REC Review Questions Part 2

157. An estimate of the total time period over which a property can be successfully sold, leased, put into use or traded in its market area at prevailing prices or rentals. a). Absorption period b). Vacancies level c). Market gentrification d). Market penetration e). Market maturity

a). Absorption period

137. The relative ease with which a person can enter or exit a site or building. Accessibility is important when determining the suitability of a site or a building for a particular use. a). Accessibility b). Encroachment c). Easement d). Restrictions e). None of the above

a). Accessibility

107. Right of an occupant of land to acquire Title against the real estate owner, where possession has been actual, continuous, hostile, visible, and distinct and in the concept of owner for the statutory period. a). Adverse possession b), Encroachment c). Descent d). Involuntary possession e). Voluntary

a). Adverse possession

113. A series of cash flows in which payments occur at regular intervals. The payments could be equal or could represent mathematically related or non-mathematically related patterns. a). Annuity b). Amortized c). Periodic d). Discounting e). Compounding

a). Annuity

165. The sudden removal of land from one parcel to another, when a body of water, such as a river, abruptly changes its channel. a). Avulsion b). Extraction c). Allocation d). Grading e). None of the above

a). Avulsion

170. Any process of converting income into an estimate of value. a). Capitalization b). Yield capitalization c). Residual capitalization d). Overall rate e). Recapture rate

a). Capitalization

176. A price expressed in terms of cash as distinguished from a price that is expressed all or partly in terms of the face or nominal amount of notes or other debt securities that cannot be sold on the market at their face amount. a). Cash equivalent b). Cash value c). Cash amount d). Cash price e). None of the above

a). Cash equivalent

185. An annual financial report that shows income, expenses, and profits and is often used to evaluate the return on the investment in the property. a). Cash flow statement b). Discounted cash flow statement c). Profit and loss statement d). Income statement e). Financial position

a). Cash flow statement

192. Identification of the properties in a market or trade area that have similar characteristics and attract the same potential buyers or space users. a). Competitive analysis or survey of competition b). Red Ocean Infrastructure c). Blue Ocean Infrastructure d). Industry development analysis e). Industry development survey

a). Competitive analysis or survey of competition

188. The cost to build a structure including direct cost of labor and materials, contractor's overhead and profit plus indirect cost such as taxes and construction loan interest. Distinguished from original cost, which is the cost to the present owner who may have paid more or less than the cost of construction. a). Construction cost b). Development fee c). Development excise d). Developers fee e). A & D

a). Construction cost

181. A clause in the Deed of a property that limits its type of use or intensity of use; usually passes with the land regardless of the owner. a). Deed of restriction b). Deed of conveyance c). Deed of warranty d). Deed of specific warranty e). None of the above

a). Deed of restriction

191. Items that are in need of repair because upkeep and repairs have been delayed, the result of which is physical depreciation or loss in value of a building; a type of physical deterioration that is usually curable. a). Deferred maintenance b). Physical deterioration c). Economic obsolescent d). B & C e). None of the above

a). Deferred maintenance

142. The process of converting future income top a present value by mathematically reducing future cash flow by the implied interest that would have been earned assuming an initial investment, an interest rate and a specified period (possibly divided into shorter equal periodic increments ). a). Discounting b). Compounding c). Annuity d). Amortized e). A & B

a). Discounting

197. In economics, refers to the ability of a product to maintain a quantity level of supply or demand as the price of that product changes. It measured as the percent change in quantity supplied or demanded divided by the associated percent change in price. a). Elasticity b). Substitutes c). Equilibrium d). Mixtures e). All of the above

a). Elasticity

150. An analysis of the impact of proposed land use on its environment. Including the direct and indirect effects of the project during all phases of use. a). Environmental impact study ( EIS ) b). Environmental critical area ( ECA ) c). Environmental critical projects ( ECP ) d). Environmental impact assessment ( EIA ) e). Environmental compliance certificate ( ECC )

a). Environmental impact study ( EIS )

