 185
b. RA 7042
c. PD 957
d. Act 2728 as amended
e. RA 8179
634. The area of a triangular plot is computed by the formula:
a. Length x width
b. ½ x length x width
 c. 2 x length x width
d. Length x width x height
635. It means that shortcut to foreclosure, the mortgagor agrees to sell and transfer the mortgage property of the mortgagee.
a. Dacion en pago
b. Redemption
c. Pacto de retrod auction
636. Excluded from the coverage of CARP.
a. 9%
b. 12%
c. 15%
d. 18% or more slope
637. An annual levy on real property equivalent to one (1) percent of the assessed value which shall be in addition to the basic real estate tax called
a. Economic Real Estate Tax
b. Special Assessment fund Tax
c. Special Education Fund Tax
d. Ad Valorem Tax
638. A subdivision where 9% of the gross area is spaces with 66 to 100 family lots per hectares is called
a. Economic subdivision
b. Open market subd.
c. Socialized subdivision
d. Low cost subdivision
639. In the computation of depreciation of real properties, the method that is widely used by practitioners is the
a. Straight line method
b. Declining balance method
c. Sum-of-the-years digit method
d. Diminishing return method
640. The technical description in the TCT of real property can readily be plotted on a sheet by using the ff. data
a. Bearing and lot points
b. Distance and lot points
c. Bearing and tie line
d. BLLM and tie line
e. Distance and bearing from lot points
641. 1:200 means
a. 1 cm is equal to 200 centimeters
b. 1 cm is equal to 12 meters
c. 1 meters is equal to 200 meters
d. 1 meters is equal to 20 meters
642. An appraisal principle which holds that the value of property tends to be enhance by association with superior properties, is
a. Principle of infiltration
b. Principle of retrogression
c. Principle of progression
d. None of the above
643. It is refers to land located in the fringes of built-up communities has the provincial characteristics but is
a. Urban land
b. Urbanizable land
c. Urban land
d. Rural land
644. Jurisdiction for adjudication of buyer’s complaints subdivision developers is with the
a. Housing and Urban Development and Coordinating Council
b. National Housing Authority
c. National and Land Use Regulatory Board
d. Regular Courts
645. The bundle of rights which is inherent in ownership without any limitations those imposed by law or contract is.
a. Free estate
b. Lease free estate
c. Fee simple
d. Tenancy in common
646. The study of current supply and demand conditions in a particular area for a specific type of property is
a. Real estate appraising
b. Cash Flow analysis
c. Absorption estimate
d. Market Analysis
647. In the absence of a prenuptial agreement, the following are excluded from the community property, except
a. Property acquiring during the marriage by gratuitous title by either spouse; unless otherwise provided by the donor
b. Fruits as well as income of property mentioned in letter (a); unless otherwise provided by the donor
c. Property for personal and exclusive use of either spouse
d. Jewelry for personal and exclusive use of either spouse
e. Property acquired before the marriage by the either spouse who has legitimate descendants by a former marriage and the first as well as
the income, if any of such property
648. The area reserved for parks, playgrounds and recreational areas of a subdivision projects are:
a. Exclusively owned by the owner-developer
b. Co-owned by the developer and purchasers of subdivision lots
c. Non alienable public lands
d. None of the above
649. The term of a condominium corporation is
a. 50 years
b. Co-terminates with the duration of the condominium project
c. 25 years
d. Subject to the agreement between the condominium corp. and the unit owner
650. Area required to be reserved for roads, alleys and open spaces in a subdivision with an area of one (1) hectares or more.
a. Twenty percent (20%)of the gross area
b. Thirty-five (35%) of the gross area
c. Twenty-five percent (25%) of the gross area
d. Thirty percent (30%) of the gross
651. For a space to be considered a condominium unit, it must
a. Be encompassed by the interior surface of the walls, floors, ceiling
b. Be managed by a condominium corporation
 c. Be susceptible of independent use and ownership
d. Be unencumbered by any restriction
652. In case of foreclosure sale where right of redemption is not exercise by the mortgagor-owner, who pays the captain gains tax?
a. Owner-mortgagor
b. Creditor-bank
c. Buyer of the property
d. None of the above
653. It is a contract granting a person the privilege to buy or not to buy certain objects at anytime with the agreed period at a fixed price.
a. Solicitacion
b. Option Contract
c. Aleatory Contract
d. Pacto de Retro Sale
654. It is an encumbrance imposed upon an immovable for the benefits of another immovable belonging another
a. Nuisance per accidents
b. Right of way
c. Private nuisance
d. Easement
655. A special power to sell a realty carries with it all the following except the
a. Power to find a purchaser
b. Power to sell directly
c. Power to sell only for cash
d. Power to fix the term of the sale
e. Power to sell on credit

APPRAISER/BROKERS’ EXAM REVIEWER

MOCK EXAM SET F

656. What term is used to describe a study of the cost benefits relationship of an economic endeavor?
a. Investment analysis
b. Market analysis
c. Feasibility study
d. Cash flow analysis
657. What part of the USAP Section 1 states that the appraiser must advise the clients when the assignment calls for something different from the
work required by the specific guidelines?
a. Ethics provision
b. Departure provision
c. Competency provision
d. Jurisdiction exception
658. The purposes of USAP is to:
a. Delay government regulation
b. Present information that will be meaning full the client and will not be misleading in the market place
c. Guarantee professionalism in appraisers
d. Present information that will be useful to appraisers
659. Indicate whether each of the following is ordinary real estate or personal property
a. Window screens
b. Bathtub in masters bedrooms
c. Central air conditioning
d. Kitchen cabinets
e. Child movable playhouse
f. Childs movable playhouse (all are real estate this)
g. Rosebushes
660. The property of a person who die leaving no heirs passes the state the right of:
a. Acquisition
b. Condemnation
c. Escheat
d. Eminent domain
661. Condemnation of public property for public use called the right of:
a. Seizure
b. Escheat
c. Eminent domain
d. Acquisition
662. An appraisal may include
a. Property description
b. Estimate value
c. Opinion of property condition
d. All of the above
663. The form of deed to return title to real estate to its owner when the debt secured by a deed of trust or pacto de retro sale is paid in is the
a. Warranty deed
b. Quitclaim deed
c. Reconveyance deed
d. Tax deed
664. The form of deed that makes no warranties express or implied , is the
a. Gran deed
b. Quitclaim deed
c. Reconveyance deed
d. Tax deed
665. A type of real estate featuring ownership of air space as well as an interest in common in the entire parcel is a
a. Subdivision
b. CMP
c. Condominium
d. Life estate
666. A life estate is a (n)
a. Present, possessory interest
b. Future interest
c. Fee simple defeasible
d. Estate of tenancy
667. Under our family Code of 1988, property acquired by gift or inheritance by a spouse after marriage with no pre-nuptial agreement made is under
 a. Absolute community
b. Absolute separation
c. Conjugal partnership of gains
d. All of the above
668. A subdivision map is referred to in the
a. Lot and block system
b. Both a and b
c. Lot block and tract system
d. Neither a nor b
669. The scientific study of population statistic is
a. Scientography
b. Demography
c. Segmentation
d. Forecasting
670. The amount initially paid for good or services is its
a. Price
b. Investment value
c. Market value
d. Cost
671. Market value is based on
a. Insurable value
b. Higher price
c. Most probable price
d. Value in use
672. Short-term financing instruments are part of the
a. Money market
b. Absorption
c. Capital market
d. Feasibility
673. Longer-term financing instruments are part of the
a. Money market
b. Absorption analysis
c. Capital market
d. Feasibility
674. Identify the major value principle describe in each case below:
a. A less expensive house trends to gain in value because of more expensive neighborhood houses
Answer: Progression
b. The value of a property tends to be limited by what it costs to buy another property similar in physician characteristics, function, or income.
c. Plans have been announced for a multi-million peso shopping center to be built next door to a vacant lot you own. Property values in the
area of the proposed site will tend to increase as a result of his announcement.
d. The rental value of vacant land can sometimes be greater that it would be if the land were improved with a building.
e. In may commercial or downtown areas, parking lots make more profit than older office buildings.
f. Any investor will probably pay more for the last 20 lots in an area where the demand for house for houses is great than the first 20 lots in
the same area.
g. The cost of installing an air-conditioning in an apartment building is justified only if the rental increase that can be expected as a result of
the installation exceeds the amount spent
675. Decide which appraisal approach(es) would normally carry the most weight in valuing each of the following properties
a. A factory
b. An automobiles showroom and garage
c. A public building formerly used a town hall
d. Farmland surround by commercial and in a busy downtown business district
e. An one-storey retail in a busy downtown business district
f. An older, single-family residence in a neighborhood rezoned to permit high rise apartments
g. A medical office building in a suburban shopping center
h. A single family, owner-occupied residence
i. A place of ownership
j. A small abandoned roadside restaurant adjacent to a new apartment complex
676. The appraisal approach that would be most useful in valuing
a. Single-family residential property
b. Investment property
c. Public and religious use properties
677. The reliability of an appraisal depends on the
a. Knowledge and judgment of the appraiser
b. Accuracy of the data used
c. Both a and b
d. Neither a nor b
678. The sales comparison approach relies on the principle of
a. Anticipation
b. Substitution
c. Leverage
d. Highest and best-use
679. Another name for sale comparison
a. Cost approach
b. Market data approach
c. Income approach
d. Substitution approach
680. The transaction price of a property is its
a. Sales price
b. Insurable value
c. Market value
d. Asking price
681. Most residence appraisal are based on
a. The leased fee
b. Leasehold
c. Fee simple ownership
d. Less than fee simple
682. The appraisal process requires to collect, records, and verify
 a. Only data on the subject property’s neighborhood
b. Data on all neighborhoods in the city with which the appraiser is unfamiliar
c. Data on an annual basis
d. Data on the region, city, and neighborhood
683. Ideally, the appraiser of a residential property will collect data on comparable property sales tha occurred no earlier than
a. Six months prior to the date of appraiser
b. One year prior to the date of appraisal
c. 18 months prior to the date of appraisal
d. Two years prior to the date of appraisal
684. One method of compensating for sales that involved different terms of financing is use of the
a. Financing readjustment grid
b. Loan to value ratio
c. Cash equivalency technique
d. Operating statement ratio
685. To be considered comparable to the subject property, a comparable must have been sold
a. In an arm’s length transaction
b. Without any form of conventional financing
c. With a conventional mortgage
d. For all cash
686. USAP requires that the appraiser note a prior sale of a one—family to four-family residential property being appraised if the occurred within\
a. One year
b. 2 years
c. 3 years
d. 5 years
687. Another term for developer’s profit
a. Contractor’s profit
b. Project profit
c. Entrepreneurial profit
d. Management profit
688. A church in a residential areas is an example of
a. Police power
b. A noncoforming use
c. Forecast absorption
d. Private restriction
689. Zoning is an exercise of a government’s
a. Police power
b. Condemnation
c. Eminent domain
d. Right of priority
690. All improvements costs, less depreciation, are subtracted from sales to derive land value in the process of
a. Ground rent capitalization
b. Assemblage
c. Extraction
d. Cost approach
691. Private deed of restriction often are enforced through a
a. Zoning variance
b. Home owners association
c. Zoning board
d. Housing cooperative
692. The cost improvements identical in design and material to those of the subject is called the subject’s
a. Reproduction cost identical in design
b. Sales price
c. Replacement cost exact replica
d. Market value
693. The cost of improvements identical in utility to those of the subject property is called the subject’s
a. Reproduction cost
b. Sales price
c. Replacement cost utility
d. Market value
694. In using the cost approach to appraising the estimated construction cost improvements usually will be based on
a. Their original cost
b. The cost of new improvements at current price
c. Book value
d. The national cost average of all components
695. The index method of estimating construction cost is based on
a. Original cost of improvement
b. The cost of new improvements at current prices
c. Book value
d. The national cost average of all components
696. A nationally based construction cost manual is acceptable for appraisal purposes if it
a. Is updated frequently
b. Is based on median construction cost estimates
c. Is published by a nationally recognized firm
d. Contains regional cost multiplies
697. The cost of supervising workers on a construction site is considered a (n)
a. Direct cost
b. Overhead expensive
c. Indirect cost
d. Indicate expense
698. The amount of entrepreneurial profit
a. Reflects the success of the project
b. Is based on how project expenses are categorized
c. Will always be the same provided the project is completed within its estimated budget
d. Cannot be estimated accurately
699. Determine the depreciation category of each of the following items as specially as you can:
a. Residential location on heavily traveled highway
b. Severe termite damage throughout a structure
 c. Office pace adjacent to extremely noisy factory
d. Newer split level house in good condition but with potholes in cemented driveway
e. Deterioration in attic beams
f. Major commercial airport built in 1940, with runways too short for modern jet planes
g. Three-bedroom house with one bathroom
700. The ratio of total operating expenses to effect gross income is the
a. Operating expense ratio
b. Effective gross income ratio
c. Net income ratio
d. Break-even ratio
701. The ratio of net operating income to effective gross income is the
a. Operating expenses ratio
b. Effective gross income ratio
c. Net income ratio
d. Break even ratio
702. The ratio of operating expenses plus annual debt service to potential gross income is the
a. Operating expense ratio
b. Effective gross income ratio
c. Net income ratio
d. Break even ratio
703. A building that has an effective e gross income of P500,000.00 and total operating expenses of P100,000.00 has an operating expense ratio of
what?
a. 0.10
b. 0.20 (100k/500k)
c. 0.15
d. 0.25
704. The building above (no. 48) has what net income ratio?
a. 0.80 (1-0.20)
b. 1.0
c. 0.90
d. 5.0
705. The arrive at net below operating income, expenses are deducted from
a. Operating profit
b. Effective gross income
c. Gross income
d. None of these
706. In the list below check each item that is not an expense from the appraiser’s point of view:
1) Gas and electricity
2) Depreciation of the building
3) Water
4) Realty tax
5) Building insurance
6) Income tax
7) Supplies
8) Payment on air conditioners
9) Janitors salary
10) Management fees
11) Repairs and maintenance
12) Legal and accounting fees
13) Principal and interest on mortgage
14) Advertising
15) Painting and decorating
16) Depreciation on equipment
17) Salaries and wages of employees
18) Reserve for replacements
19) Payments on stoves and refrigerators
707. If a property’s net income ratio is 0.85, what is its operating ratio?
a. 0.15
b. 1.50
c. 0.58
d. 0.015
708. A commercial property producing an annual gross income of P390,000.00 was sold two months age for P3,412,500.00.What is the property’s
gross income multiplier?
a. 7
b. 7.75
c. 8.5
d. 8.75 (3,412,500/390,000)
709. A single family residence that sold recently for P2,850,000.00 can be rented for P14,000.00 per month. The property’s gross rent multiplier
a. 17
b. 204 (2,850,000/14,000)
c. 207
d. 210
710. Vacancy and collection losses are deducted from gross income using a(n)
a. potential gross income multiplier
b. gross income multiplier
c. Effective gross income multiplier
d. Gross multiplier
711. In the formula for the operating expenses ratio
a. Operating expense are divided by effective gross income
b. Effective gross income is divided by operating expenses
c. Potential gross income is divided by gross income
d. Effective gross income is divided by potential gross income
712. In the formula for the net income ratio
a. Effective gross income is divided by potential gross income
b. Potential gross income is divided by effective gross income
c. Effective gross is divided by net operating income
d. Net operating income divided by effective gross income
APPRAISER’S/BROKER’S EXAM: REVIEWER (FINANCING)
MOCK EXAM SET G-3

713. Personal property that is often included with real estate is called:
a. Fee estate
b. Chattel
c. Serfs
d. Pawn
714. A fiduciary is
a. A person who is a lawyer
b. A person who lends money
c. A person who a relationship of financial trust
d. A person who invest in real estate
715. The highest form of property ownership
a. Life estate
b. Fee simple estate
c. Fiduciary estate
d. Mortgaged estate
716. The first central bank in the world was:
a. Bank of united states
b. The federal Reserve System
c. The national Bank System
d. The Bank of England
717. A central bank
a. Has the power of issue
b. Regulates the economy of the nation
c. Is a depository for a nation’s treasury
d. All of the above
718. Usury is defined as:
a. A legal tender
b. An excessive interest rate
c. A mortgage lien
d. None of the above
719. Predatory loan practice include:
a. Usury
b. Deception
c. Fraud
d. All of the above
720. When the demand for housing increases:
721.
a. It is buyer’s market
b. Prices decrease
c. Price increase
d. Prices remain in balance
722. Value is created and maintained by:
a. Buyers
b. Political regulation
c. The secondary market
d. Balance
723. The study and description of the population of an area is called:
a. Disintermediation
b. Demographics
c. Demand analysis
d. Population analysis
724. Pass-through securities pay interest
a. Annually
b. Quarterly
c. Semi-annually
d. Monthly
725. Disintermediation is:
a. A loss of savings deposits to higher paying investments
b. A gain of savings deposits by local lenders
c. Mortgage securities sales top investors by the secondary market
d. The sale of mortgages of the secondary market by primary lenders
726. The primary market
a. Is local
b. Makes mortgage loans
c. Accepts savings deposit
d. All of the above
727. Which of the following is a false statement regarding political regulation of the housing market
a. Regulations serve to protect consumers from deceptive practices.
b. Regulations help keep housing prices low
c. Regulations may increase housing price
d. Regulations protect health and safety
728. The collection of principal and interest payments by one lender on behalf of another is called:
a. Loan seasoning
b. Loan participation
c. Loan portfolio
d. Loan servicing
729. A mortgage broker
a. Acts as a loan coordinator
b. Loans his/her own money
c. Service loans
d. All of the above
730. The practice of holding a loan for a specified period before it may sold into the secondary market:
a. Loan seasoning
 b. Loan participation
c. Loan portfolio
d. Loan servicing
731. Requiring a percentage of developer’s profit, as well as principle and interest, is known:
a. Loan seasoning
b. Loan participation
c. Loan portfolio
d. Loan servicing
732. Money market funds are: privately insured
a. Insured by PDIC
b. Not insured
c. None of the above
733. Loans that are sold to secondary mortgage market are called:
a. Seasoned loans
b. Participation loans
c. Portfolio loans
d. Serviced loans
734. An investment is said to be liquid when:
a. It is guaranteed by the government
b. It can be readily sold
c. It is worthless
d. It is difficult to sell
735. Mortgage-related securities are:
a. Easily bought and sold
b. C. have real estate mortgages their collateral
c. Issued by participants in the secondary market
d. All of the above
736. When a borrower prematurely stops making loan payments, the loan is said to be:
a. Paid of
b. In suspense
c. In arrears
d. In default
737. The process of tracking mortgages in pool and comparing their rates to current market rates is called:
a. An investment lating
b. Market analysis
c. Pool analysis
d. Marking to market
738. A tranch is/an
a. Rating
b. Portion of multi-class security
c. Investment pool
d. None of the above
739. Redline is
a. Refusal to loan in certain neighborhoods
b. Marking boundaries of certain neighborhoods
c. Not lending to bad credit consumers
d. Not lending on insufficient collateral
740. A good faith estimate is
a. Provided at the end of the loan process
b. Provided at the beginning of the loan process
c. An estimate of the annual percentage rate only
d. An estimate of the time it will take to compete the loan
741. It is illegal to discriminate by intent
a. By intent
b. By practice
c. By effect
d. All of the above
742. In a promissory note the barrower is called:
a. Payee
b. Trustee
c. Maker
d. Beneficiary
743. A deed of conveyance is provided by the
a. Trustee
b. Beneficiary
c. Trustor
d. Payee
744. A deficiency judgment
a. Is part of the deed of reconveyance
b. Is exercised by the vendee
c. May only be granted by a court of law
745. Right of the barrower to redeem property after extra-judicial foreclosure is called:
a. Right of redemption
b. Equity of redemption
c. Dacion en pago
d. None of the above
746. Redemption in judicial foreclosure:
a. Right of redemption
b. Equity or redemption
c. Dacion en p[ago
d. None of the above
747. A mortgage that is junior to another is called:
a. Priority lien
b. Non-priority lien
c. Statutory lien
d. Subordinate
748. A foreclosure that does not have to be taken to court is called:
 a. Extra-judicial
b. Judicial
c. Dacion en pago
d. Reconveyance deed
749. A declaration of default is prepared by:
a. Judge
b. Lender
c. Trustee
d. Borrower
750. A notice of sale
a. Requires a 30-day notice
b. Is sent by the sheriff
c. Must be approved by a judge
d. Is published in a newspaper
751. An escrow agent
a. Fills out the loan application
b. Acts on the instruction of the parties to the loan
c. Determines the value of the property
d. Depository of titles
752. An appraiser
a. Provides an opinion of the value of the loan
b. Provides an opinion of the value of the borrower’s financial capability
c. Provides an opinion of the value of the property
d. None of the above
753. A loan origination fee:
a. Is the commission paid to loan brokers
b. Paid to the lender for the privilege of processing the loan
c. A fee to cover administrative costs
d. Payable to the developer
754. In a loan with negative amortization, the balance owed:
a. Decrease over time
b. Increase over time
c. Remains the same
d. Will never get paid
755. The greater risk of default is caused generally by:
a. Large down payments
b. Small or no down payment
c. Overpriced housing
d. High interest rates
756. A loan balance that grows rather than decreases due to unpaid interest being added back into the loan is said to have:
a. A split term
b. Negative amortization
c. A margin
d. Positive amortization
757. Alternative financing plans are popular:
a. During times of low interest rates
b. During times of high interest rates
c. With older borrowers
d. With younger borrowers
758. The process of qualifying both a borrower’s ability to pay a property’s worth is called:
a. Networth assessment
b. Stabilization of income
c. Loan underwriting
d. Credit investigation
759. Determining economic obsolescence is part of the:
a. Market approach
b. Income approach
c. Cost approach
d. All of the above
760. If a structural item can be readily repaired or replaced, it is said to be:
a. Curable
b. Functionally obsolescent
c. Incurable
d. Physically obsolescent
761. Appraisers are required to use:
a. Listings
b. Closed sales
c. Pending sales
d. All of the above
762. Which of the following is a major appraisal consideration?
a. Owner-occupied
b. Contour of the land
c. Conforms to neighborhood
d. Design and appeal
763. A stated interest rate 6% is an example of:
a. Simple interest
b. An effective rate
c. Compound interest
d. A nominal rate
764. If a borrower is actually paying more than the stated rate due to a quarterly conversion, the rate is an example of:
a. Simple interest
b. A nominal rate
c. An effective rate
d. Proration
765. Interest paid on accrued interest as well as principal is known as:
a. Compound
b. Prorated
 c. Simple
d. All of the above
766. Dividing pre-paid property expenses fairly between buyer and seller is known as:
a. Discounting
b. Terms of sale
c. Proration
d. Compounding

Appraiser’s/Broker Exam Reviewer

Mock Exam Set H
Censing Rules and Regulations

767. Refers to real estate services act of the Phils of 2009

a. RA6732
b. RA6552
c. RA9653=RA9646
d. RA9700
e. RA8763
768. Deadline of effectivity of Real estate service act of the Phils.
a. June 30, 2009
b. July 30, 2010
c. July 30, 2010
d. June 30, 2010
e. July 1, 2009
769. Deadline of registration without examination per IRR of Real estate services act of the Phils.
a. June 30, 2011
b. July 30, 2011
c. Dec 31, 2010
d. Dec 30, 2011
e. July 1, 2011
770. License expired on December 31, 2009 (Registration without examination)
a. 12 hrs
b. 15 hours
c. 18 hrs
d. 24 hours
e. 120 hours
771. License expired on December 31, 2008
a. 12 hrs
b. 15 hours
c. 15 hrs
d. 24 hours
e. 120 hours
772. License expire3d on December 31, 1995
a. 12 hrs
b. 15 hours
c. 18 hrs
d. 24 hours
e. 120 hours
773. Passed the exam on 2008, unable to secure license from DTI, CPE required
a. 12 hrs
b. 15 hours
c. 18 hrs
d. 24 hours
e. 120 hours
774. Passed the exam on 2007, unable to secure license from DTI, CPE required
a. 12 hrs
b. 15 hours
c. 18 hrs
d. 24 hours
e. 120 hours
775. Passed the exam on 2000, unable to secure license from DTI, CPE required in general
a. 12 hrs
b. 15 hours
c. 18 hrs
d. 24 hours
e. 120 hours
776. Minimum acceptable number hours by a service provider for brokers exam general
a. 18 hrs
b. 15 hours
c. 24 hrs
d. 60 hours
e. 120 hours
777. Minimum acceptable number of training hours by a service provider for salesman with 3-year experience from the effectivity of the law but
without DTI salesmans license in general
a. 18 hrs
b. 15 hours
c. 24 hrs
d. 60 hours
e. 120 hours
778. For practicing real estate without the required license is penalized in an amount of no less than
a. P100k
b. P150K
c. P200K
d. P50K
e. P20k
779. However, a license practitioner who violated RESA Lawe is penalized is an amount of no less than
a. P100K
 b. P200K
c. P50K
d. P20K
780. For practicing real estate without the required license maybe penalized by imprisonment of no less than
a. 6 months
b. One year
c. 2 years
d. 4 years
e. 3 years
781. Licensed practitioner who violated RESA law may be penalized by improvement of no less than
a. 6 months
b. One year
c. 2 years
d. 4 years
e. 3 years

REAL ESTATE LAWS

782. Refers to law on acquisition by an natural born Filipino citizen on residential property
a. RA6732
b. RA552
c. RA9653
d. RA9700
e. BP 185
783. Refers to law on acquisition by a natural born Filipino citizen on commercial property
a. RA6732
b. RA8179
c. RA9653
d. RA9700
e. BPI185
784. Urban Development and Housing Act
a. RA6732
b. RA6552
c. RA9653
d. RA9700
e. RA7279
785. Property Registration Decree
a. PD 957
b. PD 1529
c. PD 1517
d. PD 1216
e. PD 471
786. Dual citizenship law
a. RA6732
b. RA6552
c. RA9653
d. RA9700
e. RA9225
787. Law that allows foreign investors to private for a maximum of 50 yrs renewable once for 25 yrs
a. RA6732
b. RA6552
c. RA9653
d. RA9700
e. RA7652
788. Law defining “open space” in residential subdivision
a. PD957
b. RA6552
c. RA9653
d. RA9700
e. PD1216
789. Rent Control Law of 2009
a. RA9632
b. RA9646
c. RA9653
d. RA9700
e. 8974
790. Exproriation Law of 2000
a. RA6732
b. RA6552
c. RA9653
d. RA9700
e. RA8974
791. Comprehensive Agrarian Reform Law of 1988
a. RA6732
b. PD1517
c. RA9653
d. RA9700
e. RA6657
792. Family Code of 1988
a. PD 957
b. EO90
c. RA9653
d. RA9700
e. E.O. 209
793. National Shelter Program, designated HLURB as the sole regulatory body of housing and land devt .
a. PD957
b. EO90
 c. RA9653
d. RA9700
e. E.O. 209
794. Home guaranty/Magna Carta for Homeowners & Homeowners Association
a. RA 6732
b. RA 6552
c. RA9653
d. RA8763
e. BPI185
795. Law where HLURB assumed the functions of NHA on real estate management
a. RA6732
b. RA8179
c. RA9653
d. RA9700
e. EO648
796. Maceda law of 1972
a. Ra6732
b. Ra6552
c. Ra9653
d. Ra9700
e. Ra7279
797. Subdivision and condominium Buyers Protective Decree
a. PD 957
b. PD 1529
c. PD 1517
d. PD 1216
e. PD471
798. Dual citizenship law
a. RA6732
b. RA6552
c. RA9653
d. RA9700
e. RA9225
799. Law which regulate the development and sale of subdivision and condominium
a. PD 957
b. PD 1529
c. PD 1517
d. PD27
e. PD471
800. Tenants Emancipation Decree for price and corn lands
a. PD 957
b. PD 1529
c. PD1517
d. PD27
e. PD471
801. Law which prohibits the eviction of occupants from lands identification and proclaim as APDs or ULRZs and exempting such land form payment
of realty tax (July 23, 1986)
a. PD 957
b. PD 1529
c. PD1517
d. PD2016
e. PD471
802. An act authorizing Ministry of Human Settlements (now HLURB) to establish and promulgate different levels of standards for economic and
socialized housing.
a. PD 957
b. PD 1529
c. PD 1517
d. BPI185
e. BP220
803. Condominium Law
a. PD 957
b. RA6552
c. RA4726
d. RA9700
e. RA9225
22. An act allowing reconstitution of title administratively destroyed by fire, flood, etc (June 8, 1989)
a. PD 957
b. RA6552
c. RA4726
d. RA9700
e. RA6732
804. Law which discontinue the Spanish Mortgage Law system of registration (Feb. 16, 1976)
a. PD 957
b. PD 1096
c. PD 1529
d. PD772
e. PD892
805. Anti squatting law (August 20, 1975)
a. PD 957
b. OD 1096
c. PD1529
d. PD772
e. RA7279
806. An act providing legitimization of children born to parents below marrying age
a. RA6732
b. RA9858
c. RA9653
 d. RA9700
e. RA9225
807. An act provides that age of majority commences at 18 years as incorporated under Art 234 of the Family Code
a. RA6732
b. RA9858
c. RA9653
d. RA6809
e. RA9225
808. Law which create DENR, recognization and remaining Dept of Environment , Energy and Natural Resources as DENR (June 10, 1987)
a. PD957
b. EO90
c. RA9653
d. EO192
e. E.O. 209
809. LOCAL Government Code of 1991
a. RA8424
b. RA7279
c. RA9653
d. RA9700
e. RA7160
810. Tax Retorn Act of 1997
a. RA8424
b. RA7279
c. RA9653
d. RA6552
e. RA4726
811. Brokerage Law
a. RA8424
b. RA2728
c. RA9653
d. RA6552
e. RA4726

REAL ESTATE LAWS

1. Refers to law on acquisition by a natural born Filipino citizen on residential property
2. Refers law on acquisition by a natural born Filipino citizen on commercial property
3. Urban Development Housing Act
4. Property Registration Decree
5. Dual citizenship law
6. Law that allows foreign investor to lease private for a maximum of 50 yrs renewable once for 25 yrs
7. Red Control Law of 2009
8. Expropriation Law of 2000
9. Comprehensive Agrarian Reform Law of 1988
10. Family Code of 1988
11. National Shelter Program, designated HLURB as the sole regulatory body of housing and land
12. Development
13. Magna Carta for Homeowners & Homeowners Association
14. Law where HLURB assumed the functions of NHA on real estate management
15. Maceda law of 1972 or Industrial Buyers Protective Act
16. Subdivision and Condominium Buyers Protective Decree
17. Dual citizenship law
18. Law which regulate the development sale subdivision and condominium
19. Tenants Emancipation Decree for rice and corn lands
20. Law which prohibits the eviction of occupants from lands identified and proclaimed as APDs or ULRZs and exempting such land from payment
of realty tax (July 23, 1986)
21. An act authorizing Ministry of Human Settlements (now HLURB) to establish and promulgate different levels of standards for economic and
socialized housing
22. Condominium Law
22. an act allowing reconstitution of title administratively destroyed by fire, flood, etc (1989)
23. law which discontinue the Spanish Mortgage Law system of registration (Feb. 16, 1976)
24. Anti squatting law (August 20, 1975)
25. An act which legitimization of children born to parents below marrying age
26. An act which provides that age of majority commences at 18 years as incorporated under Art 234 of the Family Code
27. Law which creates DENR , recognization and remaining Dept of Environment Enegy and Natural Resources as DENR (June 10, 1987)
28. Local Government Code of 1991
29. Reform Act of 1997
30. Brokerage Law

