3

SET THREE
1. Drawing the exact shape and measurement of particular lot from technical descriptions shown in
the title
a. Surveying b. Lot planning c. Lot plotting d. tie point
2. . Means reference points
a. Surveying b. Lot planning c. Map d. tie point
3. It is a flat representation of earth’s surface in paper.
a. Surveying b. Lot planning c. Map d. tie point
4. A tract of land, in general subdivided into two or more lots.
a. Subdivision survey b. Topographic survey c. Subdivision d. Simple subdivision
5. A subdivision with street and/or open spaces.
a. Subdivision survey b. Topographic survey c. complex Subdivision d. Simple
subdivision
6. A survey to determine the boundaries of each lot in a subdivision project
a. Subdivision survey b. Topographic survey c. Contour lines d. Subdivision
7. Survey intended to verify boundaries of the property
a. Subdivision survey b. Relocation Survey c. Contour lines d. Subdivision
8. Plans showing various elevations of property
9. Lines in a topographic plan which indicate the elevation of the land at various sections
10. A subdivision where no street or open space is delineated
a. Subdivision survey b. Topographic survey c. complex Subdivision d. Simple
subdivision
11. A lot adjoining a corner lot and fronting an intersection street
a. Square planning b. Gridiron c. Chaplan d. Key lot
12. A subdivision scheme for flat terrain
13. A subdivision scheme where the resulting blocks are more or less rectangular in shape.
14. A passageway with only one outlet. A blind alley.
a. Culd-de-sac b. Gridiron c. Chaplan d. Key lot
15. Indention along corner lot to allow better visibility to perpendicular traffic
b. Square planning b. Gridiron c. Chaplan d. Cul-de-sac
16. It is the right of the person to the fruits of a property even if the property is not owned by the
said person
a. Usufruct b. Tenancy arrangement c. Harvest agreement d. Lease agreement
17. The government may own real estate property such as when a person dies intestate and with no
heirs under the principle of
a. Inheritance b. Government grant c. Escheat d. Eminent Domain
18. The symbol in the official seal that represent Real Estate.
a. Land b. Structure c. Trees and Fruits d. Map of the Philippines
19. EXCEPT for one, the broker represents a party in a transaction to
a. Offer, advertise, list, promote, mediate,
b. Negotiate the sale, purchase, exchange, mortgage, lease or joint venture
c. Develop, construct, build, lease, or mortgage
20. Not included in the Basic pointers in Map Reading
a. Cardinal Direction (north, east, west, south)
b. Bearings and Azimuth (technical description)
c. Plotting and mapping (shape and area)
21. Not included in the Basic pointers in Map Reading
a. Scale (say 1:200)
b. Reference Points (BLLM, BLBM, ets)
c. boundaries (end lines)
22. The definition of assignment includes the following except
a. An identification of the conclusive data
b. an identification of real estate involved in the real estate
c. an identification of property rights to be valued
d. the intended use of the valuation, and any related limitations
23. The following is not included in the definition of assignment
a. the identification of the subcontractors and their contributions
b. a definition of or the basis of the value sought
c. the delegation of an acquired task for valuation to a valuer
d. an identification of the scope/extent of the valuation and of the report
24. Data or more directly relevant to the property being valued and to comparable properties are
also gathered and examined.
a. Property-specific data b. supply-demand data c. Highest and Best Use
25. Direct Market Comparison Recognizes that prices are determined by the market
a. Sales Comparison Approach b. Cost Approach c. Highest and Best Use
26. Characteristic of the most probable market for the property analyzed to develop an
inventory of properties that compete with the subject property for market share.
a. Property-specific data b. supply-demand data c. Sales Comparison Approach
27. Also known as the contractor’s method which is recognized in most countries
a. Property-specific data b. Cost Approach c. Sales Comparison Approach
28. Based on the principle that apply to other valuation approaches.
a. Property-specific data b. Cost Approach c. Income Capitalization Approach
29. Form of a real property, arising from the contractual relationship between a lessor, one who
owns the property leased to another . . .
a. Leasehold or leasehold Interest b. Lease Interest c. Lease Contract
30. Valued on the same principle as freeholds, but with recognition of the differences created by
the lease contract encumbering the freehold interest. . .