161. Reversion of property to the state owing to lack of any heirs capable of inheriting; or due to other causes provided by law. a). Escheat b). Confiscation c). Default d). Legal action e). Legal decisions

a). Escheat

126. The use or uses of a consultants reported consulting engagement, opinions and conclusions, as identified by the consultant based on communication with the client at the time of the engagement. a). Intended use b). Desired results c). Goals & objectives d). Qualified opinion e). None of the above

a). Intended use

164. A study that reflects the relationship between acquisition price and anticipated stream of future benefits of a real estate investment. a). Investment analysis b). Regression analysis c). Correlation analysis d). NPV analysis e). Annuity application analysis

a). Investment analysis

120. A stipulation which authorizes the mortgagee to appropriate the property as his own upon failure of the debtor to fulfill the principal obligation. a). Pactum commissorium b). Pactum de aliento c). Pactum de dems d). Outright sale e). Bargain sale

a). Pactum commissorium

136. Data obtained from published sources that have been collected by the consultant, e.g., census information, demographic information and published interest rates. See also data, primary data. a). Secondary data b). Primary data c). Regional data d). Key indicator e). NSO social statistics

a). Secondary data

101. An analysis of the amount of space ( usually expressed in square meter ) or the number of units ( absorption rate ) that can be sold, leased, put into use of traded on the market during a predetermined or estimated period of time ( absorption period ), and at prevailing prices or rentals. a). Space market analysis b). Absorption analysis c). Asset market analysis d). Demand market analysis e). Vacancy analysis

b). Absorption analysis

163. An addition to land from natural causes as, for example, from gradual action of the ocean or the river waters. a). Alluvium b). Accretion c). Littoral d). Riparian e). Prior Appropriation

b). Accretion

174. The surface space defined by two-dimensional boundaries of a building, lot, market, city or other such space, measured in square units. For example, a rectangular building that measures 30 meters has an area of 3,000 square meters. a). Circumferential b). Area c). Perpendicular d). Volume e). Directional

b). Area

146. The act of combining two or more parcels of land into 1 large tract; usually done to allow the construction of a larger building in the hope that it will produce more income than several smaller buildings. An additional value ( plottage value ) may be created above and beyond the sum of values of the separate parcels when the land is joined together. a). Plottage b). Assemblage c). Raw land development d). Consolidation e). A & C

b). Assemblage

141. The risk associated with the uncertainty of future income flows caused by the nature of a business. In real estate, business risk includes future variability in rents, vacancies, and operating expenses. a). Investment risk b). Business risk c). Calculated risk d). Management risk e). Development risk

b). Business risk

180. The total change in property value over a holding period. a). Appreciation element b). Change in property value c). Reversion element d). Interest fee in property value e). Economic upgrading value

b). Change in property value

158. The party who engages a consultant by contract in a specific engagement. a). Assessors b). Client c). Tax mappers d). Registrar e). Appraisers

b). Client

104. Any question, doubt, uncertainty, or difficulty arising from a historical realty situation in which something has gone wrong from a normal situation without yet available explanation. This calls from the Consultants. a). Clients goal & objectives b). Clients problem c). Central issue of the engagement d). Decision process e). Decision making

b). Clients problem

190. Something of value offered as a guarantee or security for the fulfillment of a financial obligation. a). Deposit b). Collateral c). Exchanges of properties d). Barter e). Offsetting

b). Collateral

184. In a condemnation proceeding, damages that are legally required to be paid to the owner or tenant of a property that is being wholly or partially condemned. Damages are usually limited to the loss of value in the property. Sentimental value, inconvenience, and loss of business not related to the real estate are not typically compensable. Physical invasion of the property by a condemning authority or the taking of some property right must usually occur before damages are considered compensable. a). Just compensation b). Compensable damages c). Expropriation damages d). Condemnation damages e), Eminent domain damages

b). Compensable damages

171. The use of borrowed funds to acquire a capital investment, as opposed to investing one's own funds. In real estate, the property itself usually serves as the security for the debt. a). Collateral b). Debt financing c). Mortgage d). Chattel e). Debt servicing

b). Debt financing

144. The ratio of the total amount of the loan divided by the invested capital ( equity ) of the owner(s). a). Liability-equity ratio b). Debt-equity ratio c). Assets-equity ratio d). NPV e). A & C

b). Debt-equity ratio

196. A structure designed for occupancy as living quarters by one or more households. A dwelling is usually equipped with cooking, bathing and heating facilities. It does not include structures used on a transient basis, such as hotels or motels. a). Residential b). Dwelling c). Commercial d). Mixed-used development e). A & C

b). Dwelling

118. The date at which the analyses, opinions, and advice in an appraisal, review or consulting service apply. a). Date of report b). Effective date c). Date of engagement d). Date of review e). A & B

