2016 General -or- Fundamentals (120 Items) Flashcards by Jane & Leo Censon

Prior to RA#9646, the law that governed the real estate service practice is -
a. MTI Ministry Order No. 39, Series of 1985
b. MTI Code of Commerce
c. Real Estate Service Act of the Philippines
d. MTI Ministry Order No. 89, Series of 1985

a. MTI Ministry Order No. 39, Series of 1985

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What is the maximum land ownership that can be acquired by a former natural born Filipino citizen -
a. For residential purpose: 5,000 sqm. of urban land or 1 has. of rural land; For business purpose: 1,000 sqm. of urban land or 3 has. of rural land
b. For residential purpose: 1,000 sqm of urban land or 1 has. of rural land; For business purpose: 5,000 sqm of urban land or 3 has. of rural land
c. For residential purpose: 1,000 sqm of urban land or 3 has. of rural land; For business purpose: 5,000 sqm of urban land or 1 has. of rural land
d. For residential purpose: 5,000 sqm of urban land or 3 has. of rural land; For business purpose: 1,000 sqm of urban land or 1 has. of rural land

b. For residential purpose: 1,000 sqm of urban land or 1 has. of rural land; For business purpose: 5,000 sqm of urban land or 3 has. of rural land

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Which of the following acts of a licensed RE Broker may be considered within the bounds of the Code of Ethics?
a. Encouraging the parties to a sale to indicate a consideration lower than the actual selling price
b. Disclosing his client’s confidential information to a fellow broker in order to facilitate the sale of his client’s property
c. Serving as a witness in court proceedings involving a property owned by his client
d. Delaying submission of a formal offer that he had received from a prospective buyer in the hope of securing a higher offer

c. Serving as a witness in court proceedings involving a property owned by his client

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The following area of real estate transactions are subject to VAT, except -
a. Gross receipt of the business or trade that exceeds the threshold per year
b. Leases of commercial properties exceeding the threshold
c. Rentals on motels exceeding the threshold
d. Lease of residential properties which did not exceed the rental threshold per unit, per month and annual gross rental exceeds the threshold

d. Lease of residential properties which did not exceed the rental threshold per unit, per month and annual gross rental exceeds the threshold

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Land is unique because -
a. No two parcels can occupy the same lot on the face of the earth
b. No two parcels can occupy the same space on the face of the earth
c. No two parcels have the same soil on the space on the face of the earth
d. No two parcels have the same owner to occupy the surface of the earth

b. No two parcels can occupy the same space on the face of the earth

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Under the Constitution, lands of the public domain are classified into agricultural, forest or timberland, mineral and national parks. Alienable lands of the public domain shall be limited to _____ and Filipino citizens may acquire alienable lands of the public domain not more than _____ by purchase, homestead or patent or lease of not more than _____.
a. agricultural lands; 10 hectares; 50 hectares
b. agricultural lands; 10 hectares; 500 hectares
c. agricultural lands; 12 hectares; 50 hectares
d. agricultural lands; 12 hectares; 500 hectares

d. agricultural lands; 12 hectares; 500 hectares

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The Philippines has a total land area of 30 Million hectares, distributed as follows-
a. 15 million hectares or 50% as forestland; 14.1 million hectares or 47% as alienable and disposable lands (A&D) and 900,000 hectares or 3% unclassified lands
b. 15 million hectares or 47% as alienable and disposable lands (A&D); 14.1 million hectares or 50% as forestland and 900,000 hectares or 3% unclassified lands
c. 900,000 million hectares or 50% as forestland; 14.1 million hectares or 47% as alienable and disposable lands (A&D) and 15 hectares or 3% unclassified lands
d. 15 million hectares or 50% as forestland; 900,000 hectares or 3% as alienable and disposable lands (A&D) and 14.1 million hectares or 47% unclassified lands

a. 15 million hectares or 50% as forestland; 14.1 million hectares or 47% as alienable and disposable lands (A&D) and 900,000 hectares or 3% unclassified lands

