Basic Appraisal Test

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  • 1/99 Questions

     Which of the following definitions is appropriate for the term REAL ESTATE.

    • Land and anything permanently attached to the land
    • Property that is not encumbered by leases
    • Building and other improvements
    • Building and Fixture
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About This Quiz

The BASIC APPRAISAL TEST assesses knowledge in real estate, focusing on definitions, legal rights, and economic characteristics. This quiz is essential for individuals aiming to understand property dynamics and legal aspects, enhancing their expertise in real estate.

Basic Appraisal Test - Quiz

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  • 2. 

    POLICE POWER includes all of the following except.

    • Zoning

    • Deed restrictions

    • Building codes

    • Subdivision regulation

    Correct Answer
    A. Subdivision regulation
    Explanation
    The correct answer is subdivision regulation. Police power refers to the authority of the government to regulate and control certain aspects of public life in order to protect the health, safety, and welfare of its citizens. Zoning, deed restrictions, and building codes are all examples of regulations that fall under police power as they govern land use, property restrictions, and construction standards. However, subdivision regulation specifically deals with the division of land into smaller lots for development purposes, which is not directly related to the health, safety, and welfare concerns addressed by police power.

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  • 3. 

    Which of the following best defines real estate?

    • Land and the air above it

    • Land and buildings permanently affixed to it

    • Land and all things permanently affixed to it

    • Land and the mineral rights in the land

    Correct Answer
    A. Land and all things permanently affixed to it
    Explanation
    Real estate refers to land and all the structures or improvements permanently affixed to it. This includes not only the physical land but also any buildings, houses, or other structures that are permanently attached to the land. The key concept is the idea of permanence – structures that are affixed in a way that makes them an integral part of the land.

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  • 4. 

    The bundle of legal rights is included in.

    • Land

    • Real estate

    • Real property

    • Trade fixtures

    Correct Answer
    A. Real property
    Explanation
    Real property refers to the ownership of land and any structures or improvements on it. It includes not only the physical land and buildings but also the bundle of legal rights associated with owning the property. These rights typically include the right to possess, use, transfer, and exclude others from the property. Therefore, the bundle of legal rights is included in real property.

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  • 5. 

    All of the following would be considered real estate except.

    • Fences

    • Buildings

    • Growing trees

    • Farm equipment

    Correct Answer
    A. Farm equipment
    Explanation
    Real estate refers to immovable property, typically land and any permanent structures built on it. Fences, buildings, and growing trees are all examples of real estate as they are attached to the land and cannot be easily moved. However, farm equipment is not considered real estate as it is movable and not permanently attached to the land.

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  • 6. 

    Which of the following is NOT an economic characteristic of real estate?

    • Scarcity

    • Immobility

    • Permanence of investment

    • Location (Situs)

    Correct Answer
    A. Immobility
    Explanation
    The economic characteristics of real estate include scarcity, referring to limited land supply; permanence of investment, as infrastructure and developments are long-lasting; and location (situs), where value is heavily influenced by desirability. However, immobility is a physical characteristic, not an economic one, as it pertains to land's inability to be moved. Economic characteristics focus on factors that impact value and utility in the market, unlike physical traits.

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  • 7. 

    What is the primary purpose of a basic appraisal test in the context of real estate?

    • To determine the property's market value.

    • To assess the quality of the landscaping. 

    • To evaluate the interior design of the property. 

    • To establish the property's historical significance.

    Correct Answer
    A. To determine the property's market value.
    Explanation
    A basic appraisal test in real estate is primarily designed to determine the market value of a property. Market value is the estimated price at which a property would exchange between a willing buyer and a willing seller in an open market. Appraisers use various methods and factors, including recent sales of comparable properties, to arrive at this value. This information is crucial for buyers, sellers, lenders, and other stakeholders in real estate transactions to make informed decisions about the property's worth.

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  • 8. 

    Real property can be converted into personal property through?

    • Severance

    • Accession

    • Conversion

    • Inference

    Correct Answer
    A. Severance
    Explanation
    Real property can be converted into personal property through severance. Severance refers to the act of separating or removing a part of real property from the land it is attached to, thereby changing its classification from real property to personal property. This can be done by physically detaching an object from the land, such as cutting down a tree or removing a fixture from a building. Severance allows the owner to transfer the property and treat it as personal property, which can be bought, sold, or transferred more easily than real property.

