Free Practice Questions for Certified Property Appraiser Exam

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Sample Certified Property Appraiser Exam Practice Questions

Try these sample questions to review concepts for the Certified Property Appraiser Exam exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Civil Act of South Korea, what is the legal effect of a juristic act performed by a person under adult guardianship (피성년후견인) without the guardian's consent?

A.It is absolutely null and void ab initio and cannot be ratified

B.It is unconditionally valid and binding because civil capacity is presumed in all commercial transactions

C.It remains in a state of pending validity until confirmed by a public notary

D.It may be revoked (취소할 수 있다) by the person under adult guardianship or their adult guardian, subject to statutory exceptions for daily necessities

Explanation: Under Article 10(1) of the Civil Act, a juristic act performed by a person under adult guardianship may be revoked (취소할 수 있다) by either the ward or their adult guardian. Under Article 10(4), acts concerning the purchase of daily necessities and other daily life acts where the price is not exorbitant cannot be revoked.

2Under Article 107 of the Civil Act, what is the legal status of a declaration of intention made without genuine intent (진의 아닌 의사표시 / 비진의표시)?

A.It is void under all circumstances, even if the other party acted in good faith

B.It is valid only if accompanied by an official statutory affidavit filed with the district court

C.It is converted automatically into an administrative fine against the declarant

D.It is valid in principle, but is null and void if the other party knew or could have known of the declarant's true lack of intent

Explanation: Under Article 107(1) of the Civil Act, a declaration of intention is valid even if the declarant made it without genuine intent. However, if the counterparty knew or could have known (알았거나 알 수 있었을 때 / 악의 또는 과실) that the declaration did not represent the declarant's true intention, it is null and void.

3Under Article 110 of the Civil Act regarding Fraud and Duress (사기·강박), when a third party defrauds the declarant, under what condition may the declarant revoke their declaration of intention made to the other party?

A.At any time unconditionally, regardless of whether the other party was completely unaware

B.Only after the third party has been convicted in a criminal appellate court

C.Never, because fraud by a non-contracting third party can only be addressed through tort damages

D.Only if the other party knew or could have known of the third party's fraud (상대방이 그 사실을 알았거나 알 수 있었을 경우)

Explanation: Under Article 110(2) of the Civil Act, if a third party committed fraud or duress in respect of a declaration of intention directed to another party, the declarant may revoke the declaration only if the other party knew or could have known of the fact (상대방이 그 사실을 알았거나 알 수 있었을 경우에 한하여).

4Under the Civil Act of South Korea, what is the statutory extinctive prescription period (소멸시효기간) for general civil monetary claims arising between non-merchant private individuals, unless otherwise provided by law?

A.3 years

B.5 years

C.10 years

D.20 years

Explanation: Under Article 162(1) of the Civil Act, the general extinctive prescription period for civil claims (채권의 소멸시효) is 10 years. In contrast, commercial claims under the Commercial Act prescribe in 5 years (Article 64), and short-term claims (wages, professional fees) prescribe in 1 or 3 years.

5Under Article 168 of the Civil Act, which of the following events constitutes a statutory ground for the Interruption of Extinctive Prescription (소멸시효의 중단사유)?

A.Oral expression of dissatisfaction during a phone conversation

B.Publishing a public advertisement seeking information on the debtor

C.Judicial claim / lawsuit (재판상 청구)

D.Transferring the creditor's personal tax residency to another province

Explanation: Under Article 168 of the Civil Act, extinctive prescription is legally interrupted by: (1) demand/claim (청구, including judicial claims, bankruptcy petitions, and conciliation), (2) attachment, provisional attachment, or provisional injunction (압류·가압류·가처분), and (3) acknowledgment of the obligation by the debtor (승인).

6Under Article 185 of the Civil Act (물권법정주의), how may real rights (물권) be legally created in South Korea?