b). Effective date

122. Anything which affects or limits the fee simple title to property, such as mortgages, easements, or restrictions of any kind. Liens are money encumbrances which make the property security for the payment of a debt or obligations, such as mortgages and taxes. a). Liens b). Encumbrances c). Lis Pendens d). Rules of 74 e). A & B

b). Encumbrances

109. Specifications in a consulting report that restricts the assumptions in the report to certain situations, for example, date and use of the consulting service, definition of value, identification of real estate and property rights being valued, definition of surveys used or not used. a). Absolute condition b). Limiting condition c). Hypothetical condition d). Extraordinary assumption e). None of the above

b). Limiting condition

128. A real estate analysis of a specific property that addresses the ability of the property to be absorbed, sold or leased under current and anticipated market conditions. a). Market study b). Marketability study c). Economic study d). Feasibility study e). Financial study

b). Marketability study

131. A method of estimating property value by discounting on expected future cash flows to a present value by a rate typical for investors in the marketplace for the interest being valued. The approach may or may not explicitly include financing. a). Residual capitalization b). Yield capitalization c). Annuity capitalization d). Extraction e). Allocation

b). Yield capitalization

168. An estimate of the number of units or square meter per time period of a particular property type that can be successfully sold, leased, put into use or traded in its market area at prevailing price or rentals. a). Evaluation analysis b). Endurance Test rate c). Absorption rate d). Month's rate of vacancy e). C & D

c). Absorption rate

198. In accounting, a method of recognizing and recording items of income and expense to the period in which each is earned or incurred, respectively, regardless of the date of actual payment or collection. a). Cash system b). Accounting system c). Accrual system d). Financial system e). All of the above

c). Accrual system

154. In surveying, a horizontal angle from 0 to 90 that specify the direction of a course or angle in relation to true north or south. a). Direction b). Distance c). Bearing d). Azimuth e). Directional gravity

c). Bearing

152. A loan that is secured by more than one property or lot. It is commonly used in construction financing for subdivision or condominium development. a). Multiple blanket mortgage b). Selection mortgage c). Blanket mortgage d). Shared appreciation mortgage e). Construction mortgage

c). Blanket mortgage

147. An ownership concept that describes real property by the legal rights associated with owning the property. It specifies rights such as the rights to sell, lease, use, occupy, mortgage, and trade the property, among others. These rights are typically purchased by the buyer in a sales transaction unless specifically noted or limited in the site. a). Freehold interest b). Leasehold interest c). Bundle of rights d). Livery of seisin e). Pur Autre Vie

c). Bundle of rights

178. The periodic income or loss arising from the operation and ultimate resale of an income producing property. The cash flow could further be classified as either before-tax or after-tax cash flow and could also reflect the impact of financing. See also before-tax cash flow ( BTF ), after-tax cah flow ( ACTF ). a). Economic flow b). Market flow c). Cash flow d). Accounting flow e). Cash flow series of applications

c). Cash flow

149. In condominium developments, the percentage of ownership held by one owner as compared to the whole property; may be measured on a square meter or price basis, e.g., the ratio of the square meter of one condominium as compared to the total square meter of all condominiums. a). Common area b). Deed of restrictions c). Common Interest d). Master deed e). CCT

c). Common Interest

162. The work or service performed by real estate consultants, as defined by USPRCP terms in these standards; evaluation, review, and consulting. a). Consulting review b). Consulting property management c). Consulting practice d). Consulting on IS e). All of the above

c). Consulting practice

123. The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payments of his obligations to the mortgagee. a). Settlement b). Balloon payment c). Defeasance clause d). Deficiency judgment e). Extrajudicial

c). Defeasance clause

172. The quantity of real property desired at a certain price at a specific time in a market area and/or market segment. a). Supply b). Market penetration c). Demand d). Speculation e). Futures

c). Demand

193. Costs that are readily identified in the construction of real estate, such as labor, materials, and contractor's overhead and profit. a). Indirect costs b). Cost study c). Direct costs d). Operating expenses e). C & D

c). Direct costs

183. The industry in a geographic area that provides employment opportunities and allows it to attract income from outside its boundaries. a). Territorial base b). Regional base c). Economic base d). Political subdivision base e). Local economy base

c). Economic base

103. Refers to a real estate project that is able to meet defined financial investment objectives, the ability of a project to produce sufficient cash flows to repay all the expenses involved in creating and marketing the project plus provide a competitive return to the owner/developer. A criterion of highest and the best use analysis. a). Legally permissibility b). Probable use c). Economically feasible d). Land though as vacant e). Maximally productive

