Answers On Review Questions On Assessed, Zonal Value And Mass Appraisal 6q624k

REVIEW QUESTIONS ON MODULE 5 1. Zonal value is the basis of computing: a. Capital Gains Tax b. Documentary Stamp Tax c. Estate tax of Donor’s Tax Due d. All of the above 2. BIR’s assigned zonal value shall apply to: a. Land b. Condominiums c. Townhouses covered by CCT d. All of the above 3. Zonal value applies on all internal revenue taxes due on sales, exchange or other dispositions of real properties provided that the zonal value is higher than: a. The fair market value as shown in the tax declaration b. The gross selling price/consideration as shown in the duly notarized document of sale or exchange of real properties c. A only d. A & B 4. Under Department Order No. 35-04 who creates the committees that attend to the establishment or revision of zonal values in a particular area: a. BIR b. Department of Finance c. Department of Justice d. Assessor’s, Treasurer’s and Municipal or City Planning and Dev’t Office 5. How many committees are created under Department Order 35-04? a. 4 b. 2 c. 3 d. 5 6. What are the composition of Sub Technical Committee on Real Property Valuation (STCRPV)? a. Revenue District Officer and Municipal/City/Provincial Assessors b. Local Development Officer (from Mayor’s Office) & 2 licensed and competent appraisers from a reputable association or organization of realty appraisers c. A only d. A & B 7. Which committee are the 2 licensed private appraisers member of? a. STCRPV - Sub-Technical Committee on Real Property Valuation b. TCRPV - Technical Committee on Real Property Valuation c. ECRPV - Executive Committee on Real Proper Valuation d. All of the above 8. Among the committees, whose function is to study, prepare and conduct the public hearing on the proposed Schedule of Zonal Values of real properties within the jurisdiction of the Revenue District Office a. ECRPV b. TCRPV c. STCRPV d. All of the above

9. How are the final recommended value established? a. Average of the 2 lowest value submitted by BIR, Assessor’s Office and 2 licensed appraisers b. Average of the 3 submitted values by BIR, Assessor’s Office and 2 licensed appraisers c. Average of the 2 highest values submitted by BIR, Assessor’s Office and 2 licensed appraisers d. None of the above 10. What are the basis of the recommended zonal value in a particular area? a. Acceptable methods of appraisal of real properties b. Consummated or actual sales appearing in documents filed in government offices such as ROD, BIR, LRC c. Private records or listings of banks, realtors, agents, salespersons and appraisers d. Records from Assessor’s office e. All of the above 11. How many days from the date of public hearing, are given to property owners/taxpayers who have objections, protests, issues and concerns on the recommended zonal value established by STCRPV? a. 30 days b. 20 days c. 15 days d. 10 days 12. Who acts as the Chairman of ECRPV? a. Secretary of Department of Finance b. BIR Commissioner c. Revenue District Officer d. of Deeds 13. The Real Property Taxation System in the Philippines wherein Provincial and Municipal Board of Assessors Office were created, started during: a. Spanish Regime called encomiendas b. American Regime c. Japanese Regime d. Chinese Regime 14. Republic Act 7160 is also known as: a. Local Government Code of 1991 b. An Act Revising and Compiling Assessment Laws c. Bureau of Local Government Finance d. Non of the above 16. It is a levy on real property determined on the basis of fixed proportion of the value of the property: a. Ad Valorem Tax b. Capital Gains Tax c. Assessment Level d. Documentary stamp tax 17. It is the percentage applied to the market value to determine the taxable value of the property: a. Ad Valorem Tax b. Capital Gains Tax c. Assessment Level d. Documentary stamp tax

18. It is the taxable value or the market value of the property multiplied by the assessment level: a. Assessed value b. Assessment c. Assessment level d. Market value in Tax Declaration 19. It refers to a document accompanied by maps and all the taxable improvements on such lands, a current and fair market value, and assessment level to be able to arrive at an assessed value for each land and each improvement. a. Tax mapping system b. Comprehensive Land Use Plan c. Highest and best Use Study d. Assessed Value 20. It refers to the act or process of changing the current use of a piece of agricultural land into some other uses as approved by Department of Agrarian Reform. a. Land Use Conversion b. Reclassification of Land c. Land Use d. Highest and Best Use 21. Refer to all lands, buildings and other improvements thereon actually, directly and exclusively used for hospitals, cultural or scientific purposes and those owned and used by local water districts, and government owned and controlled corporations rendering special public services in the supply and distribution of water and generation and transmission of electric power. a. Special purpose properties b. Special Classes of Real Property c. Special Economic zones d. None of the above 22. It is the process of valuing a group of properties as of a given date using standard methodology, employing common data and allowing for statistical testing. a. Subdivision appraisal b. Mass appraisal c. Group appraisal d. None of the above 23. This refers to the act of specifying how agricultural lands shall be utilized for nonagricultural uses such as a residential, commercial or industrial as embodied in the land use plan, subject to the requirements and procedures for land use conversion. It also includes the reversion of non-agricultural lands to agricultural use. a. Agricultural Land Conversion b. Highest and Best use of Agricultural Lands c. Reclassification of agricultural lands d. Reassessment 24. It refers to housing programs undertaken either by the government of private sector for the underprivileged and homeless in accordance with R.A. 7279 a. Socialized Housing b. Mass Housing c. Either A or B d. None of the above 25. It is also known as Property Identification Map a. GIS b. Vicinity Map

