1.

The areas of land owned by the property owner but in which other parties, such as utility
companies may have limited rights granted for a specific purpose is?

a. Improvements
b. Building line
c. Easement
d. Right of way

2. Choose who is NOT a party in real estate transaction.

a. Buyer or Principal or the Client

b. Licensed Real Estate Broker as the Negotiator/Mediator
c. Seller or Principal or the Client
d. Board Member of the Real Estate Service as the Mentor

3. What does PRB-RES stand for?*

a. Professional Regulations Board of Real Estate Service
b. Philippine Regulatory Board of Real Estate Service
c. Philippine Registration Board of Real Estate Service
d. Professional Regulatory Board of Real Estate Service

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

a. Income Approach
b. Investment Method
c. Internal Rate of Return
d. Market Data

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

a. Foreclosure
b. Assessment
c. Zonal value
d. Expropriation

6. In subdivision project, what kind of market is present when there were numerous lots
sold but only few buyers were buying?

a. Selective
b. Buyer’s
c. Close
d. Seller’s
7. A Philippine REIT company is required to distribute its distributable income as dividends
to its shareholders not later than the last day of what month following the close of its
fiscal year?

a. Sixth
b. Third
c. Fourth
d. Fifth

8. In the PRBRES logo, the color gold represents __________

a. Money
b. Life and light
c. Environment and ecology
d. Ethical standards and prosperity

9. What term is used in a situation where a real estate contracts are not enforceable unless
the parties have exchanged something of value?

a. Lack of consideration
b. Absence of mutual assent
c. Impossibility
d. Force majure

10. The acquisition of land at values based on existing use in order to promote planned
development and socialized housing programs is known as _________

a. Land swapping
b. Land banking
c. Land amalgamation
d. Land consolidation

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

a. Human geography
b. Physical geography
c. Environmental science
d. Geological science

12. Which of these is not part of the PVS Code of Conduct for appraiser?

a. Confidentiality
b. Integrity
c. Conflict of interest
d. Collaboration
13. In the sale or disposition of conjugal property, the wife’s consent must be secured. If her
consent was not secured, the wife may question the sale or disposition from the date of
sale. Within what period can it be contested?

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

14. Provide below are non-exhaustive list of circumstances that commonly include an
intangible asset valuation component. Identify these purposes.

a. I, IV, III, V only

b. I, II, III, IV, V
c. II, III, IV, V only
d. I, II, III only

15. Regions in the Philippines came into existence because of __________

a. E.O. 1
b. R.A. 1
c. B.P. 1
d. P.D. No. 1

16. If a comparable was sold for P3.0M and has two-car garage valued at P150,00 and the
Subject property has a garage, the indicated value of the Subject can be computed by
_________

a. adding P75,000 to the comparable sale

b. subtracting P75,000 from the Subject property
c. subtracting P75,000 from the comparable sale
d. adding P75,000 to the Subject property

17. Identify these Assets representing the value of rights that arise from contractual
agreements, like licensing and royalty agreements, service or supply contracts, lease
agreements, permits, broadcast rights, servicing employments contracts and non-
competition agreements and natural resource rights.

a. Marketing-related
b. Technology-based
c. Customer-related
d. Contract-related

18. To whom this Professional Rules of Ethics and Responsibilities applies?

“The Practitioner shall fully and truthfully disclose all pertinent and material facts
involved in the engagement”
 a. the general public
b. the government
c. fellow practitioners
d. the client

19. The implementing rules and regulations of the Republic Act Number 9646 was issued
through PRBRES Resolution Number __________

a. 03
b. 02
c. 01
d. 04

20. Identify the cost estimate envisioned for modern equivalent of comparable utility,
employing the design, technology and materials that are currently used in the market.

a. Appreciation
b. Replacement
c. Reproduction
d. Depreciation

21. Identify this land specifically devoted to various fruit trees and plants.

a. Timber land
b. Agricultural
c. Forest
d. Orchard

22. Three adjacent lots are worth Php100,000 each. If the entire tract can be combined into
one lot to be used as a commercial site, the consolidation are will be worth Php500,000.
Determine the plottage value

a. Php300,000
b. Php200,000
c. Php800,000

23. What approach to value estimates the value of the property by comparing it to
comparable properties which have been sold recently.