31. Establish unique legal estates that are different from fee simple, or freehold, ownership
32. Valued as a whole, in situ (in place) and as part of the business as a going concern.
a. Plant, Machinery, and Equipment c. Intangible Property
b. Tangible Property d. Cost Approach
33. The rights and privileges granted to the owner of intangible assets
a. Plant, Machinery, and Equipment c. Intangible Property
b. Tangible Property d. Cost Approach
34. Factors are to be considered (but not necessarily reported) by the personal property valuer
include, except
a. Rights, privileges, or conditions that attach to the ownership of the subject property
b. The nature of the property and history of its ownership
c. The economic outlook that may affect the subject property, including political outlook and
government policy
d. Property being valued should be of private ownership
35. Factors are to be considered in the valuation of a business include, except
a. The nature and history of the business
b. Outlook and government policy
c. Value and appraised asset of the business entity
d. The assets, liabilities, and equity and financial condition of the business
36. Under Guidance Note 6, this may be required for a number of possible uses, including
acquisitions and dispositions of individual businesses, mergers, valuation of shareholder
ownings.
a. Business Valuations b. Personal Property Valuations c. Intangible Property
37. The process of developing an estimate of the value of an adequately identified
and described property as of a specific date, supported by logical presentation...
a. Appraisal b. Evaluation c. Assessment d. Description
38. Except One, appraisal or Valuation includes all the research data
a. Finding b. Reasoning c. Analysis d. Conclusion
39. Appraisals are performed for a diversity of purposes excluding

a. Transactions involving transfer of property ownership
b. Property considered as collateral to secure loans and mortgage
c. Property considered as fixed assets in financial reporting
d. Property under certificate of title specifications
40. Valuation performed should be provided by _______ valuers.
a. Honest & Competent b.Real and Tangible c. Fixed and immovable
41. Real property is different from most goods in the market in terms of
a. Set of rental rates b. Longer exposure time
c. Insurance competition d. Financial interest
42. A person who possesses the qualifications . . . To estimate property value.
a. Consultant b. Broker c. Appraiser d. Salesperson
43. A professional Real Property Appraiser is
a. skilled and capable to offer estimation on the worth of a real property
b. a person who has the credibility to present facts with impartiality
c. a help to the buyer in determining the fairness of price
44. Employment opportunities for an appraiser:
a. Valuation manager c. Appraisal Service Companies
b. Linkage to bank appraising d. Assessment Analyst
a. Contractor- property appraisal service provider c. Interior estimator
b. Real Estate Contract Merger d. College Instructor
a. Valuation manager c. Government Offices
b. Linkage to bank appraising d. Assessment Analyst
47. In the Official Seal of PRBRES, this symbol represents real estate.
a. Land b. Structures c. Trees and Fruits d. Sun and Rays
48. EXCEPT ONE, the following are definitions of ASSUMPTIONS
a. Suppositions taken to be true
b. Involve facts, conditions, situations affecting the subject (property being appraised) or the
approach in the valuation.
c. An idea about a property being valued
d. Matters capable or worthy verification. And once declared are to be accepted in
understanding the valuation.
49. LIMITING CONDITIONS means constraints and may be imposed by
a. The clients, the valuer, and by local statutory law
b. Appraisers, Assessors, and government special laws
c. Value, Cost, and Standards of valuation
d. The manner of valuation approaches
50. Who is in the employ of either the entity that owns the assets or the accounting
firm responsible for preparing financial record and /or reports
a. External valuer b. Internal valuer c. Internal assessor d. External assessor
51. A valuer or an appraiser, together with any associates, who has no material links
with the client, an agent acting on behalf of the client or the subject of the
assignment.
a. Internal valuer b. Internal assessor c. External assessor d. External valuer
52. A valuer must not act in a manner that is misleading or fraudulent
a. Integrity b.Conflict of Interest c. Confidentiality d. Impartiality
53. A valuer or an appraiser must not act for two or more parties in the same matter,
except with the written consent of those concerned.
a. Competence b. Confidentiality c. Conflict of Interest d. Integrity
54. A valuer or an appraiser must not disclose sensitive factual data obtained from
the client or the result of an assignment prepended for a client . . .except when
LEGALLY required where the valuer must comply with quasi-judicial
proceedings within the national professional valuation body where the valuer is
a member.
a. Impartiality b. Confidentiality c. Efficiency and Diligence d. Integrity
55. A valuer or an appraiser must perform with strictest independence, objectivity,
and impartiality and without accommodation of personal interest.