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Refers to the cash payment in kind given by landowner/developer to tenant’s farm worker or bonafide occupants affected by the DAR conversion-
a. Ejectment compensation fund
b. Tenant share remuneration
c. Disturbance compensation
d. Conversion assistance fund

c. Disturbance compensation

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Filipino citizens can acquire by patent agricultural lands of the public domain not exceeding, how many hectares?
a. Five hectares
b. Ten hectares
c. Seven hectares
d. Twelve hectares

d. Twelve hectares

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Refers to land devoted to or suitable to agriculture and owned by private natural or juridical persons-
a. Farm land
b. Cultivated farm land
c. Private land
d. Irrigated farm land

c. Private land

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The documentary stamps on lease of real property is P3.00 for the first P2,000 or fraction thereof and an additional amount of -
a. P 0.50 for every P 1,000 in excess for first P 2,000
b. P 1.00 for every P 1,000 in excess for first P 2,000
c. P 1.50 for every P 1,000 in excess for first P 2,000
d. P 2.00 for every P 1,000 in excess for first P 2,000

b. P 1.00 for every P 1,000 in excess for first P 2,000

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Unpaid real property tax is subject to 2% per month interest up to a maximum period of -
a. 12 months
b. 36 months
c. 24 months
d. until paid

b. 36 months

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Unless validated, tax credit life span is only -
b. 1 year
c. 4 years
d. 2 tears
e. 5 years

e. 5 years

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The following are unethical acts of a Broker, which act is not unethical?
a. Encouraging the parties of a sales transaction to indicate a consideration lower than the actual selling price for taxation purposes
b. Keeping a special bank account, separate and distinct from his own funds for all monies received in trusted by other persons such as client’s money and similar items
c. Disclosing his client’s confidential personal information to a fellow Broker in order to facilitate the sale of the client’s property
d. Delaying submission of a formal offer that he had received from a prospective buyer in the hope of securing a higher offer

b. Keeping a special bank account, separate and distinct from his own funds for all monies received in trusted by other persons such as client’s money and similar items

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It refers to the acquisition of more lands adjoining the river banks due to gradual deposit of soil -
a. Alluvion
b. Accumulation
c. Accretion
d. Riparian

a. Alluvion

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Refers to the filling of submerged land -
a. Reclamation
b. Accretion
c. Accumulation
d. Alluvion

a. Reclamation

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Title to an inherited property may be transferred to a sole heir upon payment of real estate tax, execution and registration of a legal document called -
a. Extra judicial settlement
b. Extra judicial partition of estate
c. Affidavit of self-adjudication
d. Affidavit of inheritance

c. Affidavit of self-adjudication

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A symbol in the PRBRES seal that signifies the vital role of the real estate service practitioners (RESPs) in the social, political, economic development and progress of the Philippines -
a. Land
b. Rising sun
c. Sun & rash
d. Gold

b. Rising sun

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Is a concept of ownership which refers to the right of an owner to conserve and utilize it for the State or the general welfare of its people?
a. Steward
b. Custodian
c. Guardianship
d. Intestate

a. Steward

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Under the Code of Ethics, the following are considered unethical, except -
a. Negotiate a property listed directly with the owner if the listing Broker goes out of town for a few days and cannot be contacted
b. Should cooperate with other Brokers on property listed provided they are members of any national REBroker’s association
c. Use the services of the Salesperson of another Broker provided the Salesperson is paid on the agreed commission/professional fee
d. Willingly share with other Brokers the lessons from his experience and studies

d. Willingly share with other Brokers the lessons from his experience and studies

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Refers to the acquisition of lands adjoining the river bank due to gradual deposits of soil.
a. Alluvion
b. Accumulation
c. Accretion
d. Deposit

a. Alluvion

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The PRBRES Chairman is Eduardo G. Ong while the new PRC Chairman is -
a. Florentino Doble
b. Teresita Manzala
c. Teofilo Pilando Jr.
d. Angeline Chua Chiaoco

c. Teofilo Pilando Jr.

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Easement is to real property, usufruct is to -
a. Public
b. Stewardship concept
c. Property protection
d. Personal or real property

d. Personal or real property

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The legal right of the State to acquire property of a decedent who died without a will and without heirs to as what?
a. Eminent domain
b. Escheat
c. Dedication
d. Device

b. Escheat

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25. The following refers to the Bundle of Rights inherent to ownership, except- a. Right to possess, to use and to the fruits thereto b. Right to dispose and abuse other lands c. Right to dispose, to recover and to exclude others d. Right to mortgage and to lease

b. Right to dispose and abuse other lands

26. When the donee is a stranger, the donor’s tax rate is- a. 30% b. 2 to 15%% c. 25%% d. 35%%

a. 30%

27. The principles of the Code of Ethics and Responsibilities for the Real Estate Service Practitioners (RESPs) clearly states the Golden Rule which says- a. “ Treat others as you wanted them to be treated” b. “ Do not do unto others what you want others do to you” c. “Treat others as you like them to treat you” d. “ Do unto others what you do not want others do unto you”

c. “Treat others as you like them to treat you”