A.Only pursuant to statute (법률) or customary law (관습법)

B.Freely by custom or mutual agreement of private parties at any time

C.Exclusively by executive presidential decree without legislative action

D.Only through registration certified by an accredited commercial bank

Explanation: Under Article 185 of the Civil Act (Principle of Numerus Clausus of Real Rights / 물권법정주의), no real right can be created other than those provided for by statute (법률) or customary law (관습법). Private parties cannot invent novel property rights in rem by private contract.

7Under Article 204 of the Civil Act regarding Claims for the Recovery of Possession (점유물의 반환청구), within what statutory exclusionary period must a possessor who has been dispossessed (점유를 침탈당한 자) bring a lawsuit to recover possession?

A.Within 6 months from the date of dispossession

B.Within 3 years from the date the possessor discovered the intruder

C.Within 10 years from the date of original entry

D.Within 1 year from the date of dispossession (침탈을 당한 날로부터 1년 내)

Explanation: Under Article 204(3) of the Civil Act, the right to demand the return of a possessed thing by a person who has been dispossessed must be exercised within 1 year from the time when the possession was usurped/dispossessed (침탈을 당한 날로부터 1년 내에 행사하여야 한다).

8Under Article 264 of the Civil Act, what unanimous consent requirement governs the disposal or alteration of co-owned property (공유물의 처분·변경)?

A.A simple majority of co-owners by headcount

B.The consent of all co-owners without exception (공유자 전원의 동의)

C.Co-owners holding a majority of the ownership shares

D.Consent of the co-owner with the longest historical possession

Explanation: Under Article 264 of the Civil Act, no co-owner may dispose of or alter co-owned property without the consent of all other co-owners (공유자는 다른 공유자의 동의 없이 공유물을 처분하거나 변경하지 못한다). In contrast, acts of management (관리행위) are decided by a majority of co-ownership shares (Article 265).

9Under Article 280 of the Civil Act, what is the statutory minimum duration of a Superficial Right (지상권) created on land for the purpose of owning solid structures made of reinforced concrete, stone, lime, or brick?

A.5 years

B.15 years

C.30 years

D.50 years

Explanation: Under Article 280(1)(1) of the Civil Act, the duration of a superficial right cannot be shorter than 30 years if the right is created for owning durable structures made of stone, lime, brick, or metal, or reinforced concrete buildings, or trees.

10Under Article 366 of the Civil Act, which statement correctly describes the Statutory Superficial Right (법정지상권) that arises on the foreclosure auction of mortgaged land?

A.The building must be demolished immediately upon auction of the land

B.If land and a building belong to the same owner, and a mortgage is established on the land alone and foreclosed, the building owner acquires a statutory superficial right over the land

C.The auction purchaser of the land automatically acquires free ownership of the building

D.The mortgage lender must pay the building owner's relocation costs before initiating auction

Explanation: Under Article 366 of the Civil Act, where a building existed on the land at the time the mortgage was created and the land and building then belonged to the same owner, a foreclosure auction that separates the two ownerships creates a Statutory Superficial Right (법정지상권) in favour of the building owner; the court fixes the ground rent on application. This prevents economically wasteful demolition. (Article 305 covers the separate case of a building subject to a chonsegwon.)

About the Certified Property Appraiser Exam Exam

The Korea Certified Property Appraiser Examination (감정평가사 자격시험) is South Korea's premier national qualification for valuation professionals. Certified appraisers assess the economic value of real estate, land, infrastructure, plant equipment, intangible assets, and enterprise equity for public land pricing, collateral, expropriation compensation, and corporate transactions under the Act on Appraisal and Certified Appraisers.

Exam sponsor: Human Resources Development Service of Korea (HRD Korea / 한국산업인력공단) under the Ministry of Land, Infrastructure and Transport. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Two-stage national professional examination: Stage 1 objective multiple-choice examination (Civil Law, Economics, Real Estate Studies, Appraisal Related Laws, Accounting) and Stage 2 descriptive essay examination (Appraisal Practice, Appraisal Theory, Appraisal & Compensation Laws).

