9. A comparable site sold six months ago for P 4,000/sqm.

It was 10% superior to the

subject site with respect to location and 15% inferior to the subject with respect to
frontage and shape. The market conditions adjustment is 10% per year. The adjusted sale
price of the comparable site (rounded to the nearest 100 is
a. P 4,300/sqm -10, +15, +10
b. P 4,400/sqm
c. P 4,500/sqm
d. P 4,600/sqm
10. A new and improved non-residential property just sold for P 2,350,000. Direct
construction costs were P 1,260,000 and indirect costs were 15% of direct costs. Builders
overhead and profit were 25% of total costs. What is the land value by extraction (rounded
to P50,000)?
a. P 500,000
b. P 550,000
c. P 600,000
d. P 650,100
11. The valuation of land with a highest and best use as an individual subdivision can be
estimated using
a. The summation of the value of all sites
b. The subdivision development method
c. The allocation method
d. The extraction method
12. An opinion of market value via the sales comparison approach is through the eyes of
a. Well-informed purchasers
b. Well-informed sellers
c. Well-informed brokers
d. Uninformed buyers
13. A major requirement and limitation of the sales comparison approach is that it requires
a. Several new constructions
b. An active market of competitive properties
c. Accurate cost information
d. Accurate information on investors expectation
14. Property sale prices
a. Are negotiated by appraisers
b. Are negotiated between buyers and sellers
c. Are set by brokers
d. Are opinions
15. If the appraisal assignment requires an estimate of market value
a. The sales comparison approach is never applicable
b. The sales comparison approach is usually applicable
c. The sales comparison approach is not applicable because it represents value in use
d. The appraiser should always use the cost approach because it represents the most
similar buyers actions
16. In the application of the sales comparison approach in a market value appraisal,
a. Only closed sales of real property interest can be used
b. Only current listings and closed sales of real property interests can be used
c. Only closed comparable sales, listings and options can be used as indications of value
d. Closed sales, pending sales, current listings, options to purchase, and refusals can be
used as indications of market value

17. Current listings that have been exposed to the open market for a reasonable time