a. Sales comparison
b. Income
c. Reproduction
d. Cost

24. A kind of demand that changes in prices creates no change in quantity demanded.

a. Elastic
b. Perfectly elastic
 c. Perfectly inelastic
d. Inelastic

25. Among the following, the sequence of adjustments should correctly begin with:

a. Conditions of sale
b. Location
c. Financing
d. Physical characteristics

26. On Machineries Assessment Levels, what is the applicable rate in percent to be applied
to the FMV on residential and commercial classification?

a. 80 and 40
b. 50 and 40
c. 50 and 80
d. 40 and 50

27. What is the other name for an all-inclusive trust deed?

a. First deed of trust

b. Junior deed of trust
c. Wraparound deed of trust
d. Hypothecation

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

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

29. Identify the means of assigning every parcel of land and upon all taxable improvements
on such lands, a current and fair market value, an assessment level to be able to arrive
at an assessed value for each land and each improvement.

a. Consequential Benefit
b. Assessment Operations
c. Assessment Level
d. Bundle of Rights

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

a. Technology-based
b. Contract-based
 c. Artistic-related
d. Marketing-related

31. What refers to the exclusive property brought by the wife to the marriage?

a. Capital
b. Mortgage
c. Paraphernal
d. Contract

32. The process of making installment payments consisting of principal and interest that
reduces the loan-balance is known as __________

a. Acceleration
b. Hypothecation
c. Liquidation
d. Amortization

33. What is referred to as a process of changing the use of an agricultural land into an
industrial land form of ownership?

a. Variance
b. Conversion
c. Proration
d. Interim Use

34. Which of the following is NOT an operative law implementing land registration in the
Philippines?
a. Public Land Act
b. Friar Land Act
c. Comprehensive Agrarian Reform law of 1988?
d. Cadastral Act

35. Which refers to person/s, or entity for whom the valuation is performed, may be engaged
by a third-party or performed for an employer.

a. Appraiser
b. Broker
c. Valuer
d. Client

36. Which refers to qualities such as income, operating expenses, lease provisions,
management, and tenant mixed used to analyse income-producing properties?

a. Financing terms
b. Physical characteristics
c. Market condition
d. Economic characteristics
37. According to the Republic Act Number 7279, which refers to non-agricultural urban lands
which has no improvement or the value of the improvement is less than 50% of the
assessed value of the property?

a. Blighted land
b. Resettlement land
c. Reserved land
d. Idle land
38. A fund in which periodic deposits of equal amounts are accumulated to pay a debt or
replace assets is called:

a. an amortized loan
b. a sinking fund
c. starting income
d. deferred annuity

39. CHOOSE the CORRECT definition of Taxation under RA No. 8424.

a. Is the lifeblood of the government being imposed for the purpose of defraying or
supporting the government necessary expenses for its public needs
b. Inherent power of the State to impose and collect taxes or revenue for the
purpose of defraying or supporting the government necessary expenses for its
public needs
c. Inherent power of the State to collect taxes or revenue for the purpose of
defraying or supporting the government necessary expenses for its public needs
d. Inherent power of the State for the purpose of defraying or supporting the
government necessary expenses for its public needs

40. Select from the following the considerations involved in the determination of the Highest
and Best Use.*

I. To establish whether a use is physical possible, regard will be had to what would be
considered reasonable participant
II. To reflect the requirement to legally permissible, any legal restrictions on the use of the
asset head to be taken into account as well as the likelihood that these restrictions will
change
III. The requirement that the use be financially feasible takes into legally permissible will
generate sufficient return to typical participant, after taking into account the cost of
conversion to that use over, and above the return on existing use.

a. II and III
b. I and II
c. I, II, and III
d. I and III

41. Which of the following is the responsibility of the Real Estate Practitioner’s Professional
Rules of Ethics and Responsibilities as to FELLOW PRACTITIONERS?
 a. The Practitioner shall always set a good example as a responsible law-abiding
citizen
b. The Practitioner shall resect the dignity, reputation, and privacy of fellow
practitioners
c. The Practitioner shall always maintain transparency in all dealings with the Client
d. The Practitioner shall strictly observe client-practitioner confidentiality