URBAN AND RURAL LAND USE OWNERSHIP CARP

812. Under the Urban Reform Law(P.D. 1517), and area is considered urban when has a population density of at least__ and where at least 50% of
economically active residents engaged in non-agricultural activities.
a. 500 residents per square kilometers
b. 1,000 residents per square kilometer
c. 1,500 residents per square kilometer
d. 2,000 residents per square kilometers
813. Under RA 7279,_______shall be resorted to only when other modes of acquisition have been exhausted.
a. Negotiated Purchase
b. Land Consolidation
c. Expropriation
d. Joint-Venture Agreement
814. Property escheated to the government is considered as
a. Public Dominion
b. Patrimonial Property
c. Regalia Property
d. Land of Public Domain
815. Under Urban Reform Act (PD 1517), the acquisition of lots of varying ownership through, among others, appropriation or negotiated purchase
for the purpose of planning is
a. Land Banking
b. Land Exchanging
c. Land Use Plan
d. Land Assembly
816. The following are modes of acquiring lands for purposes of Urban Development and Housing Act, except:
a. Community mortgage
b. Joint venture agreement
c. Negotiated purchase
d. Land swapping
e. foreclosure
817. conversion permit of agricultural land of not more than 5 hectares shall be approved by the:
a. Municipal Agrarian Reform Office
b. Provincial Agrarian Reform Office
c. Regional Agrarian Reform Office
d. Usec. For Legal Affairs, DAR
e. Secretary, DAR
818. The acquisition of the land in advance of actual need based on present value for future planned development is referred to in the Urban Land
Reform Law as:
a. Land Assembly
b. Land Banking
c. Urban Renewal
d. New Settlement Development
819. Urbanized areas refer to sites and lands which, considering present characteristics and prevailing condition, display marked and great potential
of becoming, urban areas within the period of
a. Two (2)_ years
b. Three (3) years
c. Five (5) years
d. Ten (10) years
e. None of the above
820. The following are modes of acquiring lands for the purposes of the Urban Development and Housing Act of 1992 except.
a. Joint Venture agreement
b. Negotiated purchase
c. Community mortgage
d. Accretion
e. Expropriation
821. Land valuation guidelines for socialized housing is set by the
a. HUDCC
b. NHA
c. Department of Finance
d. Regular courts
e. Provincial City Assessor
822. This government agency is responsible for the preparation of comprehensive land use in a locality
a. Local government unit
b. HUDCC
c. Register of Deeds
d. HLURB
e. DAR
823. The following are priorities of lands that may be acquired for socialized housing purpose under RA 7279, except:
a. Lands owner by the government
b. Privately owned lands
c. Registered but idle lands
d. Alienable lands of public domain
e. BLISS not yet acquired
824. Which of the following government agencies is in charge of the over all strategies for the country’s National Housing Program?
a. National Housing Authority
b. Housing and Land Use Regulatory Board
c. Housing and Urban Development Coordinating Council
d. None of the above
825. Registration of sale of a five (5) hectare agricultural land must be accompanied by
a. DAR Conversion Permit
b. HLURB License to sell
c. DAR Clearance
d. LGU Development Permit
e. All of the above
826. The following are public dominion, except
a. Navigate river converted into fishpond
b. canal
c. Public plaza converted into housing
d. Subdivision roads
e. Natural resources
827. Ownership of a piece of land can be acquired through any of the following modes, except
a. Tradition
b. Presentation
c. Occupation
d. Accretion
e. succession
828. Excluded from the coverage of CARP.
a. 9%
b. 12%
c. 15%
d. 18% or more slope
829. It is refers to land located in the finges of built-up communities which has the provincial characteristics but is flavored with metropolitan
utilities, facilities and amenities.
a. Urban land
b. Urbanizable land
 c. Urban land
d. City satellite
e. Rural land
830. Has ruled that all agricultural lands that are already classified as commercial, industrial or residential before June 15, 1988 no longer need any
conversion clearance even if it is still devoted to agricultural activity
a. Republic Act 6657
b. Republic Act 7279
c. Ministry Order No. 39 series of 1985
d. DOJ Opinion NO 44 SERIES OF 1990
e. None of the above
831. A principle of ownership which mandates property owners to use their property in a manner that will promote not only their interest but also the
general welfare.
a. Principle of social justice
b. Stewardship principle
c. Principle of conformity
d. Principle of progression
e. None of the above
832. Filipino citizen can acquired by patent agricultural lands of the public domain not exceeding:
a. Five hectares
b. Seven hectares
c. Ten hectares
d. Twelve hectares
e. None of the above
833. A former natural-born Filipino citizen can acquired urban land for business purpose no exceeding:
a. 1,000 sq. m.
b. 10, 000 sq. m.
c. 5,000 sqm
d. 3 hectares
e. None of the above
834. A former natural born Filipino citizen may in addition to acquiring residential land under B.P. 185 may still acquire land for business or other
purpose under R.A. 8179 provided the area does not exceed
a. One (1) hectares of urban land or 2 hectares or rural land
b. 5,000 hectares meters of urban land or 3 hectares of rural land
c. 5,000 square meters of urban land or 5 hectares of rural land
d. 1,000 square meters of urban land or 3 hectares of rural land
e. None of the above
835. Spouses who were married after the Family Code without any pre-nuptial agreement shall be governed by:
a. Conjugal partnership of gains
b. Absolute separation of property
c. Absolute community of property
d. Any of the above
e. None of the above
836. Under R.A. 6732, administrative reconstitution of lost destroyed original copies of certificates may be availed of what the lost or destroyed
certificates in the registry deeds consist of at least:
a. 10% of all titles in the registry
b. 20% of all titles in the registry
c. 30% of all titles registry
d. 40% of all titles in the registry
e. None of the above

APPRAISER’S /BROKER’SEXAM REVIEWER

MOCK EXAM SET I

837. It is the process of estimating and supporting an opinion of value

a. Appraisal
b. Geographical Information System
c. Accounting
d. Statistics
838. _______ is to process, as______ is to process and opinion
a. Accounting; Appraisal
b. Appraisal; Valuation
c. Valuation; Appraisal
d. Accounting; Valuation
839. It is the art of recording, classifying, summarizing, in significant manner, in terms of money, transaction and events, which are in part, at least of
a financial character, and interpreting the results thereof
a. Appraisal
b. Valuation
c. Accounting
d. Statistics
840. The process of changing from real property to personal property is called
a. Severance
b. Adaption of Real Estate Article
c. Attachment
d. Emblements
841. The process of changing from personal property to real property is called
a. Severance
b. Adaption of Real Estate Article
c. Attachment
d. Emblements
842. The two components of real estate are:
a. Chattel and mortgage
b. Physical and natural assets
c. Real property and personal property
d. Land and improvement
843. It is legal concept referring to all rights, benefits and interest related to the ownership of real estate.
a. Real estate
b. Personal property
 c. Real property
d. Stewardship principle of ownership
844. It refers to the artificial asset component in a real estate
a. Trade fixture
b. Improvement
c. Fixture
d. Personal property
845. The opposite of market value is
a. Forced value
b. Trader’s value
c. Unrepresentative value
d. Zonal value
846. Fair Market Value is
a. The highest price
b. The most probable price
c. The transaction price
d. The original price
847. Value is use is_____, while value in change is ___ .
a. Objective, subjective
b. Both objective
c. Subjective, objective
d. Both either subjective or objective
848. The ability to transfer from one person to another.
a. Transferability
b. Demand
c. Scarcity
d. Utility
849. There is _____when the supply of property is less than the demand.
a. Transferability
b. Demand
c. Scarcity
d. Utility
850. The property must be needed or wanted someone who has the purchasing power obtain it.
a. Utility
b. Scarcity
c. Demand
d. Transferability
851. The criterion of value is
a. Utility
b. Scarcity
c. Demand
d. Transferability
852. The following are the force influencing value, except
a. Economic
b. Governmental
c. Social
d. Geographical
853. All are economic characteristics of land except
a. situs
b. Indestructibility
c. Modification
d. Fixity
854. Determine which is different among all:
a. Scarcity
b. Indestructibility
c. Immobility
d. Non-homogeneity
855. The following are similarities between appraisal and accounting, except
a. Both are in conformity with their respective Code of Conduct
b. Both involve gathering and recording data
c. Bother are involve estimates
d. Both are fields in science
856. The accuracy of an appraisal report depends on:
a. Network
b. Project Fee
c. Experience
d. None of the above

APPRAISER’S/BROKER EXAM: REVIEWER

MOCK EXAM SET J (ECONOMICS)

857. We study estate economics in order to:

a. Predict what will be happening in the future
b. Meet state education requirement
c. Impress clients with our knowledge
d. Balance our needs with the needs of others
858. In comparing the national economy with the local economy, we should realize that:
a. A local economy could be different than the national economy
b. The local economy tends to lag behind the national economy
c. The local economy will closely mimic the national economy
d. While the national economy can change the local economy remain constant
859. At the equilibrium point
a. Quantity supplied would exceed quantity demanded
b. Quantity demanded would exceed quantity supplied
c. Quantity demanded would equal quantity supplied
d. Consumers will not by and producers will not supply
860. Which of the following is a true statement regarding demand
 a. Demand for real estate is inelastic
b. Demand is meaningless without purchasing power
c. Demand decreases with supply increases
d. Demand decreases with increases in supply
861. The real estate marketplace is primarily a:
a. National market
b. Local market
c. Market having inelastic demand
d. Market regarded as a perfect economic model
862. Prices of water front homes in a developed have been rising dramatically because of:
a. Demand-pull inflation
b. Stagflation
c. Cost-push inflation
d. Leverage
863. A sophisticated investor would consider paying with maximum leverage when:
a. Prices were falling
b. Seeking to reduce risk
c. Prices were expected to continue to rise rapidly
d. Interest rates were expected to fall
864. Adams Smith believe in:
a. Laissez-Faire policy
b. Government guidance to influence the economy
c. Command economy
d. Socialist state
865. Private property, private enterprise, competitive markets and an profit motive are elements of:
a. Communism
b. Capitalism
c. Socialism
d. Command economy
866. A market controlled by single producer would be a:
a. Oligopsony
b. Oligopoly
c. Monopsony
d. Monopoly
867. Which of the following would be the best inflation indicator?
a. Balance of trade
b. National government deficit
c. Consumer price index
d. High interest rates
868. Which of the following would be lagging economic indicator?
a. Vendor performance
b. High interest rates
c. Change in consumer price index
d. Poor real estate market
869. A developer considering building new office space would be most interested in:
a. Changes in the office vacancy rate
b. Changes in vendor performance
c. Changes in the consumer price index
d. Changes in the housing affordability index
870. The return beyond the value of land, labor material and management would be:
a. Rent
b. Wages
c. Interest
d. Profit
871. Value would be measured by:
a. Price
b. Profit
c. Benefits
d. The highest and best-use
872. The term net value attributable to the land would be related to:
a. Price
b. Building residual method
c. Highest and best use
d. Income approach
873. Imperfection in the real estate market are caused by all except:
a. Bargaining skills
b. Production time
c. Must sell and will sell sellers
d. Informed buyers and seller
874. If everyone in the Philippines began to double his or her rate of savings, the effect would be:
a. Greater unemployment
b. Increase the velocity of money
c. An increase in the gross national product
d. Inflation
875. To fight inflation, the Central Bank could:
a. Buy government securities
b. Lower taxes
c. Increase government spending
d. Raise interest rates
876. When would a mortgage banker be interested in selling mortgage it originated in quick fashion?
a. When it believes interest rates will drop
b. When it believes interest rates will rise
c. When the loans are conforming
d. When the bank are loosing clients
877. The term gentrification refers to a/an:
a. More docile environment
b. Aging population
 c. Male dominated society
d. Back-to-the-city movement of young people
878. A growth where cities have merged together to form a vast metropolis is know as a:
a. Cluster
b. Strip development
c. Megalopolis
d. Gentrification
879. A very important determine of real estate value is:
a. Taxes
b. Age
c. Location
d. Distance from a city’s center
880. A neighborhood most likely to be relatively stable with well maintained properties would have:
a. A high percentage of renters
b. A high percentage of owner-occupancy
c. Commercial and industrial property mixed among residential uses
d. A high percentage of subsidized housing
881. According to the principle of conformity, the property in a neighborhood of maximum value would be:
a. The nicest property among deteriorating structures
b. In the center of an area of similar properties house
c. A single-family home surrounded by boardinghouse
d. The largest property in the neighborhood
882. The principle that the user who wants a site the most will pay the most for it known as the:
a. Competition
b. First choice
c. Supply and demand
d. Change
883. Growth outside the city is known as:
a. Sprawl
b. Township
c. Gentrification
d. Suburb
884. Effects of rent control included all, except:
a. Encourages conversion of apartments to condominiums
b. Increases likelihood of lower maintenance
c. Places a social burden on landlords
d. Encourages new development of apartment structures
885. Brownfields refers to:
a. Areas without city water
b. Areas with contaminated soil
c. Desert land
d. Minority areas
886. What is redlining?
a. Providing a fast tract for development approvals
b. Refusal of a lender to loan within the area
c. Rehabilitation
d. Slum clearance
887. It is the appraisers job to protect the financial interest of the
a. Lender
b. Seller
c. Borrower
d. Broker
888. An example of smart growth:
a. Infill developments
b. Leapfrog development
c. Building more freeways
d. Use of annexation to grow
889. Which of the following employer actions would contribute to traffic problems?
a. Allowing home-based workers
b. Implementing trip reduction programs
c. Using an off-peak workweek
d. Providing for the employee parking
890. Traffic management could include all except:
a. Toll road pricing
b. Larger parking facilities
c. Coordinating traffic signals
d. One-way streets
891. What is suburb?
a. A rural community
b. A self sustaining community
c. A community near and subordinate to a central city
d. A residential community without significant commerce or industry
892. Suburb can keep property taxes down by:
a. Keeping industry out
b. Promoting lower cost homes
c. Not allowing shopping centers
d. Denser development

MOCK EXAM ON PATENTS/AGRARIAN REFORM

893. Under Public Land Act of 1936 (CA141),the maximum area for free patent subject to government grant should not exceed
for any natural born Filipino citizen.
a. 12 hectares
b. 24 hectares
c. 5 hectares
d. 7 hectares
894. Under Public Land Act of 1936 (CA141), the maximum area for free patent subject to government grant should not exceed
for cultural minorities.
a. 12 hectares
b. 24 hectares
c. 5 hectares
d. 7 hectares
895. Under Public Land Act of 1936 (CA141), the maximum area for homestead patent subject to government grant should not exceed
for any natural born Filipino citizen.
a. 12 hectares
b. 24 hectares
c. 5 hectares
d. 7 hectares
896. Under the 1987 Constitution, the maximum area for free patent subject to government grant should not exceed for any natural
born Filipino citizen.
a. 12 hectares
b. 24 hectares
c. 5 hectares
d. 7 hectares
897. Under the 1987 Constitution, the maximum area for homestead patent subject government grant should not exceed for any natural
born Filipino citizen.
a. 12 hectares
b. 24 hectares
c. 5 hectares
d. 7 hectares
898. Under RA10023 of 2010 (New Residential Free Patent Law), the maximum area for free patent, subject to government grant if land is located in
a highly urbanized cities, should not exceed for any natural born Filipino citizen
a. 200 sqm.
b. 250 sqm.
c. 500 sqm.
d. 750 sqm.
899. Under RA10023 of 2010 (New Residential Free Patent Law), the maximum area for free patent subject to government grant, if land is located in
other cities not classified as highly urbanized cities, should not exceed for any natural born Filipino citizen.
a. 200 sqm.
b. 250 sqm.
c. 500 sqm.
d. 750 sqm.
900. Under RA10023 of 2010 (New Residential Free Patent Law), the maximum area for free patent, subject to government grant if land is located in
3rd class municipalities, should not exceed for any natural born Filipino citizen
a. 1,000 sqm..
b. 5,000 sqm.
c. 500 sqm.
d. 750 sqm.
901. Under RA10023 of 2010 (New Residential Free Patent Law), the maximum area for free patent , subject to government grant if land is located in
first and second class municipalities, should not exceed for any natural born Filipino citizen
a. 1,000 sqm.
b. 5,000 sqm.
c. 500 sqm.
d. 750 sqm.
902. Prescriptive period for free patent under Public Land Act of 1936 (CA141) IS of continuous occupancy.
a. 10 years
b. 15 years
c. 30 years
d. 20 years
903. Prescriptive period for free patent under New Residential Free Patent Law of 2010 is of continuous occupancy.
a. 10 years
b. 15 years
c. 30 years
d. 20 years
904. Under the 1987 Constitution, the grantee for homestead patent should be at least years of age or head of the family.
a. 15
b. 18.
c. 21
d. 25
905. A Torrens title issued on the basis of the free patent becomes as indefeasible as one which was judicially secured upon the expiration of
from dated issuance of patent.
a. 3 months
b. 6 months
c. 1 year
d. 2 years
906. The law the extended the filing of application for judicial confirmation of imperfect or incomplete titles to December 31, 2020. It further limits the
area to be applied for 12 hectares only.
a. RA9176
b. CA141
c. RA10023
d. RA9700
907. Registration of untitled land or lands of imperfect titles is under .
a. ACT 3344
b. ACT141
c. PD 27
d. ACT 2259
908. Ordinary acquisitive prescription is the term when person acquires ownership of a patrimonial property through possession for at least
, in good faith and with just title.
a. 5 years
b. 10 years
c. 15 years
d. 30 years.
909. Extraordinary acquisitive prescription is the term when a person’s uninterrupted adverse possession of patrimonial property for at least
, regardless of good faith or just, ripens into ownership pursuant to Art. 1137 of Civil Code. The period begins upon the declaration of the
government that the subject land is longer intended for public service. Without such express declaration, the property even if classified as
alienable or disposable, remain property of public dominion, pursuant to Act. 420(2) of Civil Code.
a. 5 years
b. 10 years
c. 15 years
d. 30 years
910. ________ of patent is the operative act to convey the land.
a. Conveyance
b. Grant
c. Registration
d. Award
911. Redemption period of homestead or free patent mortgage in a rural bank under RA720 is from the registration of the sheriff’s certificate of
sale (titled or untitled).
a. 5 years
b. 10 years
c. 1 year
d. 2 years
912. Homestead or free patent acquired by rural bank under RA 720 due to mortgagor’s failure to exercise his right, he or his heirs may still
repurchase the property from the expiration of 2-year redemption period pursuant to Section 119 of Public Land Act (CA141) within
.
a. 5 years
b. 10 years
c. 1 year
d. 2 years
913. Under RA 10023 (Residential Free Patent Law of 2010), any Filipino citizens is qualified to the issuance of free patent if he is actual occupant
for at least 10 years and paid reality tax for at least .
a. 2 years
b. 5 years
c. 10 years
d. 15 years
914. Residential Free Patent Law of 2010 covers the following lands except:
a. Zoned as residential areas, including townsites as defined under Public Land Act (CA141)
b. Zoned residential areas located inside a delisted military reservation or abandoned military camp
c. Those of local government units or townsites
d. Blighted urban lands.
915. Under the 1987 Constitution, a Filipino citizens is may acquire government land by purchase (sales patent) sold thru sealed bidding and the
applicant shall have not less than of the land cultivated in 5 years from dated of ward.
a. 1/5
b. ½
c. 2/5
d. ¼
916. Under the 1935 Constitution, private juridical entities were allowed to acquire lands of the Public domain not exceeding .
a. 500 hectares
b. 1,000 hectares
c. 1,024 hectares
d. 1,042 hectares
917. Under the 1973 Constitution, private juridical entities were not anymore allowed to acquire lands of the public domain except by lease for a
period not exceeding 25 years, renewable for not more than 25 years and not to exceed in area.
a. 500 hectares
b. 1,000 hectares
c. 1,024 hectares
d. 1,042 hectares
918. Under the 1973 Constitution, Filipino citizen may lease public may lease public domain land for a period not exceeding 25 years, renewable
for not more than 25 years and not to exceed in area.
a. 500 hectares
b. 1,000 hectares
c. 1,024 hectares
d. 1,042 hectares
919. Under PD 892 of 1976 discounted the system of land registration under Spanish Mortgage Law and the use of Spanish titles as evidence in
land registration proceedings. By virtue of this, holders of Spanish titles must apply for registration within (or until August 16, 1976)
from the effectivity of this decree or they will be treated as unregistered titles.
a. 3 months
b. 4 months
c. 5 months
d. 6 months.
920. Under Public Land Act of 1936 (CA141) Filipino citizen may acquire agricultural land by homestead patent if was at the time of application
eighteen years old and above or head of the family does not own more than hectares of agricultural land in the Philippines.
a. 5 hectares
b. 12 hectares
c. 24 hectares
d. 42 hectares
921. Under Public Land Act of 1936 (CA141) homestead certificate of title is issued by the Director of Lands upon compliance of the following
conditions:
a. At least 1/5 of the land has been improved or cultivated
b. The land shall be cultivated in not less than one year or more than 5 years from the date of approval of the application
c. Proof of continuous residency for at least in the municipality in which the land is located
a. 1 years
b. 2 years
c. 10 years
d. 30 years
922. It is government grant of public land of person to establish and maintain agricultural homes on condition of actual, continuous and personal
occupancy of the area as a home including cultivation and improvement of the land.
a. Free patent
b. Homestead patent
c. Sales patent
 d. Emancipation patent
923. SALE of agricultural land sales patent) by the government under Public Land Act of 1936 (CA141), is given to a natural Filipino citizen Of lawful
age or head of the family, Actual occupants who do not own any parcel of land whose total holdings do not exceeds 5 hectares Occupants must
be residing in the land applied for at least 2 years to the date of applicable and the area should not to exceed .
a. 24 hectares
b. 48 hectares
c. 124 hectares
d. 144 hectares.
924. SALE of agricultural land (Sales patent) by the government under Public Land Act of 1936 (CA141), is given to corporation (at least 60% owned
by Filipino citizens) or association or partnership not to exceed hectares in case of corporation or association or partnership
a. 1,024 hectares
b. 1,042 hectares
c. 124 hectares
d. 144 hectares
925. Under Public Land Act of 1936 (CA141) the grantee of homestead patent may not within from the date of grant, convey or encumber or
dispose of said land or rights to any person (natural or juridical) except to the government.
a. 2 years
b. 3 years
c. 5 years
d. 10 years
926. LEASE under Commonwealth Act 141 (Public Land Act of 1936) Should not exceed hectares
a. 1,024 hectares
b. 1,042 hectares
c. 2,000 hectares
d. 2,144 hectares
927. Land leased for grazing purpose not exceed hectares
a. 1,024 hectares
b. 1,042 hectares
c. 2,000 hectares
d. 2,144 hectares

Lessees maybe Filipino citizen of lawful age or corporation, association of which at least 60% of the capital stock belongs to Filipinos; of lease
should ne through public bidding and minimum bid should at least 3% of the appraised value of the land.
Lease period
 25 years renewable for another 25 years
 After the lease period, all improvements made by the lessee shall become the property of the government
i. For agricultural purposes

928. Patent issued by the President of the Philippines for a particular purpose. Examples are reclaimed area along Roxas Blvd. and in Cebu
Bonifacio
a. Free patent
b. Homestead patent
c. Sales patent
d. Special patent.
929. Law which subject private rice and corn lands to agrarian reform coverage under President Marcos in 1972.
a. RA6657
b. PD27
c. CA141
d. PD1529
930. In all cases, retention of landowner under PD 27 is hectares
a. 3 hectares
b. 5 hectares
c. 7 hectares
d. 12 hectares
931. The tenant farmer under PD27 is deemed owner of a portion of the lot they are cultivating constituting hectares if not irrigated
a. 3 hectares
b. 5 hectares
c. 7 hectares
d. 12 hectares
932. The tenant farmer under PD27 is deemed owner of a portion of the lot they are cultivating constituting hectares if in irrigated
a. 3 hectares.
b. 5 hectares
c. 7 hectares
d. 12 hectares
933. Retention under CARP is may be awarded to each child subject to the following qualifications: 1) at least 15 years of age: 2) actually
titling the land or managing the farm.
a. 7 hectares plus 5 hectares
b. 5 hectares plus 3 hectares
c. 7 hectares plus 3 hectares
d. 3 hectares plus 1 hectares
934. Award ceiling for the beneficiary is hectares under CARP.
a. 3 hectares
b. 5 hectares
c. 7 hectares
d. 12 hectares
935. Under CARP a landless beneficiary is one who owns less than hectares of agricultural land.
a. 3 hectares
b. 2 hectares
c. 1 hectares
d. Landless
936. If land acquired by DAR was financed and mortgaged to Land Bank, loans is payable in years in 30 equal installments with 6% interest;
a. 5 years
b. 10 years
c. 25 years
d. 30 years
937. Related to above (No.44), failure to pay annual amortizations is a ground for foreclosure.
a. One
 b. Two
c. Three
d. Five
938. Redemption period at Land Bank on foreclosed property sold under CARP is years starting from the date of registration of certificate of
sale.
a. One
b. Two
c. Three
d. Five
939. An agricultural land are considered idle or abandoned if the owner upon receipt of notice of acquisition from the government, did not cultivate,
till or develop the land years.
a. One
b. Two
c. Three
d. Four
940. PD 27 was continued by CARP-RA 6657 (1988 to 1988); CARP was continued by RA 8532 for another 10 years (1998-2008); CARPER
(RA9700) extends CARP by another years
a. 2 years
b. 3 years
c. 5 years
d. 10 years
Proposed budget for CARPER (RA9700) is .
941. the tenant farmer under PD27 is deemed owner of a portion of the lot they are cultivating constituting hectares if not irrigated
a. 3 hectares
b. 5 hectares
c. 7 hectares
d. 12 hectares
942. The tenant farmer under PD27 is deemed owner of a portion of the lot they are cultivating constituting hectares if irrigated
a. 3 hectares
b. 5 hectares
c. 7 hectares
d. 12 hectares
943. Retention under CARP is may be awarded to each child subject to the following qualifications:1) at least 15 years of age: 2) actually
titling the land or managing the farm.
a. 7 hectares plus 5 hectares
b. 5 hectares plus 3 hectares
c. 7 hectares plus 3 hectares
d. 3 hectares plus 1 hectare
944. Award ceiling for the beneficiary is hectares under CARP.
a. 3 hectares
b. 5 hectares
c. 7 hectares
d. 12 hectares
945. Under CARP a landless beneficiary is one who owns less than hectares of agricultural land.
a. 3 hectares.
b. 2 hectares
c. 1 hectares
d. Landless
946. If land acquired by DAR was financed and mortgaged to Land Bank, loan is payable in years in 30 equal installments with 6% interest;
a. 5 years
b. 10 years
c. 25 years
d. 30 years
947. Related to above (No. 44), failure to pay annual amortizations is a ground for foreclosure.
a. One
b. Two
c. Three
d. Five
948. Redemption period at Land Bank on foreclosed property sold under CARP is years starting from the date of registration of certificate of
sale.
a. One
b. Two
c. Three
d. Five
949. An agricultural land are considered idle or abandoned if the owner upon receipt of notice of acquisition from the government, did not cultivate,
till or develop the land for years.
a. One
b. Two
c. Three
d. Four
950. PD 27 was continued by CARP-RA 6657 (1988 to 1998); CARP was continued by RA 8532 for another 10 years (1998-2008); CARPER
(RA9700) extends CARP by another years.
a. 2 years
b. 3 years
c. 5 years
d. 10 years
951. Proposed budget for CARPER (RA9700) is
a. Php25 million
b. Php50 billion 3 years
c. Php100 million
d. Php150 billion
952. Awarded ceiling for beneficiary of CARPER is hectares.
a. 3 hectares.
b. 2 hectares
c. 4 hectares
d. 5 hectares
BUSLAW 1. OBLIGATIONS AND CONTRACTS WITH REAL PROPERTY LAWS
MULTIPLE CHOICE. WRITE THE LETTER OF THE CORRECT ANSWER.

953. Can common-law spouses donate properties of substantial value to one another?
a. No, they are only allowed to give moderate gifts to each other family rejoicing.
b. No, they cannot give anything of value to each other to prevent placing their legitimate relative at a disadvantage.
c. Yes, unlike the case of legally married spouses, such donations are not prohibited.
d. Yes, as long as they leave sufficient property for themselves and for their dependents.
954. It is juridical necessity to give, to do or not to do.
a. Deeds
b. Obligation
c. Contracts
d. Responsibility
955. A had a 4-storey building which was constructed by Engineer B. after five years, the building developed cracks and its stairway eventually gave
way and collapsed, resulting to injuries to some lessees. Who should the lessees sue for damages?
a. a, the owner
b. b, the engineer
c. both a & b
d. none of the above
956. x owed Y P1.5 million. In his will, X gave Y legacy of P1 million but will provided that legacy is to be set off set against the P1.5 million X owed
Y. owed Y. After the set off, X still owed Y P500,000. Can Y still collect amount?
a. Yes because the designation of Y legatee created a new and separated juridical relationship between them, that testator legatee .
b. It depends upon the discretion of the court if a claims is filled in the proceedings,
c. No, because the intention of the testor in giving the legacy is to abrogate his obligation to Y.
d. No, because X had no instruction in his will to deliver more than the legacy of P1 million to Y.
957. Every obligation whose performance does not upon a future or uncertain event, or upon a past even unknown to the parties.
a. Pure & Conditional
b. Obligation with Period
c. Alternative Obligation
d. Joint and Solidary
958. The concurrence of two or more creditors or of two or more debtors in ne and the same obligation does not imply that each one of the former
has a right to demand.
a. Pure & Conditional
b. Obligations with Period
c. Alternative Obligation
d. Joint and Solidary
959. Obligations for whose fulfillment a day certain has been fixed, shall be demandable only whan that day comes.
a. Pure & Conditional
b. Obligations with Period
c. Alternative Obligation
d. Joint and Solidary
960. A person alternative bound by different presentations shall completely perform one of them.
a. Pure & Conditional
b. Obligation with Period
c. Alternative Obligation
d. Joint and Solidary
961. A executed a 5-page notarial will before a notary public and three witnesses. All of them signed and every page of the will. One of witnesses
was B, the father of one of the legatees to the will. What is the effect of B being a witness to the will?
a. The will is invalidated
b. The will is valid and effective
c. The legacy given to B, child is not valid
d. The legacy given by A is valid
962. Is the wife who leaves her husband without just entitled to support?
a. No, because the wife must always be submissive and respectful to the husband.
b. Yes, The marriage not having been dissolved, the husband continues to have and obligation to support his wife.
c. No, Because in leaving the conjugal home without just, she forfeits her right to support .
d. Yes, since the right to receive support is not to any condition.
963. A buyer order 5,000 apples from the seller at P20 per apple. The seller delivered 6,000 apples. What are the rights and obligations of the
buyers?
a. He can accept all 6,000 apples and pay the seller at P20 per apple.
b. He can accept all 6,000 apples and pay a lesser price for the 1,000 per excess apples.
c. He can keep the 6,000 apples without paying for the 1,000 excess since the seller delivered them anyway.
d. He can cancel the whole transaction since the seller violated the terms of their agreement.
964. Conrad and Linda, Both 20 years old, applied for a marriage license, making it appear that they were over 25. They married without their
parents” Knowledge before an unsuspecting judge. After the couple has been in cohabitations for 6 years, Linda’s parents filed an action to
annual the marriage on ground of lack of parental consent. Will the case proper?
a. No, since only the couple question the validity of their marriage after they 21 of they became 21 of age; their conhabitation also
convalidated the maariage.
b. No, since Linda’s parents made no allegations earnest efforts have made to come to comparison with Conrad and Linda and which effort
failed.
c. Yes, since the marriage is voidable, the couple being below 21 of age when they married.
d. yes, since Linda’s parents never gave their consent to the marriage.
965. Josie owned a lot worth P5 million prior to her marriage to Rey. Subsequently, their conjugal partnership spent P3 million for the construction of
a house on the lot. The construction resulted in an increase in the value of the house and lot to P9 million. Who owns the house and the lot?
a. Josie and the conjugal partnership of gains will own a 50-50 basis.
b. Josie will own both since the value of the house and the increase in the property’s value less lot’s value; but she is to reimburse
conjugal partnership expenses.
c. Josie still the lot, it being her exclusively property, but the house belongs to the conjugal partnership.
d. The house and lot shall both belong to the conjugal partnership, with Josie entitled to reimbursement for the value of lot.
966. An action for reconveyance of a registered piece of land may be brought against the owner appearing on the title based on claim that the latter
merely holds such tittle in trust for the plaintiff. The action prescribes, however, within 10 years from the registration of the deed or the date of
the issuance of the certificate of title of the property as long as the trust had not been repudiated. What is the exception to this 10 years
prescriptive period?
a. When the plaintiff had no notice the deed or the issuance of the certificate of tittle.
b. When the tittle holder concealed the matter from the plaintiff.
c. When fortuitous circumstance prevented the plaintiff from the case sooner.
d. When the plaintiff is in possession of the property.
967. It is the meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some
service.
a. Referendums
b. Memorandums
c. Contracts
d. Obligations
968. It is an obligation that right of action to compel performance
a. Criminal
b. Artificial
c. Civil
d. Natural
969. It is an obligation that is not being of action on positive law but on equity
a. Criminal
b. Artificial
c. Civil
d. Natural
970. Pepito execute a wall that he and 3 attesting witnesses signed following the formalities of law, except that the Notary acknowledge that the
testator signed will in the presence of the witnesses and the latter themselves signed the will in the presence of the testator and of one another.
Was the will validity notarized?
a. No, since it was not notarized on the occasion when the signatories affixed their signatories on the will.
b. Yes, since Notary Public has to be present only when the signatories acknowledged the acts required of them in relation to the
will.
c. Yes, but the defect in the mere notarization of the will not fatal to its execution.
d. No since the notary public did not require the signatories to sign their respective attestations again.
971. The shall take place when two persons, in their own right, are creditors and debtors of each other
a. Validation
b. Commission
c. Compensation
d. Standardization
972. A contract where consent is given through mistake, violence, intimidation, undue influence, or fraud is?
a. Legal
b. Exempted
c. Creditable
d. Voidable
973. Contracts shall be__, in whatever from they may have been entered into, provided all the essential requisites for their validity
a. Demanded
b. Open to the public
c. Obligatory
d. Authorized
974. Venecio and Ester lived as common-law spouses since both have been married to other persons from whom they had been separated in fact
for several years. Hardworking and bright, each earned incomes from their respective professions and enterprises. What is the nature of their
incomes?
a. Conjugal since earned the same while living as husband and wife.
b. Separated since their property relations with their legal spouses still subsisting.
c. Co-ownership since they agreed to work for their mutual benefits.
d. Communal since they earned the same as common-law spouses
975. Defined requirements for amendments/revocation of enabling or master deed of condominium and the disposal of common areas
a. RA 7899
b. RA 6552
c. RA 4726
d. RA 7279
976. When the oblige accepts the performance, knowing its incompleteness or irregularity, and without expressing any protest or objection, the
obligation is
a. Fully Paid
b. Paid in Installment
c. Acceptance of Payment
d. Fully Complied
977. Proof of actual damages suffered by the creditor is not necessary in order that the penalty may be demanded.
a. TRUE
b. FALSE
c. NOT NECESSARY
d. IF ONLY REQUESTED
978. A executed a Deed of Donation in favor of B, a bachelor, covering a parcel of land valued at P1 million.. B was however, out of the country at
the time. For the donation to be valid.
a. B may e-mail A accepting the donation.
b. The donation may be accepted by B’ father with whom he lives.
c. B can accept the donation anytime convention to him.
d. B’s mother who has general power of attorney may accept the donation for him.
e. None of the above is sufficient to make B’s acceptance valid
979. O. owners of Lot A, learning that Japanese soldiers may have buried gold and other treasures at the adjoining vacant Lot B belong to spouses
X & Y, excavated in Lot B where she succeeded in unearthing gold precious stones. How will the treasures found by be divided?
a. 100% to O as finder?
b. 50% to O and 50% to the spouses X and Y
c. 50% to O and 50% to the state
d. None of the above
980. It shall not be understood to have paid unless the thing or service in which the obligation consist has been completely delivered or rendered
a. Obligation
b. Debt
c. Notes Payables
d. Credit
981. Remission is essentially gratuitous, and requires the acceptance by the obligor. Remission is also known as:
a. Remittances
b. Extinguishment
c. Down payment
d. Condonation
982. Roy and Carlos both undertook a contract to deliver to Sam in Manila a boat docked in Subic. Before they could deliver it, however, the boat
sank in a storm. The contract provides that fortuitous event shall not exempt Roy and Carlos from their obligation. Owing to the loss of the
motor boat, such obligation is deemed converted into one indemnity for damages. Is the Liability of Roy and Carlos joint or solidary?
a. Neither solidary nor joint since they cannot waive the defense of fortuitous event to which they are entitled.
b. Solidary or joint upon the discretion of Sam.
c. Solidary since Roy and Carlos failed to perform their obligation to deliver the amount motor boat.
d. Joint since the conversion of their liability to one of indemnity for damages made it joint .
983. It means not only the delivery of money but also the performance, in any other manner, of an obligation.
a. Payment
b. Service Delivery
c. Exchange
d. Value
984. It is when the debtor may code or assign his property to his creditors in payment of his debts.
a. Full payment
b. Payment in Installment
c. Advance Payment
d. Payment in Cession
985. In the order of intestate succession where the decedent is legitimate, who is the last intestate heirs or heir who will inherit if all heirs in the
higher level are disqualified or unabale to inherit?
a. Nephews and nieces.
b. Brothers and Sisters.
c. State
d. Other collateral relatives up to the 5th degree of consanguinity.
986. Every person obliged to give something is also to take care of it with the proper diligence of a ___of a family, unless the law or the stipulation of
the parties requires another standard of care.
a. Humble employee
b. Responsible friend
c. Wise Mother
d. Good Father
987. The right of the creditor for damages when, through the fault of the debtor, all the things which are alternatively the object of the obligation have
been lost, or the compliance of the obligation. What shall be paid by the obligor if he refuses to pay the penalty or if he is guilty of fraud in the
fulfillment of the obligation.
a. Principal & Penalty
b. Interest & Surcharges
c. Damages
d. Bail bond
988. Who is the one that can do contract in the name of another without being authorized by the latter, or unless he has by law a right to
a. Debtor
b. Creditor
c. Anyone
d. No one
989. Obligations may be modified by:
a. Compensation all credits prior to the same and also later ones until he had knowledge of the assignment
b. Changing their object or principal conditions
c. Substituting the person of the debtor
d. Subrogating a third person in the rights of the creditor
990. The creditor has a right to the fruits of the thing from time the obligation to deliver it arises. However,
a. He shall be responsible for any fortuitous event until he has effected the delivery.
b. He my exercises all the rights and bring all the actions of the same purpose, save those which are inherent.
c. He shall acquire no real right over it until the same has been delivered to him .
d. He shall extinguish the obligation as soon as the expires or if it has become indubitable that event will not take place.
991. The civil code of the Philippines is also known as:
a. RA 7899
b. RA 1185
c. RA 240
d. RA 386
992. The following requisites of a valid cause:
a. It must be true
b. It must be valued
c. It must exist
d. It must be lawful