c). Economically feasible

115. The desire to buy to satisfy need coupled with the ability to pay. When the word demand is used in economic writings, this demand is usually assumed. a). Assumed demand b). Purchaser's demand c). Effective demand d). Inefficient demand e). Ineffective demand

c). Effective demand

110. A study of a proposed economic activities capability of being accomplished under certain conditions and assumptions of marketing, technical, or financial aspects. Also, a study of the cost-benefit relationship of an economic activity. a). Investment analysis b). Economic analysis c). Feasibility analysis d) Extraordinary assumption e). None of the above

c). Feasibility analysis

187. A person who charges a fee for rendering consulting service involving real estate problem or issues. a). Remuneration b). Honorarium c). Fee consultant d). Commission e). Talent fee

c). Fee consultant

116. Information that is not specific to a certain property, e.g., interest rates, employment rates and census information. a). Specific data b). Direct data c). General data d). Population data e). A & C

c). General data

108. A shortened consulting report that states the conclusions and recommendations of the Consultants study and analysis. This report typically contains a statement of the problem or issues of the subject of consulting engagement, purpose of the consulting engagement, a description of the analysis, the date of study and analysis, limiting conditions. Much of the data and reasoning are omitted. a). Executive summary b). Transmittal letter report c). Letter report d). Certification letter report e). All of the above

c). Letter report

111. The identification and analysis of submarkets within a larger market, resulting in the classification of consumers or buyers into relatively homogeneous groups based on their economic, demographic and/or psychographic characteristics (such as attitudes, habits, and lifestyle). This processes the potential users of the subject property from the general population, according to defined consumer characteristics. a). Market penetration b). Market aggression c). Market segmentation d). Market qualification e). Market review

c). Market segmentation

125. Real Estate Investment Trust. a). Investment portfolio b). Capital market portfolio c). REIT d). Real Estate company for development e). Vehicle for capital assets for real estate development

c). REIT

166. An identified parcel or tract of land including improvements, if any. a). Land b). Real Property c). Real Estate d). Personal Property e). Estate in land

c). Real Estate

129. The time period during which an income property is expected to this lease up to a level stabilized occupancy. Stabilized occupancy assumes rental achievement at market levels as well as physical occupancy at stabilized levels. a). Rent-out period b). Economic rent time period c). Rent-up period d). Lease period e). Market rent time period

c). Rent-up period

133. Personalized evidence indicating authentication of the work performed by the consultant and the acceptance of the responsibility for content, analyses, and the conclusion in the report. a). Attestation b). Acknowledgment c). Signature d). Pledge e). Authentication

c). Signature

138. All or part of a standard rule of USPRCP from which departure is permitted under certain conditions. a). Outright guidelines b). Standard guidelines c). Specific guidelines d). Expressed guidelines e). Implied guidelines

c). Specific guidelines

139. An appraisal or consulting that estimates the market value of a property to be acquired for a public use by a government so that just compensation can be offered to the property owner. a). Enhancement b). Utilization c). Preservation d). Acquisition appraisal/consulting e). Disposition

d). Acquisition appraisal/consulting

112. A technique used to determine just compensation for land that has been partially taken through condemnation. In this method, the value of the property before condemnation and after condemnation is determined. The value of the remaining property not taken through the condemnation is the difference between the value before and after condemnation. a). After method b). Future method c). Investment method d). Before and after method e). C & D

d). Before and after method

156. In an eminent domain proceeding, benefits are the betterment gained from a public improvement for which private property was taken in the condemnation. a). Sufferance b). Severance c). Burden d). Benefits e). B & D

d). Benefits

153. A selection of a city in which a majority of the structures are dilapidated. a). Ghost town b). Decay Environment c). Displaced Environment d). Blighted area e). All of the above

d). Blighted area

199. A financing technique in which the seller finances part of the purchase through a note secured by a junior mortgage or contract for deed. a). Institutional financing b). Leverage financing c). Bridge financing d). Carryback financing e). Creative financing

d). Carryback financing

182. The nature in which a city grows outward from its point of origin ( siting factor ). City growth can be affected by availability of developable land, technology, transportation modes and the willingness and ability of the local government to provide needed services. For example, cities such as Manila and Makati, which have relatively scarce land, grow with an increasing density of land use. a). Economic growth b). Population growth c). Demographic growth d). City growth e). All of the above

d). City growth

179. Debt instruments that are issued using a pool of mortgages for collateral. The issuer retains the ownership of the mortgage pool and issues bonds as debts against the mortgage pool. However, all amortization and prepayments flow through to investors. a). Securitization b). Collateralized obligation bonds c). Treasury Bills d). Collateralized mortgage obligation (CMO) e). Money supply

d). Collateralized mortgage obligation (CMO)