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  • 9. 

    The term non-homogeneity refers to ?

    • Scarcity

    • Immobility

    • Uniqueness

    • Indestructibility

    Correct Answer
    A. Uniqueness
    Explanation
    The term non-homogeneity refers to the characteristic of being unique or different from others. It means that something is not the same as everything else and has distinct qualities or features. Non-homogeneity can be used to describe various aspects such as properties, objects, or individuals that possess distinct characteristics that set them apart from others.

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  • 10. 

    The bundle of right includes all of the following except ?

    • The right to exclude someone from the property

    • The right to enjoy property within the framework of law

    • The right to sell or otherwise convey the property

    • The Right to use the property for any purpose, legal or otherwise

    Correct Answer
    A. The Right to use the property for any purpose, legal or otherwise
    Explanation
    The bundle of rights refers to the various rights that come with owning property. These rights typically include the right to exclude others from the property, the right to enjoy and use the property within the boundaries of the law, and the right to sell or transfer the property to others. However, the right to use the property for any purpose, legal or otherwise, is not included in the bundle of rights. This means that there may be restrictions or limitations on how the property can be used, even if the owner has the other rights in the bundle.

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  • 11. 

    Which of the following is not an example of special purpose real estate?

    • A private school

    • A public school

    • Shopping center

    • A house and lot

    Correct Answer
    A. A house and lot
    Explanation
    A house and lot is not an example of special purpose real estate because it is a general residential property that can be used for various purposes, such as living or renting. On the other hand, a private school, public school, and shopping center are all examples of special purpose real estate because they are built and designed specifically for a particular use, such as education or commercial activities.

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  • 12. 

    Which of the following are the limitations to property ownership?

    • Police power, eminent domain, taxation and escheat

    • Scarcity, improvements, and area preference scarcity, improvements, and area preference

    • Right to enjoy, possess, exclude others, right to dispose

    • Interest , benefits, amenities

    Correct Answer
    A. Police power, eminent domain, taxation and escheat
    Explanation
    The limitations to property ownership include police power, which allows the government to regulate and enforce laws related to public health, safety, and welfare. Eminent domain is another limitation, which grants the government the power to take private property for public use, with just compensation. Taxation is also a limitation, as property owners are required to pay taxes on their properties. Lastly, escheat is a limitation where property reverts to the state if the owner dies without a will or any known heirs.

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  • 13. 

    Can personal property be converted into real property through what process?

    • Severance

    • Accession

    • Conversion

    • Annexation

    Correct Answer
    A. Annexation
    Explanation
    Annexation is the process through which personal property can be converted into real property. This occurs when personal property is attached or fixed to land or a building in such a manner that it becomes a part of the real property. For example, when a piece of machinery is installed in a factory building and intended to remain there permanently, it can be considered annexed to the property, thus becoming part of the real estate.

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  • 14. 

    Real estate refers to the following?

    • Land and improvements whether natural or man made

    • Land, improvements, rights, benefits, interest

    • Land and buildings and inherent rights of ownership

    • Trees, fence, road, drainage system

    Correct Answer
    A. Land and improvements whether natural or man made
    Explanation
    Real estate refers to both land and improvements, regardless of whether they are natural or man-made. This includes any structures or buildings on the land, as well as any rights, benefits, or interests associated with the property. The answer choice "land and improvements whether natural or man made" accurately encompasses all these elements of real estate.

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  • 15. 

    What are the two classifications of properties as to ownership under the CivilCode?

    • Public domain and private ownership

    • Movable or personal

    • Immovable or real property

    • Within the commerce of man and outside the commerce

    Correct Answer
    A. Public domain and private ownership
    Explanation
    The two classifications of properties as to ownership under the Civil Code are public domain and private ownership. Public domain refers to properties that are owned by the government and are intended for public use. Private ownership, on the other hand, refers to properties that are owned by individuals or entities and are not intended for public use. These classifications help in determining the rights and responsibilities associated with the ownership of different types of properties.

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  • 16. 

    What are the two classification of Properties according to mobility and non mobility?