42. Compute the overall capitalization rate for a property with an annual gross income of
Php3,000,000 and with an annual operating cost of Php750,000 which has purchased
for Php10,000,000

a. 22.50%
b. 25.50%
c. 10.00%
d. 15.00%

43. What is the term of office of the 1st Board?*

a. Chairperson for 3 years, 2 members for 2 years and 2 members for 1 year and
renewed for another 3 years
b. Chairperson serves for 3 years, 2 members for 2 years and 2 members for 1
c. Chairperson serves for 3 years, and the 4 members serves for 2 years renewed
for another 3 years
d. All serves for 3 years and renewed for another 3 years

44. It can cause the price paid for one property to differ from that of another identical
property, the types and conditions of financing arrangements in the transaction shall be
fully understood, analyzed, and accounted for. Select the correct arrangement from the
following

a. Elements of comparison
b. Market analysis
c. Financing terms
d. Conditions of sale

45. Which refers to the property over which the wife has complete control?

a. Paternal
b. Paraphernal
c. Absolute community
d. Conjugal

46. Which refers to the study of current supply and demand conditions in a particular are for
a type of property?
 a. Cost Analysis
b. Market Analysis
c. Appraisal Analysis
d. Income Approach

47. How much would be a property sell if the market value is Php9,000,000.00 and the value
to price ration (VPR) is 90%?

a. Php 9,900,000.00
b. Php 10,000,000.00
c. Php 10,900,000.00
d. Php 8,1000,000.00
48. Your client bought a property consisting of 26 hectares, 98 ares, and 300 centares. As
recognized expert, he asks you what is the total land area of the property in square
meters?

a. 27,001
b. 270,010
c. 270,100
d. 2,700,100

49. Affordable travel has hanged expectations for many immigrants and investors. They
maintain ties with their homelands and travel back and forth. This means the Real Estate
Professional must be adept at __________*

a. investment opportunities
b. internet and social networking
c. innovative ways of real estate practitioners
d. cross-cultural business relationships

50. The combination of rights associated with the ownership of real property, e.g., the right
to use, to sell, to give away, or to choose to exercise all or non of these rights. Select
what is being described.*

a. Assessed Value
b. Bundle of Rights
c. Market Value
d. Road Right of Way

51. What is the term used to describe a building or other improvement on one property
which invades another property or restrict its usage?*

a. Encroachment
b. Encumbrance
c. Dispute
d. Overlap
52. Mark is owner of a condominium unit and condominium carpark, which is NOT included
when Mark sold his condominium unit?

a. Shareholdings
b. Interest in common areas
c. Membership
d. Carpark

53. Which refers to the physical land and all those items attached to the land, the physical
and tangible entity which can be seen and touched, together with all the additions on,
above, or below the ground?

a. Subdivision
b. Community
c. Real Property
d. Real Estate

54. Charles deeds a life estate to Edward. Upon Edward’s death, the title is to be transferred
to Henry. This is an example of a __________

a. Fee simple estate

b. Remainder estate
c. Perpetual estate
d. Less-than-freehold estate

55. Which economic principle affecting valuation shows that the value roses by using the
expected benefits to be gained from the property in the future?

a. Progression
b. Balance
c. Substitution
d. Anticipation

56. Why are memorial parks considered “wasting assets”?*

a. because those interred thereat are already “wasted”

b. because from the moment burial lots are sold, these becomes exempt from
payment of the real property tax
c. because memorial parks are exempt from real property taxes
d. because the moment all burial lots are sol out, the developer never bother to
maintain the premises anymore

57. What is the systematic, orderly procedure used to provide an answer to a client’s
question or problem about real property values, an orderly program by which the
problem is defined, the work necessary to solve the problem is planned and the date
involved is acquired, classified, analyzed and interpreted into an estimate of value?

a. Principle of Surplus Productivity

 b. Appraisal Process
c. Salvage Value
d. Unearned Increment

58. Which refers to a tract or a land registered under Act No. 496 which is partitioned
primarily for residential purposes into individual lots with or without improvements which
is offered for sale.

a. Urban development plan

b. Subdivision project
c. Subdivision plan
d. Housing development plan

59. Which power of the government refers to the right to take private property for public use
upon the payment of just compensation?