c. Compound Layout d. Tax Map 26. The Assessor’s Office is an agency where we inquire and conduct research on a. TCT/CCT b. Investment Value c. Zonal Value d. Tax Declaration, Cadastral Map and Tax Map 27. The schedule of market value for ad valorem tax in municipalities outside Metro Manila is prepared by: a. Municipal Assessor b. Provincial Assessor c. Sangguniang Panlalawigan d. Provincial Treasurer 28. The value placed on taxable property by the assessor for ad valorem purposes is a. Appraised Value b. Economic Value c. Fair Market Value d. Assessment Value 29. The schedule of market value in the different municipalities is prepared by: a. BIR b. Concerned municipal assessor c. Sangguniang Bayan through an ordinance d. of Deeds 30. The zonal value of a property can be obtained from a. Assessor’s Office b. Bureau of Internal Revenue c. Internet d. Land Registration istration 31. In case of disagreement with the valuation of the City Assessor on the market value of the property, the owner may appeal the same to the Local Board Assessment Appeals within how many days from receipt of the notice of assessment. a. 60 days b. 45 days c. 30 days d. 120 days 32. Under Republic Act No. 7160, the Provincial, City and Municipal Assessors are mandated with the ff functions except: a. To assess properties with back taxes for collection purpose b. Collect taxes from taxpayers c. To recommend amendment of the Schedule of Fair Market Value to the Sanggunian, if need be d. To declare properties if owners fail to do it within the prescribed time 33. The Assessor is mandated to make General Revision of Assessments and Propety Reclassification every: a. 5 years b. 10 years c. 3 years d. 4 years

34. This refers to the ratio of a building’s total floor area to the size of the piece of land upon which it is built. It can also refer to limits imposed on such a ration. a. Floor area ratio (FAR) b. Floor space ratio (FSR) c. Floor space index (FSI) d. Site ratio/plot ratio e. Any of the above 35. The formula for FAR is: a. Floor area ratio = (total covered area on all floors of all buildings on a certain lot)/(area of the lot) b. FAR = Lot area/ Gross floor area c. FAR = Lot area X 2 d. None of the above 36. A dual agency in the negotiation of a sale of real property is lawful if: a. Both brokers agree b. The broker of the seller agrees c. Both buyer and seller agree d. The escrow agent agrees 37. The sidewalks in a condominium are: a. Made at least 4 feet wide b. Tarmac c. Common areas d. All of the above 38. Percolation test refers to: a. Water wells b. Soil analysis c. Sewage d. Flood control 39. In doing a feasibility study for residential development, taking into consideration national economic conditions, all of the following items would be necessary except: a. Analysis of economic basis b. Target markets c. Specific data related to the proposed project d. Local zoning codes 40. Which of the following will have an impact on the real estate market in years to come? a. Land use regulation b. Consumerism c. The real estate industry d. All of the above 41. What does ad valorem mean? a. According to value b. For life c. At will d. To the use and benefit 42. A lessor leased a property to a lessee for a 5-year period. The lessor died. The lessee found out that the lessor had only a life estate in the property. The new owner wanted to cancel the lease: a. The lease expired at the death of the lessor b. The lease was valid because it did not have clauses allowing for the sale of the

property. c. The lease was valid for the entire length of the original lease. d. The new owner of the property must renew the lease. 43. An estate in real property consisting of an undivided interest in common in a portion of a parcel of real property, together with a separate interest in space could be: a. Residential b. Commercial c. Industrial d. Any of the above 44. A residential property is reassessed: a. When the government needs the money b. When the property is destroyed by fire and then reconstructed c. Every time the property is sold d. Every 3 years. 45. What is the difference between real property tax and assessment bonds? a. Special assessments are levied by special improvement districts only b. Assessments have superiority over property taxes c. Special assessments are used for local improvements d. Assessments are subordinate to real estate taxes 46. What type of organization is formed in order to create a Real Estate Investment Trust (REIT)? a. Corporation b. Limited Partnership c. General Partnership d. Syndication 47. An attorney-in-fact is: a. An attorney or executor of an estate b. A principal in a transaction c. A legally competent person acting on behalf of another d. All of the above 48. In order for a contract for the transfer of real property to be binding on the buyer and seller, it must: a. Be recorded b. Have an offer and acceptance c. Be acknowledged d. Satisfy all of the above 49. A contract signed under duress would be: a. Void b. Unenforceable c. Voidable d. Illegal 50. Why is legal description recommended in a sales contract? a. To help cooperating salespersons to find the property b. The lender requests it c. The seller may have other properties in the area d. For the title company to locate the property.