195. The group of properties that are in the same classification and complete directly with the subject property in the immediate market area. a). Segmented market b). Space market c). Asset market d). Competitive market segment e). Buyer's market

d). Competitive market segment

175. Dispersion from a central point. (1) The movement of people, industry, and business from the city to the suburbs, rural urban fringe, and/or smaller cities (2) The breakdown of an existing business into smaller units or expansion through the establishment of separate units. a). Qualification b). Isolation c). Centralization d). Decentralization e). B & D

d). Decentralization

189. A legal instrument, similar to a mortgage that conveys title to property to a third-party trustee and secures an obligation owned by the borrower to the lender. a). Mortgage b). Abstract of loan c). Promissory note d). Deed of trust e). C & D

d). Deed of trust

105. The reasonable and probable use that result in the highest present value of the land after considering all legally permissible, physically possible and economically feasible uses. Capitalization rates or discounts rates for each feasible use should reflect typical returns expected in the market. Highest and the best use is usually determined under two different premises; as if the site was vacant and could be improved in the optimal manner or as the site is currently improved. a). Market study b). Investment analysis c). Location analysis d). Highest and best use ( HBU ) e). All of the above

d). Highest and best use ( HBU )

119. The use for a property which will bring the optimum or highest returns or advantage as of a certain time. a). Anticipation principle b). Diminishing returns principle c). Progression principle d). Highest and best use principle e). Regression principle

d). Highest and best use principle

159. The product of disaggregation, defines a relatively homogenous supply of housing units that tend to be occupied by a relatively homogenous group of households. For example, the sub-market of 2bedroom one-level houses selling for P180,000 to P200,000 tends to be occupied by households with similar economic, social and demographic characteristics. a). Sub-standard market b). Standard market c). Buyer's market d). Housing sub-market e). A & D

d). Housing sub-market

134. The client and any other party as identified, by name or type, as users of the consulting report, by the consultant based on communication with the client at the time of the engagement. a). Applicable use b). Applicable user c). Applicable intention d). Intend user e). All of the above except D

d). Intend user

121. Delay or negligence in asserting one's legal right. a). Manifestation b). Volition c). Obsession d). Latches e). Deflection

d). Latches

127. Information gathered by the Consultant that is not available in a published source. a). Secondary data b), NSO c). NEDA d). Primary data e). B & C

d). Primary data

130. Any written communication of a consulting service that is transmittal to the client upon completion of an engagement. a). Executive summary b), Terms of reference c). Note to file d). Report e). All of the above

d). Report

151. The price or outlay of funds required to obtain rights in a property. Its cost includes expenses such as closing costs, mortgage loan origination fees, legal and consulting fees. a). Price of the acquisition b). Value of the acquisition c). Financial value of the acquisition d). Economic value of the acquisition e). Acquisition cost

e). Acquisition cost

143. The main tenant in a shopping center that attracts shoppers or traffic. Anchors are strategically placed to maximize sales for all tenants. The type of anchor depends on the type of shopping center e.g.,supermarket is a typical anchor for a neighborhood shopping center, whereas a major chain or department store is a typical anchor for a regional shopping mall. a). Leasehold interest b). Leased fee interest c). Shopping mall tenant d). Anchor e). Anchor tenant

e). Anchor tenant

148. The process of valuing the property for tax purpose. The assessed value may or may not equal the market value. a). Market valuation b). Property valuation c). Zoning review valuation d). Assessment qualification review valuation e). Assesses valuation

e). Assesses valuation

155. A public record of the assessed value of property in a taxing jurisdiction. a). Assessment list b). Assessment master list c). Assessment Property Index d). Assessment level e). Assessment roll

e). Assessment roll

140. Income that remains from net operating income ( NOI ) after debt service is paid but before ordinary income tax on operations is deducted. Also called equity dividend or per tax cash flow. a). Before-interest cash flow b). After-tax cash flow c). tax cash flow d). A & B e). Before-tax cash flow ( BTCF)

e). Before-tax cash flow ( BTCF)