a. Integrity b. Conflict of Interest c. Competence d. Impartiality
56. A valuer or an appraiser must have the knowledge, skill, and experience to
complete the assignment efficiently in relation to an acceptance professional
standard.
a. Integrity b. Conflict of Interest c. Competence d. Impartiality
57. A valuer or an appraiser must act promptly and efficiency in carrying out the
client’s instructions.
a. Efficiency and diligence b. Competence c. Integrity d. Impartiality
58. It is also referred to as real estate
a. Land b. real property c. property concept d. ownership
59. Defined as the physical land and those human-made items, which attached to the land.
a. Land b. real property c. real estate d. ownership
60. Includes rights, interests, and benefits related to the ownership of the real estate
a. Land b. real property c. property concept d. ownership
61. It is a term used for the amount asked, offered, or paid for a good or service
a. Cost b. Value c. market d. Price
62. It is the price paid for goods or services or the amount required to create or produce the
good or service.
a. Cost b. Value c. market d. Price
63. Refers to ownership of an interest in items other than real estate.
a. Real Property b. Real Estate c. Personal Property d. Financial Interest
64. A result from the legal division of ownership interests in businesses and real property
. . . at a stated price with a specified period, or from the creation of investment
secured by pooled real estate assets.
a. Real Property b. Business c. Personal Property d. Financial Interest
65. A valuer must not act for two or more parties in the same matter, except with the
written consent of those concerned.
a. Confidentiality b. Impartiality c. disclosures d. Conflict of Interest
66. A valuer must perform an assignment with the stricter independence . . . without
accommodation of personal interest.
a. Confidentiality b. Impartiality c. disclosures d. Conflict of Interest
67. A valuer must at all times deal with client’s affairs with proper discretion and _____.
a. Disclosures b. Impartiality c. Confidentiality d. Conflict of Interest
68. A valuer’s ethics includes
a. misleading or fraudulent act
b. contribution/participation in a valuation that reasonable valuer would not regard to be
ethical or justified.
c. provide erroneous interpretation of professional qualification he/she does not possess.
d. act legally and comply with laws and regulation of the country in which he/she practices
or where an assignment is undertaken.
69. An amount above market value that reflects particular attributes of an asset that are
only of value to a special purchaser.
a. Fair Value b. Special Value c. Liquid Value d. Going Concern Value
70. The value of property to a particular investor, or a class of investors, for identified
investment of operational objective.
a. Fair Value b. Liquid Value c. Investment Value or Worth d. Special Value
71. Additional element of value created by the combination of two or more interests where
the value of the combined interest is worth more than the sum of the original interests.
a. Synergistic Value b. Fair Value c. Liquid Value d. Special Value
72. Refers to the price expressed in terms of money, payable for the property.
a. After proper marketing b. The estimated amount c. And without compulsion
73. Refers to the fact that the value of property is estimated amount rather than a
predetermined amount or actual sale price.
a. A property should exchange b. The estimated amount c. And without compulsion
74. Three of the seven specifications for the Valuation Assignment are included. Of the
four choices, one is excluded.
a. Identification of the property rights to be valued
b. A definition of the basis or type of value sought
c. The employment of the most sophisticated state-of-the-art valuation tools
d. An identification of the scope/extent of valuation and of the report
75. With the exception of one, the valuation Report shall
a. Clearly and accurately set forth conclusion of the valuation in not misleading
b. include the date as of which the value estimate applies
c. property rights or interest to be valued
d. valuation should project future market value
76. Except one, the valuation Report shall include
a. date of report c. date of inspection
b. date of completion d. physical and legal characteristics of the property
77. The range of possible liabilities imposed on property owners for environmental factors like
typhoons, earthquakes, floods, tsunami, proximity to fault lines....
a. Economic b. Governmental & Legal c. Physical and environment d. Social
78. The party that purchases
a. Buyer b. Seller c. Monopoly d. Seller’s market
79. A market with a single buyer and multiple sellers
a.Oligopsony b. Seller c. Monopoly d. Monopsony
80. Where there are more sellers and few buyers, or more buyers few sellers, and price goes up
and down accordingly.
a.Imperfect market b. Seller’s market c. Buyer’s market d. Perfect market
81. Police power like zoning, height limitation, and taxation, affect the value and demand on
properties.