28. A family residence was sold at P7.50M. Its ZV is P5.0M. The Seller bought a new principal residential worth P5.0M. What is the capital gain tax on the unutilized portion? a. P 98,000 b. P99,000 c. P 100,000 d. P150,000

d. P150,000 (P7.5.0M-P5.0M x6%)

29. How much is the 5% Broker’s Fee net of 10% creditable withholding tax if the property listed was sold at P3.5M inclusive of VAT? a. P140,625 b. P135,000 c. P135,625 d. P150,625

a. P140,625 = 3,500,000 / 1.12 = 156,250 = (15,626) = 140,625

30. In MTI MO#39, Series of 1985 this person is referred to as Real Estate Salesman, in RA#9646 he/she is known as – a. Accredited Real Estate Salesman b. Accredited Real Estate Salesperson c. Licensed Real Estate Salesperson d. Licensed Real Estate Sales Agent

b. Accredited Real Estate Salesperson

31. In RA#9646, the term Assessor refers to the – a. Assessor and Gov’t. Appraiser b. Assistant Assessor and LAOO c. Assessor and Assistant Assessor d. Chief Assessor and LAOO

c. Assessor and Assistant Assessor

32. A RE Appraiser who was licensed under the DTI may still be allowed to register without examination under Section 20, known as- a. Registration Clause b. Grandfather Clause c. Hold-over Clause d. Privilege Clause

b. Grandfather Clause

33. The following sales are exempted from VAT, except- a. Sale of real estate classified as capital assets by the BIR b. Sales of housed and lot and other residential dwelling by dealers or developers classified as ordinary assets and valued at and below c. Sale of socialized housing and economic housing; lease of commercial properties where rental per year do not exceed d. Sale of condo unit classified as capital asset

d. Sale of condo unit classified as capital asset

34. Trisha wanted to take the May 22, 2016 Broker’s examination to become a Real Estate Broker, she is required to be a graduate of- a. A bachelor’s degree in real estate management b. A relevant bachelor’s degree c. At least 2 years of college which leads to a BS/AB degree d. A bachelor’s degree in real estate brokerage

a. A bachelor’s degree in real estate management

35. The effectivity of the Real Estate Service Act of the Philippines (RA 9646) was last July 30, 2009 and it was signed into law last - a. June 29, 2009 b. June 30, 2010 c. July 30, 2009 d. July 30, 2010

a. June 29, 2009

36. Under the RESA, it is referred to as a government official who performs appraisal and assessment functions for taxation purposes- a. Real Estate Appraiser b. Government Real Estate Appraiser c. Real Estate Assessor d. Private Real Estate Appraiser

c. Real Estate Assessor

37. Ms. Edit will get married this coming year but does not intend to enter into amarriage settlement. What will be their property relations after marriage? a. Relative community of property b. Conjugal partnership of gains c. Co-ownership d. Absolute community of property

d. Absolute community of property

38. A person who owns a piece of land can use it for legal purposes; otherwise, the government may exercise its _____ power - a. Police b. Taxation c. Land use plan d. Eminent

a. Police

39. One of the most important rights of a person who owns agricultural land and which is part of the bundle of rights of an owner is - a. Right to harvest b. Right to dispose c. Right to plant d. Right to sell the harvest

b. Right to dispose

40. Under the 1987 Philippine Constitution the government may transfer lands to a Filipino citizen by homestead patent provided the size thereof does not exceed - a. 1,000 has. b. 12 has. c. 5 has. d. 10 has.

b. 12 has.

