Real Estate Appraisal Exam Practice Questions, Exams of Real Estate Management

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REA Real Estate Appraisers Licensure

Examination Trimex Practice

a | Started on Monday, 5 August 2024, 8:09 PM State Finished Completed on Monday, 5 August 2024, 9:47 PM Time taken 1 hour 37 mins Marks 64,00/100.00 Grade 6.40 out of 10.00 (64%) Question 1 Incorrect Mark 0,00 out of 1.00 Flag question Question text The date of sale of a comparable identifies Question 1 Answer a, the terms of sale b. the motivation for the sale & the markel conditions when the sale was made d. the point in the time when adjustments lake place Feedback Your answer is incorrect. The correct answer Is: the point in the time when adjustments take place Question 2 Incorrect Mark 0.00 our of 1.00 Flag questicn Question text a | A machinery costing P 500,000.00 had been appraised at P 1.000.000.00, The accumulated depreciation on cost is P 200,000.00 and an appraised value of P 500,000.00, The original life of asset is 10 years, What is the age of the asset at the time of (he appraisal? Question ZAnswer a, D years b. 4 yoars c 8 yoars d. 6 years Feedback Your answer is incorrect. Solution: 500,000 / 10 years = 50,000 depreciation per year 200,000 / 50,000 10 years less 4 years = 6 years 4 years in use The correct answer is: 6 years Question 3 Correct Mark 1,00 out ef 1.00 Flag question Question text The Golden Rule in Real Estale Service Practice: Question 3Answer a, "Honesty is the best policy" b. "Cleanliness is next to Godliness" © "Do unto others as you would have them do unto you" d. “Early bird catches the worm" Feedback a | The correct answer is: Accredited and Integrated Professional Organization Question 6 Correct Mark 1,00 out ef 1.00 Flag question Question text If the gross annual income is P 5,640,000 and the yearly net income is 15% of that amount, the monthly net income is: Question GAnswer a, P 81,900 b. P 68,300 © P 63,800 d. P 70,500 Feedback Your answer is correct, Solution: 5,640,000 gross annual income x .15 = 846,000 annual net income $46,000 annual net income / 12 months = 70,500 The correct answer Is: P 70,500 Question 7 Correct Mark 1,00 out ef 1.00 Flag question Question text This refers Lo the reversion of property to the State due Lo the inteslale death of the owner who is not survived by any heir Question 7Answer a, Police Power b. Escheat Eo a | Legal Easement d. Usulruct Feedback Your answer is correct. The correct answer Is: Escheat Question 8 Incorrect Mark 0,00 out ef 1.00 Flag question Question text Unless exlended for justifiable cause. the period of completion of development of a subdivision project, counted from issuance of licence lo sell is: Question 8Answer a. Twelve months b Eighteen months Go Six months d. Twenty months Feedback Your answer is incorrect. The correct answer is: Twelve months Question 9 Incorrect Mark 0.00 out of 1.00 Flag question Question text This potential gross income less estimated vacancy and collection losses is best described as the actual amount money a properly owner would expect lo collect before paying expenses. Question 9Answer a. Gross Income b, Effective Gross Income Replacement Cost d. Reproduction Cost Feedback Your answer is correct, The correct answer is: Indirect Cost Question 12 Incorrect Mark 0.00 out of 1.00 Flag question Question text The tenant pays a fixed amount and gets to use the property for a specific time, At the end of the lease, the property reverts back to the landlord. Question 12Answer a. Variable Rate Lease r I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I 1 1 b. H Step Up/Down Lease I 1 © H Flat Rental Lease I ! I I ! I I ! I I ! I I ! I I ! I I ! I I I I I I I I I I I I I I I I I I I I d. Revaluation Lease Feedback Your answer is incorrect. The correct answer Is: Flat Rental Lease Question 13 Correct Mark 1,00 out of 1.00 Flag question Question text Which of the following terms is another word for average? Question 13 a. Mode b. Median nswer © Mean eee | d. Standard Deviation Feedback Your answer is correct, The correct answer is: Mean Question 14 Incorrect Mark 0,00 out ef 1.00 Flag question Question Lext The tenant will pay one amount now and usually a higher mount later which is a common condition of long-term lease in which increases are needed in the later years Question 14Answer a, Revaluation Lease b. Step Up/Down Lease c Variable Rate Lease d. Flat Rental Lease Feedback Your answer is incorrect. The correct answer Is: Variable Rate Loase Question 15 Incorrect Mark 0,00 out ef 1.00 Flag question Question text This method segregates the building into units of construction. This technique may involve estimating the cost of a wall including all components most appraisers do not use this method to estimate cost because il is loo complicated and time consuming. Question 15Answer a, Quantity Survey Method b. Comparative—Unit Method eee | Percentage rent Feedback Your answer is incorrect. The correct answer Is: Overage rent Question 18 Correct Mark 1,00 out ef 1.00 Flag question Question text Il is a lax on the right of the deceased person to transfer the estate to his lawful heirs and beneficiaries. Question 18Answer a, Donors Tax b. Capital Gain Tax Go Transfer Tax d. Estate Tax Feedback Your answer is correct, The correct answer Is: Estate Tax Question 19 Correct Mark 1,00 out ef 1.00 Flag question Question text How many square meters docs this site have? eee | a | Question 19Answer a, 500 b, 600 © 300 d. 400 Feedback Your answer is correct, Solution: 10x 10 = 100 10 x 30 = 300 100 + 300 = 400 The correct answer Is: 400 Question 20 Correct Mark 1,00 out ef 1.00 Flag question Question text Is a single-family—house with a fully equipped kitchen is leased to a tenant for P 15,000 per month, and if the owner must make annual payments of P 16,000 for repairs, P 20,000 for an improvement, P 4,000 for property insurance, P 12,000 for The correct answer Is: Effective age Question 22 Correct Mark 1.00 our of 1.00 Flag question Question text An official in the local government unit who performs assessment or valuation of real properties, including plants, equipments, and machineries essentially for taxation purposes, Question 22Answer a, Real Estate Broker r I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I 1 1 b. H Roal Estate Developer I 1 © ! Real Estate Appraiser ! 