82. Real estate is a spark plug of activities.
83. Owner or user or those who own and use the property
a.Producers b. Developers c. Consumers d.Distributors
84. Any man-made instrument that increases production of goods. e.g. machineries, tools, etc.
a.Labor b. Capital c.Land and Natural Resourcesd. Entrepreneurship
85. The type of property must have some degree of rareness.
a.Demand b.Utility c.Transferability d.Scarcity
86. Real estate passes through a cycle of growth, stability, decline, and renewal
a.Change b. Substitution c. Anticipation d.Competition
87. Area preference influences values of properties.
88. Example of this is when the value of property is adversely affected if there is an under-
improvement or over-improvement of the lot.
a.Progression b. Regression c. Conformity d. Contribution
89. Land tend to be at its highest value when the four factors of production are in balance.
a.Surplus Productivity b. Balance c. Progression d. Distribution
90. Maximum value of property is equal to tire cost of purchasing or constructing an equally
desirable property.
a.Utility b. Anticipation c. Demand d. Substitution
91. States that land cannot be valued on the basis of one use while the improvements are valued
on the basis of one another.
a. Consistent use b. Externalities c. Anticipation d. Plottage
92. Branch of social science that studies the production, consumption and distribution of goods
and services.
a.Economics b. Economy c. Economic system d. Study of Economy
93. A structure or plan that a country follows in terms of producing, distributing and consuming
its goods and services.
a.Economics b. Economy c. Economic system d. Study of Economy
94. A system where consumers and their purchase power decide & drive the economy.
a.Economics b. Economy c. Traditional d. Market/Capitalism
95. By combining or consolidating adjacent lots into one larger lot, the resulting land value will be
higher than the sum of the value of the separate lots.
a. Externalities b.Competition c. Anticipation d. Plottage
96. The value of an improvement is equal to its contribution to the added value of the property.
a. Externalities b.Competition c. Anticipation d. Contribution
97. Both the private and the government sector perform equally important roles in the economic
decision-making of the country.
a.Command/Socialism b. Traditional c. Economic system d. Mixed/Modern Mixed
98. Typical in underdeveloped countries, where agriculture is their main subsistence
a.Economics b. Command/Socialism c. Economic system d. Traditional
99. The value of a better properties will be lessened by the presence of poorer properties or non-
conforming uses of the adjoining lots.
a. Externalities b.Competition c. Regression d. Progression
100. Example: while the goods and services are produced by the private entities, the government
intervenes through price regulation.
a.Command/Socialism b. Traditional c. Mixed/Modern Mixed d. Economic system
101. National and state governments play a minor role; they make sure that the market is stable
enough to carry out its economic activities properly.
a. Market/Capitalism b. Command/Socialism c. Economic system d. Traditional
102. Any structure, institution or system whereby buyers and sellers meet and exchange goods and
services with value at negotiated prices.
a.Market Structure b.Market Economy c. Market d. Market System
103. The value or poorer property will increase if it is near better property.
a. Regression b. Competition c. Anticipation d. Progression
104. States that the influences outside a property may have a positive or negative effect on its
value.
a. Externalities Competition c. Anticipation d. Progression
105. A system where traditions, customs, beliefs determine the operation of the country’s
economy
a.Traditional b. Economy c. Command/Socialism d. Study of Economy
106. The government makes all the major decisions related to the production, consumption and
distribution of goods and services, including price regulations.
a.Economics b. Command/Socialism c. Economic system d. Traditional
107. Law of supply and high demand =price tend to go higher.
a. Seller’s Market b. Buyer’s Market c. Labor d. Capital
108. Tire human physical work required to convert a parcel of land into a property with
improvements. It is compensated by wages and direct/indirect costs (benefits, allowance).
109. It can also mean the cost of borrowing money in order to forego production.
110. Law of supply and low demand =price tend to go lower
111. Developers-those who build new product for the market, say subdivision, or condominiums
out of raw lands.
a. Oligopoly b. Transaction c. Entrepreneurship d. Producers
112. The process of orchestrating land, labor and capital to produce an item. . .It is motivated for
profit. Sometimes called management or “business” (italics mine).
