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Exam Review

Key Facts: SPK Gayrimenkul Değerleme Exam

100

Total exam questions across 4 modules

SPL Sınav Kılavuzu

180 min

Total examination duration (45 min/module)

SPL e-LS

50 / 60

Passing score (min 50/module, min 60 average)

SPK Tebliğ VII-128.7

TRY 748

2026 Examination fee per module session

SPL Fee Schedule

Independent English-language MCQ study adaptation for the SPK Gayrimenkul Değerleme licensing examination. The official assessment has 100 five-option questions across 4 modules (25 questions and 45 minutes each): legislation (1001), valuation principles (1014), construction accounting (1015), and real estate law (1019). Passing requires at least 50/100 on each module and a 60/100 composite average.

Sample SPK Gayrimenkul Değerleme Practice Questions

Try these sample questions to review concepts for the SPK Gayrimenkul Değerleme exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 24+ question experience with AI tutoring.

1A property investment fund's founder becomes insolvent. Which statement distinguishes the fund portfolio from the founder's own property?
A.The portfolio automatically joins the founder's estate
B.Unit holders become the founder's trade creditors
C.The fund's asset pool is legally separated from the founder's own liabilities
D.Separation applies only when every unit holder is a qualified investor
Explanation: The capital markets framework separates fund assets from the founder's unrelated liabilities. That protection concerns the legal asset pool, not the occupancy of an individual property.
2A valuation firm's report is incorporated into an issuer's prospectus. Does the specialist's participation make it responsible for every unrelated issuer forecast instead of the issuer?
A.No; specialist-report responsibility and the issuer's prospectus responsibility must be distinguished
B.Yes; including any specialist report transfers all issuer responsibility
C.Yes, but only when property values rise
D.No participant can be responsible after SPK approval
Explanation: The issuer retains primary prospectus responsibility under the capital markets framework. Specialist providers have responsibility for the reports they prepare rather than automatically replacing the issuer across all prospectus content.
3A listed issuer learns of a property transaction likely to affect investors' decisions. No valid disclosure-delay conditions exist. What should govern communication?
A.Wait for the next annual property appraisal
B.Inform only the largest shareholder
C.Let the selling agent decide whether the information is public
D.Make the required timely public disclosure through KAP
Explanation: Price-sensitive developments engage the public disclosure framework. Waiting for a routine report or informing only selected persons does not meet that obligation.
4Which remuneration arrangement conflicts with the corporate-governance rule for an independent director of a listed company?
A.A fixed fee sufficient to support independence
B.Share options tied to the company's performance
C.A disclosed fixed attendance fee
D.Fixed remuneration reviewed under the company's published policy
Explanation: The independence rules prohibit profit shares, share options, and company-performance payment plans for independent directors. Adequate fixed remuneration is compatible with preserving independence.
5A securities representative recommends a property company's shares because the sale earns a personal bonus, without considering the client's objectives or risk capacity. What is the principal conduct issue?
A.Only whether the bonus was disclosed
B.Only whether the share trades on a regulated market
C.The recommendation substitutes the employee's incentive for a client-focused assessment
D.A bonus always proves the investment is suitable
Explanation: Professional ethics require recommendations to reflect the client's needs and circumstances. A sales incentive creates a conflict that cannot replace the substantive assessment.
6A capital markets employee receives a confidential draft showing a listed issuer's major property loss. The employee proposes selling personally before publication and then publishing the draft as research. Which response is appropriate?
A.Neither personal exploitation nor unauthorized publication is justified; follow confidentiality and compliance procedures
B.Publish first because research attribution removes confidentiality
C.Sell first because the information came from a specialist
D.Both actions are permissible if the eventual report is accurate
Explanation: Accurate information can still be confidential and price-sensitive. The employee must avoid personal exploitation and unauthorized dissemination while using the proper compliance and disclosure processes.
7A 100 m² comparable sold for TRY 3,000,000. The subject measures 120 m², and market evidence supports TRY 20,000 for each additional square metre. With no other differences, what value does the adjusted comparable indicate?
A.TRY 2,600,000
B.TRY 3,000,000
C.TRY 3,600,000
D.TRY 3,400,000
Explanation: The smaller comparable is inferior by 20 m², so add 20 × TRY 20,000 = TRY 400,000. The adjusted indication is TRY 3,400,000; the adjustment uses marginal area value rather than the comparable's average unit price.
8A building's replacement cost is TRY 20 million, effective age 15 years, and economic life 50 years. Land is worth TRY 10 million. Assuming straight-line age-life depreciation and no other depreciation, what is the cost-approach value?
A.TRY 14 million
B.TRY 24 million
C.TRY 30 million
D.TRY 21 million
Explanation: Depreciation is 15/50 × TRY 20 million = TRY 6 million. Add land of TRY 10 million to the depreciated building of TRY 14 million to obtain TRY 24 million.
9Annual potential rent is TRY 5 million, vacancy and collection loss 10%, and operating expenses TRY 1.5 million. Using an 8% capitalization rate and no other income, what value follows from direct capitalization?
A.TRY 62.5 million
B.TRY 56.25 million
C.TRY 37.5 million
D.TRY 43.75 million
Explanation: Effective income is 5 − 0.5 = TRY 4.5 million, and net operating income is 4.5 − 1.5 = TRY 3 million. Capitalizing NOI gives 3/0.08 = TRY 37.5 million.
10A proposed development has the highest projected profit but is prohibited by current zoning, with no supported prospect of permission. Which highest-and-best-use test does it fail?
A.Legal permissibility
B.Physical possibility solely because profits are high
C.Marketability solely because the owner prefers another use
D.Financial feasibility solely because zoning exists
Explanation: Highest and best use must be legally permissible as well as physically possible and financially feasible. A high profit projection does not override an unsupported legal-use assumption.