a. Police power
b. Eminent domain
c. Taxation
d. Escheat

60. What is the term used that refers to the withdrawal of funds from intermediary financial
institutions, such as bank and savings and load association to invest them directly?

a. Funds flow
b. Disintermediation
c. Cash flow
d. Bail out

61. Select the MOST probable value which property should bring in a competitive and open
market under all conditions’ requisite to a fair sale, the buyer and seller each acting
prudently, knowledgeably and assuming the price is not affected by undue stimulus.

a. Economic
b. Special
c. Market
d. Substitution

62. If Peter appraised a building free of any lease or mortgage, it is said to have a
___________ value.

a. Fair value
b. Fee simple value
c. Fair market value
d. Leased fee value

63. Fit and Proper Rule means one who had passed the prescribed rule determined by
__________
 a. DTA or other regulatory agency on qualifications, integrity, experience,
education, training, and competence
b. PRC or other regulatory agency on qualifications, integrity, experience,
education, training, and competence
c. PSE or other regulatory agency on qualifications, integrity, experience,
education, training, and competence
d. SEC or other regulatory agency on qualifications, integrity, experience,
education, training, and competence

64. Municipalities were authorized to levy, among other, and ad valorem tax of not more
than one-half of the percent of the assessed value of real property. When was this real
property tax introduced in the Philippines?

a. 1931
b. 1901
c. 1911
d. 1921
65. Identify the 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 of Conveyance
b. Deed of Restriction
c. Deed of Warranty
d. Deed of Absolute Sale

66. In urban planning, what type of urban development is characterize by maximizing the
amount of residential, business and leisure space within walking distance of public
transport?

a. Transit-oriented
b. Optimum-oriented
c. Leisure-oriented
d. Comprehensive land use

67. What is the regime of property relation between spouse who were married after the
effectivity of the Family Code without any pre-nuptial agreement?

a. Conjugal partnership of gain

b. Absolute community of property
c. Separation of property
d. Co-ownership

68. It is fundamental to the process of Philippine Valuation Standards (PVS) that valuation or
appraisal performed in compliance with PVS should be provided by Professional Valuers
or Real Estate Appraisers who are __________?
 a. Honest and competent, free of bias or self-interest, whose report are clear, will
mislead and will not disclose all materials essential to the proper understanding
of the valuation/appraisal
b. Honest and competent, free of bias or self-interest, whose report are
representative of client’s interest, and shall not disclose all materials essential to
the proper understanding of the valuation/appraisal
c. Dishonest and incompetent, free of bias or self-interest, whose report are clear,
will mislead and will not disclose all materials essential to the proper
understanding of the valuation/appraisal
d. Honest and competent, free of bias or self-interest, whose report are clear, will
mislead and will disclose all materials essential to the proper understanding of
the valuation/appraisal

69. Identify a reference point from which the value of other similar properties is measured or
tested, to be consistent in determining the quality level of construction, the quality class
of this reference, age and type of structure should be established.

a. Beginning
b. Approach
c. Rights
d. Benchmark

70. In the professional practice, which if the following will address the ethical and
competency obligations of the Valuers/Real Estate Appraisers?

a. Ethical conduct
b. Moral conduct
c. Code of conduct
d. Professional conduct

71. What does appraisal consultant assignment include?

a. Can have an opinion of value

b. Always with an opinion of value
c. Sometimes with an opinion of value
d. Never with an opinion of value

72. A real estate appraiser studies and interpret market activities and uses them in
preparation of the report EXCEPT:

a. Market Activity Levels

b. Margin of Profits
c. Pricing Levels
d. Movements of Price

73. The Philippine agriculture today is still predominantly ________

 a. sugar cane
b. pineapple
c. rice and corn farming
d. coconut farming

74. it is the study of nature, quality or utility of a parcel or real estate or interest in real
property. Identify from the following:

a. Information
b. Evaluation
c. Differentiation
d. Evolution

75. What is the role of the real estate appraiser in valuing a property?

a. Guarantees the value of the property

b. Estimates the value of the property
c. Makes an assurance on the value of the property
d. Computes the exact value of the property

76. What is a scheme whereby a group of homeowners occupying a contiguous parcel of

land, constituting a neighborhood units and they own the land in common

a. Urbanized land
b. Neighborhood ownership
c. Residential freehold
d. Development plan

