1. Crash Review - Real Estate Laws and Taxation (111 pts) Flashcards
1
Q
Land covered by the Agrarian Reform Code except.
a. New Areas
b. Tenanted Areas
c. Old Settlements
A
a. New Areas
2
Q
The slow pace of agrarian reform implementation is due to.
a. Political will
b. Social will
c. Economic will
A
a. Political will
3
Q
Comprehensive Agrarian Reform Law was signed.
a. June 10, 1988
b. July 21, 1990
c. August 8, 1988
A
a. June 10, 1988
4
Q
Philippine state policy that ensures and promotes welfare of landless farmers and farm workers.
a. CARP
b. Homestead
c. Voluntary Sell
A
a. CARP
5
Q
The lead implementing agency of CARP
a. DAR
b. Landbank
c. DILG
A
a. DAR
6
Q
Green color in the DAR logo stands for.
a. Fertility and Productivity
b. Life and Vitality
c. Agriculture
A
a. Fertility and Productivity
7
Q
Refer to natural person whose primary livelihood is the cultivation of land.
a. Farmer
b. Gardener
c. Laborer
A
a. Farmer
8
Q
Women who are engaged directly or indirectly in farming and/or fishing as their source of livelihood, whether paid or unpaid, regular or
seasonal.
a. Rural women
b. Urban women
c. Laborer women
A
a. Rural women
9
Q
Award limit to farmer under PD 27 if the land is not irrigated.
a. 5 hectare
b. 3 hectare
c. 4 hectare
A
a. 5 hectar
10
Q
Farmer’s amortization under PD 6657 for payment of land.
a. 30 years
b. 25 years
c. 15 years
A
a. 30 years
11
Q
Real property used in trade or business is classified as.
a. Ordinary asset
b. Capital asset
c. Business asset
A
a. Ordinary asset
12
Q
The highest price in terms of money which a property can command if exposed for sale in the open market.
a. Fair Market Value
b. Market Value
c. Best Value
A
a. Fair Market Value
13
Q
Percentage of fair market value at which the assessed value is set.
a. Assessed level
b. Percent level
c. Base level
A
a. Assessed level
14
Q
The fair market value of real property multiplied by assessment level. It is synonymous to taxable value.
a. Assessed value
b. Assessment
c. Tax Assessment
A
a. Assessed value
15
Q
Percentage of assessed value at which the realty tax is arrived at.
a. Tax Rate
b. Assess rate
c. Value rate
A
a. Tax Rate
Real Property Tax
= Market Value * Assessment Level * Tax Rate * SEF * Discount if applicable
16
Q
The use to which the property is principally or predominantly devoted.
a. Actual use
b. Principal use
c. Primary use
A
a. Actual use
17
Q
Amount of real property tax in the province.
a. Not exceeding 1%
b. Not exceeding 2%
c. Not exceeding 3%
A
a. Not exceeding 1%
18
Q
Special education fund tax
a. 1%
b. 2%
c. 3%
A
a. 1%
19
Q
Discount if payment is made in advance.
a. 20%
b. 30%
c. 35%
A
a. 20%
20
Q
Most superior lien on real property.
a. Tax lien
b. Mortgage lien
c. Mechanic lien
A
a. Tax lien
21
Q
Delinquent taxpayer whose real property sold on public auction can redeem property after sale.
a. Within 1 year
b. Within 3 months
c. Within 6 months
A
a. Within 1 year
22
Q
Interest on delinquent real property tax per month.
a. 2%
b. 3%
c. 4%
A
a. 2%
23
Q
Interest on unpaid real property tax shall in no case exceed.
a. 36 months
b. 12 months
c. 24 months
A
a. 36 months
24
Q
Asset not part of inventories for sale or used in trade such as the residential lot.
a. Capital Asset
b. Ordinary Asset
c. Personal asset
A
a. Capital Asset
25
Months required to build new house to avail exemption from capital gain tax
a. 18 months
b. 24 months
c. 36 months
a. 18 months
26
Gross selling price of of other residential dwelling subject to vat.