ELECT.2 Real Estate Brokerage

MULTIPLE CHOICE. Choose the letter of your correct answer.

993. Economic Utility letter to the capacity to satisfy wants production by labor and their:
a. Exchangeability
b. Uniqueness
c. Transferability
d. Scarcity
994. The following are purpose of loan allowable under the UHLP, except:
a. Purchase of lot only
b. Purchase of a lot and construction of a new house or dwelling unit.
c. Purchase of a newly constructed dwelling unit
d. Purchase of two (2) houses and lots
995. A blanket Mortgage is a real estate mortgage that covers:
a. A single property
b. All properties
c. Several properties
d. Not more than two (2) properties
996. Interest Rate is the rate of return earned by an investor, which does not include not include allowance:
a. For capital recovery
b. For recapture
c. For cash flow
d. For discount
997. The Gross Income Multiplier is a factor derived from comparable properties and applied to expected rental income to estimate
a. A value
 b. A gross income
c. A established cost
d. A known price
998. Refers to the act of buying an under priced property and then quickly reselling it at market value:
a. Flipping
b. Fast break
c. Bird dogging
d. Brokering
999. A person who gets paid a referral fee finding good deals for investors in known as:
a. Flipper
b. Bird dog
c. Dealer
d. Broker
1000. These refer to the changes that result when wealthier people acquire or rent property in low income and working class communities.
a. Progression
b. Regression
c. Gentrification
d. Competition
1001. This is a market condition where there are more properties more properties for sale than buyers.
a. Seller’s Market
b. Open Market
c. Buyer’s Market
d. Property Market
1002. This is market condition where there are more buyers than properties for sale.
a. Open Market
b. Property Market
c. Seller’s Market
d. Buyer’s Market
e. Tenant’s right of first refusal
f. None of the above
1003. A listing whereby the broker who holds the Exclusive Contract to Sell relists it to Multiple Listing Several (MLS) is referred to as the:
a. Multiple Listing
b. Exclusive Listing
c. Open Listing
d. Net Listing
1004. The compensation of the Broker depends on the overpriced obtained by the buyer. An agreement by which the broker may retain as
compensation to his services all sms paid over and above the net price to the owners is known as:
a. Multiple Listing
b. Net Listing
c. Exclusive Listing
d. Open Listing
1005. This is one whereby the listing Broker is not entitled to a commission in case the property owner negotiates sale of the property. The property
owner can sell the property himself and is not oblige to pay the broker’s commission.
a. Multiple Listing
b. Net Listing
c. Exclusive Agency Listing
d. Open Listing
1006. It is a privilege given to the buyer by the property owner to exercise a preferential right to buy the property for sale within a certain period of time
at a fixed price. It is also considered as the contract between the Seller and the Buyer. It is an agreement for the Buyer within a stipulated
period.
a. Earnest Money
b. Option Money
c. Down payment
d. Option
1007. Refers to the money given to the Seller by the Buyer in consideration of the right to purchase or lease a property within a specified period and at
an agreed contract priced.
a. Option Money
b. Earnest Money
c. Down payment
d. Option
1008. Is defined as an amount accompanying an offer to purchase a property. It also refers to a part of the purchase price advance by the Buyer to
the seller as a taken of good faith for a perfection of the Contract.
a. Option Money
b. Earnest Money
c. Down payment
d. Option
1009. A natural or juridical person who has both the willingness and the capacity to buy real properties is called as a:
a. Buyer
b. Seller
c. Prospect
d. Suspect
1010. The act of the Broker which is instrumental in affecting the meeting of the minds between the seller and the buyer of the real property as to price
and terms and done of the requisites for a broker to be entitled to a commission is referred to as:
a. Escalation Clause
b. Grandfather’s Clause
c. Judicial Cause
d. Procuring Cause
1011. It is that price at which the willing seller will sell and the willing Buyer will buy, neither of the parties under abnormal pressure.
a. Fair Market Value
b. Appraisal Value
c. Exchange Value
d. Sound Value
1012. The authority of the Broker to negotiate the sale lease, purchase, mortgage, mortgage or exchange of real property for a fee and under certain
terms and conditions within a specific period of time is known as:
a. Contract of Sale
b. Authority to Sell
c. Contract to Sell
 d. Authority to Sale
1013. As provided in design standards of HLURB, the number of row houses shall not exceed 20 units per block/cluster but in no case shall this be
beyond such numbers of length.
a. 100 meters
b. 400 meters
c. 200 meter
d. 300 meters
1014. The maximum length of block as provided in the HLURB design standards for a subdivision shall be 400 meters, however blocks exceeding 250
meters shall be provided with an alley at approximately at certain length.
a. 1/3 of its length
b. ¾ of its length
c. Mid-length or ½ its length
d. 2/3 of its length
1015. It refers to the management of the earth’s resources in way, which aims to restore and maintain the balance between human requirements and
the other species of the world.
a. Biodiversity
b. Conservation
c. Ecological footprint
d. Sustainable development
1016. It is a type of settlement where accretion occurs nodes or core settlement resulting in agglomeration
a. Organic
b. Planned
c. Neighborhood
d. Municipality
1017. The smallest type of settlement in the Philippines
a. Province
b. City
c. Municipality
d. Barangay
1018. It refers to meeting the needs of the present without compromising the ability of future generations to meet their own needs.
a. Biodiversity
b. Conservation
c. Ecological footprint
d. Sustainable development
1019. It is national agenda for sustainable development. It outlines the integrating strategies for the country’s overall sustainable development and
identifies the intervention areas from the national to the regional level.
a. PA 20
b. SD 21
c. PA 21
d. SD 20
1020. The country where industrial district at kalundborg, often labeled as an “industrial ecosystem”
a. USA
b. GERMANY
c. DENMARK
d. Philippines
1021. The Philippines Environmental System (EIS) was formally established in 1978 by virtue of
a. PD 1586
b. RA 6465
c. RA 1586
d. PD 857
1022. It is process that involves predicting the likely impact f a project on the environment during, construction, commissioning, operation and
abandonment.
a. ECP
b. EIA
c. ECC
d. ECA
1023. A subdivision development is local community that is also referred as
a. Municipality
b. neighborhood
c. Planned community
d. None of the above
1024. It is geographically community, often within a larger city or suburb
a. Municipality
b. Neighborhood
c. Planned community
d. None of the above
1025. The term ecology originates from a Greek word, which means “houses”. In real estate Ecology there are three relevant ecological aspects of
green property, which are
a. Population, community, ecosystem
b. Inhabitant, building, community
c. Inhabitant, building, ecosystem
d. Populations, community organism
1026. An imbalance or imperfect nature of chemical elements and substances in material cycles
a. sediment
b. Carbon
c. Pollution
d. Radiation
1027. The Indigenous Peoples Right Act was enacted on Oct. 29, 1997 to address marginalization and powerlessness of the Indigenous Cultural
Communities, which is also
a. RA 8371
b. RA 6552
c. RA 9646
d. RA 7279
1028. Green Building is focused on good design concept in any project development, where the ecological thinking must be adopted through
promotion and deduction of people involved in the real estate industry. What considerations are taking part in every aspect of design in building
concept?
a. Social
 b. Economic
c. Cultural
d. Environmental
1029. Ecology covers the study of
a. Population, community, ecosystem
b. Ecosystem, organism, inhabitants
c. Ecosystem, population, inhabitants
d. Inhabitants, population, community
1030. LEED means:
a. Leadership in Energy Efficiency Design
b. Leadership in Energy Efficiency Devt
c. Light Energy Efficiency Design
d. Light Energy Efficiency Development
1031. There is no conclusive estimate on the total population of indigenous people in the country because of the following, except:
a. Indigenous people are aplenty and scattered all over the country
b. Absences of explicit report from the NSO
c. Delineation of ancestral domain has not been adopted as census tract.
d. Absences of regular tracking of time series data on each ethics group.
1032. The natural process change in response to the physical changes of an aging planet is called:
a. Evolution
b. Ecological Succession
c. Control or Cybernetics
d. Biogeochemical Cycles
1033. The process of making an estimate of value of any asset/property in accordance with the generally accepted standards on given date:
a. Appraisal
b. Valuation
c. Value in Use
d. Value in Exchange
1034. It is the process of determining monetary values of the property rights encompassed in an ownership at some specific time period:
a. Appraisal
b. Value in Use
c. Valuation
d. Value in Exchange
1035. A vacant lot is rented for a car display for P24,000 per month. The interest rate applicable to this type of property is 8%. Compute the value of
property by income approached:
a. P2,400,000
b. P2,600,000
c. P2,800,000
d. P3,600,000 (24,000×12)/8%
1036. In indicates the value of the property traded in the market which is referred to as market value:
a. Appraised Value
b. Valuation
c. Value in Use
d. Value in Exchange
1037. The highest amount in terms of money that a property should bring given reasonable time exposure in the open and competitive market
a. Market Value
b. Fair Market Value
c. Fair Value
d. Appraised Value
1038. The house flooring has an area of 30 square meters. How many vinyl tiles are needed if size is 12x12 inches (choose the nearest answer)
a. 300
b. 380
c. 53
d. 323 (30 × 10.76)
1039. Refers to the right of the owner-lessor to receive the contract rent and the reversion of the property at the expiration of the contract.
a. Lease Fee Estate
b. Lease Fee Money
c. Lease Contract
d. Lease Purchase
1040. The following are determinants of value, except:
a. Demand
b. Scarcity
c. Transferability
d. Cost
1041. This principle refers to an over-improvements that reflects lack of conformity as between one property and its environment.
a. Conformity
b. Change
c. Supply and demand
d. Contribution
1042. The area of a right triangle with a height of 10ft and a base of 4 ft is
a. 40 sq. ft.
b. 25 sq. ft.
c. 1.85 sqm
d. 3.72 sqm
Sol. (4×10)/2 = 20 f2
Is equal to 1.85 sq.m

MOCK EXAM. SET O

DIRECTION: Choose the best answer. In your sheet, find the number of the question and fill in the space that corresponds to the letter of the answer
you have chosen.

1043. A real estate practitioner who is duly registered and licensed natural person who, for a fee, compensation or other valuable consideration, offers
or renders professional advice and judgment on: (i) the acquisition, enhancement, preservation, utilization or disposition of lands or
improvements thereon and; (ii) the conception, planning, management and development of real estate projects.
a. Licensed Real Estate Property Manager
b. Licensed Real Estate Appraiser
c. Licensed Real Estate Counselor
 d. Licensed Real Estate Broker
e. Licensed Real Estate Consultant
1044. The taking of public property for public use with fair compensation to the owner. An exercise of the Right of Eminent Domain.
a. Community Development
b. Appropriation
c. Lis Pendens
d. Condemnation
e. Police Power
1045. Refers to the land and all those items which are attached to the property. It is the physical, tangible entity which can be seen and touched,
together with all the addition on above or below the ground.
a. Real Property
b. Real Estate
c. Personal Property
d. Encumbrances
e. Liens
1046. It is one way of how an agency relationship is created. It means that if the principal makes third persons to believe that someone is his agent
and that third party deals with the agent, then the principal cannot deny the agency relationship even though it did not exist in fact.
a. Agent
b. Principal
c. Estoppel
d. Sub-agent
e. Deceiving Principal
1047. A group of investors who have combined their financial resources with the expertise of a real estate professional for the common purpose of
acquiring, developing, managing, operating or marketing real estate.
a. Syndication
b. Joint venture
c. Developer
d. Association
e. Partnership
1048. Community Environment and Natural Resources Officer of the DENR
a. Deputy Director
b. Secretary of DENR
c. CENRO
d. PENRO
e. LGU Officials
1049. An agreement whereby the seller promises to sell a thing in consideration of the buyer’s compliance to the terms and conditions of the contract
and that only after the buyer’s compliance will the seller be obliged to transfer or convey the ownership of the thing subject of the contract.
a. Agreements
b. MOU
c. Contract to sell
d. Contract to sale
e. Letter of intent
1050. Environmental Management Plan is a section of the EIS that details the prevention, mitigation, contingency and monitoring measures to
enhance positive impacts and minimize negative impacts of a proposed projects or undertaking.
a. EMP
b. PD 1586
c. PD 1577
d. PA21
e. Agenda 21
1051. A statement or declaration reduced in writing sworn to or affirmed before some office who has authority to administer an oath or affirmation.
a. Affidavit
b. Deed
c. Report
d. Pleading
e. Prayer
1052. Usually refer to real estate properties that were previously mortgaged to the bank, by which because the owner failed to pay the mortgage.
a. Foreclosed properties
b. ROPA
c. Mortgaged properties
d. Acquired asset
e. Bank assets
1053. Land that has not been improved with buildings. Such land is often left by a developer in a subdivision for recreational use and enjoyment by all
the property owners.
a. Vacant lot
b. Open space
c. Open field
d. Raw land
e. Pastured land
1054. The rights of ownership whereby the owner has the right to enjoy, dispose, and exclude others and to recover.
a. Bundle of rights
b. Right to dispose
c. Livery of seisin
d. Absolute fee simple
e. Freehold in estate in land
1055. The transferring of property to another, the transfer of property and possession of lands or other things, from one person to another.
a. Conveyance
b. Leasehold interest
c. Alienation
d. Lease fee interest
e. Sale
1056. The periodic payment specified in a loan contract that covers the repayment needed to amortize the outstanding debt.
a. Amortization
b. Debt service
c. Principal payment
d. Settlement of loan
e. Installment
1057. An analysis of the potential uses of a parcel of land and determination of the highest and best use for the parcel; a compute inventory of the
parcels in a given community or other area classified by type of use; plus (in some cases) an analysis of the spatial patterns of use revealed by
this inventory.
a. Physically possible
b. Financially viable
c. Economic studies
d. Land utilization studies
e. GIS
1058. A situation in which the rate paid on a mortgage is greater than the rate generated by an investment on an unlevered basis.
a. Negative leverage
b. Positive leverage
c. Income generation
d. NPV
e. ROI
1059. An analysis of the availability and desire for a specific type of a property.
a. Supply and demand study
b. Market study
c. Location study
d. Project study
e. Feasibility study
1060. Means “let the buyer beware” (the buyer is duty-bound to examine the property he is purchasing and he assumes conditions which are readily
ascertainable on the face of the title)
a. Eros que
b. Sanctify
c. Due diligence
d. Due care
e. Caveat emptor
1061. Similar or like property types of neighborhood in which inhabitants have similar cultural, social and economic backgrounds.
a. Twin cycle
b. Homogenous
c. Class A development
d. Upper class
e. Heterogeneous
1062. A rise in value or price due to such factors as inflation or market conditions.
a. Appreciation
b. Summation
c. Upgrade
d. Inflation
e. Purchasing power
1063. The liquidation of a financial obligation on installment basis. (A periodic payment which includes interest and principal necessary to liquidate a
financial obligation).
a. Installment
b. Liquidation
c. Amortization
d. Settlement
e. Buyout
1064. A procedure where by property pledged as security for a debt is sold to pay the debt in the event of default in payments or terms. It is a process
instituted by a mortgagee by which the mortgaged property is sold at public auction to satisfy the principal obligation which the debtor failed to
fulfill.
a. Auction
b. Foreclosure
c. Extra judicial settlement
d. Confiscation
e. Attachment
1065. The transfer of property or right and obligations over it in favor of another. (The one who assigns or transfers a property is called ASSIGNOR
while those to whom property is assigned are called ASSIGNS or ASSIGNEES).
a. Transfer of rights
b. Grant
c. Free patent
d. Stewardship
e. Deed of Assignment
1066. The ratio of the total employment to basic employment in an economic area, used to protect increased in total employment when basic
employment is expected to
a. NSO index
b. Economic indicator
c. Economic projection
d. Economic base multiplier
e. Census
1067. A mortgage that has two or more properties pledged as security for a debt .
a. Blanket mortgage
b. AIR mortgage
c. Judgment lien
d. Annuity mortgage
e. Multiple mortgage
1068. Where the final installment payment on a note is greater than the proceeding installment payments and the payer pays the note in full (payment
in lump sum although not yet due)
a. Balloon payment
b. Amortization payment
c. Installment payment
d. Full settlement
e. Final settlement
1069. The right, advantage or privilege which an individual has in land of another, such as a right of way
a. Leasehold interest
b. Tenancy rights
c. Littoral rights
d. Easement
e. Riparian rights
1070. A mortgage which can be paid off on its maturity
a. Open mortgage
b. Closed mortgage
c. Both A and B
d. Neither A and B
e. Reversed mortgage
1071. The income received from rented units in a property divided by the income that could be received if all the units were occupied.
a. Absorption rate
b. Market rate
c. Multiplier rate
d. Interest rate
e. Occupancy rate
1072. One qualified to render expert testimony
a. Friends of court
b. Expert witness
c. Attorney
d. Licensed real estate Practitioner
e. A & C
1073. A written instrument which, when property executed and delivered, conveys title.
a. Deed
b. TCT
c. OCT
d. Affidavit
e. Acknowledgement
1074. Any conditions revealed by a title research which affect the title to property; usually relatively unimportant items but which cannot be removed
without a quit claim deed or court action.
a. Wetting of title
b. Quieting of title
c. Lis pendens
d. Cloud on the title
e. Rule 74
1075. Largest estate of ownership in real property in which the owner holds all the rights not reserved by society.
a. Absolute ownership
b. Fee simple defeasible
c. Fee simple
d. Life estate
e. Joint tenancy
1076. A building part of building or obstruction which intrudes upon or invades a highway or sidewalk or trespasses upon property of another.
a. Encroachment
b. Party wall
c. Zoning
d. Police power
e. Inclusion
1077. Environmental Impact Statement refers to the documents or studies on the environmental impacts of a project including the discussions on
direct and indirect consequences upon human welfare and ecological and environmental integrity.
a. EIA
b. ECA
c. ECP
d. ECC
e. EIS
1078. Property owned in common by the husband and wife
a. Co-ownership
b. Conjugal property
c. Capital property
d. Dower
e. Courtesy
1079. It is the issued by the DENR secretary or the Regional Executive Director certifying that based on the representation of the proponent and the
preparers, as reviewed and validate by the EIARC, the proposed project or undertaking will not cause a significant negative environmental
impacts; that the proponent has complied with all the requirements of the EIS System, and that the proponents is committed to implement its
approved EMP in the EIS or mitigation measures in IEE.
a. EIA
b. EIS
c. ECP
d. ECC
e. EC
1080. A person appointed by the probate court to administer the estate of a deceased person.
a. Judge
b. Sheriff
c. Attorney-at-law
d. Spouse
e. Administrator
1081. It is a judgment for the mortgagor to pay the balance of the obligation if the proceeds of the foreclosure sale are not sufficient to cover the
principal obligation.
a. Balance of payment
b. Outstanding balance
c. Deficiency judgment
d. Judgment lien
e. Deficit
1082. A provision in contract providing for periodic proportional upward or downward adjustment of price or consideration
a. Price indicator
b. Escalation clause
c. Contract clause
d. Balance payment
e. C & D
1083. An agreement between buyer and a seller whereby there is transmission of ownership on the object of the contract.
a. Contract to sell
b. Contract to sale
 c. Equity redemption
d. Redemption clause
e. B & C
1084. The right of the government to acquire property for necessary public or quasi-public use
a. Police power
b. Taxation
c. Stewardship
d. Escheat
e. Eminent domain
1085. An agreement entrusted to a third person to be held by him until the performance or fulfillment of some act or condition ETHICS- that branch of
moral science, idealism, justness, and fairness, which treats of the duties that member of a profession or craft the owes to the public, to his
clients or patron, and to his professional brethren or members.
a. Trust
b. Bank
c. Financial institution
d. Escrow
e. All of the above except D
1086. The loss of money or anything of value, due to failure to perform such as under an agreement to purchase
a. Inflation
b. Purchasing power decline
c. Peso depreciation
d. Forfeiture
e. GNP decline
1087. Payment in kind. Payment of the debt or obligation with a property
a. Exchange
b. Barter
c. Paper money transaction
d. Promissory note
e. Dacion en pago
1088. Right of the original owner to reclaim the property sold through judicial foreclosure proceedings by payment of debt, interest, and cost.
a. Equity of redemption
b. Redemption
c. Settlement of the obligation after one year of the proceeding
d. 90 days from the auction
e. None of the above
1089. A claim of a person on property owned by another.
a. Assignment of title
b. Adverse claim
c. Donation
d. Taxation
e. C & D
1090. A hold or claim which one person has upon a property of another as security for a debt or charge, judgments, mortgages
a. Encumbrances
b. Lis pendens
c. Annotation
d. Lien
e. Color of title
1091. The interest or value which an owner has in real estate over and above the mortgage against it.
a. Property
b. Title
c. Interest in the bundle of rights
d. Equity
e. Redemption
1092. The price which a willing seller will sell and a willing buyer will buy, neither being under abnormal pressure.
a. Current value
b. Zonal value
c. Assessed value
d. Investment value
e. Market value
1093. The periodic addiction to equity caused by the gradual reduction in the mortgage balances as a result of periodic principal repayment provided
for in a loan repayment contract.
a. Equity build-up
b. Development build-up
c. Project build-up
d. Financial build-up
e. All of the above
1094. A document executed by a property owner which creates or converts his property into a condominium pursuant to Rep. Act, 4726.
a. Deed of restrictions
b. Master deed
c. Articles of incorporation & bylaws
d. CCT
e. All of the above
1095. An annotation in the title which serves as notice that the property is subject to a pending litigation.
a. Encumbrances
b. Rule of 74
c. Liens
d. Lis pendens
e. Color of title
1096. A contract of sale with the stipulation that the vendor shall have the right to buy back the property within the agreed period
a. Redemption period
b. Before registration of title
c. 90 days after the sale
d. Pacto de retro sale
e. Buy back provision
1097. Means the development of land for residential, commercial, industrial, agricultural, institutional, and recreational purposes or any combination of
such including, but not limited to, tourist, resorts, reclamation projects, building or housing projects, whether of individual or condominium
ownership, memorial parks and others of similar nature.
 a. Subdivision development
b. Mixed used land development project
c. PD 957 land development
d. Real Estate syndication
e. Real Estate Development Project
1098. A person in a position of trust and confidence, as between a principal and a broker, the broker as fiduciary owes certain loyalty which cannot be
breached under rules of agency.
a. Transparency
b. Agency to sale
c. Fiduciary
d. Sale, agency and bailment
e. Mutual trust partnership
1099. Measurements and boundaries. A term used in describing the boundary lines of land, setting forth all the boundary lines, together with their
terminal points and angles.
a. National highway length
b. Post
c. Map
d. Metes and bounds
e. Legal description
1100. The improvement which does not produce an adequate return for the amount invested on a building or property. An improvement which is not
suitable to the site on which it is placed due to excessive size or cost.
a. Over-improvement
b. Under-improvement
c. Excess improvement
d. Inadequate improvement
e. Economic obsolescence
1101. A lien created by law which exists in favor of persons who have performed or furnished materials in the erection or repair of a building.
a. Mechanics lien
b. Seller’s lien
c. Contractor’s lien
d. Erection lien
e. None of the above
1102. Provincial Environment and Natural Resources Officer of the DENR
a. CENRO
b. BENRO
c. PENRO
d. PENOY
e. All of the above except D
1103. The right of the state to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public.
a. Barangay power
b. Police power
c. LGUs ordinance
d. Escheat
e. People power
1104. A deed of release or renunciation of a legal right. A deed to relinquish any interest in property which the grantor may have had a protest or
adverse claim.
a. Adverse claim
b. Absolute right claims
c. Indigenous right
d. Quit claim
e. Reverse claim
1105. A deed used to convey real property which contains warranties of title and quite possessions. In a warranty deed the grantor is to defend the
premises against the lawful claims of the third person.
a. Guaranty deed
b. Deed of sale
c. Deed of conveyance
d. Deed of real property sale
e. Warranty deed
1106. A lease of a property in which the rental is based upon the volume of sales made upon the leased property.
a. Percentage lease
b. Decimal lease
c. Month to month lease
d. Commercial lease
e. Variable lease
1107. Real Estate Service Act of the Philippines (R.A. No. 9646)
a. RESAP
b. RESA LAW
c. PRBRES
d. PRC-PRBRES
e. PHILRES
1108. Subjective value. The property’s value to its occupants or users.
a. Market value
b. Personal value
c. Objectivity value
d. Value in use
e. Subject value
1109. A ______ is commonly known as the person who engages the agent for representation.
a. Seller
b. Developer
c. Principal
d. Adminstratrix
e. Master
1110. The proof or act of proving at a court that a last will and testament is actually that of the deceased person
a. Decedent signature
b. Dower
c. Curtesy
d. Holigraphic
 e. Probate
1111. Shall refer to and shall consist of Real Estate Salesperson, Real Estate Broker, Real Estate Appraiser, and Real Estate Consultant.
a. Real estate industry players
b. Real Estate assessors
c. Real Estate professional practitioners
d. Real Estate service practitioners
e. All of the above
1112. All or part of a standards rule of USPRCP from which departure is not permitted.
a. Agreement requirement
b. Joint undertaking requirement
c. Professional fee is contingent
d. Binding requirement
e. Acceptance requirement
1113. Considered judgment arrived at after careful investigation and analysis, discussion and deliberation with the client in a consulting engagement.
a. Objectives
b. Advice
c. Goals
d. Acceptance
e. Decision
1114. The exercise of police power by the municipality or city and regulating and controlling the character and use of property.
a. CLUP
b. Developmental permit
c. Locational permit
d. Urban planning
e. Zoning ordinance
1115. Includes all the rights and benefits related to the owner of real estate.
a. Personality
b. Real property
c. Fee simple
d. Absolute right
e. Voluntary mode of ownership
1116. A writ authorizes and directs the proper officer of the court, usually the sheriff to carry into effect a judgment or decree of the court .
a. Judgment lien
b. Involuntary title transfer
c. Execution of judgment
d. Writ of acceptance
e. Writ of execution
1117. A study of the anticipated movement of cash into or out of an investment.
a. Reversion
b. Cash flow analysis
c. Discounted cash flow analysis
d. Investment flow analysis
e. Yield analysis
1118. The provision of competent, disinterested an unbiased advice, professional guidance, and sound judgment on diversified problems in the broad
field of real estate, on a fee basis, by qualified professionals who subscribe to a suitable standards of practice and code of professional ethics.
a. Valuation
b. Appraisal consulting
c. Brokerage
d. Consultancy
e. Dealership
1119. Regional Executive Director of DENR
a. BLUE
b. RED
c. GREEN
d. ED-DENR
e. All of the above
1120. Objective Value. Property’s value to an impartial buyer who represent the market.
a. Value in use
b. Value in review
c. Value in exchange
d. Debated value
e. Market value
1121. A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced, without re-writing the
mortgage.
a. Close-end mortgage
b. Close-open mortgage
c. Blanket mortgage
d. Endurance mortgage
e. Open-end mortgage
1122. Environmentally Critical Area is an area that is environmentally sensitive.
a. ECP
b. ECA
c. EIA
d. EES
e. ECC
1123. The estate that derives benefits from the servient estate in an easement.
a. Positive easement
b. Negative easement
c. Servient estate
d. Easement in gross
e. Dominant estate
1124. It means that if at the end of the period of lease, the lessee continues to enjoy the thing leased with the acquiescence of the lessor, it is
understand that there is an implied new lease.
a. Sufferance
b. Tacita reconducta
c. Ground lease
d. Lease in land
 e. Leased fee interest
1125. A mortgage which can be paid off at any time even before its maturity.
a. On-going mortgage
b. Residential mortgage
c. Closed mortgage
d. Open mortgage
e. Appreciation mortgage
1126. A stipulation which prohibits the mortgagor from alienating the property within the period of the mortgage.
a. Restriction
b. Redemption rights
c. Pactum de non aliendo
d. Mortgage theory
e. Pactum de aliendo
1127. It is one way of how an agency relationship is created. It means that if a person having no authority whatsoever purpose to act as an agent and
the purposed principal later adopts the acts of that agent, an agency relationship has retroactively been created.
a. Majority votes
b. Ratification
c. Referendum
d. SPA
e. Authority
1128. Any question or doubt arising from historical or prospective realty investment desire dealing with difficult decision on available alternative
courses of action, or situation. This call for the consultant’s decision-making service.
a. Client’s objective
b. Client’s problem
c. Client’s financial problem
d. Budget constraints
e. All of the above
1129. As defined under RESA “a natural or juridical person who, for in expectation of a fee, compensation or other valuable consideration offers or
render professional advice and judgment or; the acquisition, preservation, utilization or disposition of land or improvements thereon, or valuable
rights existing or to be created thereon; the conception, planning and development of realty projects, which may or otherwise encumber units
like subdivision lots, condominium units, market stalls, memorial parks and like”
a. Consulting
b. Counselor
c. Real estate practitioner
d. Real estate consultant
e. All of the above
1130. The information pertinent to a specific assignment. Such data may be divided into four different classes; general (relating to the economic and
demographic background, the region, the city and the neighborhood), specific (relating to the subject property and comparable properties in the
market), primary (information gathered by the consultant that is not available in a published source; such as property dimensions and
characteristics), and secondary (published information such as census data).
a. Census
b. Research
c. Survey
d. Statistical analysis
e. Data
1131. An analysis of the amount of space (usually expressed in square meter) or the number of units (absorption rate) that can be sold, leased, put
into use of traded on the market during a predetermined or estimated period of time (absorption period), and at prevailing prices or rentals.
a. Space market analysis
b. Absorption analysis
c. Asset market analysis
d. Demand market analysis
e. Vacancy analysis
1132. The date of the transmittal letter of a written report or the date a written report lacking a transmittal letter is prepared by the consultant. The date
of an oral report is the date it is communicated to or for the client. The date of the report may or may not be the same as the effective date at
which the analyses opinion and advice in a consulting service apply.
a. Date of the engagement
b. Date of the review and evaluation
c. Date of the interview
d. Date of the representation of report
e. Date of the report
1133. Refers to a real estate project that is able to meet defined financial investment objectives, the ability of a project to produce sufficient cash flows
to repay all the expenses involved in creating and marketing the project plus provide a competitive return to the owner/developer. A criterion of
highest and the best use analysis.
a. Legally permissibility
b. Probable use
c. Economically feasible
d. Land though as vacant
e. Maximally productive
1134. Any question, doubt, uncertainty, or difficulty arising from a historical realty situation in which something has gone wrong from a normal situation
without yet available explanation. This call from the consultant’s
a. Client’s goal & objective
b. Client’s problem
c. Central issue of the engagement
d. Decision process
e. Decision making
1135. The reasonable and probable use that in the highest present value of the land after considering all legally permissible, physically possible and
economically feasible uses. Capitalization rates of discounts rates for each feasible use should reflect typically returns expected in the market.
Highest and the best use is usually determined under two different premises; as if the site was vacant and could be improved in the optimal
manner or as the site is currently improved.
a. Market study
b. Investment analysis
c. Location analysis
d. Highest and best use (HABU)
e. All of the above
1136. A letter accompanying a consulting report that formally presents the report to the person who requested it and may include information such as;
address and description of the property problem, or property interest subject of consulting engagement, statement that property inspection and
 all necessary analyses were completed by the consultant, date of Consulting report, summary conclusion and recommendation any
extraordinary assumptions or limiting conditions, consultant’s signature and reference to accompanying consulting report.
a. Executive summary
b. Proposal letter
c. Letter of intent
d. A &E
e. Letter of transmittal
1137. Right of an occupant of land to acquire title against the real estate owner, where possession has been actual, continuous, hostile, visible and
distinct and in the concept of owner for the statutory period.
a. Adverse possession
b. Encroachment
c. Descent
d. Involuntary possession
e. Voluntary
1138. A shortened consulting report that states the conclusions and recommendations of the consultant’s study and analysis. This report typically
contains a statement of the problem or issues of the subject of consulting engagement, purpose of the consulting engagement, a description of
the analysis, the date of study and analysis, limiting conditions. Much of the data and reasoning are omitted.
a. Executive summary
b. Transmittal letter report
c. Letter report
d. Certification letter report
e. All of the above
1139. Specifications in a consulting report that restricts the assumptions in the report to certain situations, for example, date and used of the
consulting service, definition value, identification of real estate and property rights being valued, definition of surveys used or not used.
a. Absolute condition
b. Limiting condition
c. Hypothetical condition
d. Extraordinary assumption
e. None of the above
1140. A study of a proposed economic activity’s capability of being accomplished under certain conditions and assumptions of marketing, technical
or financial aspects. Also, a study of the cost-benefit relationship of an economic activity.
a. Investment analysis
b. Economic analysis
c. Feasibility analysis
d. Financial analysis
e. Market analysis
1141. The identification and analysis of submarkets within a larger market, resulting in the classification of consumers or buyers into relatively
homogenous groups based on their economic, demographic and/or psychographic characteristic such as attitudes, habits, and lifestyle. This
processes the potential users of the subject property from the general population, according to defined consumer characteristics.
a. Market penetration
b. Market aggression
c. Market segmentation
d. Market qualification
e. Market review
1142. A technique used to determine just compensation for land that has been partially taken through condemnation. In this method, the value of the
property before condemnation and after condemnation is determined. The value of the remaining property not taken through the condemnation
is the difference between the value before and after condemnation.
a. After method
b. Future method
c. Investment method
d. Before and after method
e. C & D