    • Movable or personal and immovable or real property

    • Public domain and private ownership

    • Present property and future property

    • Within the commerce of man and outside the commerce of man

    Correct Answer
    A. Movable or personal and immovable or real property
    Explanation
    The correct answer is "movable or personal and immovable or real property." This classification is based on the mobility or non-mobility of the properties. Movable or personal property refers to assets that can be physically moved or transferred, such as vehicles, furniture, and cash. On the other hand, immovable or real property refers to assets that cannot be moved, such as land, buildings, and other fixed structures. This classification is important for legal and financial purposes, as the rights and regulations surrounding these types of properties can differ.

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  • 17. 

    What are the classification of Properties according to use?

    • Residential, industrial, commercial, agricultural, special

    • Public domain and private ownership

    • Present property and future property

    • Agricultural, forest park or timber, mineral and Parks

    Correct Answer
    A. Residential, industrial, commercial, agricultural, special
    Explanation
    The classification of properties according to use includes residential, industrial, commercial, agricultural, and special properties. These categories are based on the intended purpose and function of the property. Residential properties are used for living purposes, industrial properties are used for manufacturing or production, commercial properties are used for business activities, agricultural properties are used for farming or cultivation, and special properties may have unique or specific purposes.

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  • 18. 

    Which of the following represents the economic characteristics of real estate?

    • A Scarcity, Improvements, permanence of investment and area preference preference

    • Land is immobile, indestructible, land is unique

    • Land is scars and limited, land is unique and immobile

    • Scarcity, availability of land, uniqueness of land

    Correct Answer
    A. A Scarcity, Improvements, permanence of investment and area preference preference
    Explanation
    The economic characteristics of real estate include scarcity, improvements, permanence of investment, and area preference. Scarcity refers to the limited supply of land, which makes it valuable. Improvements, such as buildings or infrastructure, can increase the value of real estate. Permanence of investment means that real estate is a long-term investment that is not easily liquidated. Area preference refers to the desirability of certain locations, which can affect the value of real estate.

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  • 19. 

    Any person directly engaged as principal in the business of buying or selling is ?

    • Real estate broker

    • Real estate dealer

    • Dealer

    • Real estate developer

    Correct Answer
    A. Dealer
    Explanation
    A person directly engaged as principal in the business of buying or selling is commonly referred to as a "dealer". This term is broad and can apply to various industries, including real estate. A dealer typically buys and sells goods or services for profit, often acting as a middleman between buyers and sellers. In the context of real estate, a dealer would be involved in the buying and selling of properties.

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  • 20. 

    Refers to any natural or juridical person engage in the business of developingreal estate development projects for his/her or own account and offering them for sale orlease is called?

    • Real estate dealer

    • Real estate dealer

    • Real estate project developer

    • Real estate developer

    Correct Answer
    A. Real estate developer
    Explanation
    A real estate developer refers to any individual or company who is involved in the business of developing real estate projects for their own account and then offering them for sale or lease. They are responsible for acquiring land, obtaining necessary permits and approvals, and overseeing the construction and marketing of the properties. This term encompasses both natural persons and legal entities who engage in the development of real estate projects.

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  • 21. 

    Under RA 9646, what constitute the real estate service practitioners?

    • Real estate salesman, broker, appraiser and consultant

    • Real estate salesman, real estate developer, dealer

    • Real estate developer, real estate dealer, salesman

    • Real estate developer, realtor, real estate consultant

    Correct Answer
    A. Real estate salesman, broker, appraiser and consultant
    Explanation
    Under RA 9646, the real estate service practitioners include real estate salesman, broker, appraiser, and consultant. This means that individuals who engage in selling, brokering, appraising, or providing consultation services related to real estate are considered real estate service practitioners under the law.

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  • 22. 

    The two major characteristics of real estate that affects its value?

    • Economic and physical characteristics

    • Political and environmental

    • Natural or physical

    • Economic and environmental

    Correct Answer
    A. Economic and physical characteristics
    Explanation
    Real estate value is influenced by its economic and physical characteristics. Economic characteristics refer to factors such as supply and demand, location, and market conditions, which can affect the value of a property. Physical characteristics include the size, condition, and features of the property, which also play a significant role in determining its value. Both these factors are essential in assessing the worth of real estate and understanding its potential for investment or development.

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  • 23. 

    Which of the following is not an economic characteristics of real estate ?

    • Scarcity

    • Improvements

    • Permanence of investment

    • Land is unique

    Correct Answer
    A. Land is unique
    Explanation
    The economic characteristics of real estate include scarcity, improvements, and permanence of investment. However, the statement "Land is unique" does not fit into the economic characteristics of real estate. While land may have unique features or qualities, it is not considered an economic characteristic as it does not directly impact the economic value or behavior of real estate.