a. Exceeding 3,199,200.00
b. 1,919,000.00
c. 3,000,000.00
a. Exceeding 3,199,200.00
27
Lease of residential units with a monthly rental per unit subject in order to be exempted from vat.
a. Below 15,000
b. Below 10,800
c. Below 10,000
a. Below 15,000
28
CARPER signed into law
a. August 7, 2009
b. August 5, 2005
c. July 21, 19888
a. August 7, 2009
29
Letter informing a landowner that his/her land is covered by CARP.
a. Notice of Coverage
b. Notice of CARP
c. Notice Landbank
a. Notice of Coverage
30
Authorized to divide the Philippines into different zones or areas and shall, upon consultation with competent appraisers both from the private and public sectors, determine the fair market value of real properties.
a. Commissioner
b. DILG
c. Mayor
a. Commissioner
31
If fair market valued prepared by assessor is higher than prepared by BIR, the one shall be followed for taxation.
a. Assessor
b. BIR
c. Court
a. Assessor
32
Provided mechanism for the implementation of the Comprehensive Agrarian Reform Program (CARP).
a. EO 229
b. RA 9700
c. EO21
a. EO 229
33
The responsibility to determine land valuation and compensation for all lands covered by CARP.
a. Land Bank
b. Appraiser
c. DAR
a. Land Bank
34
Identifies and screens potential beneficiaries and validates their qualifications.
a. DAR
b. DENR
c. Barangay Official
a. DAR
35
Lead agencies in the implementation of carp, except
a. Landbank
b. DAR
c. DENR
a. Landbank
36
Shall coordinate and monitor the implementation of the CARP in the province.
a. Provincial Agrarian Reform Coordinating Committee (PARCCOM)
b. CARP Monitoring Committee
c. Provincial CARP Monitoring
a. Provincial Agrarian Reform Coordinating Committee (PARCCOM)
37
Exemption on CGT sale of principal residence can be availed only once every.
a. 10 year
b. 5 years
c. 3 years
a. 10 year
38
Percentage of payment for an installment sale to pay creditable withholding tax.
a. 25% of selling price
b. 2%
c. 30%
a. 25% of selling price
39
Tax rate for the cooperative registered in CDA.
a. 0%
b. 3%
c. 5%
a. 0%
The CDA, or Commission Disbursement Authorization, is a document that can be sent to the escrow company, title company, attorney, or whoever is handling the closing. It gives instructions on how the commission should be dispersed and is essentially a payment request to the closing company.
40
Real property tax share of the barangay.
a. 25%
b. 30%
c. 40%
a. 25%
City/Barangay - 70-30
Province/Muncipality/Barangay - 35-40-25(50/50 host and others)
Metro Manila - MMDA/City/Barangay - 35-35-30
41
Real property tax share of the municipality
a. 40%
b. 50%
c. 60%
a. 40%
42
In general the real property tax share of the barangay.
a. 35%
b. 30%
c. 40%
a. 35%
43
Real property tax share of the barangay in the city
a. 30%
b. 40%
c. 50%
a. 30%
44
Real property tax share of the city.
a. 70%
b. 60%
c. 40%
a. 70%
45
Seller shall pay to the provincial treasurer the real property tax from date of notarization.
a. Within 30 days
b. Within 60 days
c. Within 90 days
a. Within 30 days
46
Seller shall pay to the provincial treasurer real property tax from date of execution of sale.
a. Within 60 days
b. Within 30 days
c. Within 90 days
a. Within 60 days
47
Right of the delinquent owner to redeem the property from the date of sale.
a. Within 1 year
b. Within 3 years
c. Within 2 years
a. Within 1 yea
48
Allowable period for assessment of taxes prior to initial assessment of real property taxes.
a. 10 years
b. 5 years
c. 3 years
a. 10 years
49
LGU sanggunian may condone real property tax upon recommendation of local disaster committee due to reasons, except.
a. Abundance season
b. General failure of crops
c. Calamity
a. Abundance season
50
The basic real property tax and other taxes can be collected from the date they become due and no collection shall be made after that period.