113. A market with multiply buyers and few sellers.
114. The exchange of goods or services for money.
115. The real estate component. It is tire “raw material” needed to produce new products like
residential homes, industrial factories, commercial spots, etc.
a. Land and Natural Resources b. Supply c. Entrepreneurship d. Products
116. Facilitator who act as middleman/agent in the purchase and sale of real estate, like banks,
real estate brokers, etc.
a. Land and Natural Resources b. Supplier c. Distributor d. Resources
117. Lack of desirability in layout style and design as compared with a new property
designed to serve the same function; internal factors. i.e. narrow corridors.
a. Physical depreciation b. Functional Obsolescence c. Economic Obsolescence
118. Involves an estimate of effective age of the improvement by deducting remaining economic life from
total economic life.
a. Modified Aged-Life Method
b. Overall or Simple Age-life Method
c. Observed Condition-Breakdown Method C
d. Definite Capitalization Period
119. Involves an estimate of effective age of the improvement by deducting remaining
economic life from total economic life.
c. Observed Condition-Breakdown Method
120. This involves estimating the cost to cure all curable items
c. Observed Condition-Breakdown Method
121. It is an application of the Principle of anticipation
a. Cost Approach b. Income Approach c. Market Approach d. Data Approach
122. The following is not a type of appraisal
a. Opinion report b. Oral report c. Letter report d. Narrative report e. Form report
123. Excluded in the purposes of appraisal
a. Sale or mortgage b. Insurance c. Mortgage loans/lending d. Tax value
124. The probable price or amount that a willing seller and a willing buyer would agree on
an open market.
a. Market value b. Price c. Cost d. Amount
125. The amount for which the property is actually sold. It is the transaction price.
126. When desire is effective with purchasing power
a. Supply and Demand b. Highest and Best use c. Change d. Substitution
127. The cost of producing usually sets the upper limit of value.
128. The probable price or amount that a willing seller and a willing buyer would agree on
an open market.
129. The present worth of all future benefits arising from ownership of real estate
a. Value b. Income c. Income approach d. Capitalization
130. A process in the income approach of discounting or converting income expectancies
through the use of a rate which is believed to represent the relationship between the
property and its income.
131. The money return or the material benefit arising from the use of capital goods or from
the services of men.
132. The method of estimating the present value of anticipated income benefits.
133. The return of investment which would induce a prudent investor to commit his own
funds in real estate. It is ordinarily applied to land without any provision for recapture.
a. Recapture rate b. Capitalization rate c. Interest rate d. Net Income
134. The amount for which the property is actually sold. It is the transaction price.
135. It is the use which the time of appraisal is most likely to produce the greatest net
return.
136. It arises from profits that creates and ruin competition
a. Competition b. Highest and Best use c. Change d. Substitution
137. ___ is fundamentally the law of cause and effect.
a. Competition b. Highest and Best use c. Change d. Substitution
138. The remainder after deducting fixed and operating expenses from effective gross
income.
139. Rate provision for the return of investment. It is ordinarily applied to buildings and
improvements because they are wasting assets.
140. The sum of interest rate and recapture rate to achieve not only the return on
investment but also return of investment.
141. The remaining period that a prudent investor would expect to recapture his
investment on the improvement, which is a wasting asset.
a. Remaining economic life b. Contact rent
c. Economic rent d. Effective gross income
142. The amount of rent which is stipulated in the contract
a. Remaining economic life b. Contract rent
c. Economic rent d.Effective gross income
143. Highest and Best use usually conforms to essential and permissible land uses.
a. Competition b. Highest and Best use c. Change d. Conformity
144. The Value is worth of all present and future benefits arising from ownership and use
of real property.
a. Competition b. Anticipation c. Change d. Substitution
145. Research comparable property on annual gross income and selling price (Direct
Capitalization.
a. Gross Income Multiplier c. The Income Approach
b. Market Data Approach d. The Cost Approach
146. The following is not essential to Site Inspection
a. Importance of lot plan d. Site natural features and landmarks
b. Tie line and Reference point e. Pace factor
c. Land monuments and boundaries
147. An imaginary line which connects a parcel of land (at point 1) to an established
reference point.
a. Bearing b. Paces c. Tie line d. Azimuth
148. Is the counting the number of steps in a required distance
a. Pace b. Pacing c. Stride d. Pace factor
149. The length of a single step
a. Pace b. Pacing c. Stride d. Pace factor
150. A value determined by diving the measure or known length of a line by the mean
number of paces taken to walk or traverse the line.
a. Pace b. Tie Line c. Stride d. Pace factor

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SET THREE

39. Appraisals are performed for a diversity of purposes excluding

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