Mock Exam Set P

1143. A series of cash flows in which payments occur at regular intervals. The payments could be equal or could represent mathematically related or
non-mathematically related patterns.
a. Annuity
b. Amortized
c. Periodic
d. Discounting
e. Compounding
1144. The act or process of providing information, analysis of real estate data, and recommendations or conclusions on diversified problems in real
estate, other than estimating value in a disinterested manner.
a. Appraisal
b. Evaluation
c. Review
d. Management services
e. Consulting
1145. The desire to buy to satisfy need coupled with the ability to pay. When the word demand is used in economic writings, this demand is usually
assumed.
a. Assumed demand
b. Purchaser’s demand
c. Effective demand
d. Inefficient demand
e. Ineffective demand
1146. Information that is not specific to a certain property, e.g., interest rates, employment rates and census information.
a. Specific data
b. Direct data
c. General data
d. Population data
e. A & C
1147. The process of forecasting trends based on current and past data patterns and relationships. Extrapolation assumes that the same economic
factors that affected past trends are likely to continue over the forecasting period.
a. Probability
b. Chances
c. Mean
 d. Tendency
e. Extrapolation
1148. The date at which the analyses, opinions, and advice in an appraisal, review or consulting service apply.
a. Date of report
b. Effective date
c. Date of engagement
d. Daye of review
e. A & B
1149. The use for a property which will bring the optimum or highest returns or advantages as of a certain time
a. Anticipation principle
b. Diminishing return principle
c. Progression principle
d. Highest and best use principle(HABU)
e. Regression principle
1150. A stipulation which authorizes the mortgagee to appropriate the property as his own upon failure of the debtor to fulfill the principal obligation
a. Pactum commissorium
b. Pactum de aliento
c. Pactum de dems
d. Outright sale
e. Bargain sale
1151. Delay or negligence in asserting one’s legal right
a. Manifestation
b. Volition
c. Obsession
d. Latches
e. Deflection
1152. Anything which affects or limits the fee title to property such as mortgages, easements, or restrictions of any kind. Liens are money
encumbrances which make the property security for the payment of a debt or obligations such as mortgages and taxes.
a. Liens
b. Encumbrance
c. Lis pendens
d. Rule of 74
e. A & B
1153. The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligations to the mortgagee.
a. Settlement
b. Balloon payment
c. Defeasance clause
d. Deficiency judgment
e. Extrajudicial
1154. Property exclusively owned by the wife
a. Capital
b. Community property
c. Co-ownership
d. Conjugal
e. Paraphernal
1155. Real Estate Investment Trust (REIT)
a. Investment portfolio
b. Capital market portfolio
c. REIT
d. Real estate company for development
e. Vehicle for capital assets for real estate development
1156. The use or uses of a consultant’s reported consulting engagement, opinions, and conclusions, as identified by the consultant based on
communication with the client at the time of the engagement.
a. Intended use
b. Desired results
c. Goals and objectives
d. Qualified opinion
e. None of the above
1157. Information gathered by the consultant that is not available in a published source.
a. Secondary data
b. NSO
c. NEDA
d. Primary data
e. B & C
1158. A real estate analysis of a specific property that addresses the ability of the property to be absorbed, sold or leased under current and
anticipated market conditions.
a. Market study
b. Marketability study
c. Economic study
d. Feasibility study
e. Financial study
1159. The time period during which an income property is expected to this lease up to a level stabilized occupancy. Stabilized occupancy assumes
rental achievement at market levels as well as physical occupancy at stabilized levels.
a. Rent-out period
b. Economic rent time period
c. Rent-up period
d. Lease period
e. Market rent time period
1160. Any written communication of a consulting service that is transmitted to the client upon completion of an engagement.
a. Executive summary
b. Terms of reference
c. Not to file
d. Report
e. All of the above
1161. A method estimating property value by discounting on expected future cash flows to a present value by a rate typical for investors in the
marketplace for the interest being valued. The approach may or may not explicitly include financing.
a. Residual capitalization
 b. Yield capitalization
c. Annuity capitalization
d. Extraction
e. Allocation
1162. The authoritative rule which serves as guide to achieve competent and ethical practice in developing and reporting the consulting service.
a. Policy
b. Guidelines
c. Administrative orders
d. Circular orders
e. Standard
1163. Personalized evidence indicating authentication of the work performed by the consultant and the acceptance of the responsibility for content,
analyses, and the conclusions in the report.
a. Attestation
b. Acknowledgement
c. Signature
d. Pledge
e. Authentication
1164. The client and any other party as identified by name or type, as users of the consulting report, by the consultant based on communication with
the client at the time of the engagement.
a. Applicable use
b. Applicable user
c. Applicable intention
d. Intend user
e. All of the above except D
1165. Refers to both real estate and real property. In some jurisdiction or usage, the terms real estate and real property may have the same meaning.
The separate definition recognizes the tradition as two concepts in appraisal and consulting theory.
a. Personality
b. Estate in land
c. Movable and immovable
d. Freehold and leasehold
e. Realty
1166. Data obtained from published sources that have not been collected by the consultant, e.g., census information, demographic information and
published interest rates. See also data primary data
a. Secondary data
b. Primary data
c. Regional data
d. Key indicator
e. NSO social statistics
1167. The relative ease with which a person can enter or exit a site or building. Accessibility is important when determining the suitability of a site or a
building for a particular use.
a. Accessibility
b. Encroachment
c. Easement
d. Restrictions
e. None of the above
1168. All or part of a standard rule of USPRCP from which departure is permitted under certain conditions.
a. Outright guideline
b. Standard guidelines
c. Specific guidelines
d. Expressed guidelines
e. Implied guidelines
1169. An appraisal or consulting that estimates the market value of a property to be acquired for a public use by a government so that just
compensation can be offered to the property owner.
a. Enhancement
b. Utilization
c. Preservation
d. Acquisition appraisal/consulting
e. Disposition
1170. Income that remains from net operating income (NOI) after debt service is paid but before ordinary income tax on operations is deducted. Also
called equity dividend or per tax cash flow.
a. Before-interest cash flow
b. After-tax cash flow
c. Tax cash flow
d. A & B
e. Before-tax cash flow (BTCF)
1171. The risk associated with the uncertainty of future income flows caused by the nature of a business. In real estate, business risk includes
future variability in rents, vacancies, and operating expenses.
a. Investment risk
b. Business risk
c. Calculated risk
d. Management risk
e. Development risk
1172. The process converting future income to a present value by mathematically reducing future cash flow by the implied interest that would have
been earned assuming an initial investment, an interest rate and a specified period (possibly divided into shorter equal periodic increments).
a. Discounting
b. Compounding
c. Annuity
d. Amortized
e. A & B
1173. The main tenant in shopping center that attracts shoppers or traffic. Anchors are strategically placed to maximize sales for all tenants. The type
of anchor depends on the type of shopping center e.g., supermarket is a typical anchor for a neighborhood shopping center, whereas a major
chain or department store is a typical anchor for a regional shopping mall.
a. Leasehold interest
b. Leased fee interest
c. Shopping mall tenant
d. Anchor
e. Anchor tenant
1174. The ratio of the total amount of the loan divided by the interest capital (equity of the owner(s).
a. Liability-equity ratio
b. Debt-equity ratio
c. Assets-equity ratio
d. NPV
e. A & C
1175. A ratio that represents the relationship between a particular year’s cash flow and the present value or the interest applicable to the cash
flow.
a. Interest rate
b. Mortgage rate
c. Recapture rate
d. Effective rate
e. Capitalization rate
1176. The act of combining two or more parcels of land into 1 large tract; usually done to allow the construction of a larger building in the hope that it
will produce more income than several smaller buildings. An additional value (plottage value) may be created above and beyond the sum of
values of the separate parcels when the land is joined together.
a. Plottage
b. Assemblage
c. Raw land development
d. Consolidation
e. A & C
1177. In surveying, a horizontal angle from 0 to 90 that specify the direction of a course or angle in relation to true north or south.
a. Direction
b. Distance
c. Bearing
d. Azimuth
e. Directional gravity
1178. A public record of the assessed value of property in a taxing jurisdiction.
a. Assessment list
b. Assessment master list
c. Assessment property index
d. Assessment level
e. Assessment roll
1179. In an eminent domain proceeding, benefits are the betterment gained from a public improvement for which private property was taken in the
condemnation.
a. Sufferance
b. Severance
c. Burden
d. Benefits
e. B & D
1180. An estimate of the total time period over which a property can be successfully sold, leased, put into use or traded in its market area at
prevailing prices or rentals.
a. Absorption period
b. Vacancies level
c. Market gentrification
d. Market penetration
e. Market maturity
1181. The party who engages a consultant by contract in a specific engagement.
a. Assessors
b. Client
c. Tax mappers
d. Registrar
e. Appraisers
1182. The product of disaggregation, defines a relatively homogenous supply of housing units that tend to be occupied by a relatively homogenous
group of households. For example, the sub-market of 2 bedroom one-level houses selling for P180,000 to P200,000 tends to be occupied by
households with similar economic, social and demographic characteristics.
a. Sub-standard market
b. Standard market
c. Buyer’s market
d. Housing sub-market
e. A & D
1183. The act or process of evaluating and giving advice on a property or a development projects for the viability in terms of ROI, pertains to
consulting and related functions, e.g. HABU analysis, location/site analysis, market study services.
a. Appraiser
b. Valuer
c. Custom broker
d. Stock broker
e. Consultancy
1184. Reversion of property to the state owing to lack of any heirs capable of inheriting or due to other causes provided by law
a. Escheat
b. Confiscation
c. Default
d. Legal actions
e. Legal decisions
1185. The work or services performed by real estate consultants, as defined by USPRCP terms in these standards; evaluation, review, and
consulting.
a. Consulting review
b. Consulting property management
c. Consulting practice
d. Consulting on IS
e. All of the above
1186. An addition to land from natural causes as for example, from gradual action of the ocean or the river waters.
a. Alluvium
b. Accretion
c. Littoral
d. Riparian
e. Prior appropriation
1187. A study that reflects the relationship between acquisition price and anticipated stream of future benefits of a real estate investment.
a. Investment analysis
b. Regression analysis
c. Correlation analysis
d. NPV analysis
e. Annuity application analysis
1188. The sudden removal of land from one parcel to another, when a body of water such as a river, abruptly changes its channel.
a. Avulsion
b. Extraction
c. Allocation
d. Grading
e. None of the above
1189. An identified parcel or tract of land including improvements, if any.
a. Land
b. Real property
c. Real estate
d. Personal property
e. Estate in land
1190. The interest, benefits, and rights inherent in the ownership of real estate.
a. Fee simple
b. Bundle of rights
c. Stewardship
d. Severalty
e. Real property
1191. An estimate of the number of units or square meter per time period of a particular property type that can be successfully sold, leased, put into
use or traded in its market area at prevailing prices or rentals.
a. Evaluation analysis
b. Endurance test rate
c. Absorption rate
d. Month’s rate of vacancy
e. C & D
1192. The value resulting from business organization including such things as management skills, assembled work force, working capital, trade
names, franchises, patents, trademarks, contracts, leases, and operating agreements.
a. Enterprise value
b. Corporate value
c. Investors value
d. Asset value
e. Business value
1193. Any process of converting income into an estimate of value.
a. Capitalization
b. Yield capitalization
c. Residual capitalization
d. Overall rate
e. Recapture rate
1194. The use of borrowed funds to acquire a capital investment as opposed to investing one’s own funds. In real estate, the property itself usually
serves as the security for the debt.
a. Collateral
b. Debt financing
c. Mortgage
d. Chattel
e. Debt servicing
1195. The quantity of real property desired at a certain price at a specific time in a market area and/or market segments.
a. Supply
b. Market penetration
c. Demand
d. Speculation
e. Futures
1196. The market in which long term or intermediate term money instruments are traded by buyers and sellers.
a. Money market
b. Debentures market
c. Paper money transactions
d. Economic stabilization instruments
e. Capital market
1197. The surface space defined by two dimensional boundaries of a building, lot, market, city or other such space, measured in square units. For
example, a rectangular building that measures 30 meters x100 has an area of 3,000 square meters.
a. Circumferential
b. Area
c. Perpendicular
d. Volume
e. Directional
1198. Dispersion from a central point. The movement of people, industry, and business from the city to the suburbs, rural urban fringe and/or smaller
cities. The breakdown of en existing business into smaller units or expansion through the establishment of separate units.
a. Qualification
b. Isolation
c. Centralization
d. Decentralization
e. B & D
1199. A price expressed in terms of cash as distinguished from a price that is expressed all or partly in terms of the face or nominal amount of notes
or other debt securities that cannot be sold on the market at their face amount.
a. Cash equivalent
b. Cash value
c. Cash amount
d. Cash price
e. None of the above
1200. The exercise of the power of eminent domain by the government, i.e., the right of the government to take private property for public use.
a. Sufferance
b. Stewardship concept
 c. Confiscatory element
d. Force majeure
e. Condemnation
1201. The periodic income or loss arising from the operation and ultimate resale of an income-producing property. The cash flow could further be
classified as either before-tax or after-tax cash flow and could also reflect the impact of financing. See also before-tax cash flow (BTF), after-tax
cash flow (ACTF)
a. Economic flow
b. Market flow
c. Cash flow
d. Accounting flow
e. Cash flow series of applications
1202. Debt instruments that are issued using a pool of mortgage for collateral. The issuer retains the ownership of the mortgage pool and issues
bonds as debts against the mortgage pool. However, all amortization and prepayments flow through to investors.
a. Securitization
b. Collateralized obligation bonds
c. Treasury bills
d. Collateralized mortgage obligation (CMO)
e. Money supply
1203. The total change in property value over a holding period.
a. Appreciation element
b. Change in property value
c. Reversion element
d. Interest fee in property value
e. Economic upgrading value
1204. A clause in the deed of a property that limits its type of use or intensity of use’ usually passes with the land regardless of the owner.
a. Deed restriction
b. Deed of conveyance
c. Deed of warranty
d. Deed of specific warranty
e. None of the above
1205. The nature in which a city grows outward from its point of origin (sitting factor). City growth can be affected by availability of developable
land, technology, transportation modes and the willingness and ability of the local government to provide needed services. For example, cities
such as Manila and Makati which have relatively scarce land grow with an increasing density of land use.
a. Economic growth
b. Population growth
c. Demographic growth
d. City growth
e. All of the above
1206. The industry in a geographic area that provides employment opportunities and allows is to attract income from outside its boundaries.
a. Territorial base
b. Regional base
c. Economic base
d. Political subdivision base
e. Local economy base
1207. In a condemnation proceeding, damages that are legally required to be paid to the owner or tenant of a property that is being wholly or partially
condemned. Damages are usually limited to the loss of value in the property. Sentimental value, inconvenience, and loss of business not
related to the real estate are not typically compensable. Physical invasion of the property by a condemning authority or the taking of some
property right must usually occur before damages are considered compensable.
a. Just compensation
b. Compensable damages
c. Expropriation damages
d. Condemnation damages
e. Eminent domain damages
1208. An annual financial report that shows income. Expenses, and profits and is often to evaluate the return on the investment in the property.
a. Cash flows statement
b. Discounted cash flow statement
c. Profit and loss statement
d. Income statement
e. Financial position
1209. A study of the fundamental determinants of the demand and supply for all real estate in a local economy. Population, households, employment
and income are the variables on the demand side of local economic analysis. Past trends and forecasts of these basic demand determinants
are made of a defined geographic area. Factors on the supply side of the local economy such as the amount of land available for specific land
uses, construction costs, local infrastructure, etc. are also considered. Economic base analysis and input-output analysis are two techniques to
describe the local economy.
a. Local land analysis
b. Input-output analysis
c. Land uses analysis
d. Supply and demand analysis
e. Local economic analysis
1210. A person who charges a fee tor rendering consulting service involving real estate problem or issues.
a. Remuneration
b. Honorarium
c. Fee consultant
d. Commission
e. Talent fee
1211. The cost to build a structure including direct cost of labor and materials, contractor’s overhead and profit plus indirect cost such as taxes and
construction loan interest. Distinguished from original cost, which is the cost to the present owner who may have paid more or less than the cost
of construction.
a. Construction cost
b. Development fee
c. Development excise
d. Development fee
e. A & D
1212. A legal instrument, similar to a mortgage that conveys title to property to a third party trustee and secures an obligation owned by the borrower
to the lender.
a. Mortgage
b. Abstract of loan
 c. Promissory note
d. Deed of trust
e. C & D
1213. Something of value offered as a guarantee or security for the fulfillment of a financial obligation.
a. Deposit
b. Collateral
c. Exchanges of properties
d. Barter
e. Offsetting
1214. Items that are in need of repair because upkeep and repairs have been delayed, the result of which is physical depreciation or loss in value of a
building; a type of physical deterioration that is usually curable.
a. Deferred maintenance
b. Physical deterioration
c. Economic obsolescent
d. B & C
e. None of the above
1215. Identification of the properties in a market or trade area that have similar characteristics and attract the same potential buyers or space
users.
a. Competitive analysis or survey competition
b. Red ocean infrastructure
c. Blue ocean infrastructure
d. Industry development analysis
e. Industry development survey
1216. Costs that are readily identified in the construction of real estate such as labor, materials and contractor’s overhead and profit.
a. Indirect costs
b. Cost study
c. Direct costs
d. Operating expenses
e. C & D
1217. A systematic analysis based on specific methodology that seeks to identify and measure any effect on economic activity or market indicators
resulting from the location, introduction or change of a major land-used activity within the market area. Examples are proposed overhead high
voltage electric transmission line travelling the area or the sudden availability of unexpected information about a major employer or land user in
the area.
a. Economic indicator
b. Social statistics
c. Micro economics
d. Fiscal policy
e. Economic impact study
1218. The group of properties that are in the same classification and complete directly with the subject property in the immediate market area .
a. Segmented market
b. Space market
c. Asset market
d. Competitive market segment
e. Buyer’s market
1219. Structure designed for occupancy as living quarters by one or more households. A dwelling is usually equipped with cooking, bathing and
heating facilities. It does not include structures used on a transient basis, such as hotels or motels.
a. Residual
b. Dwelling
c. Commercial
d. Mixed-used development
e. A & C
1220. In economics, refers to the ability of a product to maintain a quantity level of supply or demand as the price of that product changes. It
measured as the percent change in quantity supplied or demanded divide by the associated percent change in price.
a. Elasticity
b. Substitutes
c. Equilibrium
d. Mixtures
e. All of the above
1221. In accounting, a method of recognizing and recording items of income and expense to the period in which each is earned or incurred,
respectively, regardless of the date of actual payment or collection.
a. Cash system
b. Accounting system
c. Accrual system
d. Financial system
e. All of the above
1222. A financing technique in which the seller finances part of the purchase through a note secured by a junior mortgage or contract for deed.
a. Institutional financing
b. Leverage financing
c. Bridge financing
d. Carryback financing
e. Creative financing
1223. One who transforms raw land to improved property by use of labor, materials, capitals and entrepreneur efforts in an attempt to put land to its
most profitable use.
a. Real estate consultant
b. Owner
c. Government officials
d. Investors
e. Developer
1224. A study that analyzes the economic activity of a community, used to predict population, income and other variable that affect real estate values
or land utilization based on the relationship between basic and non-basic employment.
a. Economic indicator
b. Economic base analysis
c. NSO statistics
d. NEDA statistical review
e. Economic blue print
1225. A peso figure that represents only real growth and does not include inflation.
a. Floating peso
 b. Constant peso
c. Stabilized peso
d. Matured peso
e. Appreciated peso
1226. The ability to formulate an opinion, estimate or conclusion about an issue or problem given that data or evidence available.
a. Conclusion
b. Hypothesis
c. Observation
d. Analysis
e. Judgment
1227. The area a housing consumer occupies (sleeping, eating, bathing, etc.). The term housing unit generally implies exclusive control by the
occupant over the sleeping quarters but does not necessarily imply exclusive occupancy of kitchen, bathroom, and living areas. Technically, the
term dwelling unit refers to a housing unit that contains private kitchen and bathroom facilities, as well as private sleeping and living areas that
are exclusively occupied by the household.
a. Lodging unit
b. Dormitorty unit
c. Housing unit
d. Tenement unit
e. Vacation unit
1228. Peso projections that account for only real growth and not for inflation.
a. Floating rate peso projections
b. Special drawing rights (SDR) of peso
c. Stabilized peso projections
d. Constant peso projections
e. Trade of balance projection
1229. A multi-unit structure or property in which persons hold fee simple title to individual units and an individual interest in common areas.
a. Townhouse
b. Time share
c. Condominium
d. Coop
e. All of the above
1230. The study of characteristics of the population in an area, especially in reference to size, density, distribution, characteristics and changes in
those variables. Used particularly in the valuation of commercial properties.
a. Demography
b. Physical geography
c. Society geography
d. Education geography
e. Human geography
1231. A form of ownership in which each resident of cooperative apartment buildings as purchased shares in a corporation that holds title to the
building. The individual pays a proportionate share of operating expenses and debt service on the building owned by the corporation, based on
the amount of stock held in the corporation. In return for stock in the corporation, the individual receives a lease granting occupancy of a
specific unit in the building.
a. Time sharing
b. Cooperative ownership
c. Tenement
d. Condominium
e. Townhouses
1232. A decision making process often used in public finance, that forces the decision maker to compare all direct and indirect positive and negative
effects of the proposed decision on an objective basis, usually in pesos. Benefits must exceed costs to justify he projector or adopt the policy.
a. Income analysis
b. Profit analysis
c. Investment analysis
d. Rate of return analysis
e. Cost-benefit analysis
1233. The sum of money an entrepreneur expects to receive in addition to costs for the time and effort, coordination and risk bearing necessary to
create project. The portion associated with creation of the real estate by a developer is referred to as developer’s profit. Properties that also
include additional entrepreneurial profit that is reflected in the going-concern value of the property.
a. Management profit
b. Stakeholder’s profit
c. Investor’s profit
d. Entrepreneurial profit
e. All of the above
1234. Any method whereby the analyst prepares a cash flow forecast including income from operations and resale, selects a discount rate that
reflects the return expected for the interest and uses the rate to calculate the present value of each of the cash flows. The total present value of
the cash becomes the value estimate for that interest. Sometimes the cash flow forecast is based on an assumed pattern of change, e.g.,
compound growth.
a. NPV
b. Discounted cash flow analysis
c. IRR
d. Cash flow analysis
e. Reversion
1235. The sum of money a developer expects to receive in addition to costs for the time and effort, coordination and risk bearing necessary to develop
real estate.
a. Windfall profit
b. Industry profit
c. Developer’s profit
d. Development profit
e. Stakeholder’s profit
1236. An agreement by which a lender receive some share of the income and/or cash flow of a property. The participation might be based on a
percentage of the net operating income, cash flow from operations and/or the gain from sale of the property.
a. Capital participation
b. Retained earnings
c. Stock participation
d. Equity participation
e. All of the above
1237. The value of a property which includes the value due to successful operating business enterprise which is expected to continue. Going-
concern value results from the process of assembling the land, building, labor, equipment, and marketing operation and includes consideration
of the efficiency of plant, the know-how of management, and the sufficient of capital.
a. Going-concern value
b. Investment value
c. Assessed value
d. Loan value
e. Market value
1238. Any of 3 different types of space in a house, characterized by the type of use for that area. For example, the private-sleeping zone includes the
bedrooms, bathrooms and dressing rooms; the living social zone includes the living room, dining room, family or recreation room, den and any
enclosed porches; the working service zone includes the kitchen, laundry, pantry and other work area. Halls, stairway and entrances are
considered circulation areas.
a. Staff zone
b. Worker’s zone
c. Utility zone
d. Open space zone
e. House zone
1239. The use of borrowed funds in the purchase of an investment. If the addition of the mortgage increases the return to the equity (equity dividend
rate or equity yield rate), the addition of the mortgage has resulted in positive leverage. If the addition of the mortgage decreases the return to
the equity, the addition of the mortgage has resulted in negative leverage.
a. Creative financing
b. Bridge financing
c. Positive leverage
d. Negative leverage
e. Leverage
1240. A charge levied against developers of new residential, industrial or commercial properties by a municipal government to help pay for the added
costs of public services generated by the new constructions, for example, charges for hook-up costs for water and sewer lines, road
improvements, and extra needs for school, fire and police service.
a. Impact fees
b. Utilities fee
c. Road user fee
d. Assessment fee
e. None of the above
1241. The estimate time period during which an improvement yields a return over the economic rent attribute to the land itself; the estimated time
period over which an improved property has value in excess of its salvage value.
a. Effective life
b. Useful life
c. Economic life
d. Residual life
e. Recapture life
1242. A map showing and identifying the location of land that has been subdivided into individual lots. Locations are identified by lots, blocks, and
sections. Also given may be details such as streets, public easements, monuments, floodplains and elevations. When subdividing land, the
developer generally presents a preliminary plat to the appropriate officials for consideration, and then files a final plat after improvements are
made and approved.
a. Vicinity map
b. Plat
c. Location map
d. Topographic map
e. Cadastral map