a. Within 5 years
b. Within 10 years
c. Within 15 years
a. Within 5 years
51
The basic real property tax and other taxes can be collected from the date they become due and no collection shall be made after that period if
done fraudulently.
a. Within 10 years
b. Within 15 years
c. Within 20 years
a. Within 10 years
52
Shall file a sworn declaration of value of the property once every three (3) years.
a. Owner
b. Tenant
c. Assessor
a. Owner
53
Owner shall file a sworn declaration of the true value of the property being improved.
a. 60 days after completion
b. 90 days after completion
c. 120 days after completion
a. 60 days after completion
54
Donor tax when beneficiary is stranger.
a. 6% ( rate now under TRAIN Law regardless of the amount, stranger or not)
b. 25%
c. 40%
a. 6% ( rate now under TRAIN Law regardless of the amount, stranger or not)
55
Engage in the business of leasing or renting real estate properties.
a. Real estate lessors
b. Developers
c. Manager
a. Real estate lessors
56
Engage in the business of developing real estate properties into subdivisions or similar units on subdivided lots.
a. Real estate developer
b. Manager
c. Corporation
a. Real estate developer
57
Before commencing any business and payment of taxes.
a. Register business with BIR
b. Register with the barangay
c. Register with the municipal
a. Register the business with BIR
58
Registration requirement in BIR for individuals.
a. Birth certificate or ID
b. Articles of Incorporation
c. By laws
a. Birth certificate or ID
59
Registration requirement for general partnership.
a. Articles of partnership
b. Owner ID
c. Voters ID
a. Articles of partnershi
60
Application form for individuals registering with BIR
a. BIR form 1901
b. BIR form 1902
c. BIR form 1903
a. BIR form 1901
61
Application form for partnership
a. BIR form 1903
b. BIR form 1904
c. BIR form 1905
a. BIR form 1903
62
VAT register if the sale or professional fee is 1,919,500.00
a. 12%
b. 14%
c. 20%
a. 12%
63
Register if sale or professional fees are below 1,919,500.00.
a. Non-Vat or percentage tax
b. Withholding Tax
c. Vat Tax
a. Non-Vat or percentage tax
64
Rate of percentage taxes on gross sales or professional fees.
a. 3%
b. 4%
c. 5%
a. 3%
01-EQ - Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded)
1601-FQ - Quarterly Remittance Return of Final Income Taxes Withheld
1602Q - Quarterly Remittance Return of Final Income Taxes Withheld On Interest Paid on Deposits and Yield on Deposit Substitutes/Trusts/Etc.
1603Q - Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees other than Rank and File
1604-C - Annual Information Return of Income Taxes Withheld on Compensation
1604-E - Annual Information Return of Creditable Income Taxes Withheld (Expanded)/ Income Payments Exempt from Withholding Tax
1606 - Withholding Tax Remittance Return For Onerous Transfer of Real Property Other Than Capital Asset (Including Taxable and Exempt)
1621 - Quarterly Remittance Return of Tax Withheld on the Amount Withdrawn from Decedent's Deposit Account
1700 - Annual Income Tax Return For Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Related Income)
1701 - Annual Income Tax Return For Individuals (including MIXED Income Earner), Estates and Trusts
1701A - Annual Income Tax Return For Individuals Earning Income PURELY from Business/Profession (Those under the graduated income tax rates with OSD as mode of deduction OR those who opted to avail of the 8% flat income tax rate)
1701Q - Quarterly Income Tax Return for Individuals, Estates and Trusts
1702-RT - Annual Income Tax Return For Corporation, Partnership and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate
1702 - EX Annual Income Tax Return For Corporation, Partnership and Other Non-Individual Taxpayers EXEMPT Under the Tax Code, as Amended, [Sec. 30 and those exempted in Sec. 27(C)] and Other Special Laws, with NO Other Taxable Income
1702 - MX Annual Income Tax Return For Corporation, Partnership and Other Non-Individual with MIXED Income Subject to Multiple Income Tax Rates or with Income Subject to SPECIAL/PREFERENTIAL RATE
1702Q - Quarterly Income Tax Return for Corporations, Partnerships and Other Non-Individual Taxpayers
1704 - Improperly Accumulated Earnings Tax Return For Corporations
1706 - Capital Gains Tax Return for Onerous Transfer of Real Property Classified as Capital Asset (both Taxable and Exempt)
1707 - Capital Gains Tax Return for Onerous Transfer of Shares of Stocks Not Traded Through the Local Stock Exchange
1707 - A Annual Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded Through the Local Stock Exchange
1709 - Information Return on Transactions with Related Party (Foreign and/or Domestic)
1800- Donor's Tax Return
1801- Estate Tax Return
1900- Application for Authority to Use Computerized Accounting System or Components thereof/Loose-Leaf Books of Accounts
65
Form used to update information like address and etc.