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  • 24. 

    Which of the following is not a physical characteristics of real estate ?

    • Scarcity

    • Land is immobile

    • Land is indestructible

    • Land is unique

    Correct Answer
    A. Scarcity
    Explanation
    Scarcity is not a physical characteristic of real estate. Physical characteristics refer to the inherent qualities of land, such as immobility, indestructibility, and uniqueness. Scarcity, on the other hand, is an economic concept that relates to the limited supply of a particular resource relative to its demand. While scarcity can affect the value and price of real estate, it is not a physical characteristic of the land itself.

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  • 25. 

    The geographical location of a parcel of land can never be change is referred toas?

    • Immobility

    • Idestructibility

    • Uniqueness

    • Permanence

    Correct Answer
    A. Immobility
    Explanation
    The term "immobility" refers to the fact that the geographical location of a parcel of land cannot be changed. This means that the land will always remain in the same physical location, regardless of any changes or developments that may occur around it. This characteristic of land is important in real estate and property ownership as it helps determine the value and potential uses of the land.

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  • 26. 

    This definition that land is thought of as a rare commodity, and the total supply isfixed is ?

    • Scarcity

    • Improvements

    • Permanence of investment

    • Land is unique

    Correct Answer
    A. Scarcity
    Explanation
    Scarcity refers to the limited availability of resources in relation to unlimited wants and needs. In the context of land, it is considered a rare commodity because there is a fixed supply of it. Land cannot be created or increased, making it a finite resource. This limited supply of land contributes to its value and the concept of scarcity.

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  • 27. 

    An economic characteristics of real estate which says the building or improvementon one parcel of land has an effect on the value and utilization of neighboring tract andcan be a direct bearing on the whole community or neighborhood is?

    • Land is unique

    • Improvements

    • Permanence of investment

    • Scarcity

    Correct Answer
    A. Improvements
    Explanation
    The economic characteristic of real estate that states that the building or improvement on one parcel of land has an effect on the value and utilization of neighboring tracts and can have a direct bearing on the whole community or neighborhood is "improvements." This means that the quality and type of improvements made to a property can impact the surrounding area and the overall value and desirability of the community.

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  • 28. 

    The most important economic characteristics of real estate is referred to as ?

    • Area preference or "situs"

    • Improvements

    • Permanence of investment

    • Land is unique

    Correct Answer
    A. Area preference or "situs"
    Explanation
    Area preference or "situs" refers to the location or specific area where a property is situated. This economic characteristic is crucial in real estate because the value of a property is greatly influenced by its location. Factors such as proximity to amenities, transportation, schools, and employment opportunities can significantly impact the desirability and value of a property. Therefore, understanding and considering the area preference or "situs" is essential when evaluating real estate investments.

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  • 29. 

    No two parcels of land are ever exactly the same is referred to as?

    • Land is unique

    • Land is permanent

    • Land is immobile

    • Land is scars

    Correct Answer
    A. Land is unique
    Explanation
    The statement "No two parcels of land are ever exactly the same" refers to the concept that each piece of land has its own distinct characteristics and features that differentiate it from others. This uniqueness can be attributed to various factors such as location, topography, soil composition, and natural resources. It implies that even if two parcels of land are adjacent or similar in some aspects, there will always be some differences that set them apart.

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  • 30. 

    Which of the word is defined as the earth's surface extending downward to thecenter of the earth and upward to infinity?

    • Land

    • Real estate

    • Real property

    • Realty

    Correct Answer
    A. Land
    Explanation
    Land is the correct answer because it refers to the earth's surface, which extends downward to the center of the earth and upward to infinity. It encompasses all the natural resources and physical features found on the surface of the earth. Real estate, real property, and realty are related terms that typically refer to land and any improvements made on it, such as buildings or structures. However, they do not specifically describe the entirety of the earth's surface as land does.

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  • 31. 

    Which of the word is defined as land at, above and below the earth's surface,including all things permanently attached to it, whether natural or artificial is ?

