1. As per RESA, the following is qualified to be a real estate appraiser

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A. High school graduate

B. At least 2 years of college
C. Graduate of relevant bachelor's degree
 
D. Graduate of bachelor of science in appraisal

 
2. It refers an estimate of value as of a particular point in time expressed in peso
amount
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A. Fair market value

 
B. Appraisal
C. Assessment
D. Value estimate

Correct answer
B. Appraisal
Feedback

The correct answer is B. Appraisal

A. Fair market value is an estimate of what a property would typically sell for in the current open
market, based on various factors such as location, size, condition and recent sale prices of
comparable properties.
B. An appraisal is an opinion or professional judgment by a licensed appraiser regarding the price
which could be expected to be realized if a particular property were sold in an arm’s length
transaction, between a willing buyer and a willing seller, at a particular point in time.
C. An assessment is a formal determination of the value of property for taxation purposes made by
local or county tax assessors.
D. A value estimate is an educated guess as to what a property may be worth based on research of
comparable properties, current market trends, and other factors. It is often used to provide an
estimate of value before a more formal approach such as an appraisal or assessment is conducted.

 
3. The following appraisal report is no longer allowed under the Real Estate Service Act
of the Philippines
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A. Narrative report
B. Form report
 
C. Oral report
D. Written letter report

Correct answer
C. Oral report

 
4. It is not a purpose of appraisal
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A. Purchase
B. Insurance
C. Property Disputes
D. Capital gains tax
 
 
5. A purpose of appraisal where it is used to determine the fair market values of
properties for distribution to heirs
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A. Partitioning of Estate
B. Property disputes
C. Mortgage financing
D. Estate settlement
 
Correct answer
A. Partitioning of Estate

 
6. A principle of appraisal is that supply is influenced by
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A. Demand
 
B. Scarcity
C. Price
D. Effective purchasing power

 
7. The following are required to post a bond before engaging in practice
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A. Real estate assessor

B. Private real estate appraiser
 
C. Public real estate appraiser
D. Real estate consultant

 
8. Another term used to refer to a private real estate appraiser and is used in the RESA
is
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A. Estimator
B. Assessor
C. Valuer
 
D. Practitioner

 
9. The value of replaceable property tends to be indicated by the value of an equally
desirable substitute property is called the principle of
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A. Desire
B. Substitution
 
C. Replacement
D. competition
Feedback

The correct answer is B. Substitution.

This principle states that the value of a particular piece of property tends to be determined by the
amount of money it would cost to acquire an equally desirable substitute property. In other words, if
two pieces of property are relatively equal in terms of desirability and usefulness, then their values
should be approximately the same.
 
10. When one talks about the use which at the time of appraisal is most likely to
produce the greatest net return, it refers to
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A. Most effective use

B. Optimum use
C. Highest and Best use
D. Highest rate of return
 
Correct answer
C. Highest and Best use
Feedback

The correct answer is C. Highest and Best Use.

This refers to the use that at the time of appraisal will produce the greatest net return from the
property's value or potential value. It can be defined as the reasonably probable and legal use of
vacant land or an improved property, which is physically possible, justifiable, permissible, feasible,
and that results in the highest value.

 
11. The application of larger and larger amounts of the agents in production will produce
greater and greater net income (increasing returns) up to a point (surplus productivity) is
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A. Increasing and decreasing returns

 
B. Diminishing returns
C. Excess point
D. Optimum increasing returns

 
12. A principle that is comprised of reasonable degree of social and economic
homogeneity
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A. Economic value
B. Highest and best use
C. Conformity
 
D. Adherence
Feedback

The correct answer is C. Conformity.

Keyword - homogeneity.

 
13. The principle that value is the worth of all present and future benefits arising from
ownership and use of real property
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A. Principle of value
B. Principle of highest returns
C. Principle of income return
D. Principle of anticipation
 
Feedback

The correct answer is D. Principle of anticipation.

Keyword - future benefits.

 
14. In an area in the city, a building valued at P30,000,000.00 was built right beside an
old dilapidated establishment which tends to increase the value of such establishment
and is a principle called
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A. Progression
B. Regression
 
C. Depression
D. Value influence

Correct answer
A. Progression
Feedback

The correct answer is A. Progression.

Keyword - tends to increase

 
15. This is considered a factor that influence or create value to real estate
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A. Competition
B. Social ideals and standards
C. Highest and best use
D. substitution
 
Correct answer
B. Social ideals and standards

 
16. When a real property's value depreciates in view of the decline in the utility of a
feature of the property may be referred to as
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A. Principle of utility
B. Functional obsolescence
 
C. Functional depreciation
D. Use depreciation

 
17. A beautiful two story house was located in the city, but thereafter a shanty was put
up beside the property and its value will be negatively affected and which is the principle
of
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A. Deterioration
B. Progression
C. Regression
 
D. Value depreciation
Feedback

The correct answer is C. Regression.

Keyword - negatively affected.

