MOCK EXAM ANSWERS TO PROBLEM SOLVING

REFERENCE : 350 POINTS CEBU

August 30, 2015 Appraisers Exam

PART 1

20. P1,400,000.00 / 5 = P280,000.00

21. P300,000.00

22. P1.4M

33. 15 units x P5K x 12mos = P900,000.00

10 units x P2K x 12mos = 240,000.00
PGI = P1,140,000.00

34. P95K x 1.08 = P102,600.00

35. P50K + P1K = P51K

36. P200K / 5M = 4%

38. P25K X 1.01 X 0.95 = P23,987.50

39 P40M X 3/5 = P24M

40. 500SQM X 24K X10% = P1.2M

41. 65 X 135 X P5K = P43,875,000.00

45. P80K / 10% = P800K

46. SEE NO. 34

48. NOI - 100,000.00

LAND INCOME - 16,000.00 ( 200K X 8%)
BLDG. INCOME - 84,000.00
BLDG. VALUE - 700,000.00 (84K / 12%)
LAND VALUE - 200,000.00
LAND & BLDG VALUE – P900,000.00

57. 720K / 1.60 = 450K

58. 300K - 30K = 270K / 60MOS = P4,500.00/MO.

59. 10M X .92 X .55 = 5,060,000 /50M = 10.12%

61. ACTUAL SALE - P850,000 BASE RENT : 5K X 12 =60,000
50K x 12mos- 600,000 EXCESS: 250K X 3% = 7,500
EXCESS - 250,000 TOTAL = 67,500

64. P19K X 12/25 = P9,120.00

87. P7.5M - P2,531,250 / 7.5M = .6625 OR 66.25%

88. 75K X 12MOS / .09 = P10M

89. P250 + (75 X 3) OR 225 + ( 50 X 1) OR 50

+ ( 25 X 50M.)OR 1250 = P1,775.00

90. P8,350,000 - ( 50M X .14) OR 7M = P1,350,000.00

91. P10K X 8.233030 = P82,330.00

PART II
24. P180K + (180SQM X 1000) or P180K = P360K

69. 10M. X 21M = 210SQM; P315K / 210 = P1500/SQM

12.5M. X 25M = 312.50SQM; P1500 X 312.50 = P468,750.00

71. P10K X 100SQM = P1M X 45/50 = 900K + 2.5M = P3.4M

74. P1250,000 X 1.06 x .93 X 1.05 = P1,293,862.50

P1250,000 X 1.06 X .98 = P1,298,500.00

84. EGI - 1,500,000 THEREFORE : 1.5M/1000SQM /12MOS

OE - 250,000 = P125 /SQM PER MO.
NOI - 1250,000
DEBT SERVICE - 750,000
NET CASH FLOW - 500,000

89. BLDG. .65 X .11 = .0715

LAND .35 X .09 = .0315
OAR = .1030

90. LAND AND BLDG VALUE = 250K / .09 = 2,777,777

BLDG VALUE = 2,777,777 - 600K = 2,177,777
BLDG. CAP RATE = BLDG INCOME OF 202K / 2,177,777 = .09275

91. NOI / SELLING PRICE = OAR; S.PRICE is 9 / EGI of 1.00 = GIM of 9

THEREFORE : OAR = 0.75 / 9.00 = 0.08333
97. EQUITY = P25M X 25% = P6,250,000
NET CASH FLOW = 10% X P6,250,000 = P625,000/YR
P625,000 + P2,375,000 = P3,000,000 EGI
P3M / 10 UNITS = 300K / 12 MOS. = P25K

144. P570,000 / P5K X 12MOS = 9.5

146. P300K X .09/12 X 1MO. = P 2,250.00

190. P1M / 5M = 20%