1. Crash Review - Real Estate Laws and Taxation (111 pts) Flashcards
Land covered by the Agrarian Reform Code except.
a. New Areas
b. Tenanted Areas
c. Old Settlements
a. New Areas
The slow pace of agrarian reform implementation is due to.
a. Political will
b. Social will
c. Economic will
a. Political will
Comprehensive Agrarian Reform Law was signed.
a. June 10, 1988
b. July 21, 1990
c. August 8, 1988
a. June 10, 1988
Philippine state policy that ensures and promotes welfare of landless farmers and farm workers.
a. CARP
b. Homestead
c. Voluntary Sell
a. CARP
The lead implementing agency of CARP
a. DAR
b. Landbank
c. DILG
a. DAR
Green color in the DAR logo stands for.
a. Fertility and Productivity
b. Life and Vitality
c. Agriculture
a. Fertility and Productivity
Refer to natural person whose primary livelihood is the cultivation of land.
a. Farmer
b. Gardener
c. Laborer
a. Farmer
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. Rural women
Award limit to farmer under PD 27 if the land is not irrigated.
a. 5 hectare
b. 3 hectare
c. 4 hectare
a. 5 hectar
Farmer’s amortization under PD 6657 for payment of land.
a. 30 years
b. 25 years
c. 15 years
a. 30 years
Real property used in trade or business is classified as.
a. Ordinary asset
b. Capital asset
c. Business asset
a. Ordinary asset
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. Fair Market Value
Percentage of fair market value at which the assessed value is set.
a. Assessed level
b. Percent level
c. Base level
a. Assessed level
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. Assessed value
Percentage of assessed value at which the realty tax is arrived at.
a. Tax Rate
b. Assess rate
c. Value rate
a. Tax Rate
Real Property Tax
= Market Value * Assessment Level * Tax Rate * SEF * Discount if applicable
The use to which the property is principally or predominantly devoted.
a. Actual use
b. Principal use
c. Primary use
a. Actual use
Amount of real property tax in the province.
a. Not exceeding 1%
b. Not exceeding 2%
c. Not exceeding 3%
a. Not exceeding 1%
Special education fund tax
a. 1%
b. 2%
c. 3%
a. 1%
Discount if payment is made in advance.
a. 20%
b. 30%
c. 35%
a. 20%
Most superior lien on real property.
a. Tax lien
b. Mortgage lien
c. Mechanic lien
a. Tax lien
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. Within 1 year
Interest on delinquent real property tax per month.
a. 2%
b. 3%
c. 4%
a. 2%
Interest on unpaid real property tax shall in no case exceed.
a. 36 months
b. 12 months
c. 24 months
a. 36 months
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. Capital Asset
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
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
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
CARPER signed into law
a. August 7, 2009
b. August 5, 2005
c. July 21, 19888
a. August 7, 2009
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
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
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
Provided mechanism for the implementation of the Comprehensive Agrarian Reform Program (CARP).
a. EO 229
b. RA 9700
c. EO21
a. EO 229
The responsibility to determine land valuation and compensation for all lands covered by CARP.
a. Land Bank
b. Appraiser
c. DAR
a. Land Bank
Identifies and screens potential beneficiaries and validates their qualifications.
a. DAR
b. DENR
c. Barangay Official
a. DAR
Lead agencies in the implementation of carp, except
a. Landbank
b. DAR
c. DENR
a. Landbank
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)
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
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
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.
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
Real property tax share of the municipality
a. 40%
b. 50%
c. 60%
a. 40%
In general the real property tax share of the barangay.
a. 35%
b. 30%
c. 40%
a. 35%
Real property tax share of the barangay in the city
a. 30%
b. 40%
c. 50%
a. 30%