Time Limit

Stage 1: 200 minutes total (Session 1: 120 min; Session 2: 80 min); Stage 2: 300 minutes total (3 subjects × 100 min)

Passing Score

Stage 1: Minimum 40% floor per subject (과락 40점 방지) and an overall weighted average of 60% or higher; Stage 2: 40% floor and 60% overall average within the quota

Exam / Certification Fees

KRW 40,000 for Stage 1 (KRW 40,000 for Stage 2)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

20% of bank (20 questions)

Civil Law: General Provisions & Real Rights

Juridical acts, expression of intent, representation, extinctive prescription, ownership, adjacent relations, superficial rights, chonsegwon, and mortgages.

20% of bank (20 questions)

Principles of Economics

Microeconomic consumer/firm optimization, market structures, externalities, macroeconomic national accounts, IS-LM, AD-AS, and monetary policy.

20% of bank (20 questions)

Introduction to Real Estate Studies

Real estate characteristics, spatial location theories, market analysis, mortgage investment math, and the three valuation approaches.

20% of bank (20 questions)

Appraisal Related Laws & Regulations

Act on Appraisal and Certified Appraisers, Real Estate Price Public Notice Act, National Land Planning Act, Building Act, and State Property Act.

20% of bank (20 questions)

Accounting: Financial & Cost/Managerial

K-IFRS financial accounting (inventory, PPE, bonds, cash flows) and cost/managerial accounting (cost allocation, CVP analysis, variance analysis).

Preparing for the Certified Property Appraiser Exam Exam

What You Need to Know

Passing score: Stage 1: Minimum 40% floor per subject (과락 40점 방지) and an overall weighted average of 60% or higher; Stage 2: 40% floor and 60% overall average within the quota
Assessment: Two-stage national professional examination: Stage 1 objective multiple-choice examination (Civil Law, Economics, Real Estate Studies, Appraisal Related Laws, Accounting) and Stage 2 descriptive essay examination (Appraisal Practice, Appraisal Theory, Appraisal & Compensation Laws).
Time limit: Stage 1: 200 minutes total (Session 1: 120 min; Session 2: 80 min); Stage 2: 300 minutes total (3 subjects × 100 min)
Exam / certification fees: KRW 40,000 for Stage 1 (KRW 40,000 for Stage 2) Official sources

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Frequently Asked Questions

What is the official format of the Korean Certified Property Appraiser Examination?

The official examination consists of two stages administered by HRD Korea (한국산업인력공단): Stage 1 is an objective 200-question 5-option multiple-choice examination across 5 subjects (Civil Law, Principles of Economics, Introduction to Real Estate Studies, Appraisal Related Laws, and Accounting under K-IFRS), sat in two sessions totaling 200 minutes. English is verified prior to application through accredited language scores (such as TOEIC 700+). Stage 2 is a subjective written essay examination consisting of 3 three-hour papers (Appraisal Practice, Appraisal Theory, and Appraisal & Compensation Laws).

What passing score is required for Stage 1 of the Appraiser examination?

To pass Stage 1, a candidate must score at least 40 points out of 100 on every individual subject (avoiding the 40-point disqualification floor, or 과락) and achieve an overall weighted average of 60 points or higher across all five tested subjects.

Is the Korean Certified Property Appraiser examination conducted in English?

No, the official examination is administered exclusively in Korean. This OpenExamPrep question bank is an independent English-language MCQ study adaptation developed to help international valuation professionals, bilingual candidates, and real estate analysts study the Korean statutory appraisal framework in English.

What subjects are covered in this OpenExamPrep practice bank?

The bank balances all 5 Stage 1 written subjects equally (20 questions each): Civil Law (General Provisions & Real Rights), Principles of Economics (Microeconomics & Macroeconomics), Introduction to Real Estate Studies & Valuation Theory, Appraisal Related Legislation, and K-IFRS Accounting.