77. CHOOSE which principle applies as the supply of the developable land decreases and
as demand continuous to rise, the value of the remaining land will generally tend to rise
in value.

a. Contribution
b. Anticipation
c. Highest and Best Use
d. Supply and Demand

78. What is the applicable monthly percentage tax if John annual rental income is 1,612,800
on her 15 door apartment?

a. 6,720.00
b. 14,400.00
c. 8,378.00
d. 4,032.00
79. A house and lot was purchased for Php12,000,000. The house alone was valued at
Php7,500,000. What is the percentage cost of the house to the total purchase price?

a. 160.00%
b. 37.50%
c. 266.67%
d. 62.50%

80. For existing residential homes, the best appraisal approach is __________

a. Cost approach
b. Market approach
c. Income approach
d. Capitalization approach

81. Which economic principle that affects the value of the property is applicable in a situation
wherein the value of the best house in an earthquake-hit neighborhood tends to go
down?

a. Anticipation
b. Balance
c. Progression
d. Regression

82. Which refers to the practice of appraising multiple properties as of a given date by a
systematic and uniform application of appraisal methods and techniques, employing
common data that allow for statistical review and analysis of result?

a. Reassessment
b. Residual value
c. Mass appraisal
d. Valuation

83. Identify the principles that refers to the building blocks of the property valuation process,
including property inspection, market analysis and basic economics.

a. Appraisal
b. Valuation
c. Assessment
d. Property

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

a. The seller carries the first deed of trust

b. The buyer puts up a 20% down payment and obtain 80% loan
 c. The buyer puts up a 10% down payment and obtain an 80% loan as the seller
carries a 10% second deed of trust
d. An all-cash sale

85. In other areas outside NCR, San Jose del Monte City of Bulacan Province, Cainta,
Antipolo of Rizal Province, San Pedro City of Laguna, Carmona and the Cities of Imus
and Bacoor of Cavite Province, what is the price ceiling for socialized condominium
projects with an area of 24sqm?*

a. P750,000
b. P600,000
c. P700,000
d. P650,000

86. What shall govern the professional and ethical conduct of real estate service
practitioners?

a. The Golden Rule

b. Continuing Professional Development
c. The Real Estate Service Laws
d. Code of Ethics and Responsibilities

87. CHOOSE the study of how geographic patterns of men and his works change or may
place emphasis only on the complete geography of a small region at a certain time.

a. Economic Geography
b. Historical Geography
c. Behavioral Geography
d. Biogeography
88. Valuation is the process of estimating market value of an identified interest on a specifics
parcel of real estate for a particular date while evaluation is the study of the __________

a. orderly process of appraisal or interests in real property

b. estimation on real estate or interest thereof
c. nature, quality or utility of a specific real estate or interests thereof
d. services to clients that deals with marketability and development of real property

89. A market exists when purchasers and sellers of a single commodity come together in
__________*

a. a demand and supply market situation that they establish a single demand of a
commodity
b. an intercourse that they establish a single demand of a commodity
c. a single commodity for the demand thereof established by the parties
d. a freedom of intercourse that they establish a single price of a commodity

90. Which of the following is NOT considered as one of the “bundle of rights”?
 a. the right to own property
b. the right to own encumber
c. the right to own pay taxes
d. the right to own enjoy

91. A property has a 25 apartment units; 15 two-bedroom unit renting for P6,000 per month
each and 10 one-bedroom unit renting forP3,000 per month each. There are 14 two-
bedroom unit occupied and 8 one-bedroom occupied. What is the potential gross income
of the property? (Round-off answer to the nearest figure)*

a. P2.248M
b. P2.304M
c. P2.200M
d. P2.016M

92. What refers to the actual or estimate periodic net income produced by the revenues and
expenditures in the operation of an income producing property?

a. Capitalization
b. Cost approach
c. Cash flow
d. Market analysis

93. If the land owner does NOT agree with the price fixed for the payment of just
compensation, where can the landowner elevate the matter?

a. To the President of the Republic of the Philippines

b. To the Regional Trial Court acting as Special Agrarian Court
c. To the Secretary of the Department of Agrarian Reform
d. To the Adjudication Board of Department of Agrarian Reform Central Office