About the SPK Gayrimenkul Değerleme Exam

Gayrimenkul Değerleme Lisansı is administered by SPL under the SPK licensing framework. It is the statutory professional qualification required for real estate valuation experts and appraisers operating in Turkish capital markets, banking, and mortgage sectors. OpenExamPrep provides an independent English-language MCQ study adaptation, not an official translation or a simulation of the Turkish exam's language environment.

Exam sponsor: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (SPL). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Four independent modular sessions of 25 multiple-choice questions each, with 45 minutes per module (180 minutes total), administered via SPL's computer-based e-LS system.

Time Limit

180 minutes (45 minutes per module)

Passing Score

Minimum 50 out of 100 per module, and an arithmetic average of at least 60 across all 4 modules

Exam / Certification Fees

TRY 748 per subject; TRY 2,992 for four first attempts. Eligible student rates: TRY 548, or TRY 456 at universities with an SPL cooperation protocol. Separate licence fees apply.

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.

25 items; 25% official allocation

Dar Kapsamlı Sermaye Piyasası Mevzuatı (Module 1001)

Capital Markets Law No. 6362, public disclosures, corporate governance, fund rules, and TSPB ethics.

25 items; 25% official allocation

Gayrimenkul Değerleme Esasları (Module 1014)

Valuation standards (IVS/UDS), appraisal approaches (sales comparison, cost, income DCF), and property economics.

25 items; 25% official allocation

İnşaat ve Gayrimenkul Muhasebesi (Module 1015)

Construction accounting practices, progress billing, job-order costing, tax regulations, and TMS/TFRS accounting standards.

25 items; 25% official allocation

Gayrimenkul Mevzuatı (Module 1019)

Civil Code property law, Zoning Law No. 3194, Condominium Law No. 634, Land Registry Law No. 2644, and expropriation regulations.

Preparing for the SPK Gayrimenkul Değerleme Exam

What You Need to Know

  • Passing score: Minimum 50 out of 100 per module, and an arithmetic average of at least 60 across all 4 modules
  • Assessment: Four independent modular sessions of 25 multiple-choice questions each, with 45 minutes per module (180 minutes total), administered via SPL's computer-based e-LS system.
  • Time limit: 180 minutes (45 minutes per module)
  • Exam / certification fees: TRY 748 per subject; TRY 2,992 for four first attempts. Eligible student rates: TRY 548, or TRY 456 at universities with an SPL cooperation protocol. Separate licence fees apply. Official sources

Using Our Practice Resources

  • Work through all 24 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SPK Gayrimenkul Değerleme: Suggested Study Strategy

1Master the three core appraisal methods: sales comparison approach (emsal karşılaştırma), cost approach (maliyet yaklaşımı), and income capitalization / DCF (gelir yaklaşımı).
2Distinguish paylı mülkiyet (ownership in defined shares), elbirliği mülkiyeti (collective ownership without individually defined shares), and irtifak hakları (servitudes); avoid assuming exact equivalence with foreign property-law categories.
3Distinguish statutory construction-accounting treatment from TFRS 15 financial reporting. Recognize revenue over time only when the applicable criteria are met, and separate investment property under TMS 40 from inventory and owner-occupied property.
4Study zoning terminology under Law No. 3194: TAKS (base area coefficient), KAKS / Emsal (floor area ratio), building height limitations, and zoning status certificates (imar durumu).

Frequently Asked Questions

Does this bank cover every part of the qualification?

This focused bank contains 24 English-language four-option MCQ study questions, with six each for subjects 1001, 1014, 1015, and 1019. Equal subject coverage reflects the official equal item counts, but these samples do not exhaust each subject's outline. They are independent practice, not an official translation, an official-format simulation, or a substitute for developing practical valuation competence.

What is the SPK Gayrimenkul Değerleme license?

Gayrimenkul Değerleme Lisansı is the official real estate appraisal license administered by SPL under SPK regulations. It is mandatory for real estate appraisers preparing statutory valuation reports for banks, capital market institutions, REITs (GYO), and public disclosures in Turkey.

How is the Gayrimenkul Değerleme examination structured and scored?

The examination consists of 4 separate modules: Dar Kapsamlı Mevzuat (1001), Gayrimenkul Değerleme Esasları (1014), İnşaat ve Gayrimenkul Muhasebesi (1015), and Gayrimenkul Mevzuatı (1019). Each module has 25 questions and 45 minutes. Candidates must score at least 50/100 on each module and achieve an arithmetic average of at least 60/100 across all four modules.

How does Gayrimenkul Değerleme differ from Konut Değerleme?

Konut Değerleme (Residential Valuation) is a narrower 2-module license (Modules 1001 and 1014) requiring at least a 2-year associate degree, authorizing appraisals strictly for residential property. Gayrimenkul Değerleme requires all 4 modules (1001, 1014, 1015, and 1019) and a 4-year bachelor's degree, authorizing comprehensive commercial, industrial, and residential appraisal.

Are professional experience and practical training part of the e-LS examination?

The current e-LS assessment consists of four computer-based subject exams; no assignment, oral examination, or practical project is listed as a component. Licence issuance requires the applicable four-year higher education qualification as well as examination success. Practising in regulated valuation roles separately requires documented experience: SPK describes three years for appraisers and five years for responsible appraisers, report reviewers, and branch managers. A restricted legacy experience-substitution programme includes attendance and an assessed valuation project for people who qualified by 19 April 2019; it is not a universal component for new examination candidates.

Is this practice bank an official translation?

No. OpenExamPrep provides an independent English-language MCQ study adaptation with four options per question. Official SPL e-LS examinations are administered in Turkish with five options. Statutory terminology and local legal concepts are retained for authentic practice.