ANSWER KEY MOCK EXAM SET Q

1243. The process of calculating investment returns for multiple sets of assumptions in order to assess the impact that changing the inputs has on the
measures of return.
a. Sensitivity analysis
b. Regression analysis
c. Feasibility analysis
d. Investment analysis
e. Project analysis
1244. All tangible fixed assets (tools, tooling, conveyor and other personal property) other than real estate used in any way to facilitate any
manufacturing assembly or warehousing activity. Distinguished from fixed building equipment.
a. Plant
b. Furniture & fixtures
c. Vehicles
d. Conveyors
e. Machinery and equipment
1245. A rate of return that discounts all expected future cash flows to a present value that is equal to the original investment. An IRR can be
calculated for any defined cash flows, for example, for the whole property of for just equity position. Also called yield rate.
a. Annual internal rate of return
b. Effective internal rate of return
c. Internal rate of return (IRR)
d. Risk reversion
1246. Real estate that is under FORECLOSURE or impending foreclosure because of insufficient income production. Any property that falls to
continuously generate enough income to support the funds to develop it.
a. Property management
b. Property development
c. Foreclosure property
d. Distressed property
e. Stigmatize property
1247. Housing units that are actually under construction. The actual number of housing starts may differ from the number of building permits issued.
The number of housing starts is often used as an economic measure.
a. Foundation
b. Earthmoving
c. Horizontal development
d. Vertical development
e. Housing starts
1248. Testimony of persons who are skilled in some art, science, profession, or business, that skill or knowledge is not common to others and that
has come to such experts by reason of special study and experience in such art, science, profession, or business.
a. Expert witness
b. Expert testimony
c. Professional testimony
d. Friends of court
e. Resource person
1249. A sale that occurs because the mortgagor is unable or unwilling to make payments on the loan. A forced sale may occur under bankruptcy
proceedings or to satisfy other outstanding liens.
a. Auction
b. Defaults
c. Forced sale
d. Assumption mortgage
e. None of the above
1250. A type of zoning that excludes racial minorities and low-income people from an area. This zoning may be intentional or unintentional, e.g.,
specification of a minimum structure site.
a. Non-conforming
b. Exception zoning
c. No value zoning
d. Exclusionary zoning
e. A & D
1251. An updating technique that used population and household size figures from the previous census, local area data on building permits,
demolitions, conversions, and vacancies since the last census to estimate the current number of households.
a. Development inventory method
b. Construction inventory method
c. Finished inventory method
d. Housing inventory method
e. B & C
1252. Vacant sites or land improved with buildings devoted to or available for use for human habitation, e.g., single-family houses, rental apartments,
residential condominium units, rooming houses. Hotels or motels are not considered this kind of property.
a. Special purpose property
b. Mixed use property
c. Institutional property
d. Government property
e. Residential property
1253. Money or capital used to purchase an interest in a property usually with the intention of receiving some sort of cash flow or profit from the
property plus a recovery of the initial outlay of funds. Is usually considered a more long term use, as distinguished from speculation.
a. Placement
b. Deposits
c. Investments
d. Stocks
e. Futures
1254. Local zoning codes designed to regulate the density of development on land, including restrictions on the minimum and maximum of the floor
area per land area, and living space and recreation space requirements. Important in the development of planned unit developments.
a. Land-use intensity
b. Land-use density
c. Land-use development
d. Land-use application for development
e. Land management administration
1255. A land use that is incompatible or that interferes with the surroundings land uses, for example, activities that produce excessive noise or
pollution in a residential area, a junkyard in a residential or other highly visible area or activities that area are not socially acceptable.
a. Criminals
b. Nuisance
c. Informal settlers
d. Squatters
e. All of the above
1256. The ability and willingness to pay for an economic good. The appropriate multiplication of an income level by the number of customers. If
households are the consuming unit, then mean household income should be used in conjunction with number of households to form the
purchasing.
a. Demand power
b. Utility
c. Scarcity
d. Purchasing power
e. Market value
1257. Total horizontal surface of a specific floor, or the total area of all floors in a multistory building, computed from the outside building dimension of
each floor. Balcony and mezzanine areas are computed separately and added to the total floor area.
a. Space
b. FAR
c. Air lots
d. B & C
e. Floor area
1258. A comparison of demand and supply to determine the existence of present and future demand or excess supply in a market. Another way of
expressing the same thing is through the use of phrase “unmet demand or supply shortages”.
a. Conformity analysis
b. Standard analysis
c. Gap analysis
d. Supply/demand analysis
e. B & D
1259. The earth’s surface including the solid surface of the earth, water and anything attached to it; natural resources in their original site, e.g.,
mineral deposits, timber soil. In law, land is considered to be the solid surface of the earth and does not include water.
a. Real property
b. Boulders
c. Real estate
d. Land
e. Subsurface
1260. Property rights that might be purchased with real estate, land buildings and fixtures that are either tangible or intangible personal property such
as furniture in a hotel or the franchise (business) value of the hotel.
 a. Realty interest
b. Non-realty interest
c. Goodwill
d. Patent
e. Trademarks
1261. The number of years required for cumulative income from an investment to equal the amount initially invested. The payback period does not
consider the time value of money and, therefore, is not a discounted cash flow analysis technique. See also discounted cash flow analysis
(DCF).
a. Streams of income
b. Periodic returns
c. Present value
d. Future value
e. Payback period
1262. A method of valuing residential, industrial, or recreational land to be used for subdivision development. The analysis is typically used in
feasibility studies and when comparable sales are scarce.
a. Land allocation analysis
b. Subdivision analysis
c. Land residual analysis
d. Gross analysis
e. Raw land analysis
1263. A specific provision in a construction budget for unforeseeable elements of costs that may be encountered within a construction project.
Contingencies are different from escalation costs which account for price-level changes over time.
a. Overhead allowance
b. Contingency allowance
c. Indirect allowance
d. Operating expenses allowance
e. Developer’s budget allowance
1264. The total floor area of a building measured in square meter from the external walls, excluding unenclosed areas. Unlike gross living area
measurements.
a. Gross building area (GBA)
b. Survey method
c. Per square meter
d. Cubic meter
e. None of the above
1265. The process of investigating the subgroups of the population who express demand for real estate by analyzing their economics, demographic
and psychographic characteristics such as attitudes, habits and lifestyles.
a. Survey
b. Compendium
c. Consumer research
d. Social statistics
e. Economic indicator
1266. The cost to create a project including direct costs of labor and materials, contractor’s overhead and profit plus indirect costs such as taxes and
development loan interest.
a. Project income
b. Development program
c. Development price
d. Development cost
e. None of the above
1267. A measurement of land that abuts the street line or other landmark such as a river or lake. A front meter measurement is typically used for lots
in urban areas of near-uniform depth.
a. Frontage
b. Setback on the frontage
c. Plottage
d. Assemblage
e. Front meter
1268. The ratio of benefits generated by an improvement divided by the cost of that improvement. The ratio must exceed 1.00 for the improvement to
be considered desirable. The alternative term, benefit-cost ratio, is actually more descriptive.
a. Break-even ratio
b. Supply-demand ratio
c. Cost-benefit ratio
d. Financial return ratio
e. Equity ratio
1269. The ease with which building permits for a project may be obtained, as well as the proposed project’s ability to meet other regulatory
requirements.
a. Development feasibility
b. Project feasibility
c. Physical feasibility
d. Business plan feasibility
e. All of the above
1270. The climate, topography, natural barrier’s transportation systems and other factors of location that affect the value of the property .
a. Ecology
b. Atmosphere
c. Stratosphere
d. Environment
e. Social science
1271. A misconception occurring when an analyst become overly optimistic about a project. Occurs when the analyst is swayed by the client’s
enthusiasm for the product and begins to believe that the project is unjustified unique in character.
a. Optimistic fallacy
b. Euphoria fallacy
c. Volitional fallacy
d. Diplomatic fallacy
e. None of the above
1272. A mortgage that is not insured or guaranteed by a government agency but may be privately insured.
a. Sovereign mortgage
b. Conventional mortgage
c. Private mortgage
d. Development bank financing mortgage
 e. Government mortgage
1273. The number of people in community who are gainfully employed.
a. Employment base
b. Labor employment data
c. Employment rate
d. Poverty line
e. Effective demand
1274. The process of changing an income-producing property into another use.
a. Redevelopment
b. Reproduction
c. Rehabilitation
d. Preservation & utilization
e. Conversion
1275. The total floor area of a building is designed for the occupancy of tenants. It does not include common area but does include basements.
a. Net leasable area (NLA)
b. Actual leasable area
c. Gross leasable area (GLA)
d. Floor area ratio (FAR)
e. All of the above except D
1276. It refers to market value at the present time.
a. Fair market value
b. True market value
c. Existing market value
d. Saturated market value
e. Current value
1277. 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
e. All of the above
1278. An incremental amount paid for a property purchased with favorable financing for example, assumptions of a below-market interest rate loan.
a. Financing leverage
b. Bridge financing
c. Financing premium
d. Restructure financing
e. Creative financing
1279. A process in which neighborhood properties are purchased and renovated or rehabilitated. This process is not part of the normal neighborhood
life cycle.
a. Gentrification
b. Revitalization
c. Growth
d. Stability
e. Decline
1280. An apartment building, usually more than four stories high and equipped with an elevator and other modern conveniences. An apartment
building that is considered tall in relation to the structures surrounding it.
a. Modern building
b. Commercial building
c. Office building
d. Institutional building
e. High-rise apartment building
1281. The personal earnings after payments to the government, including income taxes are deducted.
a. Net operating income
b. Disposable income
c. Net income before taxes
d. Net income after taxes
e. Net present value
1282. A loan used to cover the development costs of a project that is typically paid off from the proceeds for lot or unit sales.
a. Construction loan
b. Blanket loan
c. Annuity loan
d. Development loan
e. None of the above
1283. Information about the human population, especially in reference to changes in size, density, distribution, and characteristics of the population
in a specific area.
a. Demography data
b. Physical geography
c. Human geography
d. Climate geography
e. All of the above
1284. In consulting the property being considered or involved in the feasibility study, sale, lease and other transaction.
a. Subject property
b. Consulting goals and objectives
c. Internal forces of the property
d. Demographics
e. Location analysis
1285. The rights to maintain a clear space so that a property may be seen, for example the right to prevent a sign or billboard from being constructed
that would constrict the view of a property from road.
a. Positive easement
b. Negative easement
c. Dominant easement
d. Visual rights
e. Pancramic view rights
1286. A property that has attached to it a lien, claim, liability or change. For example, mortgage, taxes and easement cause a property to be
encumbered.
a. Lien
 b. Mortgage lien
c. Judgment lien
d. Construction lien
e. Encumbered property
1287. A study of the current and past vacancy levels and/or rates for a particular type of real estate, leading to a forecast into the near future.
a. Absorption rate
b. Construction months rate
c. Vacancy analysis
d. Supply studies
e. Industry or market rate
1288. The frequency with which property is sold or leased to a new owner or tenant.
a. Vacancy
b. Turnover
c. Supply turnover
d. Demand requirement
e. None of the above
1289. A study of the cost-benefit relationship of an economic endeavor.
a. Economic analysis
b. Financial analysis
c. Market analysis
d. Feasibility analysis
e. Technical analysis
1290. Residential space measured by finished and habitable above-grade areas, excluding finished basements or attic areas. It measured by the
outside perimeter of the building.
a. Gross living area
b. Quantity survey
c. Per square meter
d. Unit in place
e. All of the above
1291. Land within a set of defined boundaries. Also called a parcel, plot or tract.
a. Land
b. Lot
c. Air rights
d. Surface rights
e. Subsurface rights
1292. Specifications in a consulting report that restrict the assumptions in the report to certain situations, for example date and use of the consulting
service, definition of value, identification of real estate and property rights being valued definition of surveys used or nor used.
a. Hypothetical condition
b. Extraordinary assumption
c. Handicap
d. Restriction
e. Limiting condition
1293. The legal portion of a property that is owned , which may be a full or partial ownership interest, e.g., fee simple interest, leased fee interest,
leasehold interest, subleased interest.
a. Interest in property
b. Ownership
c. Fee simple defeasible
d. Partial interest
e. Time sharing
1294. A recorded legal notice of the filing of a suit in which the title to a property may be affected. If this property is purchased, the buyer is then
subject to any judgment entered. The notice of filing is not a lien on the property but rather a notice of pending action.
a. Liens
b. Encumbrances
c. Lis pendens
d. Rule of 74
e. Probate proceeding
1295. The objective analysis of observable and/or quantifiable data indicating discernible patterns of urban growth structure and change that may
detract from or enhance property values.
a. Location analysis
b. Area or site analysis
c. Neighborhood analysis
d. Development analysis
e. In-depth site analysis
1296. Physical improvements that are considered outside the boundaries of a parcel of land , for example, buildings, structures and other
support facilities installed within the boundaries of the property.
a. Site improvements
b. Off-site improvements
c. Project site improvements
d. Inside improvements
e. Development site
1297. A description of a parcel of land completes enough to allow a competent surveyor to locate the exact boundaries of the land.
a. Legal description
b. Metes and bounds
c. Government survey method
d. Lot block survey method
e. None of the above
1298. A lease for the use and occupancy of land and only. Also called ground lease.
a. Economic lease
b. Lease for years
c. Percentage lease
d. Land lease
e. Land perpetuity lease
1299. A thorough study of a location in terms of a specific use, environment, time and anticipated pattern of change.
a. Location analysis
b. Market analysis
c. Mapping
d. HABU analysis
 e. Investment analysis
1300. The length of a property that abuts the street line or other landmark such as a body of water. Frontage differs from width, which may vary from
the front of the lot to the back.
a. Setback
b. Plottage
c. Monumenting
d. Distance
e. Frontage
1301. A structure or building that is permanently attached o the land.
a. Herbage
b. Footings
c. Improvement
d. Foundation
e. Natural fruits
1302. Environmental forces surroundings as property that causes deterioration of value, e.g., overcrowding, incompatible uses or inadequate utilities.
a. Poor urban planning
b. Lack ecology balance
c. Environmental critical areas
d. Environmental deficiency
e. Environmental impact assessment
1303. Uncertainty caused by the method of financing an investment.
a. Losses
b. Economic fall-out
c. Inflation
d. Recession
e. Financial risk
1304. A manager, owner or developer who assumes that risk and management of a business or enterprise, a promoter, in the sense of one who
undertakes to develop.
a. Developer
b. Dealer
c. Entrepreneur
d. Proprietorship
e. General partner
1305. The amount to which an investment of P1 grows with compound interest after a specified number of years at a specified interest rate.
a. Time value of money
b. Present value of peso
c. NPV
d. Future value of peso
e. Sinking fund
1306. The owner’s capital investment in property; the property value less the balance of any debt as a particular point in time. Equity is equal to the
property value if there is no debt on the property.
a. Mortgage
b. Origination
c. Equity
d. Loan
e. Mortgagor
1307. Fair and reasonable compensation to a private owner of a property when property is taken for public use through condemnation.
a. Just compensation
b. Partial taking
c. Severance
d. Arbitrary compensation
e. All of the above except D
1308. The time-distance relationship (linkage) between a property or neighborhood and all other origins and destinations.
a. Highway
b. Location
c. Map
d. Locator
e. Satellite
1309. A lease for the use and occupancy of land only. Also called land lease.
a. Lease for years
b. Periodic lease
c. Percentage lease
d. Ground lease
e. All of the above
1310. The ability of real estate project to satisfy the explicit objectives of an investor.
a. Viability
b. Acceptable rate of return
c. Acceptable yield of income
d. Most profitable
e. Feasibility
1311. The total number of persons who occupy a dwelling, including people not related to the householder, non-family occupants and single-person
occupancy.
a. Household
b. Occupants
c. Dwellers
d. Settlers
e. None of the above
1312. A consistent flow of money or benefits generated by an investment or property.
a. Income stream
b. NPV
c. Cash flow
d. Money supply
e. Micro economic
1313. The process of dividing a market into smaller, more homogenous submarkets based on product characteristics.
a. Market segmentation
b. Market subdivision
c. Market disaggregation
 d. Market aggregation
e. Market efficiency
1314. The average size of a household which is calculated by dividing the number of people residing in households by the number of households.
a. Census
b. Social statistics
c. NSO
d. Household size
e. Population rate per household
1315. A requirements of highest and best use; refers to a project that satisfies the economic objectives of the investor.
a. Economically viable
b. Financially feasible
c. Legally permissible
d. Physically possible
e. All of the above
1316. The use to which a property most probably will be put, given existing improvements, existing use if property and existing market conditions as of
the analysis. Highest and best use in the context of most probable selling price.
a. Most probable use
b. Progression
c. Regression
d. Conformity
e. Maximally productive
1317. A real estate analysis or valuation approach to estimating value fro an income-producing property, where the influence of mortgage financing is
considered and the investment returns to the equity position are given primary importance.
a. Income capitalization analysis
b. Mortgage equity analysis
c. Market analysis
d. Investment analysis
e. Cost analysis
1318. The changes that occur in a neighborhood over time. The cycle is defined by four stages; growth, stability, decline and revitalization.
Gentrification is not part of the natural neighborhood life cycle.
a. Neighborhood life cycle
b. Business cycle
c. Economic growth cycle
d. Gentrification
e. Natural life cycle
1319. Expenditures necessary to maintain the real property and continue the production of income. Includes both fixed expenses and variable
expenses but does not include debt service, depreciation or capital expenditures.
a. Direct expense
b. Administrative expenses
c. Development expenses
d. Operating expenses
e. Fixed/variable expenses
1320. A specific area considered to be the prime location in a city.
a. 75% location
b. 25% location
c. 50% location
d. 90% location
e. 100% location
1321. A circumstance occurring when either the operating expense are greater than the total income generated by an investment or the operating
expenses plus any annual debt service payment are greater than the income generated in any one year.
a. Positive cash flow
b. Income statement
c. Cash receipts and disbursement statement
d. Projected cash flow
e. Negative cash flow
1322. The monetary worth of an entity or object.
a. Money
b. Value
c. Price
d. Cost
e. Real property
1323. The exercise of the power of eminent domain by the government in which part of a private property is taken for public use upon payment of just
compensation.
a. Partial taking
b. Expropriation
c. Just compensation
d. Appropriation
e. All of the above except
1324. The current value of a payment or series of future payments found by discounting the expected payments by a desired rate of return in order
to compensate for the time value of money. See also discounted cash flow analysis (DCF), internal rate of return (IRR), yield capitalization.
a. Present value annuity
b. Future value
c. Sinking fund value
d. Present value
e. Annuity value
1325. The ratio of the present value of future cash flows at a specified discount rate divided by the initial cash outlay. Similar to the net present value
expect that the initial cash outlays is divided into the present value of future cash flows instead of subt7racted from the present value of future
cash flows. A profitability index greater than 1 is acceptable.
a. NPV
b. IRR
c. Profitability index
d. Rate of return
e. Rate on return
1326. An updating technique used in the absence of complete information that determines from past date the ratio between two known date elements,
only one of which is currently known, adjust it for intervening trends and subsequently multiplies it by the current known value to derive the
unknown element.
a. Ratio analysis (technique)
 b. Empirical analysis
c. Sensitivity analysis
d. Correlation analysis
e. Regression analysis
1327. To pay off on loan with the process of a new, sometimes larger loan. Refinancing is used to produce extra funds from a property and sometimes
used after interest rates have dropped to receive a lower interest rate; however, a penalty may be incurred.
a. Restructure
b. Hybrid financing
c. Refinance
d. Debt equity
e. None of the above
1328. The interaction of buyers and sellers of existing mortgages . Created by government and private agencies, the secondary mortgage market
provides greater liquidity for the mortgage market.
a. Mortgage market
b. Arbitrage market
c. Future market
d. Secondary mortgage market
e. Government financial institutions (GFIs)
1329. An arrangement of statistical data in accordance with its time of occurrence, usually over a period of years. A series of related changes that
may be identified and projected into probable future pattern. The application of cost or price indexes to translate purchasing power of one period
to that another period is called trending as in trended historical cost of construction.
a. Trend
b. Fad
c. New product
d. Evolution of trend
e. All of the above except A.
1330. An outdated appraisal term used synonymously with currently acceptable term market value.
a. Appraisal terms of reference
b. Market value in use
c. Value in use
d. Economic value
e. Fair market value
1331. A parcel of land that has been modified or developed for use in constructing improvements , for example, land that has been graded,
drained or installed with utilities.
a. Improved property
b. Improved land
c. Unimproved property
d. Developing property
e. Developed property
1332. A study of real estate market conditions for a specific type of property.
a. Property data analysis
b. Demand analysis
c. Market analysis
d. Location analysis
e. Market economic analysis
1333. The stated area of interest in a note or contract. This interest rate does not necessarily equal the effective annual rate or effective rate of
interest.
a. Nominal interest rate
b. Effective interest rate
c. Loan interest rate
d. Amortization rate
e. Discounted rate
1334. Physical improvements that are constructed within the boundaries of a parcel of land, for example, buildings, structures and other support
facilities installed within the boundaries of the property.
a. Site improvements
b. Attached improvements
c. On-site improvements
d. Off-site improvements
e. Inside improvements
1335. A class for a subdivision that sets density limits for a development but allows for the units to be laid out in clusters in order to provide for
common open space.
a. PB220
b. CLUP
c. Zoning ordinance
d. Planned unit development (PUD)
e. HLURB
1336. The privileges associated with the ownership of real estate, including rights such as the right to sell, lease, occupy, or use. Property rights may
be divided separately of the real estate itself.
a. Real estate
b. Property rights
c. Land
d. Personal rights
e. None of the above
1337. A legal instrument by which an estate or ownership interest in real property is conveyed by a grantor to a grantee without warranty of title .
a. Deeded
b. Statue of frauds
c. MOU
d. MOA
e. Quitclaim
1338. Total retail spending by trade area residents, usually stated in terms of store type. This potential is the product of the multiplication of population
and per capita expenditures. The sales potential provides the support base for the planned new facilities as well as for existing competitive
facilities both within and beyond the trade area.
a. Credit evaluation
b. Demand potential
c. Sales potential
d. 7P’s
e. All of the above except C
1339. A map that shows parcels of land in an assessment district. Also called assessment map or cadastral map.
a. Tax assessment level
b. Tax map
c. Basic rate
d. Special education fund
e. Realty taxation
1340. The value of property or space to a specific user. Sometimes more particular the value of a property designed or adapted to fit the
requirements of the user. In the latter case, such value often applies to use classification of special purpose properly.
a. End-user value
b. Ultimate value
c. Utility
d. User value
e. None of the above
1341. The ratio of the area of space that is not rented divided by the total leasable area. The ratio of the rent that could be collected from vacant
space if it was rented divided by the total rent the building is capable of generating.
a. Absorption data
b. Vacancy rate
c. GRM
d. Cost approach
e. Construction rate
1342. The cost of options foregone or opportunities that are not chosen.
a. Opportunity
b. Leverage
c. Risks
d. Return
e. High value opportunity

Answer key
MOCK EXAM SET Q

1343. The interaction of buyers and sellers of short-term money instruments.

a. Stock market
b. Futures market
c. Money market
d. Overnight money market
e. Securitization
1344. A geographic area or political jurisdiction in which similar property types compete on an economic basis for potential buyers, users or patrons .
a. Regional area
b. Market segmentation
c. Market analysis
d. Market area
e. Market penetration
1345. The utilization of a site to produce revenue or other benefits.
a. Land development
b. Land extraction
c. Land allocation
d. Land subdivision development
e. Land use
1346. The value of a property to a particular investor.
a. Investment value
b. Interest value
c. Economic value
d. Market value
e. Going concern value
1347. The process of assimilating past information and compiling the data for the purpose of drawing conclusions about the probable happenings or
conditions in the future.
a. Researching
b. Forecasting
c. Population sample
d. Evaluation sample
e. Probability
1348. The degree, nature or extent of interest or rights a person has in a property.
a. Fee simple
b. Life estate
c. Estate
d. Freehold interest
e. Allodial system
1349. A lot located between the corner lots on a specific block.
a. Key lot
b. Corner lot
c. Pole lot
d. T-lot
e. Inside lot
1350. A real estate property that is typically rented.
a. Income property (or income producing property)
b. Commercial property
c. Industrial property
d. Business property
e. Institutional property
1351. A building on the roof of a structure that contains elevator machinery, ventilating equipment, etc.
a. Roof deck
b. Master house
c. Penthouse
d. Maintenance house
e. Facilities house
1352. The interaction of buyers and sellers who exchange real property rights for cash or other assets.
a. Efficient market
 b. Real estate market
c. Inefficient market
d. Demand market
e. Supply market
1353. An environment in which demand is greater than supply for particular product and an income in value for the good typically results.
a. Utility
b. Demand
c. Purchasing power
d. Inflation/deflation
e. Scarcity
1354. The official list of all taxpayers subject to a property tax, the amounts of their assessments and the amounts of taxes due.
a. Tax roll
b. Tax assessment
c. Tax assessed
d. Tax delinquent list
e. Tax revolution list
1355. A financial principle based on the assumption that a positive interest can be earned on an investment and therefore, money received today is
more valuable than money received in the future.
a. NPV
b. Return and risk
c. Anticipation
d. Time value of money
e. Discounting factors
1356. The minimum of the necessities or luxuries of life to which a person or a group may be accustomed or to which they aspire.
a. Status in life
b. Educational attainment
c. Standard of living
d. High value
e. Economic society development
1357. The study of real estate returns under different scenarios that represents different risk possibilities. Most commonly used in association with
investment analysis.
a. Probability analysis
b. Risk analysis
c. Market analysis
d. Location analysis
e. None of the above
1358. Uncertain arising from the probability that events will not occur as expected.
a. Overhead
b. Indirect cost
c. Expenses
d. Organizational cost
e. Risk
1359. A financial statement that contains forecasts of income and expenses from the operation of real estate property used on a certain set of
assumptions.
a. Financial position
b. Pro-forma statement
c. Income statement
d. Balance sheet
e. Cash flow statement
1360. The interest rate charged by commercial banks on short-term loans to their most reliable and creditworthy customers .
a. Nominal rate
b. Primate rate
c. Effective rate
d. Loan rate
e. All of the above
1361. A specific value definition used by accountants when classifying loan losses.
a. Fair value
b. Market value
c. Loan value
d. Investment value
e. Taxation value
1362. Costs not directly associated with the STRUCTURE but incurred during the construction period. Also called soft costs .
a. Overhead cost
b. Direct cost
c. Operational cost
d. Building cost
e. Indirect cost
1363. One of four criteria in highest and best use analysis. For a use to be the highest and best use, the size, shape and terrain of the property must
be able to accommodate the use.
a. Legally permissible
b. Financially viable
c. Most profitable
d. Physically possible
e. Maximally productive
1364. An identified parcel of tract of land, including improvements if any.
a. Land
b. Personal property
c. Land holdings
d. Real estate
e. Real property
1365. An analysis to determine if there is unsatisfied, unfulfilled or unmet demand that the proposed site could satisfy.
a. Physical geography
b. Human geography
c. Geophysical analysis
d. Spatial gap analysis
e. GIS
1366. Attributes of an investment that decrease taxes by providing non-cash deductions for depreciation and interest or provide other opportunities
to claim deductions from taxable income.
a. Tax shields
b. Tax shelter
c. Tax holiday
d. Tax exemption
e. Tax capitalization
1367. A tract of land that has been improved with site improvements including streets, amenities, signage, etc. and divided into lots for sale as either
residential, commercial or industrial sites.
a. Subdivision
b. Condominium
c. Townhouses
d. Farm lots
e. All of the above
1368. A study that defines the demographics and other characteristics of a user population to see who they are and what can be sold to them.
a. Demand analysis
b. Targeting analysis
c. Supply analysis
d. Market analysis
e. Data analysis
1369. Property that is held primarily for future sale. Value is based on the future highest and best use.
a. HABU
b. Investment
c. Speculative use
d. Profitable use
e. Value in use
1370. An annual rate of return that results when income received is greater than the invested capital.
a. Return on capital
b. Current ratio
c. NPV
d. Return of capital
e. IRR
1371. A study of the outcome occurring under different scenarios .
a. Prediction
b. Prognosis
c. Hypothesis
d. Probability analysis
e. Diagnostic analysis
1372. Current expenditures for minor alterations required to keep a building in operating condition. This term does not include replacement or
renovation of substantial parts of the bilding or change in material or form of a building.
a. Repairs
b. Enhancement
c. Utilization
d. Replacement
e. Preservation
1373. The interactions of lenders who originate loans for borrowers usually service the loans and bear the long-term financing risk .
a. Secondary market
b. Primary mortgage market
c. Private mortgage market
d. Public mortgage market
e. Secondary mortgage market
1374. Characteristics of potential buyers and tenants including their attitudes, habits, lifestyles, tastes, and preferences.
a. Lifestyle characteristics
b. Level of income
c. Market characteristics
d. Psychographic characteristics
e. None of the above
1375. The government right to regulate property for the purpose of protecting public safety, health and general welfare, e.g., condemnation, rent
control, zoning.
a. Expropriation
b. Police power
c. Zoning
d. Taxation
e. People’s rights
1376. The cost of constructing a building today with an extra duplicate or replica of a structure being appraised including all deficiencies, super
adequacies and obsolescence that are in the current building.
a. Reproduction cost
b. Replacement cost
c. Cost approach
d. Duplication approach
e. Income approach
1377. An annual cash flow in which either the operating expenses are less than the total income generated by an investment or the operating
expenses plus any annual debt service are less than the income generated.
a. Negative cash flow
b. Break-even cash flow
c. Positive cash flow
d. Equilibrium point of cash flow
e. All of the above
1378. The cost of constructing a building today with a structure having the same functional utility as a structure being appraised. The cost includes
construction using modern materials and modern techniques.
a. Reproduction cost
b. Replacement cost
c. Substitute cost
d. Alternative cost
e. Eventual cost
1379. The total cash outlay needed to complete a project including cost such as those needed to obtain construction, land, equipment, financing and
professional compensation.
 a. Capital equity
b. Debt equity
c. Project equity
d. Derivatives approach
e. Project cost
1380. A system of recording construction contract income in which income is estimated by the percentage of construction completed.
Performance is often measured by the amount of costs incurred.
a. Completion method
b. Percentage of completion method
c. Phases by phase method
d. Development percentage method
e. Production development method
1381. A financing technique by which the owner sells a property and subsequently rents it from the buyer for continued use.
a. Sales-leaseback
b. Leaseback
c. Pacto de retro
d. Buy/sale/leaseback
e. All of the above except C
1382. A percentage number that represents the likelihood that an event will occur.
a. Chance
b. Nil
c. Prediction
d. Gut feel
e. Probability
1383. This study identifies whether the product could be produced at the desirable volume and standards of quality with minimum cost .
a. Technical study
b. Market study
c. Financial study
d. Management study
e. All of the above
1384. What is the law that governed the practice of real estate service in the Philippines?
a. RA No. 9646
b. RA No. 6552
c. RA No. 71904
d. RA No. 10023
e. None of the above
1385. Pursuant to Section 35, Article IV of RA 9646 on the Code of Ethics and Responsibilities, who will approve, adopt and promulgate this code of
ethics?
a. Professional Regulation Commission
b. PRBRES & PRC
c. PhilRes
d. AIPO
1386. On the Professional Rules of Conduct and Responsibilities, the practitioners shall be governed by the following:
a. Relation to Government & Public
b. Relation to Principals
c. Relation to Fellow Practitioners
d. Relation to AIPO
e. All of the above
1387. In relation to government, which of the following is the exception for consultants:
a. Secure license, permits as required by law
b. Pay all professional fees and taxes for the practice of real estate
c. Should not encourage, tolerate, and participate in the evasion or illegal reduction in the payment of all taxes that is due to government
d. None of the above
1388. In relation to public, what are the social responsibilities of consultants:
a. Imbued with social responsibilities and conscience being part of society
b. Cooperate with t7he government in protecting the public against deceit, misrepresentation, unfair, relevant information and other related
unethical and malpractices of unlicensed and unauthorized practitioners.
c. Endeavor to present the full disclosure of pertinent and material facts on the subject property in advertisements.
d. All of the above
1389. In relation to client, the consultant must adhere the following except:
a. Must be prudent and in good faith in protecting and promoting the interest of the client
b. Shall not accept any professional fee from any party except his/her client
c. Shall charge professional fee even if it is not within the standard set by the industry
d. All of the above
1390. In relation to fellow practitioners, the consultant must establish fiduciary relationship, which of the following that will subscribe this
relationship:
a. Shall not use any documents without written consent by the other practitioner
b. Shall not use or solicit the services of the employee of another practitioner without the written consent by the latter
c. Brokers can engage in slander, oral defamation, etc.
d. A & B
1391. In relation to AIPO, consultants must abide the articles of incorporation and bylaws and also must observe and comply on the following:
a. Shall not swear to support the AIPO financially
b. Shall not comply the Code of Ethics and Responsibilities
c. Participate in the affairs of AIPO in all aspects of its existence
d. A & B
1392. What are the laws governing real property taxation?
a. Tax Code of 1997 & Local Government Code of 1991
b. National Internal Revenue Code of 1997
c. Comprehensive Tax Reform Program or CTRP
d. Republic Act No. 8424
1393. Price at which a willing seller is willing to sell and a buyer willing to buy, both being under no abnormal pressure to sell or buy.
a. Fair market value
b. Real estate market
c. Zonal value
d. All of the above
1394. Fair market values as determined by the BIR in accordance with section 6 of the Tax Code.
a. Zonal value
 b. Assessor’s value
c. Real property
d. All of the above
1395. Before determining the applicable tax rate for any real estate transaction, the classification of real property must be determined as to whether it
is.
a. Capital asset
b. Ordinary asset
c. Capital asset or ordinary asset
d. None of the above
1396. As defined, it is property held by the taxpayer, whether or not connected with his trade or business.
a. Capital asset
b. Ordinary asset
c. Stock in trade
d. None of the above
1397. The following are ordinary assets except:
a. Stock in trade of the taxpayer
b. Property subject depreciation
c. Property for sale to customer
d. Principal residence of the taxpayer
1398. What are taxes covered in the Tax Code of 1997 for real estate transaction?
a. Capital Gains Tax & Documentary Stamp Tax
b. Estate & Donors Tax
c. VAT & Withholding Tax
d. All of the above
1399. What is the threshold for VAT exemptions for Low Cost Housing?
a. Php225,000.00
b. Php300,000.00
c. Php750,000.00
d. Php400,250.00
1400. Threshold for VAT exemption for Socialized Housing?
a. Php450,000.00
b. Php750,000.00
c. Php2,000,000.00
d. Php225,000.00
1401. Salient features of RA 7279 requires developers to develop for socialized housing an area equivalent to 20% of the gross area or project cost of
the main subdivision project, at the option of the developer. Which is more detailed interpretation of 20% provision?
a. Land equivalent 20% & housing unit equivalent to 20% of the aggregate area of all housing units; OR 20% of the total cost of the
project
b. 20% in the general project development
c. 20% of the approved and negotiated cost of development
d. 20% as approved by LGUs and HLURB
1402. Under what Executive Order (1976) that designated the HLURB as the sole regulatory body for housing and land development.
a. Executive Order No. 89 (1976)
b. Executive Order No. 123 (1976)
c. Executive Order No. 90 (1976)
d. None of the above
1403. PD 957 otherwise known as the Subdivision and Condominium Buyers Protective Decree. Which is the exception on its features?
a. Regulates sale of subdivision and condominium units to buyers
b. Defines sale to be covered by registration
c. Defines duties and responsibilities of owner/developer
d. None of the above
1404. Under what law that authorized HLURB to promulgate different levels of standards and technical requirements for economic and socialized
housing projects from those provided for under PD 957, PD 1216, PD 1096 and PD 1185?
a. Batas Pambansa 220
b. Republic Act 7279
c. Republic Act 7190
d. Republic Act 8763
1405. Defines open spaces in residential subdivision and amended Sect. 31 of PD 957.
a. PD 1216
b. PD 957
c. PD 1586
d. All of the above
1406. Local government is now responsible to the issuance of approval of subdivision plans to local government units subject to national laws and
standards.
a. Devolution of the function of HLURB under the RA 7160
b. Revolution of local government units
c. Bigger role for the LGUs Sangguniang Panlalawigan or Panlunsod
d. None of the above
1407. It is an amendment to Section 4 and 16 of RA 4726 of the Condominium Act, please state under what Republic Act of 1995 that amended RA
4726?
a. RA 7899 (1995)
b. RA 7898
c. RA 7897
d. RA 7896
1408. Refers to housing programs and projects covering houses and lots or home lots only undertaken by the Government or the private sector for the
underprivileged and homeless citizens which shall include sites and services development, long-term financing liberation terms on interest
payments, and such other benefits in accordance with RA 7279.
a. Socialized Housing Project
b. Economic Housing Project
c. Upscale Housing Development Project
d. Urban Poor Housing Development Project
1409. Refers to the purchase by a person, natural or judicial, of more than one saleable lot or unit within HLURB approved subdivision for the purpose
of re-selling the same with or without introducing alternation in the approved plan.
a. Socialized Housing
b. Bulk Buying
c. Bulk Selling
d. Bulk Housing Development
1410. An issuance of HLURB that is proper only upon compliance with Section 4 of PD 957 and other similar provisions of the various rules. It vests
legal status in a project such that its name may be changed only upon proper application and publication among other requirements.
a. Certificate of Registration (CR)
b. License to Sell
c. CAR
d. All of the abov
1411. This is an interest in real estate consisting of absolute ownership in a unit of residential, commercial, or industrial buildings and common
ownership of the land and common areas of condominium project.
a. Townhouse
b. Time-share
c. Condominium
d. Coops
1412. It is the totally of the site (land), condominium units and common areas.
a. Condominium Project
b. Condominium Unit
c. Common Areas
d. None of the above
1413. This is the space encompassed by the interior surface of the floor, ceiling, walls, and exterior doors and windows, which is susceptible of
independent use and ownership.
a. Condominium Unit
b. Condominium Project
c. Condominium
d. All of the above
1414. Refer for the weight, bearing walls, column and beams, stairways, halls, elevators, etc.
a. Condominium Unit
b. Condominium Project
c. Construction Materials
d. Common Areas
1415. This is enabling act of any condominium project.
a. Articles of Incorporation and Bylaws
b. Rules and Regulations
c. Deed of Restrictions
d. Master Deed
1416. It lays down the provisions for insurance coverage’s, the management body, maintenance costs and assessment basis and audit.
a. Deed of Restrictions
b. Articles of Incorporation and Bylaws
c. R & R
d. All of the above
1417. This is the evidence or proof of one’s ownership of the condominium unit.
a. Condominium Certificate of Title (CCT)
b. TCT
c. COT
d. Free Patent
1418. It is a partnership between the land owner and the developer wherein the former contributes the raw land while the latter undertakes and
finances all the costs to convert the land into a finished home site.
a. Concept of Joint Venture Agreement
b. Syndication
c. Brokerage
d. None of the above
1419. Laws that ensure rational land use and sustainable urban and regional development.
a. Executive Order No. 72
b. Memorandum Circular No. 54
c. Executive Order No. 124
d. All of the above
1420. It is a legislation providing for a comprehensive and continuing urban development and housing program.
a. RA 7279 UDHA
b. RA 7160 Local Government Code
c. Letter of Instruction NO. 729
d. Executive Order 72
1421. A national agenda for sustainable development.
a. A21
b. B22
c. Philippine Agenda 21 (PA21)
d. Philippine Political Agenda of 21
1422. CLUP stands for
a. Comprehensive Land Use Plan
b. Comprehensive Land Uniform Program
c. Comprehensive Land Uniform Platform
d. All of the above
1423. PA21 HAS FIVE (5) GOAL ELEMENTS
a. Poverty Reduction & Social Equity
b. Empowerment ad Good Governance
c. Peace and Solidarity
d. Ecological Integrity
e. All of the above
1424. The legal and procedural framework for conducting Environmental Impact Assessments for projects likely to have significant environment
impact.
a. EIA
b. ECC
c. EIS
d. Philippine Environmental Impact Statement (PD1586)
1425. Is the price of a commodity taken from the field of competition and controlled by a person having exclusive right or ability to produce the said
commodity?
a. Manufacturer
b. Price
c. Monopoly Price
d. Cost
1426. Provides that after a certain amount of labor with the appropriate tools applied to the cultivation of given crop on a particular piece of land,
further application thereof would not yield proportional returns.
a. The Law of Diminishing Return
b. Principle of Productivity
c. Principle of Supply and Demand
d. All of the above
1427. The law that protect the rights of the subdivision homeowners and the homeowners association.
a. RA 9904
b. RA 9905
c. RA 9906
d. None of the above
1428. The law that covers the Real Estate Investment Trust (REIT).
a. RA 9856
b. RA 1234
c. RA 9646
d. RA 9904
1429. Real Estate Finance includes:
a. Succession
b. Hypothecation
c. Accretion
d. Avulsion
1430. To be considered comparable to the Subject property, a comparable property must have been sold-
a. With a conventional mortgage
b. In an arm’s length transaction
c. For all cash
d. Without any form of secondary
1431. A property is alienated or sold to creditor to satisfy a debt in money or in payment of the loan.
a. Foreclosure
b. Mortgage
c. Dacion en Pago
d. Sale
1432. The method of construction cost or reproduction cost estimating.
a. Volume Method
b. Area Method
c. Quantity Survey Method
d. Abstraction Method
1433. Neighborhood social influences include all of the following except
a. Occupant age levels
b. Vacancy rates
c. Population density
d. Occupant skill levels
1434. This refers to the value an improvement adds to the overall value of the property.
a. Contribution
b. Plottage value
c. Highest and Best Use
d. Salvage Value
1435. What are the types of depreciation?
a. Physical depreciation, Functional Obsolescence, Accrued Depreciation
b. Physical depreciation, Functional Obsolescence, External Obsolescence
c. Physical depreciation, Accrued Depreciation, External Obsolescence
d. Accrued Depreciation, External Obsolescence
1436. As defined by PD# 957, a tract of land registered under PD 1529 primarily partitioned into individual lots for residential purpose with or without
improvements thereon and offered for sale to the public in cash or installment is called,
a. Subdivide
b. Distribution
c. Subdivision
d. Subdivision Project
1437. A type of subdivision where no street or open space is delineated is called,
a. Subdivision Lot
b. Simple Subdivision
c. Commercial Complex
d. Memorial Parks
1438. A step included in the planning and development of a subdivision project that allows the developer to commence work is called,
a. Market survey
b. Development Permit or procurement of approval
c. Topographic survey
d. Purchasing power
1439. To determine the marketability of a proposed subdivision, the following should be
a. Land Conversion
b. Market Aspect
c. Development Permit
d. Loan Collateral
1440. A type of subdivision wherein a street, passageway or open space is delineated is called,
a. Ancestral Domain
b. Complex Subdivision
c. Development Project
d. Simple Subdivision
1441. Subdivision project development field works includes the following except
a. Relocation Survey
b. Road Works
c. Market Surveyor
d. Water Lines Construction
1442. The partnership between the landowner and the developer wherein the former contributes his Rawland while the latter undertakes and finances
all the costs to convert the land into a finished home site is called a;
a. Master Deeds
b. Joint Venture
c. Contract to Sell
 d. Mortgage Agreement