a. Form 1905
b. Form 1906
c. Form 1903
a. Form 1905
66
Penalties on failure to pay annual registration fee.
a. 25% surcharges
b. 30%
c. 10%
a. 25% surcharges
67
Unlawful pursuit of business or omission
.
a. Fine not less than 5,000 but not more than 20,000
b. Fine not more than 5,000 but not more than 20,000
c. Fine not less than 10,000 but not more than 20,000
a. Fine not less than 5,000 but not more than 20,000
68
Imprisonment on the unlawful pursuit of business or omission.
a. 6 years but not more than 20 years
b. 5 years but not more than 20 years
c. 6 years but not more than 15 years
a. 6 years but not more than 20 years
69
Compromise payment for failure to register.
a. 20,000.00
b. 10,000.00
c. 5,000.00
a. 20,000.00
70
Compromise payment for failure to pay annual registration.
a. 1,000.00
b. 2,000.00
c. 3,000.00
a. 1,000.00
71
Compromise payment for failure to display certificate of registration.
a. 1,000.00
b. 2,000.00
c. 3,000.00
a. 1,000.00
72
Compromise payment for failure to display poster “ask for receipt”
a. 1,000.00
b. 2,000.00
c. 3,000.00
a. 1,000.00
73
Invoicing requirement for sale of goods.
a. Sales invoice
b. Receipt
c. Inspection paper
a. Sales invoice
74
Invoicing requirement for sale of services or professional fees.
a. Official receipts
b. Invoices
c. Inspection paper
a. Official receipts
75
Maximum optional standard deduction.
a. 40%
b. 30%
c. 20%
a. 40%
76
Tax rate for corporation and partnership
a. 35%
b. 40%
c. 25%
a. 35%
77
Expanded withholding tax rate if professional fees exceed 720,000.00
a. 15%
b. 20%
c. 25%
a. 15%
78
Expanded withholding tax rate if professional fees below 720,000.00
a. 10%
b. 20%
c. 30%
a. 10%
79
VAT if professional fees exceed 1,500,000.00
a. 12%
b. 15%
c. 20%
a. 12%
80
Professional if there is no payment to be made.
a. Shall still file tax returns
b. No need to file
c. File in advance
a. Shall still file tax returns
81
Due date for percentage taxes.
a. 25thday following the quarter
b. 15th day after end of month
c. 10th day after end of month
a. 25thday following the quarter
82
Fiscal due date for income tax of corporation or partnership.
a. 15th day of the 4th month of the succeeding year
b. 20th day of the 4th month of the succeeding year
c. 15th day of the 3th month of the succeeding year
a. 15th day of the 4th month of the succeeding year
83
Fine on refusal to issue official receipts or invoices upon conviction.
a. 1,000.00 but not more than 50,000.00
b. 1,000.00 but not more than 30,000.00
c. 1,000.00 but not more than 20,000.00
a. 1,000.00 but not more than 50,000.00
84
Compromise payment for failure to issue receipt for 1st offence.