    • Realty

    • Real estate

    • Land

    • Real property

    Correct Answer
    A. Real estate
    Explanation
    Real estate is the correct answer because it is the term used to describe land, including everything attached to it, such as buildings or structures, whether they are natural or man-made. It encompasses all aspects of land ownership and use, including buying, selling, and leasing properties.

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  • 32. 

    The word being referred to as the interest, benefits and rights inherent to theownership of real estate is?

    • Land

    • Real estate

    • Real property

    • Land and improvements

    Correct Answer
    A. Real property
    Explanation
    Real property refers to the interest, benefits, and rights that are associated with the ownership of real estate. This includes not only the land itself but also any improvements made on it, such as buildings or structures. Real property encompasses the physical land and any tangible assets attached to it, making it the correct answer in this context.

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  • 33. 

    Which of the following are the two concepts of real estate that a registered licenseeor broker should know and understand ?

    • Legal concept of real estate and bundle of rights

    • Legal aspect of ownership and inherent rights of ownership

    • Bundle of rights theory and economic characteristics

    • Fee simple and bundle of rights theory

    Correct Answer
    A. Legal concept of real estate and bundle of rights
    Explanation
    A registered licensee or broker should know and understand the legal concept of real estate, which includes the laws and regulations that govern real estate transactions. They should also be familiar with the bundle of rights, which refers to the various rights associated with property ownership, such as the right to use, possess, transfer, and exclude others from the property. Understanding these concepts is essential for a licensee or broker to effectively navigate the real estate industry and provide accurate and informed advice to clients.

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  • 34. 

    The Bundle of rights is defined as ?

    • The rights inherent to property ownership such as the right to enjoy, right to possess, right to dispose, right to recover right to the fruits and the right to exclude others the right to exclude others right to possess, right to dispose, right to recover right to the fruits and the right to exclude others

    • The bundle of sticks representing rights of ownership

    • The rights, benefits, and interest representing ownership

    • The benefits, amenities, facilities, utilities we enjoy as owners

    Correct Answer
    A. The rights inherent to property ownership such as the right to enjoy, right to possess, right to dispose, right to recover right to the fruits and the right to exclude others the right to exclude others right to possess, right to dispose, right to recover right to the fruits and the right to exclude others
    Explanation
    The bundle of rights refers to the various rights that come with property ownership. These rights include the right to enjoy the property, the right to possess it, the right to dispose of it, the right to recover any damages or losses, the right to the fruits or benefits derived from the property, and the right to exclude others from the property. These rights collectively make up the bundle of rights that property owners have.

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  • 35. 

    Under the bundle of rights concept, which right includes the right to sell, donate,will, pledge or mortgage ?

    • "Jus vindicandi" or The right to recover

    • "Jus Utendi" or the right to use

    • "Jus possidendi" or the right to posses

    • "Jus fruendi" or the right to the fruits

    Correct Answer
    A. "Jus vindicandi" or The right to recover
    Explanation
    The correct answer is "Jus vindicandi" or The right to recover. This right includes the ability to sell, donate, will, pledge, or mortgage a property. It refers to the right of an owner to claim and regain possession of their property if it is unlawfully taken or possessed by someone else. This right is an essential part of property ownership and allows individuals to exercise control over their assets.

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  • 36. 

    Which of the rights includes the three (3)kinds of fruits, such as natural fruits,industrial fruits and civil fruits ?

    • "Jus vindicandi" or the right to recover

    • "Jus Utendi" or the right to use

    • "Jus fruendi" or The right to the fruits

    • "Jus possidendi" or the right to posses

    Correct Answer
    A. "Jus fruendi" or The right to the fruits
    Explanation
    The correct answer is "Jus fruendi" or The right to the fruits. This right includes the three kinds of fruits, which are natural fruits, industrial fruits, and civil fruits. Natural fruits refer to the produce of the land, such as crops or trees. Industrial fruits are the products of human labor or industry, like manufactured goods. Civil fruits pertain to the income or revenue generated from property or assets. Therefore, "Jus fruendi" encompasses the right to enjoy and benefit from these different types of fruits.

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  • 37. 

    The rights f ownership are limited by four (4) powers of government namely?