Part I: FUNDAMENTALS OF REAL ESTATE SERVICES

ME Set S- 1.1 100 item

1443. Real estate is

a. The rights in realty
b. The physical land and appurtenances affixed to the land
c. What transfers on the day of closing
d. The “bundle of rights"
1444. The addition to the through processes of nature , such as deposits of soil carried by streams,
a. Avulsion
b. Accretion
c. Alluvium
d. Usufruct
1445. The sudden removal of land one parcel to another when a body of water, such as a river, abruptly change
a. Avulsion
b. Accretion
c. Alluvium
d. Usufruct
1446. Real property includes
a. Any and all buildings on the subject site
b. All interests, benefits and rights inherent in the ownership of real estate
c. The physical land and appurtenances affixed to the land
d. Property that is not artificial
1447. The highest form of real property ownership is.
a. Homestead estate
b. Leasehold estate
c. Fee simple
d. Life estate
1448. Jackfruit that fell on the ground are
a. ordinarily real estate
b. ordinarily personal property
c. Both of the above
d. None of the above
1449. Jose owns a house a parcel that includes an easement over the adjoining property of Tom Yan. Jose property is the
a. servient tenement
b. dominant tenement
c. For sale property
d. None of the above
1450. Co-owners who have an equal right of prossession coupled with a right of survivorshiphave
a. Tenancy in common
b. Join tenancy
c. Tenancy in partnership
d. Martial property
1451. In what form of property ownershipis an exclusive right to an identified segmentof airspace conveyed along with an interest in common in the
rest of the parcel?
a. house and lot
b. town house
c. Both of the above
d. Condominium
1452. The property of aperson who dies leaving no heirs passes to the state by the right of
a. Acquisition
b. condemnation
c. Escheat
d. Eminent domai
1453. Condemnation of private property for public use is calledthe right of
a. seizure
b. escheat
c. Eminent Domain
d. Acquisition
1454. All of the following areas of regulation affect Broker EXCEPT
a. DTI
b. PRC
c. LGU Planning Office
d. DSWD
1455. The form of deed used to return title to real estate to its owner when the debts secured by a deed of fruit is paid in full is the
a. Warranty deed
b. reconveyance deed
c. Quitclaim deed
d. Tax deed
1456. Tenancy by the entirety is a form of
a. martial property ownership
b. Tenancy in common
c. Business property ownership
d. Ownership in severalty
1457. The four unities required for a joint tenancy include
a. Tenancy, location, title, and possession
b. Time, title, interest, and possession
c. Possession, ownership, use, and enjoyment
d. Title, time, location, and possessio
1458. A life estate is a (n)
a. present, possessory interest
b. future interest.
c. Estate of tenancy
d. Fee simple defeasible.
1459. During the research of a subject property an appraiser learns the occupants (parents) have been granted a life estate by their children. What
interest do the childrenhold in the property?
a. Remainder man
b. Life tenant
c. Trustee
d. Trustor
1460. Propertyacquired by a spouse during marriageby gift or inheritance is
a. Martial property
b. Community property
c. Separate property
d. Jointly owned property
1461. A deed of trust is
a. A document that makes a third party responsible for the money
b. Document that gives a third party the deed until the mortgage loan is paid off
c. A deed given by a prisoner who has behaved for many years
d. Used as a tool to make foreclose more efficient
1462. Under a deed of fruit, the property owner is the
a. Trustor
b. trustee
c. Beneficiary
d. Reconveyance
1463. Which of the following liens takes priority over all other liens?
a. real estate tax liens
b. mortgage liens
c. Judgment liens
d. Mechanic’s liens
1464. Which is evidence of real estate ownership?
a. simple
b. title
c. Mortgage
d. Tax declaration
1465. Which of the following is Not a type of building code?
a. fire code
b. Rent control code
c. electrical code
d. plumbing code
1466. zoning is an exercise of the
a. equity courts
b. police power
c. environmental Protection Agency
d. right of condemnation
e. right of escheat
1467. which of the following types of of property is subject to ad valorem taxation?
a. Property owned by a religious organization and used for a religious purpose
b. New industrial plants that state and local governments have induced, with tax exemption as an incentives, to locate within their jurisdictions
c. Commercial buildings leased in party by nonprofit foundations
d. State colleges and universities
e. A state capitol
1468. A person owning less than the entire bundle of rights has
a. Escheat
b. Fee simple title
c. Personal property
d. A fee tail
1469. Refers to the compulsory successional rights granted by the law and the same cannot be taken by anybody except when alienated during the
lifetime of the testor with consideration
a. Legitime
b. Succession
c. Testate
d. Intestate
e. Hier
1470. Immovable or real property in favor the easement is established
a. Servient estate
b. Dominant
c. Land estate
d. Fixture
e. Legitime
1471. Immovable or real property subjected to the easement established
a. Servient estate
b. Dominant estate
c. Land estate
d. Fixture
e. Legitime
1472. Buyers who paidpaid installmentof less than 2 years are also protected by the Maceda law andentitled to grace period of ___ days from the
added their installment become due and demandable
a. 30 days
b. 20 days
c. 60 days
d. 15 days
e. 25 days
1473. Maceda, how many times the can the buyers exercise his rights
a. Once every 10 years
b. Once every 2 years
c. Once every 5 years
d. Once every 3 years
e. None of the above
1474. Anything which is or may be the object of appropriation
a. Tax
 b. Equipment
c. Property
d. Asset
e. Real estate
1475. Real properties used for family homes or house and lot where the family resides
a. Life estate
b. Fee tail
c. Homestead estate
d. Real estate
e. Remainder
1476. Doctrine which reserve to the statethe full ownership of all natural resources or naturalwealth that may be found in the bowels of the earth.
a. Public domain
b. Res allicujos
c. Res alienate
d. Regalia doctrine
e. Stewardship principle
1477. Rightsto the stateto en act laws enforce them for the safety, order, health, morals and general welfare of the public
a. Escheat
b. Police power
c. Zoning
d. Eminent domain
e. Taxation
1478. Power of the state to imposed and collect takes and other charges on real state
a. Escheat
b. Police power
c. Zoning
d. Eminent domain
e. Taxation
1479. Reversion of privately ownedproperties in favor of the state upon the death of the owner whoo is not survived with any heir
a. Escheat
b. Police power
c. Zoning
d. Eminent domain
e. Taxation
1480. Power of the state to take private property for public use upon payment of just compensation
a. Escheat
b. Police power
c. Zoning
d. Eminent domain
e. Taxation
1481. Refers to the used of restrictions of a particular areas or delineation of allowable areas for use
a. Escheat
b. Police power
c. Zoning
d. Eminent domain
e. Taxation
1482. Under the phil constitution that every property owners are bound to used or utilized their lands in a manner that will promote welfare and
benefits not only for themselves but also for the state
a. Public domain
b. Res allicujos
c. Res alienate
d. Regalia doctrine
e. Stewardship principle
1483. Owner of the property adjoining or abutting the bank of river
a. Avulsion
b. Accession
c. Riparian owner
d. Land owner
e. Land lord
1484. Property owned by the state in its proprietary or private capacity which is not devoted to public used or public service and the development of
national wealth
a. Public domain
b. Res allicujos
c. Patrimonial property
d. Regalia doctrine
e. Stewardship principle
1485. Any and unknowndeposit of money, precious object or jewelry and the lawful ownership thereof is unknown. Its ownership bel;ongs to the land
a. Yamasita treasure
b. Hidden treasure
c. Accession
d. Alluvium
e. Minerals
1486. The absense of marriage settlements, or when the regime is void what system shall govern
a. Co ownership
b. Judicial settlement
c. Absolute community of property
d. Extra judicial
e. Capital property
1487. Exclusive property brought by the husband to the marriage as his own.
a. Co ownership
b. Judicial settlement
c. Absolute community of property
d. Extra judicial
e. Capital property
1488. Exclsuive property brought by the wife to the marriageas his own.
a. Coownership
b. Paraphernal property
 c. Absolute community of property
d. Extra judicial
e. Capital property
1489. Right of common dominion which two or more persons have in spiritual part of the property or thing which is not physical divided
a. Co ownership
b. Paraphernal property
c. Absolute property
d. Extra judicial
e. Capital property
1490. Land in public domain that can only alienated
a. Timber
b. Mineral
c. Parks
d. Agricultural
e. Forest
1491. Act liberality the person disposes gratuitously a property or right in favor of another who accept it
a. Legitime
b. Inheritance
c. Donation
d. Usufruct
e. Will
1492. Real right by virtue of which person is given right to enjoy the property of another with the obligation of preserving its form and substances .
a. Legitime
b. Inheritance
c. Donation
d. Usufruct
e. Will
1493. Mode of acquiring property ownership and other real rights through the laps of time in the manner provided by law
a. Occupation
b. Adverse claim
c. Forcible entry
d. Prescription
e. Accion publiciana
1494. Summary action to recover physical possession of real property when a person originally in in possession thereof is deprive by force, strategy,
threat, intimidation or stealth
a. Occupation
b. Adverse claim
c. Forcible entry
d. Prescription
e. Accion publiciana
1495. Legal provision which requires agreement for the sale estate to be in writing in order to binding
a. Occupation
b. Adverse claim
c. Statute of fraud
d. Prescription
e. Accion publiciana
1496. Renewal of professional id card of resp
a. Every year
b. 2 years
c. 3 years
d. 4 years
e. 5 years
1497. Minimum requirement for applicant for real estate broker exam is
a. 80 units in college
b. 60 units in college
c. Holder of vocational
d. Holder college degree
e. High school graduate
1498. Real estate practitioner to be appointed as member of the PRBRES provided that the prior his appointment he has been active for at least
a. 5 years
b. 20 years
c. 15 years
d. 10 years
e. 25 years
1499. Real estate service practitioner consist of the following except
a. Real estate sales person
b. Real estate assessor
c. Real estate appraiser
d. Real estate broker
e. Real estate dealer
1500. In order to qualify for registration without examination, assessor and appraiser must have the following
a. Have relevant CPE credit units to the satisfaction of the board
b. Have passed RPAO examination
c. Holds permanent appointment on the date of the effectivity of RA 9646 OR AS JULY 30, 2009
d. Have at least experience on real property appraisal or assessment
e. Completed at least 120 accredited training on real property appraisal
f. Fail of the aboved
1501. The following subject in the real estate broker exam licensure exam except
a. Property management
b. Subdivision development
c. Real estate laws and taxation
d. Fundamentals of property ownership
e. Code of ethics and responsibilities
1502. The board may reinstate any revoked certificate of registration
a. For reasons deemed proper and sufficient
b. Upon application and compliance with the require. CPE
c. After the expiration of 2 years from the date of revocation
 d. None of the above
e. All of the above
1503. The national integrated organization of natural person duly registered and license as real estate service practitioner
a. Philippine association of real estate practitioner
b. Philippine realtors board
c. Philippine regulation commission
d. Accredited and integrated professional organization
e. All of the above
1504. Any of these acts shall be ground fo revocationof license except.
a. Non-payment of dues
b. Engaging in the practice of the professional during the period of one suspension
c. Unprofessional or unethical
d. Allowing an unqualified person to practice the profession by using ones certificate of registrations
1505. What should be indicated by the broker in his letterhead, dry seal, sigh board, advertisement or other announcement in relation to real service
practice
a. Price of the property
b. Address of the owner
c. Ptr number
d. License number
e. House number
1506. Following are restriction of property rights except
a. Zoning
b. Escrow
c. Taxation
d. Escheat
1507. Former natural born Filipino citizen who acquired foreign citizenship and has not applied and been granted dual citizenship , can purchase for
his use as residence
a. 1,000 sq.m. of urban land and 1 has of rural land
b. 1,000 sq.m. of urban land and 2 has of rural land
c. 1,000 sq.m. of urban land and 5 has of rural land
d. 1,000 sq.m. of urban land and 3 has of rural land
1508. Increase in value of real estate without any effort or expense of the owner
a. Avulsion
b. Accession
c. Adhesion
d. Erosion
1509. Acquisition of alienable land of the public domain by homestead patent, free patent, sale patent,government awards
a. Private grant
b. Inheritance
c. Involuntary
d. Public grant
1510. In the absence of pre-nuptial agreement all properties of the husband and wife shall only have a total retention of
a. 1 has
b. 5 has
c. 10 has
d. 3 has
1511. Based on net gift the maximum rate of donor tax on stranger is
a. 20%
b. 10%
c. 15%
d. 30%
1512. The rate of levy of real estate tax is not more than
a. 5%
b. 2%
c. 10%
d. 20%
1513. Under the local government code, agricultural lands of more than one hectare are subject to additional tax of no more than 5% of assessed
value when at lest
a. Entire area is uncultivated
b. 50% of the area is uncultivated
c. 30%of the area is uncultivated
d. 20% of the area is uncultivated
1514. Annual levy on real estate equivalent to 1% of the assessed value which shall be in addition to the basic real estate tax
a. Ad valorem tax
b. Exercise tax
c. Special education fund tax
d. Vat
1515. Capital gains on the sale of real estate classified as capital asset is
a. Prepaid income tax
b. Creditable tax on sale
c. Expanded withholding tax
d. Creditable tax on sale
1516. BIR revenue regulation no 17-2003, the seller ofa family home failed to utilized the proceeds too acquire a new residencewithin 18 months from
the sale shall be assessed additional deficiency capital gains tax inclusive of penalties
a. 5% p.a
b. 25% p.a
c. 20% p.a
d. 10% p.a
1517. Ground floor of a condominium projectper BIR 28-29 shall be considered as commercial and additional rate shall be added on established
residential zonal value of
a. 20%
b. 10%
c. 15%
d. 25%
1518. The estate tax return shall be filed with the BIRwithin
a. 90 days from the death of the decedent
b. 120 days from the death of the decedent
 c. 60 days from the death of the decedent
d. 180 days from the death of the decedent
1519. Taxpayer hasto redeem his real property which was levied and subsequently foreited and acquired by the lcal government delinquency
a. 3 years
b. 5 years
c. 1 year
d. 2 years
1520. The following composed the board of assessment of Makati city, except
a. City assessor
b. City treasurer
c. Registered of deed
d. City engineer
1521. Documentary stamp tax on the sale of propertymust be paid
a. Within 30 days from the date of notarization
b. Within 5 days after the close of the month of the date of sale
c. Within 10 days after the close of the month of the date of sale
d. At the time payment of capital gains tax
1522. Value placed on taxable property by the assessor for ad valorem tax purpose
a. Economic value
b. Appraised value
c. Assessed value
d. Market value
1523. The property sold is an ordinary asset, whatis the applicable tax
a. Estate tax
b. Percentage tax
c. Capital gains tax
d. Creditable withholding tax
1524. Sale of a dealer of a residential dwelling is not subject to E-VAT when the price does not exceed
a. 1,500,000.00
b. 2,500,000.00
c. 1,000,000.00
d. 3,000,000.00
1525. In order to qualify for registration without examination, twenty four hours of continuing professional educational (CPE) credits are needed for:
a. A licensed broker who failed to renew his license prior to July30, 2009
b. Those who had passed the2009 & 2008 licensure examinations given by DTI but who had failed to renew their license upon the effectivity
of RA 9646
c. Those who had passed the DTI licensure examinations given by DTI but who had failed to renew their license upon the effectivity of RA
9646
d. Those who had passed the DTI licensure examinations in 2006 and prior years but who had failed to renew their license upon the
effectivity of RA 9646
e. None of the above
1526. In order to qualify for registration without examination, fifteen hours of continuing professional educational (CPE) credits are needed for:
a. A licensed broker who failed to renew his license prior to July30, 2009
b. Those who had passed the2009 & 2008 licensure examinations given by DTI but who had failed to renew their license upon the
effectivity of RA 9646.
c. Those who had passed the DTI licensure examinations given by DTI but who had failed to renew their license upon the effectivity of RA
9646
d. Those who had passed the DTI licensure examinations in 2006 and prior years but who had failed to renew their license upon the
effectivity of RA 9646
e. None of the above
1527. In order to qualify for registration without examination, eighteen hours of continuing professional educational (CPE) credits are needed for:
a. A licensed broker who failed to renew his license prior to July30, 2009
b. Those who had passed the2009 & 2008 licensure examinations given by DTI but who had failed to renew their license upon the effectivity
of RA 9646
c. Those who had passed the DTI licensure examinations given by DTI but who had failed to renew their license upon the effectivity
of RA 9646
d. Those who had passed the DTI licensure examinations in 2006 and prior years but who had failed to renew their license upon the
effectivity of RA 9646
e. None of the above
1528. In order to qualify for registration without examination, one hundred twenty hours of continuing professional educational (CPE) credits are
needed for:
a. A licensed broker who failed to renew his license prior to July30, 2009
b. Those who had passed the2009 & 2008 licensure examinations given by DTI but who had failed to renew their license upon the effectivity
of RA 9646
c. Those who had passed the DTI licensure examinations given by DTI bu who had failed to renew their license upon the effectivity of RA
9646
d. Those who had passed the DTI licensure examinations in 2006 and prior years but who had failed to renew their license upon the
effectivity of RA 9646
e. None of the above
1529. In order to qualify for registered without examination, assessors and appraisers must have the following qualifications:
a. Holds permanent appointment on the date of effectivity of RA 9646 or as of July 30, 2009
b. Is performing actual appraisal and assessment functions for the last 5 years
c. Have passed the Real Property Assessing Officer (RPAO) Examination
d. Have at least ten years actual experience in real property appraisal or assessment and Completed at least one hundred twenty hours of
accredited training on real property appraisal
e. All of the above
1530. The realty servicepractice can be performed by juridical persons, except:
a. Real estate salesperson
b. Real estate broker
c. Real estate appraiser
d. Real estate consultant
e. All of the above
1531. The national integrated organization of natural persons duly registered and licensed as real estate service practitioners
a. Accredited and Integrated Professional Organization
b. Professional Regulatory Board of Real Estate Service
c. Professional Regulatory Commission
d. Philippine Association of Real Estate Practitioners
 e. None of the above
1532. Conducts license examinations for the practice of the real estate service procession
a. Accredited and Integrated Professional Organization
b. Professional Regulatory Board of Real Estate Service
c. Professional Regulation Commission
d. Philippine Association of Real Estate Practitioners
e. None of the above
1533. The minimum educational requirement for an applicant for real estate broker’s license is:
a. Holder of bachelor’s degree
b. 72 units in college
c. 82 units in college
d. 108 units in college
e. 144 units in college
1534. Any of these acts shall be grounds for revocation of license except:
a. Procurement of Certificate of Registration of real estate service practitioner by fraud or deceit
b. Unprofessional or unethical conduct
c. Allowing an unqualified person to practice the practice the profession by using one’s certificate of registration
d. Non-payment of dues
e. Misleading ad
1535. Conjugal partnership can be dissolved by:
a. Legal separation
b. Annulment of marriage
c. Judicial separation of property
d. Any of the above
e. None of the above
1536. The best evidence of ownership is
a. Tax declaration
b. Torrens title
c. Technical description
d. Vicinity map
e. None of the above
1537. A former natura lborn Filipino citizen can acquire not more than 5,000 sq.m. of urban land for business purpose under.
a. B.P. 185
b. P.D. 957
c. Act 2728
d. R.A 7042
e. None of the above
1538. Ownership of land can be acquired through any of the following except:
a. Tradition
b. Occupation
c. Prescription
d. Accretion
e. Succession
1539. Title to an inherited property may be transferredto the sole upon payment of estate tax andexecution and registration of a legal document:
a. Extra-judicial Settlement of Estate
b. Extra-judicial Partition of Estate
c. Affidavit of Consolidation
d. Affidavit of adjudication
1540. A TCT has an annotation that” subject to Sec.4, Rule 74of the Rules of Court. It means that the property is subject to claim by any their unduly
deprived of lawful participation in the settlement of the decedent’s estate within:
a. 2 years
b. 6 years
c. 4 years
d. 10 years
e. None of the above
1541. Special power of attorney is necessary in the following cases except:
a. To perform acts of administration
b. To lease real property for more than one year
c. To convey real rights on immovable property
d. To cancel any obligation gratuitously
e. None of the above
1542. It is an encumbrance imposed upon an immovable for the benefit of another immovable belonging to another
a. Nuisance per se
b. Private nuisance
c. Right of way
d. Easement
e. None of the above