94. What refers to the exclusive property of the Husband?

a. Co-ownership
b. Paraphernal
c. Investment
d. Capital

95. The following are example of special purpose properties EXCEPT _________

a. Church
b. house and lot
c. private library
d. public school

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

a. Withdrawal of the agent

 b. Withdrawal of the deposit in the bank
c. Death, civil interdiction of the agent
d. Expiration of the period of the agency

97. In PRBRES Official Seal or Logo, the symbol of rising sun represents the vital role of the
real estate service practitioners in the social, political, economic development and
progress of the Philippines while gold represent __________

a. Philippine archipelago
b. Color of the Philippine flag
c. Ethical standards and prosperity
d. Color of service

98. Per HLURB AO#2 series of 1992, what is the minimum lot size for an industrial estate?

a. 1000 sqm
b. 1500 sqm
c. 750 sqm
d. 500 sqm

99. Which refers to the situation where the spouse will be co-owners of all the properties that
each of them will bring in their marriage?
a. Judicial settlement
b. Co-ownership
c. Absolute community of property
d. Capital property

100. The usufructuary does not have the following obligation

a. To make inventory of all movables in the property

b. To give security for the movable in his possession
c. To repair all kinds of damages in the property incurred during his possession
d. To notify the owner about damages incurred in the property
101. The United States Internal Revenue Service defines fair market value as

a. the amount that will be realized when an asset or group of assets are sold on a
piecemeal basis
b. the price at which the property would change hands between a willing buyer and
a willing seller, neither being under any compulsion to buy or sell both having
reasonable knowledge or relevant facts
c. the price a willing buyer would pay a willing seller in a transaction on the open
market
d. estimated price for the transfer of an asset or liability between identified,
knowledgeable and willing parties that reflects the representative interests or
those parties

102. Determine the segment of a property that runs along a point of access, such as
street or water front?
 a. Strip
b. Influence
c. Depth
d. Frontage

103. The following are rights of ownership of real property EXCEPT __________

a. Disposition
b. Exclusion
c. Compatibility
d. Control

104. The economic concept refers to the price most likely to be concluded between
the buyers and sellers of a good/property or services that is available for purchase.
Choose from the following concept.

a. Price
b. Market
c. Profit
d. Value

105. Which theory states that the government CANNOT exist/survive or function
without taxes?

a. Equality
b. Administrative
c. Reciprocal
d. Necessity

106. Within how many days from the receipt of the notice of assessment can a
property owner file an appeal with the Local Board of Assessment Appeal?

a. 60
b. 45
c. 90
d. 30

107. In percent, how is the collected real property taxes of a city allocated?

a. City – 85; Barangay – 15

b. City – 70; Barangay – 30
c. City – 75; Barangay – 25
d. City – 80; Barangay – 20

108. CHOOSE the appraisal principle which states that a commodity is scarce and the
demand is high hence, its value increases
 a. Balance
b. Regression
c. Highest and Best Use
d. Supply and Demand

109. An easement on a parcel of land may be removed from the records by one of the
following

a. Lis pendens action

b. Unlawful detainer action
c. Reconveyance deed
d. Recording a quitclaim deed executed by the user of the easement to the servient
tenement

110. A commercial rectangular lot with a measurement 25 meters by 30 meters ad

has a unit value of Php15,000 per square meter based on the schedule of market value
of the assessor. Compute the total real property tax (Basic and SEF) to be paid using
the maximum assessment level for a commercial land and maximum basic and SEF tax
rate of a city.

a. Php 168,750
b. Php 112,500
c. Php 140,625
d. Php 45,000

111. Given a new Schedule of Market Values (SMV) where appraisal increases are
apparent, elevate the best option for the local sanggunian to enact an ordinance
maintaining the same real property tax due without sacrificing the tax on the transfer and
maintain the real property tax*

a. Reduce assessment levels, and maintain the real property tax rate
b. Reduce assessment levels, as well as, the real property tax rate
c. Maintain assessment levels, and reduce the real property tax rate
d. Maintain assessment levels, as well as, the real property tax rate

112. In NCR, what is the price ceiling for socialized condominium projects with an
area of 22sqm?

a. P600,000
b. P750,000
c. P650,000
d. P700,000

113. Which of the following is NOT a condition to be considered in forced sea?*

a. The buyer is motivated

 b. Payment will be made in cash
c. Normal marketing effort is possible
d. Consummation of a sale is within a short period of time

