Real Property Terminology Quiz

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Questions and Answers

During which historical period in the Philippines was real property taxation formally instituted?

Encomienda system of the Spanish Era

Philippine Commission era

Jones Law period

American Regime (correct)

What were the primary form of taxes on land during the encomienda system?

Real property taxes

Sales taxes

Income taxes

Personal taxes or tributes (correct)

Under which law were the Provincial and Municipal Board of Assessors created in the Philippines?

Act No. 82 and 83 (correct)

Jones Law

Administrative Code of 1916

Philippine Commission era laws

When were the laws affecting assessment and taxation of real property compiled and incorporated in the Administrative Code of 1916?

Jones Law period Signup and view all the answers

Who implemented reforms in real property tax administration through Presidential Decree (PD) Nos. 25 and 76 in 1972?

President Ferdinand E. Marcos Signup and view all the answers

Which law integrated the law on real property taxation and repealed PD 464?

Local Government Code (Republic Act No. 7160) Signup and view all the answers

Who is responsible for the discovery, classification, appraisal, assessment, and valuation of all real properties within their jurisdiction?

The Local Assessor Signup and view all the answers

What is the definition of 'Actual Use' in the context of real property taxation?

The purpose for which the property is predominantly utilized Signup and view all the answers

What is 'Ad Valorem Tax' in the context of real property taxation?

A levy on real property determined based on a fixed proportion of the property's value Signup and view all the answers

What is 'Assessment Level' in the context of real property taxation?

The percentage applied to the market value to determine the taxable value of the property Signup and view all the answers

Which act repealed Act No. 3995, which compiled existing laws related to real property taxes?

Commonwealth Act No. 470 Signup and view all the answers

When was the Real Property Tax Code (PD 464) promulgated?

1974 Signup and view all the answers

What did the Local Government Code of 1983 recognize?

The Real Property Tax Code (PD 464) Signup and view all the answers

What is 'Abstraction Method' in the context of real property valuation?

A land valuation method in the absence of vacant land sales Signup and view all the answers

What did Commonwealth Act No. 470 repeal?

Act No. 3995 Signup and view all the answers

What did the Local Government Code (Republic Act No. 7160) do in relation to PD 464?

Integrated the law on real property taxation and repealed PD 464 Signup and view all the answers

What is the process of changing the current use of agricultural land into other approved uses by the Department of Agrarian Reform (DAR)?

Land Use Conversion Signup and view all the answers

Which approach estimates market value based on prices paid in actual transactions and current listings?

Market Data Approach Signup and view all the answers

What is the complete equivalent of the loss suffered by the owner due to expropriation?

Just Compensation Signup and view all the answers

What is the primary purpose of Industrial land?

Industrial activity as a capital investment Signup and view all the answers

What does the Information and Education Campaign (IEC) refer to?

RPTA Information kit for use by LGU officials, assessors, and treasurers Signup and view all the answers

What does Land Use encompass?

Utilization, allocation, development, and management of land Signup and view all the answers

What does Machinery include?

Machines, equipment, and apparatus used for specific business or industrial purposes Signup and view all the answers

Where does Mangrove Land occur?

Tidal flats along the seacoast Signup and view all the answers

What is the purpose of National Integrated Protected Areas Systems (NIPAS)?

To classify and administer protected areas Signup and view all the answers

What is Mass Appraisal?

The process of valuing a group of properties using standard methodology and common data Signup and view all the answers

What is the basis for estimating the value of a property based on anticipated future income?

Income Approach Signup and view all the answers

What is the price agreed upon by buyers and sellers in the open market, reflecting the usual and ordinary course of legal trade and competition?

Market Value Signup and view all the answers

What does Reassessment involve?

Assigning new assessed values to property following reappraisal Signup and view all the answers

What does Records Conversion and Management entail?

Maintaining official records in the office of the Provincial, City, or Municipal Assessor Signup and view all the answers

What does Reclassification of Agricultural Lands specify?

Non-agricultural uses and includes the reversion of non-agricultural lands to agricultural use Signup and view all the answers

What does Religious Purpose refer to?