MOCK EXAM SET S -1.2

1543. The right of the following to the ownership of everything which is produced by the land or which is incorporated or attached thereto, either
naturally or artificially is known as:
a. Prescription
b. Adverse possession
c. Accession
d. Laches
e. None of the above
1544. Property escheated to the government is considered as:
a. Public Dominion
b. Regalia Property
c. Land and Public Domain
d. Patrimonial Property
e. All of the above
1545. The following are public dominion, except:
a. Navigable river converted into finished
b. Public plaza converted into housing project
c. Natural resources
 d. Canal
e. Subdivision roads
1546. Husband and wife can sell proeprty to each other in the following circumstances:
a. Separation of property was agreed upon in the pre-nuptial agreement
b. There has been a judicial separation of property
c. There has been a legal separation
d. Any of the above
1547. An annual levy on real estate equivalentto one percent (1%) of the assessed value which shall be in addition shall be in addition to the basic
real estate tax is:
a. Special assessment tax
b. Special education fund tax
c. Ad valorem ax
d. Excise tax
e. Special real estate tax
1548. Capital gains tax on the sale of real estate classified as capitalasset is a:
a. Creditable tax on the sale
b. Deduction from value added tax e
c. Deduction item from income tax
d. Expanded withholding tax
e. Prepared income tax
1549. Under the Local Government Code, agricultural lands of more than one hectare are subject to additional tax of no more than 5% of assessed
value when at least ____:
a. Entire area is uncultivated
b. 20% of the area is uncultivated
c. 30% of the area is uncultivated
d. 40% of the area is uncultivated
e. 50% of the area is uncultivated
1550. The documentary stamp on lease of real estate is P3.00 for the first P2,000.00 or fraction threof and additional.
a. P0.50 for every P1,000 in excess of the first P2,000
b. P1.00 for every P1,000 in excess of the first P2,000
c. P1.50 for every P1,000 in excess of the first P2,000
d. P2.00 for every P1,000 in excess of the first P2,000
e. P3.00 for every P1,000 in excess of the first P2,000
1551. Under BIR Revenue Regulation No. 17-2003, the seller of a family home who failed to utilize the proceeds to acquire a new residence within 18
months from the sale shall be assessed additional deficiency capital gains tax inclusive of penalties and:
a. 5% interest per annum
b. 15% interest per annum
c. 25% interest per annum
d. 10% interest per annum
e. 20% interest per annum
1552. The rate of real estate taxin municipalities within Metro Manila is notmore than
a. One-half percent of assessed value
b. One percent of assessed value
c. Two percent of assessed value
d. Three percent of assessed value
e. None of the above
1553. Based on net gifts, the maximum rate of door’s tax is:
a. Ten percent
b. Twenty percent
c. Fifteen percent
d. Twenty-five percent
e. Thirty percent
1554. The estate tax return shall be filed with the BIR within:
a. 60 days from death of decedent
b. 90 days from death of decedent
c. 120 days from death of decedent
d. 180 days from death of decedent
e. 240 days from death of decedent
1555. Unde r the Local Government Code, the next period for the property owners to file sworn declaration of ownership and value with the assessor
is:
a. Year 2008
b. Year 2010
c. Year 2009
d. Year 2011
e. None of the above
1556. The documentary stamp tax on the sale of property must be paid
a. Within thirty (30)days from the date of notarization
b. Within five (5) days after the close of the month of the date of sale
c. Within ten (10) days after close of the month of the date of sale
d. At the time of payment of capital gains tax
e. At any time
1557. The scheduleof fair market value in municipalities in Metro Manila is prepared by:
a. MMDA
b. Concerned Municipal Assessor
c. None of the above
d. Bureau of Internal Revenue
e. Sangguniang Bayan by ordinance
1558. The amount of family home equivalent to the fair market value considered as allowable deductions from the estate of the decedent
a. P 500,000.00
b. P2,000,000.00
c. P 1,000,000.00
d. P 750,000.00
e. P 1,500,000.00
1559. A taxpayer has ___ to redeem his real property which was levied and subsequently fortified and acquired by the local government for tax
delinquency.
a. 1 year
b. 4 years
 c. 60 days
d. 3 years
e. 2 years
1560. A bank’s acquired assets which from part of its real estate inventories at the close of its accounting period shall be classified as:
a. Ordinary Assets
b. Fixed Assets
c. Capital; Assets
d. Any of the above
e. None of the above
1561. In case of foreclosure sale where right of redemption is not exercised by the mortgagor, who pays the capital gains tax?
a. Owner-mortgagor
b. Creditor-bank
c. Buyer of the property
d. Any of the above
e. None of the above
1562. The documentarty stamp on every mortgage or pledge of real estate is:
a. P20.00for the 1st P5,000.00 plus P10.00 for every P5,000.00 thereafter
b. P10.00 for everyP5,000.00 or fraction thereof
c. P15.00 for every P5,000.00 or fraction thereof
d. P2.00 on each P200.00 or fraction thereof
e. None of the above
1563. The sale of a dealerof a residential dwelling is notsubject is to –VAT when the price does notexceed:
a. P1,500,000.00
b. P2,500,000.00
c. P1,000,000.00
d. P3,000,000.00
e. None of the above
1564. During the entire year of 2007, total reciepts from the lease of 30 residential is P2,200,000.00. how much is the output tax for the year 2007?
a. P22,000.00
b. P264,000.00
c. P800,000.00
d. P600,000.00
e. None of the above (2.2M×12/112)
1565. A tax fixed on documents, instrumentand papers evidence acceptance, assignment or sale of right, property or obligation:
a. Residence tax
b. Documentary tax
c. Community tax
d. None of the above
1566. A real estate property with license to sell and classified as ordinary asset was sold for P2,200,000 inclusive of E-VAT. The documentary stamp
tax for the sale is
a. P33,000 (2.2M×1.5%)
b. P30,000
c. P22,000
d. P32,000
e. P35,000
1567. A real estate property with license to sell and classified as ordinary asset was sold for P2,200,000 inclusive of E-VAT. The creditable
withholding tax for the sale is
a. P33,000
b. P60,000
c. P50,000
d. P66,000
e. P110,000 (2.2M×5%)
1568. Mr. Cruise sold to Mrs. Pitt (both natural Filipino Citizens)in June 20 2008, a residential lot for P960T, exclusive of mortgage to be assumed by
Mrs. Reed amounting to P100T. Mrs. Pitt gave a down payment of P160,000. Both agreed that the balance will be paid in eight (8)equal
monthly installments beginning July of 2008. Mr. Cruise realized profit of twenty-five percent (25%) of cost. What is the selling price?
a. P1,060,000
b. P960,000
c. P1,200,000
d. P1,160,000
e. P1,260,000
1569. What is the contract price?
a. P1,060,000
b. P960,000
c. P1,200,000
d. P1,160,000
e. P1,260,000
1570. D How much is the amountof initial payment for 6 months?
a. P1,060,000
b. P960,000
c. P760,000
d. P1,160,000
e. P1,260,000
1571. How much is the gross profit based on cost?
a. P212,000
b. P265,000
c. P240,000
d. P290,000
e. 190,000
1572. How much is the gross profit rate for tax purpose?
a. 22.08%
b. 27.60%
c. 25%
d. 18.27%
e. 16.82%
1573. What is the taxable income for 2008?
a. P212,000
b. P265,000
 c. P167,808
d. P290,000
e. P190,000
1574. What is the taxable income for 2009?
a. P212,000
b. P44,160
c. P167,808
d. P290,000
e. P190,000
1575. Under the local government code, the appraisal of the fair market value of real property shall be based on
a. Actual used
b. Independent appraisal value
c. Declaration of lot owner
d. Assessed value
1576. A duly registered and licensed natural person who works in a local government unit and performed appraisal and assessment of real properties,
including plants, equipment, and machineries essentially for taxation purposes.
a. Real estate purpose
b. Real estate appraiser
c. Real estate broker
d. Real estate assessor
e. Rea estate salesperson
1577. A duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, offers or renders
professional advice and judgment on: (i) the acquisition, enhan cement, preservation, utilization or disposition oflands or improvements
thereon;and (ii) the conception, planning, management and development and development of real estate project.
a. Real estate appraiser
b. Real estate consultant
c. Real estate Broker
d. Real estate assessor
e. Real estate salesperson
1578. A duly accredited natural person who perform servicefor , and in behalfof a real estate brokerwhois registered and licensed by the Professional
Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable
consideration.
a. Real estate appraiser
b. Real estate consultant
c. Real estate broker
d. Real estate assessor
e. Real estate salesperson
1579. A duly registered licensed natural person who, professional fee, commissionor other valuableconsideration, acts as an agent n a real estate
transactionto offer, advertise, solicit, list,promot, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange,
mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.
a. Real estate appraiser
b. Real estate consultant
c. Real estate broker
d. Real estate assessor
e. Real estate salesperson
1580. A duly and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs orrenders, or offers to
perform service in estimating and arriving at an opinion of or acts as an expert on real estate valuers such services of which shall be finally
rendered by the presentation of the report in acceptable written form.
a. Real estate appraiser
b. Real estate consultant
c. Real estate broker
d. Real estate assessor
e. Real estate salesperson
1581. A zero Assessment level refers to an assessment of all building whose market value does not exceed which are exempted from the payment of
real property taxes
a. 75,000.00
b. 125,000.00
c. 150,000.00
d. 175,000.00
e. 275,000.00
1582. How often does the real property assessment be revised by the City/Municipal assessor
a. Every year
b. 3 years
c. 5 years
d. 7 years
e. 10 years
1583. A tax imposed on the sale, donation, barter or any mode of transferring real property ownership or title
a. Simple fee/tax
b. filing fee/tax
c. Transfer fee/tax
d. Registration fee
e. Excise tax
1584. What is the chairman of LBAA or Local board of assessment Appeal.
a. Provincial auditor
b. City Treasurer
c. City Assessor
d. Register of Deeds
e. Fiscal
1585. Tax imposed on every citizen of the Philippines.
a. Excise tax
b. Documentary tax
c. Community tax
d. Real property tax
e. Ad valorem tax
1586. All real estate broker and private appraiser shall be required to post a professional indemnity insurance cash or surety bond, in an amount with
no less than__, without prejudice to additional requirement of the client. It will be renewable every 3 years .
a. 2,000 pesos
 b. 5, pesos
c. 10,000 pesos
d. 15,000 pesos
e. 20,000 pesos
1587. In corporation practice of real estate ercvice, there shall be at one license real estate broker for every
a. 25 accredited salesperson
b. 20 accredited salesperson
c. 30 accredited salesperson
d. 35 accredited salesperson
e. 40 accredited salesperson
1588. What is PRBRES
a. Philippines regulating board of real estate service
b. Philippine regulation board of real estate service
c. Philippine regulatory board of real estate service
d. Philippine regulatory board of real estate salesperson
1589. Who is the Chairperson of PBRES
a. Edgardo Gutierrez Ong
b. Hon. Ofelia Binag
c. Ernesto Gutierrez Ong
d. Bansan C. Choa
e. Nicolas P. Lapena, Jr.
1590. Who is the commissioner Of PRC
a. Edgardo Gutierrez Ong
b. Edgardo Gutierrez Ong
c. Ernesto Gutierrez Ong
d. Ernesto Gutierrez Ong
e. Bansan C. Choa
f. Nicolas P. Lapeña Jr.
1591. Refers to any natural or juridical person engaged in the business of developing real estate development project for his/her own account and
offering them for sale
a. Real estate person
b. Real estate development project
c. Real estate dealer
d. Real estate developer
e. Real estate consultant
1592. Composition of the board of PRBRES
a. 1 Chairperson and 3 members
b. 1 Chairperson and 2 members
c. 1 chairperson and 5memebers
d. 1 Chairperson and 4 members
e. 1 Chairperson and 7 member
1593. For Real estate sale person to be accredited board must at least meet the ff. requirements of
a. At least high school graduate and 80 credit units of seminar and training
b. At least 1 year of college and120 credit units of seminar and training
c. At least high school graduate and 120 credit units of seminar and training
d. At least 2 years of college and 120 credit units of seminar and training
1594. Any violation of RA 9646, including of IRR shall meted the capacity of a fine of not less than ___ or imprisonment of not less than ___ upon
discretion of the court
a. 100,000.00 and 6 months
b. 50,000.00 and 2 years
c. 100,000.00 and 2 years
d. 100,000.00 and 1 year
1595. In relation to question number 633. In case the violation is committed by unlicensed real estate service practioner, the penalty shall be___ the
aforesaid fine and imprisonment
a. Tripled
b. Fivefold
c. One half
d. Doubled
e. Reclusion perpetua
1596. Is an action intended for the recovery of a better right to possess, and is a plenary action in an ordinary civil proceeding which must be filed
within the prescriptive period of 10 years from disposition
a. Unlawful detainer
b. Accion reinvindicatoria
c. Accion publiciana
d. Replevin
e. Forcible entry
1597. Is an a summary action to recovery physical possession of real property when a person originally in possession thereof is deprive by;
intimidation, force, stealth or threat
a. Unlawful detainer
b. Accion reinvindicatoria
c. Accion publiciana
d. Replevin
e. Forecible entry
1598. Is an action or provisional remedy filed for the recovery of possession over personal property.
a. Unlawful detainer
b. Accion reinvindicatoria
c. Accion publiciana
d. Replevin
e. Forecible entry
1599. Is a kind of action that must be brought between possession a landlord, vendor vendee or other person of any land or building is being
unlawfully withheld after the expiration of the right hold possession.
a. Unlawful detainer
b. Accion reinvindicatoria
c. Accionpubliciana
d. Replevin
e. Forecible entry
1600. Is an action to recover ownership over a real property, which shall be filed with in 10 years if the party seeks to acquire through ordinary
prescription or within 30 years if through extraordinary prescription.
a. Unlawful detainer
b. Accion reinvindicatoria
c. Accion publiciana
d. Replevin
e. Forecible entry
1601. Shall refer to the ownership of intellectual property which includes technical or professional books reviewer and the like
a. Patent
b. Copyright
c. Intellectuals
d. Inventions
e. Discovery
1602. How much is the interest imposed on delinquent real property tax payment, the tax payer shall pay an interest of ___ per month but not
exceed___ month interest until fully paid.
a. 3% and24 months
b. 1% and 36 months
c. ½ of 1% and 24 months
d. 2% and 36 months
e. 1.5% and 18 months
1603. How much is percentage of transfer fee tax on Residential and Agricultural properties based on FMV per tax declaration of Contract Price which
ever is higher
a. 3/4of 2%
b. ½ of2%
c. 1/3 of 1%
d. ½ of 1%
e. 1.5 %
1604. How much is percentage of transfer fee tax on Commercial and industrial properties based on FMV per tax declaration or Contract Price which
ever is higher
a. ¾ of 1%
b. ½ of 2%
c. 1/3 of 1%
d. ½ of 1%
e. 1.5 %
1605. When to file Estate Tax return upon decedent death
a. Within 3 months
b. Within 4 months
c. With 5 months
d. Within 6 months
e. Within a year
1606. When to pay Estate Tax if the case is settled judicially
a. Not exceeding2 years
b. Not exceeding 3 years
c. Not exceeding 4 years
d. Not exceeding 10 years
e. Not exceeding 5 years
1607. A residential parcel of land located outside metro manila has a Market value of 500,000.00. how much is the basic yearly real property tax?
a. 5,000.00
b. 1,500.00
c. 1,000.00 (500K×20%)×1%
d. 2,000.00
1608. An industrial parcel of land located outside metro manila has a Market value of 5,000,000.00. How much is the basic yearly property tax and
special education fund Tax?
a. 75,000.00
b. 50,00.00
c. 60,000.00
d. 100,000.00
1609. The Net Taxable estate of the decedent is 15,000.00 How much is the estate Tax?
a. 2,215,000.00
b. 3,500,000.00
c. 1,750,000.00
d. 2,650,000.00
1610. Mr. Reyes the Donee donated worth 400,000.00 of car to his brother. How much is the donor tax?
a. 12,000.00
b. 8,500.00
c. 9,750.00
d. 10,000.00
1611. Ms. Beautiful donated 1,500,000.00 worth of Rolex watch to Mr. Pogi who is a stranger. How much is the donor’s tax rate of Ms. Beautiful?
a. 25%
b. 35%
c. 15%
d. 30%
1612. A machine classified as Residential worth 250,000.00. How much is the Assessed Value?
a. 225,000.00
b. 125, 000.00
c. 200,000.00
d. 100,000.00
1613. A machine classified as Agricultural worth as Agricultural worth 250,000.00. How much is the Assessed Value?
a. 225,000.00
b. 125,000.00
c. 200,000.00
d. 100,000.00
1614. A building of Meralco Electric power company with Market Value of 25,000.00. How much
a. 400,000.00
b. 75,000.00
c. 125,000.00
d. 50,000.00
Part II: special/Technical Knowledge
Mock Exam S-1.3 100 items

1615. The four agents of production are

a. Land, labor, capital, improvements
b. Land, labor, capital, entrepreneurship
c. Land, labor, capital, money
d. Land, improvements, labor, materials
1616. Authorizes the local legislative body to enact land use plan and zoning ordinance:
a. National Internal Revenue Code (NIRC)
b. Local Governments Code (LGC)
c. New Civil Code 9NCC)
d. Revised Administrative Code
1617. A deed should be recorded because
a. Recording gives public notice of the transaction and sets the priority
b. It is required by law
c. Title does not pass until the deed is recorded
d. Recording makes the deed a legal document
1618. A land contract, also known as a conditional sales contract or installment sales contract, is
a. A sale of real property where the seller finance the sale and transfers the rights in realty
b. A sale of real property with the seller financing the sale retaining the deed until the loan is paid off
c. A purchase agreement with many conditions on
d. A sales contract with a mortgage loan
1619. The agency that now insures deposits in financial institutions is
a. BSP
b. HDMF
c. HUDCC
d. PDIC
1620. A mortgage is a
a. Document that makes a borrower promises to repay the money
b. Document that gives the interest rate and terms of a loan
c. Pledge of collateral for a real estate loan
d. Pledge of collateral for a car loan
1621. Under a mortgage, the lender is the
a. Mortgagor
b. Mortgagee
c. Equity investor
d. Reconveyance
1622. The secondary mortgage market
a. Is where second mortgages are bought and sold.
b. Is investor like Pag-IBIG, SSS, and GSIS who buy and sell mortgage loans.
c. Is in Makati
d. Is Phil stock exchange
1623. A creditor’s claim against another’s real property resulting from a debt owed to the creditor is called a(an)
a. Easement
b. Not
c. Judgment
d. Lien
1624. Private deed restrictions often are enforced through a
a. Zoning variance
b. Zoning board
c. Homeowners’ association
d. None of the above
1625. In which of the following types of lease arrangements does the lessee agree to pay rent and assume the financial responsibility for payment of
specific operating expenses?
a. Gross lease
b. Closed-end lease
c. Net-lease
d. Ground lease
1626. A revocable personal privilege allowing a person to go up or use land belonging to another is called a (an)
a. Easement
b. Encroachment
c. License
d. Life estate
1627. Suppose a lease contract called for rent of P300 per square meter. However, similar space in the market rented for P150 per square meter the
amount specified in the lease is known as the ___ rent.
a. Contract
b. Market
c. Economic
d. Overage
1628. A series of equal periodic receipts is referred to as a(an)
a. Debt service
b. Annuity
c. Equity divided
d. Amortization
1629. In economics, the four factors of production are
a. Land, labor, capital and improvements
b. Land labor capital, and entrepreneurship
c. Land, labor, capital and money
d. Land, improvements, labor and materials
e. Land, labor, site, and improvements
1630. Which is NOT an agent of production
a. Land
b. transaction
c. Labor
d. Capital
 e. Entrepreneurship
1631. All of the following will affect the market value of a propertyEXCEPT
a. Political factors
b. Legal use restriction
c. Acquisition cost to present owner
d. Economic factors
e. Social concerns
1632. Market value is____ the same as selling price
a. Always
b. Never
c. Sometimes
d. Usually
e. None of the above
1633. Price is
a. Market value
b. Most probable sales price
c. Investment value
d. A historical fact
e. All of the above
1634. Value in use is
a. Subjective
b. Objective
c. Readily measurable
d. A market phenomenon
e. Synonymous with market price
1635. Document to be checked before buying a subdivision lot
a. License to sell
b. Development permit
c. Approve plan
d. Map
1636. Condominium act
a. RA 2774
b. RA 4276
c. RA 4727
d. RA 4726
e. NOTA
1637. Urban Development and housing Act
a. RA 7927
b. RA 7972
c. RA 9279
d. RA 7279
e. NOTA
1638. In the absence of any provision in the master deed of a condominium project, the interest of the unit owners in the common areas shall be;
a. Equal
b. Based on value
c. Decided by the condominium corporation
d. Proportionate
e. NOTA
1639. Unless justifiable cause, the period of completion of development of a subdivision project counted from issuance of license to sell is;
a. Eighteen months
b. Twenty four months
c. Six months
d. Twelve month
e. NOTA
1640. Registration of mortgage covering a subdivision project or completion of development of a subdivision project is a
a. NHA
b. HLURB
c. LGU
d. HUDCC
e. HIGC
1641. A buyer of a subdivision lot on installment after sufficient notice to the developer discontinued paying amortization because the developer failed
to develop the subd as certified by the HLURB in such a situation and under PD 957, the buyer is entitled to a refund which would be
a. Total payment made less penalty charges
b. Total payment made less penalty plus interest charges
c. Total payment made less penalty charges and interest on total payment
d. Total payment plus penalty charges
e. NOTA
1642. The minimum carriageway of road right of way for socialized housing project under the IRR of BP 220.
a. 7M
b. 10M
c. 6M
d. 8M
e. 5M
1643. Jurisdiction for adjudication of buyers complaint against subd. Developer is with the.
a. BTRCP
b. HLURB
c. HUDCC
d. NHA
e. NOTA
1644. Provided by RA 7279 a developer of subd. Project is required to develop and equivalent 20% of the project for
a. Socialized housing
b. Economic housing
c. Open space
d. Commercial area
1645. Title to condominium unit is vested in.
a. Lot owner of the condo project
b. Corporation owning the building
 c. Association of the bldg.
d. Owner of the condominium unit
e. None of the above
1646. Sometimes referred to as a vertical subd.
a. Condominium
b. Town houses
c. Row houses
d. Mansion
e. Hotel
1647. Subdivision and condominium corporation is
a. PD 1216
b. PD 957
c. PD 1981
d. BP220
e. None of the above
1648. The term of a condominium corporation is
a. 10 years
b. 50 years
c. 25 years
d. Co terminus with the duration of condo project
e. All of the above
1649. The performance bond for a subd. Project may be in the form of a surely bond equivalent to.
a. 30% of the development cost
b. 40% of the development cost
c. 20% of the development cost
d. 10% of the development cost
e. 25% of the development cost
1650. The areas reserve for parks, playground and recreational areas of a subd project are.
a. Saleable lots
b. Non alienable public land
c. Exclusively owned by the owner developer
d. Co-owned by the developer and lot owner
1651. The area reserved for roads, alleys and open spaces in a subd. Project with an area of one hectares or more is
a. 10% of the gross area
b. 30% of the gross area
c. 35% of the gross area
d. 25% of the gross area
1652. In mixed use condominium project, the master deed may be amended by the simple majority of unit owners. Majority is based on.
a. Floor area of ownership
b. Number condominium units
c. Total area of condominium units
d. All of the above
1653. The amendment of master of deed of condominium project is decided by the majority of registered owners must be approved by the HLURB
and.
a. City or municipal council
b. City of Municipal Mayor
c. City of Municipal Engineer
d. City or Municipal Assessor
1654. Amendment to the master of deed of a condominium project approved by majority of registered owner also need to be approved by the city
engineer and
a. NHA
b. LRA
c. LGU
d. HUDCC
e. HLURB
1655. The conveyance of real estate in payment of an obligation.
a. Dee of waiver
b. Dacion en pago
c. Pacto de retro sale
d. Quit claim deed
e. Cession of ownership
1656. The voluntary transfer of title to real estate
a. Alienation
b. Quitclaim
c. surrender
d. Adverse possession
e. Certificate
1657. A provision in the blanket mortgage that property whose loan value has been fully paid shall be released from the mortgage.
a. Acceleration clause
b. Defeasance clause
c. Automatic redemption clause
d. Termination clause
1658. Stipulation in mortgage contract where the mortgage is authorized to appropriate the property upon default or non payment of debt.
a. Pactum de aliendo
b. Pactum commissorium
c. Tacita reconduta
d. Pledge
1659. A contract where the property is hypothecated to secure an obligation where the creditor is given right to possess the property and collect the
fruits there of is.
a. Equitable mortgage
b. Antichresis
c. Real estate mortgage
d. Blanket mortgage
1660. Short of foreclosure, the mortgagor agrees to transfer ownership of the mortgaged property to the mortgagee
a. Dacion en pago
b. Auction
c. Redemption
 d. Pacto de retro sale
1661. Liens can be found at the back of the title except;
a. Mechanic liens
b. Tax liens
c. Judgment liens
d. REM
1662. Title to an inherited property maybe transferred to sole heir upon payment of estate tax and execution and registration of a legal document;
a. Affidavit of consolidation
b. Affidavit of adjudication
c. Judicial settlement of estate
d. Extra judicial settlement of estate
1663. Mortgage which covers two or more properties is
a. Close mortgage
b. Blanket mortgage
c. Equitable mortgage
d. Open mortgage
e. Conventional mortgage
1664. In the absence of any stipulation on the period, the vendor in a pacto de retro sale may repurchase the property within
a. 6 years
b. 4 years
c. 10 years
d. 15 years
e. 5 year
1665. Maximum period can a foreigner may leased land in the Philippines is
a. 25 years
b. 50 years
c. 99 years
d. 40 years
e. 75 years
1666. Registration of real estate instrument can be given due course even without the presentation of the owner duplicate certification of title when the
documents.
a. Notice of lis pendins
b. Writ of attachment
c. Notice of adverse claim
d. REM
e. Tax liens
1667. Under the rent control law, the lessor may ask for a deposit rental not exceeding
a. 5 mos
b. 2 mos
c. 3 mos
d. 1 mos
e. 4 mos
1668. Conjugal partnership can be dissolved by
a. Judicial separation of property
b. Conjugal property
c. Absolute community of property
d. Conjugal partnership of gains
1669. Seizure of a property by the court order, usually done to have a it available in the tax event of adverse judgment in a pending suit
a. Foreclosure
b. Attachment
c. Conveyance
d. Escheat
e. Forfeiture
1670. A TCT has an annotation that says’ subject to sec.4 rule 74 of the rules of court. It means that the property is subject to claim by any heir who is
unduly deprive of lawful participation in the settlement of estate;
a. 10 years
b. 5 years
c. 4 years
d. 2 years
e. 1 year
1671. Following are types of property description ordinarily used in deeds, offer, contract, contract to sell except;
a. Metes and bounds
b. Monuments
c. Lot number
d. Rectangular survey
e. All of the above
1672. Husband and wife can sell property top each other in the following circumstances when;
a. spouses have been separated for more than 10 years
b. there has been legal separation
c. there has been judicial separation of property
d. separation of property was agreed upon prenuptial agreement
e. all of the above
1673. in case of refusal of the lessor to accept payment of the rental payment of the rental agreed upon, the lessee may either deposit by way of
consignation the payment in
a. bank
b. court
c. LGU
d. Bureau of treasury
e. HLURB
1674. In real estate business another term for the owner is
a. Principal
b. Customer
c. Prospect
d. Client
e. Owner
1675. Position assumed by the broker as an agent for the principal is most accurately described as
a. Fiduciary relationship
 b. Trustee
c. Trustor
d. Special power of attorney
e. Administrator
1676. A stock corporation established principally for the purpose of owning income generating real estate assets
a. Real estate trust
b. Real estate company
c. Real estate investment trust
d. Real estate investment corporation
e. Philippine stock exchange
1677. The Real estate investment trust act
a. RA 9856
b. RA 9886
c. RA 9865
d. RA 9646
e. RA 9586
1678. A real estate investment trust is a
a. A public company
b. Upon and after listing, have at least 1,000 public shareholders
c. Maintain as a listed company in sec/pse
d. None of the above
e. All of the above
1679. The sale of or transfer of real property to real estate investment trust, which includes the sale or transfer of any and all security interest thereto,
shall be subject to.
a. 25% of the applicable DST
b. 10% of the applicable DST
c. 75% of the applicable DST
d. 50% of the applicable DST
1680. Income payment of the real estate investment trust shall be subject to a lower creditable withholding tax of
a. 5%
b. 7.5%
c. 1%
d. 2%
e. 10%
1681. Real estate investment trust may only invest in
a. Real estate related asset
b. Debts securities, manage funds and listed shares issued by local or foreign non property corporation
c. Real estate located in the phils.
d. Government securities issued in behalf of the GRP or the government of the other countries and securities issued by multilateral agencies
e. All of the above
1682. System of land registration by which the title is recorded becomes indefeasible, absolute and imprescriptible.
a. Torres system
b. Allen system
c. Torrens system
d. Tax Declaration
e. Bonds
1683. Notice of adverse claim annotated on title is valid only for
a. 15 days
b. 90days
c. 30 days
d. 60 days
e. 10 days
1684. Some old Spanish title, the unit of measure one 1”are”isequal to
a. 10 sq.m.
b. 100 sq.m.
c. 1 sq.m.
d. 1,000 sq.m.
e. 10,000 sq.m.
1685. Condensed history of title, showing various link in the chain of title, including liens, encumbrances and other conditions affecting the title
a. TCT
b. OCT
c. Abstract of title
d. Transfer of title
1686. An agreement where the consideration of a contract is deposited with a 3rd party who authorized to release said consideration or payment to
the seller after complied the conditions
a. Contract
b. Statute of fraud
c. Option money
d. Escrow
e. Earnest money
1687. Sale where apportion of the purchase price is paid in cash and balance be paid thru assumption of existing mortgage
a. Deed of sale with mortgage
b. Dation en pago
c. Sale with assumption of mortgage
d. Open mortgage
e. Partial mortgage
1688. Mortgage which permits borrowing additional funds as a later date against the same collateral
a. Blanket mortgage
b. Real estate mortgage
c. Open ended mortgage
d. Half end mortgage
e. Lease mortgage
1689. Legal principle that these is deemed to be an implied new lease contract with the lessee continues to occupy the leased premises for at least 15
days after the expiration of the lease with the acquiescense of the lessor.
a. Tacuta reconduccion
b. Tacita reconduccion
c. Lease contract
 d. Rent contract
e. Leasing and finance
1690. Stipulation in mortgage from the used of land of the forces inherent to the land
a. Deed of sale withy assumption of mortgage
b. Antichresis
c. Pacto non aliendo
d. Blanket mortgage
e. Open mortgage
1691. Revenue derived from the used of land and of the forces inherent to the land.
a. Interest
b. Economic rent
c. Flat rent
d. Leased
e. Income
1692. Contract between an owner and tenant setting forth the condition of the used.
a. Interest
b. Economic rent
c. Flat rent
d. Leased
e. Income
1693. Extrajudicial foreclosure of mortgage of real estate acquired through homestead the redemption period is.
a. 10 years
b. 8 years
c. 20 years
d. 5 years
e. 15 years
1694. Period does the right to foreclosure a mortgage prescribe.
a. 10 years
b. 8 years
c. 20 years
d. 5 years
e. 15 years
1695. An accessory contract whereby the debtor guarantees the performance of the principal obligation by subjecting the real property or rights as
security in case if non-payment of obligation within the agreed period
a. Leased
b. Negative pledge
c. Real estate mortgage
d. Promissory note
e. Contract of loan
1696. Court action to remove cloud on the title
a. Lis pendens
b. Mechanic petition
c. Appeal consulta
d. Petition to quite title
e. TRO
1697. It refers to a notice that a property is subject to pending litigation
a. Lis pendens
b. Mechanic petition
c. Appeal consulta
d. Petition to quite title
e. TRO
1698. Judgment for the mortgagor to pay the balance of an obligation if proceeds of foreclosure sale is not sufficient to cover the mortgage obligation.
a. Attachment
b. Levy
c. Deficiency judgment
d. Garnishment
e. Judgment liens
1699. An annotation on the title which serves as notice that the property is being held in reserve or whatever judgment maybe rendered against the
owner
a. Writ of preliminary attachment
b. Levy
c. Deficiency judgment
d. Garnishment
e. Judgment liens
1700. Transfer of awarded lands from CARP is prohibited for a period of
a. 5 years
b. 8 years
c. 20 years
d. 15 years
e. 10 years
1701. PD 1517 or Urban Land Reform Law and area considered urban when it has a population density of at least an area of.
a. 1,000 resident per sq.km. and at least 25% of active resident engage in non -agricultural activities
b. 2,000 resident per sq.km. and at least 50% of active resident engage in non-agricultural activities
c. 1,500 resident per sq.km. and at least 50% of active resident engage in non-agricultural activities
d. 2,000 resident per sq.km. and at least 70% of active resident engage in non-agricultural activities
e. 1,000 resident per sq.km. and at least 25% of active resident engage in non agricultural activities
1702. Type of loan where lender has come control over the project and the income for a certain period, part or all which is assigned to him to
amortized the project
a. Project loan
b. Syndicated loan
c. Turn key loan
d. Chattel loan
e. Cash loan
1703. General banking act, loans maybe granted by the banking institutions against real estate security shall not exceed appraisal of real estate
security
a. 50%
b. 60%
 c. 70%
d. 75%
e. 80%
1704. Law providing for comprehensive and integrated shelter and urban development financing program
a. RA 7385
b. RA 8573
c. RA 7835
d. RA 9646
e. RA 6552
1705. Modified system under HLURB whereby housing loans may be extended through other conduits like banks.
a. Community mortgage
b. Lateral lending program
c. Pag-ibig fund
d. Multi window lending program
e. National mortgage
1706. Purchase of pag ibig bonds is a compliance of socialized housing component for subdivision project, how many percent of the total project cost.
a. 15%
b. 25%
c. 50%
d. 20%
e. 30%
1707. 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
1708. Buyers of real property covered by RA 6552 do not include installment buyers of
a. Industrial lots
b. House and lot packages
c. Residential subd lots
d. Residential condominiums
1709. Retention limits under carp for foreign individuals on lease, management grower or service contract
a. Not more than 100 has
b. Not more than 500 has
c. Not more than 10 has
d. Not more than 1,000 has
1710. Comprehensive agrarian reform program extension with reforms
a. RA 8435
b. PD 957
c. RA 6657
d. RA 9700
1711. RA 6552 or the Maceda law
a. Realty installment and protective decree
b. Realty installment buyers protection act
c. Realty installment and buyers protective decree
d. Realty installment and financing
1712. Which of the following cannot be issued condominium certificates of titles
a. Subdivision lots
b. One level raw house
c. Two level row house
d. Industrial warehouse
1713. The required number of votes of registered owners owners to authorize a condominium corporation to sell or otherwise dispose of the common
areas in a condominium corporation project is.
a. Unanimous votes
b. 2/3 votes
c. Simple majority votes
d. 1/3votes
1714. A space to be considered a condominium unit
a. At least 5 storey high
b. Manage by condominium corporation
c. Be susceptible to independent use and owner ship
d. Unencumbered by any restriction