1 d. H Real Estate Assessor I 1 Feedback H Your answer is correct, H The correct answer Is: 1 Real Estate Assessor I © 1 Question 23 I I ! I I ! I I ! I I ! I I ! I I I I I I I I I I I I I I I I I I I I Incorrect Mark 0,00 out ef 1.00 Flag question Question text Tt is the most commonly used method of estimating the cost of construction used to derive a cost estimate in Lerms of cost per unil are: Question 23Answer a, Quantity Survey Method b. Replacement / Reproduction Cost © Comparative—Unit Method d. Unit-in-Place Method Feedback eee | Your answer is incorrect. The correct answer is: Comparative—Unit Method Question 24 Correct Mark 1,00 out ef 1.00 Flag question Question text The cost to build an exact replica as of the cffective date of appraisal is known as: Question 24Answer a, Reproduction Cost r I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I H b. I Replacement Cost ! ! Go I Direct Cost I H d. I Unit in Place Cost I H Feedback 1 Your answer is correct, H The correct answer is: H Reproduction Cost ! Question 25 ! I I ! I I ! I I ! I I ! I I ! I I I I I I I I I I I I I I I I I I I I Incorrect Mark 0,00 out ef 1.00 Flag question Question text This type of lease is usually used for rental properties, The tenant pays a flat amount cach year plus percentage of sales or a percentage of the sales from the first peso on, Question 25Answer a, Percentage Lease b. Step Up/Nown Lease © Revaluation Lease d. Flat Rental Lease Feedback Your answer is incorrect. eee | d. P 1,350,000 Feedback Your answer is correct, Solution: Current value 2,160,000 (2,160,000 represents cost and 60% appreciation) Value seven years ago 2,160,000 divide by 1.60 = 1,350,000 The correct answer Is: P 1.350.000 Question 27 Incorrect Mark 6.08 ont of 1.00 Flag question Question text The property regime where the husband and wife place in a common fund the proceeds. products, [ruits and income from their separale properties and those acquired by either or both spouses through their effort or by chance. and upon dissolution of the marriage or the partnership, the net gains or benefits obtained by cither or both spouses shall be divided equally between them. Question 27 Answer a. Conjugal Partnership of Gain b. Co-ownership © Complete Separation of Property d. Absolute Community of Property Feedback Your answer is incorrect. The correct answer is: Conjugal Partnership of Gain Question 28 Correct Mark 1,00 out ef 1.00 Flag question Question text Tt is the result of incompatibility with current market requirements. Question 28Answer a. Ph ysical Depreciation b. Depreciation © Functional Depreciation d. External Obsolescence Feedback Your answer is correct, The correct answer Is: Functional Depreciation Question 29 Incorrect Mark 0,00 out ef 1.00 Flag question Question text sipt from rental of Lessor A is P 2.149,840,00 inclusive vals and a gross ‘hat is the applicable r I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! ! The gross rec H purchase from yatable business establishment is P 900,000.00, I ! I I ! I I ! I I ! I I ! I I ! I I ! I I ! I I I I I I I I I I I I I I I I I I I I tax of Lessor A? Question 29Answer a, Percentage tax and Income tax b. Pereentage tax and Final withholding tax c Value added tax and Income tax d. Value added tax and Percentage tax Feedback Your answer is incorrect. The correct answer is: Percentage tax and Income tax Question 30 rect Mark 1,00 out ef 1.00 Flag question Question text Which one is not law governing estate taxation? Question 30Answer eee | Mark 1,00 out ef 1.00 Flag question Question text These are typically in the builder’ s contract which includes expenses for all typical materials, labor. fees, and charges. Question 32Answer a, Reproduction Cost b, Unit in Place Cost © Direct Cost d., Replacement Cost Feedback Your answer is correct, The correct answer is: Direct Cost Question 33 Incorrect Mark 0,00 out ef 1.00 Flag question Question text Number of Credit Units/llours of CPD/CPE required for Brokers, Appraisers and Consultants for License renewal: Question 33Answer a, 35 lo 40 credit hours b. 45 lo 60 credit hours © 20 to 30 credit hours d. 90 lo 120 credit hours Feedback Your answer is incorrect. The correct answer is: 45 to 60 credit hours Question 34 Correct eee | Mark 1,00 out ef 1.00 Flag question Question text These leases are scheduled with increases or decreases on certain dates. where the rent can inerease due to inflation or can be scheduled to go down as the tenant improvement expense is amortized. Question 34Answer a, Revaluation Lease b, Flat Rental Lease c Step Up/Down Lease d. Variable Rate Loase Feedback Your answer is correct, The correct answer is: Step Up/Down Lease Question 35. Correct Mark 1,00 out ef 1.00 Flag question Question text The amount of money the property would command under current market conditions which can be different from contract rent because this is the amount the property would command ignoring the Icases. Question 35Answer a, Percentage rent b. Market rent © Effective rent d. Contract rent Feedback Your answer is correct, The correct answer is: eee |