The use of property by a religious society for public worship and religious instruction Signup and view all the answers

What does Replacement Cost represent?

The cost of constructing a similar property with the same utility as the one being appraised Signup and view all the answers

What is Residential Land principally devoted to?

Habitation Signup and view all the answers

What are Special Economic Zones selected for?

Agro-industrial, industrial, tourist/recreational, commercial, banking, investment, and financial centers Signup and view all the answers

What does Socialized Housing refer to?

Housing programs for underprivileged and homeless citizens, including long-term financing and liberalized interest payments Signup and view all the answers

What is Reproduction Cost based on?

The cost of constructing an exact replica of the building being appraised based on current prices of labor and materials Signup and view all the answers

What does Remaining Value represent?

The value corresponding to the remaining useful life of machinery Signup and view all the answers

What does Seminary Building primarily involve?

Religious purposes, involving public worship and education for priesthood Signup and view all the answers

What does Special Classes of Real Property include?

Properties used for hospitals, cultural or scientific purposes, by local water districts, and government-owned corporations rendering essential public services Signup and view all the answers

What is the definition of a carport?

An open-sided roofed automobile shelter usually formed by an extension of the building's roof Signup and view all the answers

What is the primary characteristic of commercial property?

Primarily devoted to profit and not classified as agricultural, industrial, mineral, timberland, or residential property Signup and view all the answers

What is the Bundle of Rights associated with real property?

The combination of ownership rights including the right to use, sell, lease, and give away Signup and view all the answers

What is the process of converting anticipated future periodic installment of net income into present value called?

Capitalization Signup and view all the answers

What is the definition of a cooperative in real property terminology?

A registered association of persons with a common bond of interest, voluntarily joined together for a lawful common or social economic end Signup and view all the answers

What is the definition of consequential benefits in real property terminology?

The increase in the value of other interests of the property owner due to the new use by the expropriating authority Signup and view all the answers

What is the definition of consequential damages in real property terminology?

Damages to other interests of the owner attributed to expropriation Signup and view all the answers

What is the definition of a comprehensive land use plan?

A document accompanied by maps and taxable improvements, used to determine assessed value for each land and improvement Signup and view all the answers

What is the definition of a charitable institution in real property terminology?

Bodies established for charitable purposes such as relief of poverty, advancement of education, religion, and other charitable acts Signup and view all the answers

What is the definition of a church in real property terminology?

A building set apart for public worship, a place of worship for any religion Signup and view all the answers

What is the definition of a cemetery in real property terminology?

The area or place for burying the dead and includes necessary property for cemetery use Signup and view all the answers

Study Notes

Real Property Terminology

Buildings are permanent structures on the land used for habitation, commercial, industrial, and various purposes, not mere superimpositions on the land.
Bundle of Rights is the combination of ownership rights associated with real property, including the right to use, sell, lease, and give away.
Capitalization is the process of converting anticipated future periodic installment of net income into present value.
Carport is an open-sided roofed automobile shelter usually formed by an extension of the building's roof.
Cemetery refers to the area or place for burying the dead and includes necessary property for cemetery use.
Charitable Institutions include bodies established for charitable purposes such as relief of poverty, advancement of education, religion, and other charitable acts.
Church is a building set apart for public worship, a place of worship for any religion.
Commercial Property is primarily devoted to profit and not classified as agricultural, industrial, mineral, timberland, or residential property.
Comprehensive Land Use Plan is a document accompanied by maps and taxable improvements, used to determine assessed value for each land and improvement.
Consequential Benefits are the increase in the value of other interests of the property owner due to the new use by the expropriating authority.
Consequential Damages are damages to other interests of the owner attributed to expropriation.
Cooperative is a registered association of persons with a common bond of interest, voluntarily joined together for a lawful common or social economic end.

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Description

Test your knowledge of real property terminology with this quiz. From "bundle of rights" to "cooperative," explore key terms related to buildings, land use, ownership rights, and more in the real estate industry.