173. The market in which long-term or intermediate-term money instruments are traded by buyers and sellers. a). Money market b). Debentures market c). Paper money transactions d). Economic stabilization instruments e). Capital market

e). Capital market

145. A ratio that represents the relationship between a particular year's cash flow and the present value or the interest applicable to the cash flow. a). Interest rate b). Mortgage ratio c). Recapture rate d). Effective rate e). Capitalization rate

e). Capitalization rate

177. The exercise of the power of eminent domain by the government, i.e., the right of the government to take private property for public use. a). Sufferance b). Stewardship concept c). Confiscatory element d). Force majeure e). Condemnation

e). Condemnation

160. The act or process of evaluating ad giving advice on a property or a development projects for its viability in terms of ROI, pertains to consulting and related functions, e.g., HABU analysis, location/site analysis, market study services. a). Appraiser b). Valuer c). Custom broker d). Stock broker e). Consultancy

e). Consultancy

114. The act or process of providing information, analysis of real estate data, and recommendations of conclusions on diversified problems in real estate, other than estimating value in a disinterested manner. a). Appraisal b). Evaluation c). Review d). Management services e). Consulting

e). Consulting

102. The date of the transmittal letter of a written report or the date a written report lacking a transmittal letter is prepared by the Consultant. The date of an oral report is the date it is communicated to or for the client. The date of the report may or may not be the same as the effective date at which the analyses, opinion, and advice in a consulting service apply. a). Date of engagement b). Date of the review and evaluation c). Date of the interview d). Date of the presentation of report e). Date of the report

e). Date of the report

200. One who transforms rawland to improved property by use of labor, materials, capitals and entrepreneur efforts in an attempt to put land to its most profitable use. a). Real Estate Consultant b). Owner c). Government officials d). Investors e). Developer

e). Developer

194. A systematic analysis based on specific methodology that seeks to identify and measure any effect on economic activity or market indicators resulting from the location, introduction or change of a major land-used activity within the market area. Examples are proposed overhead high-voltage electric transmission line traversing the area or the sudden availability of unexpected information about a major employer or land user in the area. a). Economic Indicator b). Social statistics c). Micro economics d). Fiscal policy e). Economic impact study

e). Economic impact study

117. The process of forecasting future trends based on current and past data patterns and relationships. Extrapolation assumes that the same economic factors that affected past trends are likely to continue over the forecasting period. a). Probability b). Chances c). Mean d). Tendency e). Extrapolation

e). Extrapolation

106. A letter accompanying a consulting report that formally presents the report to the person who requested it and may include information such as; address and description of the property problem, or property interest subject of consulting engagement, statement that property inspection and all necessary analyses were completed by the Consultant, date of consulting report, summary conclusion and recommendations any extraordinary assumptions or limiting conditions, consultants signature and reference to accompanying consulting report. a). Executive summary b). Proposal letter c). Letter of Intent d). A & E e). Letter of transmittal

e). Letter of transmittal

186. A study of the fundamental determinants of the demand and supply for all real estate in a local economy. Population, households, employment and income are the principal variables on the demand side of local economic analysis. Past trends and forecast of these basic demand determinants are made for a defined geographic area. Factors on the supply side of the local economy such as the amount of land available for specific land uses, construction costs, local infrastructure, etc. are also considered. Economic base analysis and input-output analysis are two techniques to describe the local economy. a). Local land analysis b), Input-output analysis c). Land uses analysis d). Supply and demand analysis e). Local economic analysis

e). Local economic analysis

124. Property exclusively owned by the wife. a). Capital b). Community Property c). Co-ownership d). Conjugal e). Paraphernal lease

e). Paraphernal lease

167. The interest, benefits, and rights inherent in the ownership of real estate. a). Fee simple b). Bundle of rights c). Stewardship d). Severalty e). Real property

e). Real property

135. Refers to both real estate and real property. ( In some jurisdiction or usage, the terms real estate and real property may have the same meaning. The separate definition recognizes the tradition as two concepts in appraisal and consulting theory ). a). Personalty b). Estate in land c). Movable and immovable d). Freehold and leasehold e). Realty

e). Realty

132. The authoritative rule which serves as guide to achieve competent and ethical practice in developing and reporting the consulting service. a). Policy b). Guidelines c). Administrative orders d). Circular orders e). Standard

e). Standard