a. 10,000.00
b. 20,000.00
c. 30,000.00
a. 10,000.00
85
Compromise payment for 2nd offense on the use of unregistered receipts
a. 10,000.00
b. 20,000.00
c. 30,000.00
a. 10,000.00
86
Compromise payment for 1st offense on refusal to issue receipt.
a. 25,000.00
b. 30,000.00
c. 10,000.00
a. 25,000.00
87
Years to preserve books after close of taxable year.
a. 3 years
b. 5 years
c. 6 years
a. 3 years
88
Books shall be audited and examined by independent CPA if gross receipts exceed.
a. 150,000.00
b. 120,000.00
c. 160,000.00
a. 150,000.00
89
Monthly remittance of income taxes withheld on compensation.
a. 10th of the following month
b. 20th of the following month
c. 5th of the following month
a. 10th of the following month
90
Monthly remittance of income taxes withheld on compensation for November.
a. 15th of January
b. 15th of December
c. 15th of November
a. 15th of January
91
Documentary stamp tax.
a. 5th day of the following month
b. 15th day of the following month
c. 25th day of the following month
a. 5th day of the following mont
92
Capital gain tax.
a. Within 30 days after execution
b. Within 20 days after execution
c. Within 10 days after execution
a. Within 30 days after execution
93
Estate tax
a. Within 180 days from death
b. Within 120 days from death
c. Within 100 days from death
a. Within 180 days from death (6 mos)
94
Donors tax
a. Within 30 days from execution
b. Within 60 days from execution
c. Within 50 days from execution
a. Within 30 days from execution
95
Surcharges if it is done willfully and fraudulently. a. 50%
b. 20%
c. 10%
a. 50%
96
Creditable withholding tax for habitually engages in business and selling price is over 2 million.
a. 5%
b. 3%
c. 1%
a. 5%
97
Creditable withholding tax for habitually engage in business and selling price is over 500,000. 00 to 2 million.
a. 3%
b. 5%
c. 1.5%
a. 3%
98
Creditable withholding tax for habitually engage in business and selling price is below 500,000.00.
a. 1.5%
b. 3%
c. 5%
a. 1.5%
99
Creditable withholding tax for not habitually engage in business.
a. 6%
b. 5%
c. 4%
a. 6%
CWT Not Habitually engage - 6%
habitually engage below 500k - 1.5%
500k-2M - 3%
above 2M - 5%
100
Registration fee payment form.
a. BIR form 0605
b. BIR form 0606
c. BIR form 0607
a. BIR form 0605
101
BIR form Certificate of registration.
a. BIR form 2303
b. BIR form 3203
c. BIR form 0203
a. BIR form 2303
102
BIR form to apply for authority to print receipts
a. BIR form 1906
b. BIR form 0606
c. BIR form 0601
a. BIR form 1906
103
Exempt from withholding tax compensation.
a. Minimum wage earners
b. Maximum wage earners
c. Regular wage earners
a. Minimum wage earners
104
Detect non filing of tax return and non payment of taxes
a. BIR Integrated Tax System
b. Tax Integrated System
c. BIR computer system
a. BIR Integrated Tax System
105
Effectivity threshold amount of sales of residential lot, house for sale or lease of property.
a. RR 3-2012
b. RR 4-2013
c. RR 5-2011
a. RR 3-2012
106
Created to oversee and monitor the implementation of this RA 9700.
a. Congressional Oversight Committee
b. CARP Oversight Committee
c. Provincial Oversight Committee
a. Congressional Oversight Committee
107
Person who knowingly or willfully violates the provisions of RA 9700 shall be punished by imprisonment.
a. One month to 3 years
b. Two month to 3 years
c. Three month to 3 years
a. One month to 3 years
108
The forcible entry or illegal detainer by persons who are not qualified beneficiaries under RA 9700 to avail themselves of the rights and benefits of the Agrarian Reform Program shall be penalized of imprisonment.
a. 3 to 6 years
b. 4 to 6 years
c. 1 to 6 years
a. 3 to 6years
109
Dwelling place where a family resides is classified as.
a. Capital Asset
b. Ordinary Asset
c. Special Asset
a. Capital Asset