    • Police power, eminent domain, taxation and escheat

    • Taxation, just compensation, condemnation, escheat

    • Eminent domain, expropriation, taxation and confiscation

    • Expropriation, taxation, escheat and police power

    Correct Answer
    A. Police power, eminent domain, taxation and escheat
    Explanation
    The correct answer is "Police power, eminent domain, taxation, and escheat." These four powers of government limit the rights of ownership. Police power allows the government to regulate and enforce laws for the health, safety, and welfare of the public. Eminent domain allows the government to take private property for public use, with just compensation. Taxation is the power to impose taxes on property owners to fund public services. Escheat is the power to transfer property to the state when the owner dies without a will or heirs.

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  • 38. 

    The word referred to as the absolute right of ownership without limitations as to anyparticular class of heirs or restrictions but subject to the limitations of the four (4) powersof government is ?

    • Rights in Fee simple

    • Policed power

    • Eminent domain

    • Absolute right

    Correct Answer
    A. Rights in Fee simple
    Explanation
    Rights in Fee simple refers to the absolute right of ownership without any limitations or restrictions, except for the powers of government. This means that the owner has complete control over the property and can use, sell, or transfer it as they wish, as long as they comply with the laws and regulations set by the government. The term "fee simple" indicates that the ownership is not limited to a specific class of heirs and is not subject to any particular restrictions.

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  • 39. 

    Zoning rules and regulations or ordinances, traffic regulations, fire codes, and othersafety laws are examples of what right of government on real estate ownership?

    • Taxation

    • Policed power

    • Eminent domain

    • Escheat

    Correct Answer
    A. Policed power
    Explanation
    Zoning rules and regulations, traffic regulations, fire codes, and other safety laws are all examples of the government's right to exercise its police power over real estate ownership. Police power refers to the government's authority to enact and enforce laws and regulations for the purpose of protecting the health, safety, and welfare of its citizens. In the context of real estate ownership, this includes the ability to regulate land use, ensure compliance with building codes, and establish safety standards. Taxation, eminent domain, and escheat are different rights of the government that are not directly related to the enforcement of laws and regulations for real estate ownership.

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  • 40. 

    The right reserved by government to take private property for public use beneficial tothe public upon payment of just compensation?

    • Power of eminent domain

    • Escheat

    • Police power

    • Axation

    Correct Answer
    A. Power of eminent domain
    Explanation
    The correct answer is "Power of eminent domain." This refers to the legal authority held by the government to take private property for public use, as long as just compensation is provided to the owner. This power is often exercised in cases where the property is needed for infrastructure projects, such as building roads or public facilities, that benefit the public as a whole.

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  • 41. 

    The word referred to as the absolute right of ownership without limitations as to anyparticular class of heirs or restrictions but subject to the limitations of the four (4) powersof government is ?

    • Rights in Fee simple

    • Policed power

    • Eminent domain

    • Absolute right

    Correct Answer
    A. Rights in Fee simple
    Explanation
    The term "Rights in Fee simple" refers to the absolute right of ownership without any restrictions or limitations, except for the powers of government. This means that the owner has complete control and can use, transfer, or dispose of the property as they wish, as long as it does not violate any laws or regulations imposed by the government. This type of ownership is considered the highest form of ownership and provides the owner with the most extensive rights and privileges.

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  • 42. 

    Which right of government is imposed on real estate ownership for the purpose ofraising funds for its operations and services that otherwise protect and benefit thecitizenry ?

    • Rights in Fee simple

    • Policed power

    • Eminent domain

    • Taxation

    Correct Answer
    A. Taxation
    Explanation
    Taxation is a right of the government that is imposed on real estate ownership in order to raise funds for its operations and services. Through taxation, the government collects money from property owners, which is then used to finance various public services and programs that benefit and protect the citizens. This includes funding for infrastructure development, education, healthcare, and public safety. Taxation is a crucial source of revenue for the government, allowing it to fulfill its responsibilities and provide essential services to the citizenry.

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  • 43. 

    The four ordinary classification of real estate according to use and normally referredto in the ordinary course of buying. and selling are?

    • Residential, industrial, commercial, agricultural and special purpose

    • Residential, condominium, townhouse, memorial park

    • Real property, real estate, personal property, agricultural land

    • Realty, personal property, mineral, forest land

    Correct Answer
    A. Residential, industrial, commercial, agricultural and special purpose
    Explanation
    The correct answer is Residential, industrial, commercial, agricultural and special purpose. These are the four ordinary classifications of real estate according to use and are commonly referred to in the buying and selling process. Residential real estate refers to properties used for living purposes, industrial real estate is used for manufacturing or production, commercial real estate is used for business activities, agricultural real estate is used for farming or agricultural purposes, and special purpose real estate is used for specific or unique purposes such as schools or hospitals.