114. The latest law, enacted in 2009, that reverted the nature if PAG-IBIG
Membership to be mandatory to all SSS and GSIS member is known as __________

a. Executive Order No. 90

b. Republic Act 9679
c. PD 1530
d. PD 4752

115. Ms. Chacha sold her 500 sqm. vacant lot for P3.5M. If the zonal value of said
property is P5,500 per sqm. and the FMV is P7,500/sqm., how much will she pay for the
Capital Gains Tax?

a. P210,000
b. P250,000
c. P225,000
d. P165,000

116. What is a non-possessory interest in land property conveying use, but not
ownership, aright or use by a portion or whole of one property over an adjoining
property, or perhaps a right by a statutory authority

a. Right of way
b. Easement
c. Absolute sale
d. Donation

117. Under the Family Code, a couple who gets married in May 2005, but did not have
any prenuptial agreement, shall be governed by what regime of property relations?

a. Absolute community of property

b. Conjugal partnership of gains
c. Absolute separation of property
d. Complete separation of property

118. When valuing a 20-year old building, the appraiser assigns it an age of only 10
years because of the extreme care and maintenance made by the owner. This is an
example __________

a. Physical age
b. Chronological age
c. Actual age
d. Effective age
119. What government entity has the power to monitor, investigate and enforce
compliance with the provisions of national laws and standards of BP 220, whose
implementation have been devolved to the local government under Executive Order No.
71?

a. Home Development Mutual Fund

b. National Home Mortgage Corporation
c. Housing and Land Use Regulatory Board
d. National Hosing Authority

120. Pursuant to Republic Act Number 9700, when shall the beneficiary start the
payment of annual amortization?

a. Within one year from the date of land ownership award registration
b. Within two years from the date of the certificate awarding
c. Within one year from the date of the certificate and land ownership award
registration
d. Within two years from the date of the certificate and land ownership award
registration

121. What is the percentage of the gross area of a subdivision projects with a 176-200
density is allocated for parks and playground?

a. 8
b. 6
c. 5
d. 7

122. Which refers to an area within a city/municipality principally for institutional

establishment like: home for the aged, retirement centers, and the like?

a. Special Economic Zone

b. Special Institutional Zone
c. Central Business District
d. Tourism Development Area

123. Which agricultural lands do not require conversion clearance?

a. Those already classified as commercial, industrial, or residential after June 5,

1988
b. Those already classified as commercial, industrial, or residential before June 15,
1988
c. Those already classified as commercial, industrial, or residential after June 10,
1988
d. Those already classified as commercial, industrial, or residential after June 15,
1988
124. The following are the general standards included in the latest version of the
International Valuation Standards EXCEPT __________*

a. Valuation approaches and methods

b. Plant and equipment
c. Reporting
d. Bases of value

125. Is the systematic study of the origin, distribution, and significance of the major
physical features of the earth such as landforms, climates, topography, oceans,
geographic arrangements of people and natural resources and numerous other factors
illustrate the role of the physical elements as the backdrop of human behavior or their
relationship to one another

a. Physiology
b. Human Geography
c. Philology and Ecology
d. Physical Geography

126. Which refers to an imaginary lines of constant elevation or lines that indicate
variation in land elevation?

a. Contour map
b. Contour line
c. Hachures
d. Bearing

127. In other areas outside NCR, San Jose del Monte City of Bulacan Province,
Cainta and Antipolo of Rizal Province, San Pedro City of Laguna, Carmona and the
Cities of Imus and Bacoor of Cavite Province, what is the price ceiling for socialized
condominium projects with an area of 22sqm?

a. P600,000
b. P750,000
c. P650,000
d. P700,000

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

a. Recoverable amount
b. Revalued amount
c. Residual value
d. Value in use

129. What is the basis of the tax rate on Capital Gain Tax?
 a. 6% of the contract price on the Deed of Absolute Sale
b. 7.5% of the contract price on the Deed of Absolute Sale
c. 6% of the contract price or zonal value or fair market value whichever is higher
d. 7.5% of the contract price or zonal value or fair market value whichever is higher