 
18. It is considered an approach to value in real estate appraisal under the principle of
anticipation
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A. Market data approach

B. Market survey approach
C. Income approach
 
D. Future value approach

 
19. In making a survey of similar properties in the area, the appraiser uses the market
data approach which is based on the principle of
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A. Competition
B. Substitution
 
C. Comparison
D. Replacement

 
20. It is an approach which utilizes the concept of determining replacement cost and
adjusting for depreciation of a house and lot
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A. Substitution approach
B. Income approach
C. Cost approach
 
D. Replacement approach

 
21. It generally requires an estimate of the actual or stabilized gross income less
provisions for vacancy and bad debts, operating expenses such as building insurance,
real estate taxes, repairs and maintenance, and administrative charges
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A. Replacement cost approach
B. Income approach
 
C. Investment income approach
D. Income-expenses approach

 
22. If a building is depreciated at 2% per year, what will be the life of the building using
the simple depreciation method
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A. 25 years
 
B. 30 years
C. 40 years
D. 50 years

Correct answer
D. 50 years
Feedback

The correct answer is D. 50 years

Solution: 100%/2% = 50

 
23. The gross income multiplier may also be used to determine the value of the property
and may be computed by dividing the selling price of a comparable property by the
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A. Annual gross income

 
B. Net income
C. Monthly income
D. Income after taxes

 
24. It is considered an approach to value in real estate appraisal
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A. Market data approach

 
B. Market survey approach
C. Net Returns approach
D. Comparable data approach

 
25. A 7 door apartment was sold for P6,600,000 in the area which had an annual gross
income of P600,000, what is the gross income multiplier
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A. 10
B. 11
 
C. 12
D. 13
Feedback

The correct answer is B. 11

GIM = 6,600,000 / 600,000 = 11

 
26. A property has an annual gross income of P 1,400,000.00. In his market study, an
investor found that a comparable property with an annual gross income of P1 Million
was recently sold for P6 Million. Using GIM, what is the estimated value of the property?
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A. P 7,200,000
B. P 8,400,000
 
C. P 9,600,000
D. P 12,000,000
Feedback

The correct answer is B. P 8,400,000

GIM = 6,000,000 / 1,000,000 = 6

Value = 6 x 1,400,000 = P 8,400,000

 
27. Lot A was being sold by the owner and had the lot appraised by the appraiser who
got the following information: corner influence + 10, topography, -5, shape +15 of Lot B
which was recently sold at P 8,000 per sq. meter. What is the estimated value per
square meter of Lot A
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A. P 8,000
B. P 9,000
C. P 9,600
 
D. P 10,400
Feedback

The correct answer is C. P 9,600.

10-5+15 = 20%
100% + 20% = 120% or 1.2
1.2 x 8000 = P 9,600

 
28. Under the RESA, a private real estate appraiser must pay the following bond to
engage in practice
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A. P 10,000
B. P 5,000
C. P 25,000
D. P 20,000
 
 
29. In order for an assistant city assessor to be promoted to the higher position of chief
assessor, it is required that he/she
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A. Be a licensed real estate assessor

B. Must have 10 years experience as real estate assessor
C. Be a licensed real estate appraiser
 
D. Be a licensed real estate consultant

 
30. The real estate appraiser refers to the private real estate appraiser and
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A. Real estate assessor

B. Public real estate appraiser
 
C. Individual real estate appraiser
D. Staff of the assessor's department

 
31. It is considered an imaginary line used by the geodetic engineer in plotting and
locating a specific property
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A. Straight line
B. Geodetic reference line
C. Tie line
 
D. Reference line

 
32. A map which provides the general location of a real property including the
surrounding landmarks and reference points is referred to as
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A. Subdivision lot plan

B. Vicinity map
 
C. Road map
D. Lot plan

 
33. The person who is a licensed professional who undertakes resurvey. survey and
determination of boundaries of a lot is called
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A. Draftsman
B. Surveyor
C. Land plotting professional
D. Geodetic engineer
 
 
34. To determine the shape and dimensions of the lot being purchased, the buyer must
be able to obtain a copy of this plan
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A. Subdivision plan
B. Survey plan
C. Vicinity plan
D. Lot plan
 
 
35. It is the counting the number of steps in a required distance to determine the
distance
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A. Pacing
 
B. Step counting
C. Estimated foot distance
D. Step measurement

 
36. It is the angle less than 90° measured from N or S (meridian) and referred to in
plotting a lot as
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A. Degrees
B. Bearing
 
C. Tie line
D. Compass degrees

 
37. In plotting the technical description or lot, one degree is considered equivalent to
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A. 60 seconds
B. 60 minutes
 
C. 100 seconds
D. 90 degrees

 
38. A map that identifies flood-prone and landslide-prone areas in the country and
shows which areas have high chances of soil erosion and which areas are low-lying and
flood-prone areas is referred to as a
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A. Geohazard map
B. Hazard map
 
C. Philvocs ecomap
D. Soil hazard map

Correct answer
A. Geohazard map

 
39. The map showing all the details that make up the surface features of the earth is
generally called a
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A. Surface map
 
B. Terrain map
C. Topographic map
D. Elevation map

Correct answer
C. Topographic map

 
40. In a topographic map, these are lines that indicate variation in land elevation
referred to as
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A. Topo lines
B. Elevation lines
C. Height lines
D. Contour lines