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  • 44. 

     Which of the following are the four (4) property types based on the InternationalValuation Council (1VSC)?

    • Real property, personal property, business and financial interest

    • Residential, commercial, industrial, agricultural

    • Agricultural, timberland, mineral, residential

    • Public domain, private ownership, present property, immovable

    Correct Answer
    A. Real property, personal property, business and financial interest
    Explanation
    The correct answer is real property, personal property, business and financial interest. This answer aligns with the four property types based on the International Valuation Council (IVSC). Real property refers to land and any permanent structures on it. Personal property includes movable assets such as vehicles and furniture. Business and financial interest encompasses ownership in a business or financial instrument.

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  • 45. 

    Which of the following are the constitutional classification of real property providedfor in ART.XII Section 3 of the constitution?

    • Residential, commercial, industrial, agricultural

    • Agricultural, timberland, mineral, residential

    • Real property, personal property, business and financial interest

    • Agricultural, forest/or timber, mineral and national parks

    Correct Answer
    A. Agricultural, forest/or timber, mineral and national parks
    Explanation
    The correct answer is "Agricultural, forest/or timber, mineral and national parks." This is because ART.XII Section 3 of the constitution provides for the constitutional classification of real property, and it specifically includes agricultural, forest/or timber, mineral, and national parks as part of this classification.

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  • 46. 

    Which of the following are the two classification of real property according toexistence provided for in Civil Code of the Philippines?

    • Movable or personal and immovable or real property

    • Public domain and private ownership

    • Real property and personal property

    • Present property and future property

    Correct Answer
    A. Present property and future property
    Explanation
    The correct answer is "Present property and future property." This classification is provided for in the Civil Code of the Philippines. Present property refers to real property that currently exists and is tangible, such as land and buildings. Future property, on the other hand, refers to real property that does not yet exist but may come into existence in the future, such as a future inheritance or a property that is under construction. This classification helps to distinguish between real property that is currently owned and real property that may be acquired or inherited in the future.

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  • 47. 

    Which of the following are the constitutional classification of real property providedfor in ART.XII Section 3 of the constitution?

    • Residential, commercial, industrial, agricultural

    • Agricultural, timberland, mineral, residential

    • Real property, personal property, business and financial interest

    • Agricultural, forest/or timber, mineral and national parks

    Correct Answer
    A. Agricultural, forest/or timber, mineral and national parks
    Explanation
    The correct answer is "Agricultural, forest/or timber, mineral and national parks." This is because ART.XII Section 3 of the constitution specifically mentions these classifications of real property. The other options mentioned in the question are not explicitly stated in the constitution as constitutional classifications of real property.

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  • 48. 

    RDL is renting a single-family home under a one year lease. Two months into thelease he installs a window type air-condition placed in the opening provided for on oneside of the building. Which of the following is true?

    • RDL cannot take out the or bring the unit with him after the lease

    • RDL can take the unit because by its nature it is a personal thing

    • Air condition units are permanent improvements of a building

    • Because of the nature of the property, the air condition is considered a trade fixture

    Correct Answer
    A. RDL can take the unit because by its nature it is a personal thing
    Explanation
    The correct answer is that RDL can take the unit because by its nature it is a personal thing. This means that the window type air-conditioner is considered a personal property rather than a permanent improvement to the building. As RDL installed the unit himself and it can be easily removed without causing damage to the property, he has the right to take it with him when the lease ends.

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  • 49. 

    All of the following would be consideration for an item being real property except?

    • The cost of an item when it was bought or purchased

    • The method of its attachment to other real property

    • The intended use of the item by its owner

    • The manner in which the item is actually used with other real property

    Correct Answer
    A. The cost of an item when it was bought or purchased
    Explanation
    The cost of an item when it was bought or purchased is not a consideration for determining whether it is real property or not. The factors that determine whether an item is real property include the method of its attachment to other real property, the intended use of the item by its owner, and the manner in which the item is actually used with other real property. The cost of an item is not relevant in this context as it does not determine its classification as real property.

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Quiz Review Timeline (Updated): Jan 19, 2025 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jan 19, 2025
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 24, 2011
    Quiz Created by
    Jengerz

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