130. Which basis of value refers to the estimated price for the transfer of an asset or
liability between identified, knowledgeable and willing parties that reflects the respective
interests of those parties?

a. Equitable value
b. Investment value
c. Liquidation value
d. Synergistic value

131. How is appraisal fee determined?

a. Stipulated or subsequent events and complexity

b. Time required to compete the appraisal assignment and the complexity thereof
c. Time required to forecast the appraisal report and the complexity
d. Contingent event of the appraisal assignment and its complexity

132. PatAlice sold their principal resident for 12.0M and bought another residence
worth P9.5M. How much is the capital gains tax due?

a. P0
b. P150,000
c. P140,000
d. P120,000

133. Rachel, a licensed real estate practitioner, committed a violation of the Republic
Act No. 9646, meted a fine of Php100,000. What is the fine to be paid by Leah, who is
NOT a licensed real estate practitioner, if she commits the same violation?

a. P200,000
b. P100,000
c. P250,000
d. P150,000

134. What is referred to as the total amount money currently invested in a business,
regardless of the source, often reflected as the value of total assets less current liabilities
and cash?

a. Operating
b. Total invested capital
c. Enterprise
d. Equity
135. What is the MINIMUM lot area in square meters of a single detached type of
housing in an economic housing project?

a. 54
b. 72
c. 64
d. 48

136. The term “fee simple defeasible” is best described in which of the following
statement?

a. The owner holds an estate in remainder

b. The owner holds a title subject to deed restriction
c. The owner holds a less-than-freehold title
d. The owner holds a title without limitations

137. Which refers to the right of the government to titular ownership of a property
when its owner dies without a will or any statutory heir?

a. Police power
b. Escheat
c. Eminent domain
d. Taxation

138. Which is the MOST appropriate cost approach method to be used in a situation
where the cost of a modern equivalent asset is greater than the cost of recreating a
replica or the subject asset?

a. Comparison
b. Reproduction
c. Replacement
d. Summation

139. The famous festival in Central Visayas is _________

a. Ati-atihan
b. Higantes
c. Hermosa
d. Sinulog

140. Real Estate Appraiser shall be honest and trustworthy and shall observe
__________

a. Objectivity, impartiality, fairness and loyalty

b. Sincerity, impartiality, detachment and loyalty
c. Sincerity, impartiality, fairness and loyalty
d. Sincerity, impartiality, authenticity and loyalty
141. Which of the following should be made to avoid any misinterpretation before the
valuation is reported?*

a. II
b. I
c. I or II
d. I and II

142. Whether the Appraiser’s fee is contingent or not in any aspect of the report, the
same should be disclosed*

a. Sometimes
b. Not necessarily
c. Always
d. Most of the time

143. What law requires owners/developers to allocate 30% of total project to roads,
alleys, sidewalks, reserved open space for parks or recreation?

a. PD 8310
b. PD 1216
c. PD 2869
d. PD 1596

144. Choose from the following the economic factors affecting the resources and
efforts of people to achieve their social ideals

a. I, II, III, IV, VI

b. I, II, III, IV, V, VI
c. II, III, IV, V, VI
d. I, II, III, V, VI

145. Under BIR Revenue Regulation No. 4-2021, what is the new threshold of VAT for
the Lot only and House and lot package?*

a. P1,500,000 and P2,000,000

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

146. A mortgage which allows the borrower to increase payments in advance without
incurring pre-payment penalties is called __________*

a. Equitable mortgage
b. Adjustment rate mortgage
c. Closed mortgage
d. Open mortgage
147. Value in use is determined by __________

a. None of the above

b. Computing the present value of future cash flows expected to be derived,
including proceeds from its disposal
c. Estimating the market value based on the sales comparison approach
d. Deriving the value by using the cost approach

148. Which of the following is NOT part of the market value definition?

a. Payment is made in cash or cash equivalent terms

b. The property sells in 90 to 120 days
c. Both parties are well informed
d. Buyer and seller are typically motivated

149. Which refers to a tract of low-lying land usually under water?

a. Seashore
b. Mangrove
c. Marsh land
d. Horticultural

150. Under the International Financial Reporting Standards (IFRS), the fair value of
plant, machinery and equipment is __________

a. I or II
b. II
c. I and II
d. I