MOCK EXAM SET -1.4

1715. The right of an owner lessor to receive the contract rent and reversion of property at the end of the lease is
a. Fee simple
b. Net lease
c. Lease fee estate
d. Freehold
1716. A contract of sale is to deed of sale, contract to sell is
a. Deed of conditional sale
b. Deed of sale with mortgage
c. Deed of absolute sale
d. Dation en pago
1717. A subd plan needs only the approval of the registration or land management bureau to effect segregation of titles when resulting number of lots
is
a. 9 or less
b. 12 or less
c. 20 or less
d. 10 or less
1718. An annotation on title which serves as notice that the property is being held in reserve for whatever judgment may be rendered against the
owner
a. Adverse claim
b. Writ of preliminary attachment
c. caveatemptor
 d. Lis Pendens
e. None of the above
1719. The study of current supply and demand conditions in a particular area for participation type of property is:
a. Market analysis
b. Real Estate appraisal
c. Cash flow analysis
d. Absorption method
e. Income projection
1720. The process of making installment payments consisting of principal and interest that reduces the loan balance:
a. Amortization
b. Acceleration
c. Liquidation
d. Hypothecation
e. None of the above
1721. Under RA 6732, administrative reconstitution of lost or destroyed original copies of titles can be availed of when the certificates lost or
destroyed area at least:
a. 10% of all titles in the registry
b. 30% of all titles in the registry
c. 40% of all titles in the registry
d. 20% of all titles in the registry
e. None of the above
1722. Easement is to real property, usufruct is to:
a. Personal property
b. Personal or real property
c. Personal and real property
d. Real property
e. None of the above
1723. As a mode of acquiring title to real property without any limitations other than those imposed by law or contract
a. 5 years
b. 30 years
c. 15 years
d. 50 years
e. 10 years
1724. The bundle of rights inherent in ownership without any limitations other than those imposed by law or contract is:
a. Fee Estate
b. Fee simple
c. Lease fee estate
d. Tenancy in common
e. None of the above
1725. The following liens can be found at the back of the title except:
a. Real estate tax liens
b. Mortgage lien
c. Mechanic’s liens
d. Judgment liens
e. None of the above
1726. Seizure of a property by court order, usually done to have it available in the event of adverse judgment in a pending suit, is:
a. Escheat
b. Foreclosure
c. Forfeiture
d. Attachments
e. None of the above
1727. A buyer of real estate has already paid in 8 years of installment a total amount of P520,000.00 inclusive of P20,000.00 penalty interest. The
cash surrender value of the property based on Maceda Law is:
a. P200,000.00
b. P325,000.00
c. P250,000.00
d. P350,000.00
e. None of the above
1728. X, owner of a10-door apartment rented a unit to Y for a period of one year. Under the law on lease Y, without the consent of X, may perform
any of the following acts, except:
a. Sublease the unit
b. Assign his rights
c. Suspend payment if X fails to make the necessary repairs
d. Demand payment reimbursement constituting one half of the value of the usual improvements introduced in good faith
e. All of the above
1729. A special power of attorney to sell a real estate carries with it all the following except:
a. Power to find a purchaser
b. Power to sell directly
c. Power to sell only for cash
d. Power to fix the term of sale
e. None of the above
1730. The right of an owner-lessor to receive the contract rent and reversion of the property at the end of the lease is called:
a. Fee simple
b. Lease fee simple
c. Leasehold
d. Net lease
e. None of the above
1731. A legal provision which requires agreement for the sale of real estate to be in writing and subscribed to by the parties to be enforceable by
action
a. Defeasance by clause
b. Statute of Fraud
c. Evidentiary clause
d. Parole clause
e. Enforceability clause
1732. In the absence of any stipulation on the period, the vendor in a pacto de retro sale may repurchase the property within:
a. 4 years
b. 8 years
 c. 6 years
d. 10 years
e. None of the above
1733. If a contract of sale is to deed of sale, contract to sell is to:
a. Pacto de retro sale
b. Deed of conditional sale
c. Dee of sale with mortgage
d. Daction en pago
e. None of the above
1734. In a sale de retro where it is stipulated that the vendor has the right to repurchase the property “when he has the means”, he has___ to redeem
it.
a. 3 years
b. 10 years
c. 4 years
d. 20 years
e. None of the above
1735. Under the Rent Control Law, the lessor may ask for a deposit rental not exceeding:
a. 1 month
b. 3 months
c. 2 months
d. 4 months
e. 5 months
1736. A provision in a mortgage contract which releases the property from the encumbrance when the obligation is fully paid
a. Automatic redemption clause
b. Non-liability clause
c. Defeasance clause
d. Exculpatory clause
e. Any of the above
1737. In case of sale of agricultural lands not exceeding five (5) hectares, aside from clearance from DAR, buyer must also submit what document?
a. Undertaking to surrender land in excess of retention limits
b. Affidavit of compliance with CARL
c. Affidavit of total or aggregate landholding
d. Certification from DAR
e. Affidavit of waiver
1738. The retention limit of landowners under the CARP is:
a. 5 has for the landowner and 3 has per child irrespective of age
b. 5 has for the landowner and 3has per child who must be at least 15 years old
c. 5 has for the landowner and 5 has per child whether or not they till the land or manage the farm
d. 5 has for the landowner and 3 has per child who must be at least 15 years old and is actually tilling the land or managing the
farm
e. 5 has for the landowner and 3 has per child who must be over 21 years old
1739. A buyer of a subdivision lot on installment after sufficient notice to the developer discontinued paying amortization because the developer failed
to develop the subdivision as certified by the HLURB in such a situation and under P.D 957, the buyer is entitled to a refund which would be:
a. Total payment made less penalty charges
b. Total payments made less penalty and interest charges
c. Total payments made less penalty charge plus interest on total payment
d. Total payments including penalty charges
e. None of the above
1740. Unless extended for justifiable cause, the period of completion of development of a subdivision project, counted from issuance of license to sell,
is:
a. Six month
b. Twelve months
c. None of the above
d. Eighteen months
e. Twenty four months
1741. Registration of a mortgage covering a subdivision project or completion of development of a subdivision project is at the:
a. Local Government Unit
b. Housing and Urban Development Coordinating Council
c. Home Insurance Guarantee Corporation
d. Housing and Land Use Regulatory Board
e. National Housing Authority
1742. Which of the following cannot be issued condominium certificates of titles?
a. One-level row house
b. Industrial Warehouses
c. Subdivision Lots
d. Two-level row houses
e. None of the above
1743. N/A
a. Corporation owning the building
b. Owner of condominium unit
c. Lot owner of the condominium project
d. Association of the Building
e. All of the above
1744. The required number of votes of registered owners to authorize a condominium corporation to sell or otherwise dispose of the common areas in
a condominium project is:
a. Two-thirds
b. Three-fourths
c. Simple majority
d. Unanimous
e. None of the above
1745. As provided by R.A. 7279, a developer of a subdivision project is required to develop an equivalent20% of the project for:
a. Economic housing
b. Commercial area
c. Socialized housing
d. Open space
e. None of the above
1746. Jurisdiction for adjudication of buyer’s complaints subdivision developers is with the:
 a. Bureau of Trade Regulation and Consumer Protection
b. Housing and Urban Development Coordinating Council
c. National Housing Authority
d. Housing and Land Use Regulatory Board
e. Regular courts
1747. The performance bond for a subdivision project may be in the form of a surely bond equivalent to:
a. 10% of development cost
b. 20% of development cost
c. 30% of development cost
d. 40% of development cost
e. None of the above
1748. The amendment to the Master Deed of a condominium project decided by majority of registered owners must be approved by the HLURB and:
a. City or municipal mayor
b. City or municipal assessor
c. City or municipal engineer
d. City or municipal council
e. City or municipal building official
1749. The areas reserved for parks, playgrounds and recreational areas of a subdivision project are:
a. Exclusively owned by the owner-developer
b. Co-owned by the developer and lot buyer
c. Non-alienable public lands
d. Saleable lots
e. None of the above
1750. The term of a condominium corporation is:
a. Fifty years
b. Twenty-five years
c. Ten years
d. Co-terminus with duration of condominium project
e. Subject to agreement between the condominium corporation and the unit
1751. The area reserved for roads, alleys and open spaces in a subdivision project with an area of one hectare or more is:
a. 20% of gross area
b. 30% of gross area
c. None of the above
d. 25% of gross area
e. 35% of gross area
1752. For a space to be considered a condominium unit, it must:
a. Be encompassed by interior surface of walls, floor and ceilings
b. Be managed by a condominium corporation
c. Be unencumbered by any restriction
d. At least five storeys high
1753. In mixed use condominium project, the master deed may be amended by simple majority of unit owners. Majority is based on:
a. Number of condominium units
b. Total area of condominium units
c. None of the above
d. Floor area of ownership
e. Any of the above
1754. The effectivity of Maceda law of RA 6552.
a. August16, 1972
b. August 26, 1972
c. Feb 26, 1978
d. March 12, 1976
1755. Under HDMF circular 189-C , a qualified pagibig member can purchase residential lot not exceeding
a. 500 sq.m.
b. 750 sq.m.
c. 250 sq.m.
d. 1,000 sq.m.
e. 1,500 sq.m.
1756. Maximum amount of loan available under Unified Home Lending Program
a. 250,000.00
b. 200,000.00
c. 300,000.00
d. 375,000.00
e. 500,000.00
1757. Is the amount paid by the lessee of a house or flat fee of a commercial bldg..
a. Economic rent
b. Interest
c. Lease
d. Rental
e. Market price
1758. It is the price of any commodity in its market at a specified time
a. Economic rent
b. Interest
c. Lease
d. Rental
e. Market price
1759. It is a contract between an owner and a tenant setting for condition of use
a. Economic rent
b. Interest
c. Lease
d. Rental
e. Market rent
1760. Types of sale not covered by Maceda Law (Sec. 03 of RA 5662)
a. Sale of Industrial Lots
b. Sale of Commercial Bldg
c. Sale to tenant under RA#3844 (Code of Agrarian reform in the Phils.)
d. Installment sale by Sale of Mortgage and Not Contract to Sell
e. None of the abvove
1761. The contract is under Maceda Law, buyer who paid at least2 years installment shall be refunded the amount of equal to ___ of total payment
made, (Sec 3b)
a. 25%
b. 40%
c. 50%
d. 75%
1762. How Many grace period that the buyer is entitled if it paid less than 2 years of installment?
a. 30 days
b. 45 days
c. 60 days
d. 90 days
1763. The law that requires lenders to report the cost of credit in terms of annual percentage rate
a. Mortgage law
b. General Banking Act
c. Yield interest act
d. Truth in lending act
e. Multi window lending program
1764. The maximum term of loan under Pagibig I & II for loan amount of 450,000.0 is
a. 15 years
b. 20 years
c. 25 years
d. 30 years
e. 35 years
1765. In the sale of house and lot the different between a selling price and loanable amount is as
a. Cost
b. Loan value
c. Equity
d. Capitalization
e. Book value
1766. The law that reverted the nature of Pag-ibig membership to mandatory to all SSS and GSIS members earning at least 4,000.00 a month
a. RA 2477
b. RA 7742
c. RA 7279
d. RA 1096
e. None of the above
1767. The law that governs the administration, appraisal, assessment and collection of real properties of which known as Local Government Code
a. RA 6701
b. RA 1991
c. RA 6170
d. RA 7160
e. RA 7610
1768. Under BP220 of subdivision water requirement what is the maximum average daily demand liters per capital per day?
a. 250 liters
b. 100 liters
c. 150 liters
d. 200 liters
1769. In Philippines history, The Philippines was sold by Spain to America amounting to?
a. 150,000,000.00 dollars
b. 220,000,000.00 dollars
c. 350,000,000.00 dollars
d. 120,000,000.00 dollars
1770. 1 hectares land with a low density of 20 family lots and below per gross hectares. How much is allocated exclusively for parks, playgrounds and
recreational use?
a. 350 sq.m.
b. 450 sq.m.
c. 550 sq.m.
d. 650 sq.m.
1771. Under BP220 bathroom shall be provided with a windows with an area of less than of its floor area
a. 1/15
b. 1/3
c. 1/25
d. 1/20
1772. Mezzanine floor in Socialized housing shall have a clear height of not less than __- above and below it, provided that is shall not cover ___ of
the floor area below it.
a. 1.50 meters and 60%
b. 1.80 meters and 50%
c. 2.00 meters and 25%
d. 1.75 meters and 75%
1773. BP 220 width of stairway shall have a minimum clear width of
a. .30 meters
b. .40 meters
c. .50 meters
d. .60 meters
1774. BP 220 use of ladders may be allowed provided that the maximum distance between landings shall be
a. 2.00 meters
b. 1.50 meters
c. 1.75 meters
d. 1.80 meters
1775. BP 220 stairs shall have a maximum riser height of ___ and a minimum tread width of ___
a. .20 meters and .25meters
b. .50 meters and .05 meters
c. .25 meters and .20 meters
d. .25 meters and .50 meters
1776. BP 220 whenever a dwelling abuts on a property line, a firewall shall be required, the firewall shall be of MASONRY construction, at least ___
thickness and extend vertically from the lowest portion of the wall adjoining the living units up to the maximum height of___
a. 200 mm or 8 inches and .25 meters
b. 150 mmor6 inches and .30 meters
 c. 100 mm or 4 inches and .30 meters
d. 150 mm or 6 inches and .25 meters
1777. BP 220 multi family dwellings and condominiums (application for both economic and socialized housing) non residential use shall be ___ of total
areas which includes hallways, corridors or similar spaces which serve both residential and non residential areas.
a. 15%
b. 20%
c. 25%
d. 30%
1778. A Deed of sale executed at a total consideration of 800,00. Compute doc stamp tax?
a. 12,000.00
b. 12,500.00
c. 14,000.00
d. 10,000.00
1779. A deed of mortgage worth 1,200,000 as security for a loan house and lot. Compute doc stamp tax?
a. 4,210.00
b. 2,410.00
c. 1,240.00
d. 2,140.00

MOCK EXAM SET -1.5

1780. Real estate is usually authorized to the ff. acts except:

a. Advertise the listing
b. Bind the principal in the contract
c. Place for sale sign in the property
d. Cooperate with other broker
e. Cooperate with other broker
1781. Real estate broker must not encourage the following act when with a sale transaction to help the client reduce cost.
a. Under value the amount in the deed of sale
b. Pay to BIR where the property is located
c. Pay the property taxes on time
d. Register immediately the sale with the ROD
e. Pay the taxes on sale on time
1782. To constitute negligence or failure to disclose or ascertain to any person with whom a broker is dealing relative to the property and within his
knowledge at the time of the transaction, what matters must the broker fail to disclosed.
a. Fair market value of the property
b. Material fact or data or information
c. Location, topography and shape
d. Real property tax receipt
e. History of title
1783. Listing currently listed a real estate broker and obtained by another broker must not be solicited obtained by said broker unless
a. The authority of the listing broker has expired
b. The listing broker has not returned the call of the another broker for at least a week
c. The authority of the listing broker has been revoked
d. The owner without solicitation from the new broker has expired or revoked.
e. The authority of the listing broker is not exclusive
1784. The following acts are unethical except
a. Delaying submission of formal offer that the he had received from a prospective buyer in the hope of securing a higher offer.
b. Keeping a special bank account, separate and distinct from his own funds, for all monies received in trust for other persons
such as client money and similar items.
c. Disclosing the client confidential personal information to a fellow broker in order to facilitate the sale of the client
d. Encouraging the parties to a sale to indicate consideration lower than the actual selling price.
1785. Process of bartering land and for another piece of land and or shares of stock of equal value in the government or quasi government
corporation
a. Land assembly
b. Land reform
c. Land banking
d. Land exchange
1786. Acquisitions of lots of varying ownership through, among others, expropriation or negotiated purchase for the purpose of planning and
development unrestricted by individual property boundaries
a. Expropriation
b. Land banking
c. Land assembly
d. Land reform
1787. 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 banking
c. Land assembly
d. Land reform
1788. Acquisition of land in advance of actual need for the purpose of acquiring lands at existing use value and disposing of them in an manner which
influence land price formation and promote planned development
a. Land reform
b. Land assembly
c. Land exchange
d. Land banking
1789. States that a specified party must be given an opportunity before any others to either accept or reject an offer.
a. Right to redeem
b. Land assembly
c. Right of first refusal
d. Right to reject
1790. A real estate listing is
a. A list of all properties in the area
b. A list of all estate properties held by one owner
c. A written list improvements on the land
d. Employment of a broker by owner to sell or lease
1791. Which of the following listing affords the best production for real estate brokers
 a. Open listing
b. Exclusive listing
c. Exclusive right to sell
d. Multiple listing
1792. An agreement between an owner and a broker to sell a real estate.
a. Joint venture
b. Power of attorney
c. Listing
d. Authorization to sell
1793. An authority given by the developer t a broker to look for a supplier of backfilling materials is
a. Exchange agency
b. Procurement agency
c. General brokerage
d. Sales agency
1794. For the hold over clause to entitle the broker to commission even if he closed the sale after the lapse of his authority, the must
a. Submit written acknowledgement of his buyer
b. Register his property during his authority
c. Register and negotiate with his prospect during his authority
d. None of the above
1795. The commission rate for the sale of real estate is determined by
a. Agreement between seller and buyer
b. Discretion of the seller
c. Standard rate approved by the broker in a locality
d. Fixed schedule of commission approved by the PRC
1796. A document issued by the DENR/EMB certifying that the proponent has complied with all the requirements of the EIS system and has
committed to implement its approved environmental management plan.
a. Environmental impact statement compliance
b. Environmental compliance certificate compliance
c. Certificate of environmental
d. Environmental certificate of
1797. The process that involves evaluating and predicting the likely impacts of a projection on the environment during construction, commissioning,
operating and abandonment.
a. Project impact study
b. Environmental impact study
c. Project feasibility study
d. Environmental impact assessment
1798. Ecological solid waste management act
a. RA 1586
b. RA 9003
c. RA 9275
d. RA 8749
1799. Under RA 7279___ shall be restored to only when other modes of acquisition have been exhausted
a. Land swapping
b. Land consolidation
c. Expropriation
d. Purchase
1800. The priority right of a tenant to buy the land located in an urban land reform area is known as
a. Tenant retention right
b. Tenant right of first refusal
c. Tenant incremental right
d. Tenant possessory right
1801. The real estate broker is usually authorized to do all the following acts, except:
a. Advertise the listing
b. Cooperative with other brokers
c. Place “ For Sale sign on the property
d. Bind the principal in a contract
e. Look for property
1802. An authority given by the developer to a broker to look for a supplier of backfilling materials who shall be paid with developed lots is:
a. Procurement agency
b. General Brokerage
c. Exchange agency
d. Sales agency
e. None of the above
1803. The possession of trust assumed by the broker as an agent for the principal is most accurately described as:
a. Trusteeship relationship
b. Trustor relationship
c. Amicable relationship
d. Fiduciary relationship
e. None of the above
1804. Which of the following listing affords the best protection for real estate brokers?
a. Open listing
b. Multiple listing
c. Exclusive agency
d. Exclusive right to sale
e. None of the
1805. A real estate listing is:
a. A list of all estate properties held by one owner.
b. Employment of broker by owner to sell or lease
c. A written list of improvements on the land.
d. A rendition of property for valuation
e. A list of all properties in an area
1806. The commission rate for the sale of real estate is determine by:
a. Standard rate approved by the brokers in a locality
b. Fixed schedule of commission approved by the PRB-RES
c. Discretion of the seller
d. Agreement between seller and broker
e. None of the above
1807. For the :hold-over” clause to entitle the broker to commission even if the closed the sale after the lapse of his authority, the broker must:
a. Register his property during his authority
b. Submit written acknowledgement of his owner
c. Register and negotiate with his prospect during his authority
d. All of the above
e. None of the above
1808. To constitute negligence or failure to disclose or as certain to any person with whom a broker is dealing relative to the property and within his
knowledge at the time of the transaction, what matters must be broker fail to disclose?
a. Previous owner of property or history of title
b. Fair market value of the property
c. Location, topography, and shape of property
d. Material fact, data or information.
e. Whether property is update in tax payments
1809. The scope of brokerage as follows, but not:
a. Authority to look for property
b. Engagement to look for a buyer
c. Procurement of insurance for properties secured by real estate
d. Procurement of loans secured by real estate.
e. Procurement of tenants for rental properties
1810. Under the Code of Ethics, the following is considered ethical:
a. Negotiate a property listed directly with the owner if the listing broker goes out of town for a few days and cannot be contacted
b. Should cooperate with other brokers on property listed provided they are members of any national real estate broker’s association
c. Use the services of the salesman of another broker provided the salesman the agreed upon commission
d. Willingly share with other brokers the lessons from his experience and study .
1811. A listing currently listed with a real estate broker and obtained and acquired by another broker must not be solicited or obtained by said broker
unless:
a. The authority of the listing broker is non-exclusive
b. The authority of the listing broker has expired
c. The listing broker has not returned the call or text messages of the other broker for at least one week
d. The authority of the listing broker has been revoked
e. The owner, without solicitation from the new broker, efforts to list the same with the new broker after the authority of the listing
broker has expired or been revoked.
1812. A sign giving notice of a property for sale or lease should not be placed on a property by more than one broker, but may be done only if
a. The sign is placed at least one meter away from the other sign
b. The sign should be of the same size as the other signs
c. Authorized by the owner
d. It should not exceed three signs on the property
e. The address of the broker is indicated on the sign
1813. In the absence of a valid pre-nuptial agreement, the government property relations of a married couple is:
a. Conjugal property
b. Complete separation of property
c. Conjugal partnership of gains
d. Absolute community of property
e. Any of the above
1814. The selling price of real estate is usually based on its:
a. Market Value
b. Speculative Value
c. Instrinsic Value
d. Exchange Value
e. None of the above
1815. The average selling price of homes in a district can best determined by:
a. Comparative Analysis
b. Assessed Value
c. An appraisal
d. Any of the above
e. None of the above
1816. Income approach in appraisal would be most widely used:
a. On commercial and investment properties
b. On newly opened subdivision
c. On properties heavily mortgage
d. On properties heavily insured
e. None of the above
1817. An estimate or opinion of value
a. Appraisal
b. Analysis
c. Economic value
d. Loan to Value ratio
e. None of the above
1818. The increase in value of real estate without any effort or expense of the owner is:
a. Unearned increment
b. Unearned income
c. Accretion
d. Accession
e. Adhesion
1819. A land survey always uses a reference point. It could be:
a. Bureau of and Location Monument
b. Bureau of Lands Barrio Monument
c. City Boundary Monument
d. Provincial Boundary Monument
e. Any of the above

THEORIES AND PRINCIPLES IN APPRAISAL

1820. This principle proves that if two similar houses are for sale, the lower priced house generally will be purchased first .
a. Consistent Use
b. Highest and Best Use
c. Conformity
 d. Substitution
1821. The value of a property is the present worth of all present and future benefits arising from ownership and use of real estate.
a. Competition
b. Anticipation
c. Surplus Productivity
d. Consistent Use
1822. Real estate passes through a cycle of (in proper order)
a. Stability, Renewal, Decline, Revitalization
b. Revitalization, Stability, Growth, Decline
c. Decline, Stability, Revitalization, Growth
d. Growth, Stability, Decline, Renewal
1823. This principle is attracted by profit, favors the consumer, and may ruin profit if there is too much it.
a. Supply and Demand
b. Competition
c. Increasing Diminishing Returns
d. Progression/Regression
1824. An example of a direct violation of the principle of conformity is:
a. Misplaced improvements
b. Social and economic homogeneity
c. High crime rates in the neighborhood
d. Poor purchasing power
1825. There is____ contribution if cost is less or equal than gain in value, while there is____ contribution if cost is greater than the gain in value of a
property.
a. Negative, positive
b. Positive, positive
c. Negative, negative
d. Positive, negative
1826. The target or basis of appraisal among all principle is:
a. Conformity
b. Highest and Best Use
c. Law of Supply and Demand
d. Consistent Use
1827. When several parcel of land are consolidated into one larger lot, the value of the single lot is larger than the sum of the individual lots .
a. Increasing and Diminishing Returns
b. Contribution
c. Plottage
d. Progression
1828. Synergistic value is also called
a. Caprice value
b. Marriage value
c. Investment value
d. Fair Market value
1829. Progression and Regression follows the law of:
a. Increasing and Diminishing Returns
b. Supply and Demand
c. Attraction
d. Common law
1830. That point where over-improvement causes a decrease in income, and eventually a decrease in value of the property, is proved by:
a. Law of Increasing and Diminishing Returns
b. Law of Attraction
c. Law of Supply and Demand
d. Non-conformity
1831. Which of the following is not true?
a. When supply is high, and demand is low, value is low
b. When supply is low, and demand is high, value is high
c. When supply is low, and demand is high, value is low
d. All of the above
1832. Land has the last claim to the income of a property.
a. Balance
b. Change
c. Law of Supply and Demand
d. Surplus Productivity
1833. The four agents of production are:
a. Land, manpower, capital debt
b. Real Estate, purchasing power, cost of money, transaction price
c. Land, labor, capital, management
d. Producer, consumer, distributor, receiver
1834. Influences outside a property may have a positive or negative effect on its value.
a. Externalities
b. Socio-economic factors
c. Political influences
d. Gurable obsolescence
1835. Land cannot be valued on the basis of one use while the improvements are valued on the basis of another
a. Highest and best legal use
b. Increasing and Diminishing Returns
c. Conformity
d. Consistent use
1836. The value of materials recovered from depreciated property
a. Salvage value
b. Caprice value
c. Scarp value
d. Unrepresented value
1837. Value in use is to the ____, while value in exchange is to the _____.
a. Appraiser, owner
b. Buyer, owner
c. Owner, appraiser
d. Owner, buyer
1838. It is the result of net income divided to its rate .
a. Loan value
b. Capitalized value
c. Cash value
d. Investment Value
1839. Market value f the assessor is based on
a. Actual use
b. Zoning
c. Classification
d. Selling price

STANDARDS AND ETHICS

1840. The process of analyzing sets of property and market data to determine the specific parameters of a model
a. Interpretation
b. Calibration
c. Valuation
d. Expropriation
1841. The following are professional conduct of a property valuer except:
a. Integrity
b. Objectivity
c. Thriftiness
d. Confidentially
1842. A valuer may accept assignments with predetermined opinion conclusions, provided there is consent from the requesting party.
a. True
b. Partially true
c. False
d. None of the above
1843. Under the USPAP, a valuer must retain file and working papers at least.
a. 3 years
b. 5 years
c. 4 years
d. 6 years
1844. Under Philippine Valuation Standards, the minimum record keeping is.
a. 3 years
b. 5 years
c. 4 years
d. 6 years
1845. Loss in value is brought by all except:
a. Economic obsolescence
b. Functional obsolescence
c. Change in governance
d. Physical wear and tear
1846. The National Code of Ethics of DTI contains rules of conduct and practice to the following except:
a. In relation to government
b. In relation to fellow practitioners
c. In relation to the Church
d. In relation to client
1847. A compliance review where a valuer gives and impartial judgment on work of another valuer.
a. Technical review
b. Field review
c. Desk review
d. Valuation Appraisal review
1848. For purpose of correcting a fellow practitioner’s work a valuer may criticize publicity the former’s work, even if it might put him/her in bad light .
a. True
b. Partially true
c. False
d. Depending on the organization they are part of
1849. A valuer must always disclose a lack of skill or competence in an assigned project, and can get assistance from a more equipped fellow.
a. True
b. Partially false
c. False
d. Depending on the workflow

HUMAN AND PHYSICAL GEOGRAPHY

1850. The study of the earth and its features

a. Meteorology
b. Geography
c. Geology
d. Ecology
1851. ______is to relative location____ is to absolute location
a. Toponym, Site
b. Mathematical Situation, Situation
c. Situation, Mathematical Situation
d. Site, Toponym
1852. A township measures.
a. 6x6 miles
b. 8x8 miles
c. 7x7 miles
d. 9x9 miles
1853. The following are not physical indicators of the quality of life, except:
a. Housing
b. Democratic process
c. Land use planning
d. Recreational resources
1854. Crude death rate is
 a. Annual number of deaths per 10,000 square meters of spatial location
b. Annual number of deaths per 10,000 population
c. Annual number of deaths per 1,000 live births
d. Annual number of deaths per 1,000 population
1855. There is natural increase in fertility if
a. Crude birth rate is higher than crude death rate
b. Crude birth rate is lower than crude annual birth rate
c. Crude birth rate is higher than annual birth rate
d. Crude birth rate is higher than estimated NSO birth rate
1856. The movement from less concentration to more concentration is .
a. Uprise
b. Urbanization
c. Growth
d. Revitalization
1857. Labor productivity is computed by:
a. Dividing value of capital to number of manpower
b. Dividing value of goods to number of labor hours
c. Dividing number of manpower to number of labor hours
d. Dividing number of labor hours to value of goods
1858. ______ is a term referring to permanent human settlement.
a. Demography
b. Ecumene
c. Migration
d. Census
1859. The ratio of the length of an object to its length on the earth’s surface is called.
a. Spatial distribution
b. Density
c. Concentration
d. Scale

REAL ESTATE FINANCING

1860. A sale in form but mortgage in substance

a. Pacto de Retro
b. Pacto de Non Aliendo
c. Pactum Commissorium
d. Dacion en Pago
1861. The period for right of redemption for corporations is
a. 1 year if habitually engaged
b. 1 month
c. 3 months
d. 1 year
1862. In a judicial foreclosure, the owner o a property has 3 months before approval of court order to redeem his/her land.
a. Right of redemption
b. Reglamentary period
c. Equity of redemption
d. Prescriptive period
1863. It is the study of the production, distribution and consumption of goods and services.
a. Geography
b. Accounting
c. Statistics
d. Economics
1864. Where buyers and sellers meet to exchange trade goods and services with valu at negotiated prices.
a. Economy
b. Market
c. Industry
d. Negotiation
1865. There are more sellers and few buyers
a. Seller’s market
b. Oligopsony
c. Buyer’s market
d. Oligopoly
1866. The main participants in a real estate market are:
a. Consumers, producers and distributor’s
b. Owners, renters facilitators
c. Distributors, renovators developers
d. Users, facilitators, managers
1867. The following are agents of production except
a. Land
b. Purchase power
c. Labor
d. Entrepreneurship
1868. That value concept that states that human labor is the sole creator of value.
a. Social theory of Mill
b. Cost theory of Adam Smith
c. Labor theory of Marx
d. Scarcity theory of Malthus
1869. That value concept that states that land value increases indefinitely.
a. Social theory of Mill
b. Cost theory of Adam Smith
c. Labor theory of Marx
d. Scarcity theory of Malthus

LAND MANAGEMENT SYSTEM AND REAL PROPERTY LAWS

1870. All public lands cannot be alienated except:

a. Timber
 b. Agricultural
c. Forest
d. Mineral
1871. Filipinos can purchase and lease how many hectares of public land?
a. 15 hectares purchase, 5 hectares lease
b. 12 hectares purchase, 500 hectares lease
c. Cannot purchase, but can lease 1000 hectares
d. 12 hectares purchase, 5000 hectares lease
1872. In order of priority, the least method of land acquisition the government resorts to is:
a. Land swapping
b. Expropriation
c. Negotiated purchase
d. Joint venture agreement
1873. An act authorizing HLURB to establish and promulgate standards and requirements for economic and socialized housing
a. PD 957
b. BP 220
c. EO 209
d. PD 27
1874. The minimum lot size for a single detached lot is:
a. .54 sqm
b. 72 sqm.
c. 36 sqm.
d. 32 sqm.
1875. A developer must deliver/turn over at least phase for every___ hectares every year.
a. 20 hectares
b. 10 hectares
c. 15 hectares
d. 5 hectares
1876. Subdivision and Condominium Buyer’s Decree
a. PD 592
b. PD 100
c. PD 27
d. PD 957
1877. In absolute community regime, the following are exclusive properties except.
a. Those acquired by gratuitous title
b. Those fruits of labor, gains, in industry or profession
c. Those for personal or exclusive use of either spouse.
d. Those acquired before marriage by either spouse who has legitimate descendants.
1878. When one spouse gains chance (winning in betting), co-ownership of fruits applies; however, if that spouse loses,
a. The other spouse also takes part in the loss.
b. Only the spouse who gambled is answerable/affected in the loss
c. There is no provision in the law for such
d. The law does not recognize because it is an illegal act
1879. Surcharge rate in general for national taxes is
a. 30%
b. 20%
c. 25%
d. 15%
1880. The maximum standard deduction for net estate comparison is
a. 1 million or total gross receipts of expenses, whichever is lower
b. 1 million
c. 2 million
d. 1 million or total taxes paid in the past 10 years, whichever is lower
1881. The number of CPE units required for a board passer last 2007 but failed to obtain license is.
a. 15 units
b. 24 units
c. 18 units
d. 120 units
1882. Penal provision for an unlicensed practitioner is
a. P200,000 or 4 years imprisonment
b. P200,000 or 4 years imprisonment or both
c. P100,000 or 2 years imprisonment
d. P100,000 or 2 years imprisonment or both
1883. RA 7279 is also known as.
a. Comprehensive Agrarian Reform Act
b. Agricultural Tenancy Act
c. Urban Development and Housing Act
d. Urban Land Reform Act
1884. Under the Lina Law, all developers required to allot.
a. 30% open space, 70% saleable area
b. 20% of total subdivision area or total subdivision cost
c. At least 20 of gross floor area in a condominium project
d. None of the above
1885. The physical possession by a person land devoted to agriculture belong to, or legally possessed by the another, for the purpose of product
through the labor of the former.
a. Free patent
b. Agricultural tenancy
c. Irrigable cultivation
d. CLOA
1886. The juridical tie between landholder and tenant is called
a. Judiciary tenancy
b. Artificial conjugation
c. Tenancy relationship
d. Conjugal gains