41. There are two (2) major kinds of limitations on the right of land ownership, one of which is legal/by the government while the other is- a. Private limitation b. Self-imposed limitation c. Deed of Restrictions d. Contractual

d. Contractual

42. Mary will get married this year and will enter into a prenuptial agreement on complete separation of property regime. What will be their property relations after marriage? a. Separation of Property b. Co-ownership c. Conjugal partnership of gains d. Absolute community of property

a. Separation of Property

43. When soil was deposited gradually by the flowing of a river in the property along the river bank, the deposited soil is called - a. Avulsion b. River Bed c. Accretion d. Alluvium

d. Alluvium

44. A Filipina got married to a foreigner on August 3, 1998. In such case, the Filipina may still buy lands in the Philippines provided - a. She buys land under BP 185 b. She has not renounced her citizenship c. She becomes a dual citizen d. She buys a maximum of 1,000 square meters of residential land only

b. She has not renounced her citizenship

45. Refers to a court proceeding in which the government exercise of its power to take private property for road widening and payment of just compensation. a. Criminal action b. State Power c. Eminent Domain d. Expropriation

d. Expropriation

46. Usufruct refers to the right of a person to the fruits of a property even if the property is not owned by the said person. In Latin terms, it refers to – a. “usus” and “fructus” b. “frustus” and “usus” c. “fructus” and “usus” d. “fuctus” and “fructus”

a. “usus” and “fructus”

47. In the Professional Regulation Commission (PRC), the professions are categorized in four (4) sectors, which of the following is not a sector? a. Engineering b. Business, Education and Management c. Medical and Health d. Vocational technology

d. Vocational technology

48. The law governing the Professional Regulation Commission is - a. Professional Modernization Act of 2000 (RA#8981) b. Professional Regulation Act (RA#8981) c. Professional Modernization Law (RA#8981) d. Professional Regulatory Act of 2000 (RA#8981)

a. Professional Modernization Act of 2000 (RA#8981)

49. Refers to the sector classification of the Real Estate Service Practice under the PRC– a. Technology sector b. Business and Service Sector c. Real Estate Sector d. Business, Education, and Management Sector

d. Business, Education, and Management Sector

50. The term of office of the PRBRES is three (3) years; while, the PRC Commissioners shall be - a. 3 years b. 5 years c. 6 years d. 7 years

c. 6 years

51. To the ethical Broker, the principle of full disclosure dictates that vital information which can affect the property or the transaction should be disclosed and explained to his client. Which one of the following is contrary to an ethical disclosure? a. Changes or planned changes in zoning affecting the property b. Your opinion of future land values in the vicinity of the property c. Details of the contract d. Sale of similar properties in the vicinity

b. Your opinion of future land values in the vicinity of the property

52. The RE Broker in his advertisements/brochures of the properties for sale, which of the following should not be done? a. A true picture of the property and its improvements b. It's right and interest therein, including its liens and encumbrances c. Indicate name, firm, address, and license number d. Conceal relevant information and other related facts

d. Conceal relevant information and other related facts

53. With regards to the relationship with a client/customer, the Broker in accepting a listing or an authority to act for and on behalf of the client/customer, can perform any of the following, except- a. Acquire an interest or buy for himself or members of his family within the 4th civil degree b. Endeavor to make buyer and seller conclude a fair contract, advantageous to both parties c. Assist his client to acquire possession and ownership of the property bought in accordance with the terms and conditions agreed upon d. Should not accept any commission or fee from any party in any transaction except his client unless with the full knowledge and consent of all the parties concerned in the transaction

a. Acquire an interest or buy for himself or members of his family within the 4th civil degree

54. Eminent Domain requires - a. Appraisal process for the estimation of the value of real property b. Due process for the taking of property through expropriation proceeding c. Just compensation for specific types of financial loss d. Estimation of just compensation

b. Due process for the taking of property through expropriation proceeding

55. The right of condemnation is held by a - a. Local agency or authority representing the national government agency b. Utility government corporation c. Municipality d. State or government agency

d. State or government agency

56. The following are valid transactions involving agricultural land, except- a. Sale to private parties, regardless of hectarages, executed before the effectivity of RA#6657 on June 15, 1988, provided the sale is registered with the Register of Deeds within 3 months from June 15, 1988 b. Sale to private parties executed after the effectivity of RA#6657 covering areas to be retained in favor of transferees whose total landholdings, including the land to be acquired, do not exceed 5 hectares c. Sale in favor of the government, Land Bank, or DAR regardless of hectarages; Sale by agrarian reform beneficiaries after 10 years from the issuance and registration of the certificate of land ownership award (CLOA) d. Sale to private parties executed before the effectivity of RA#6657 covering areas to be retained in favor of transferees whose total landholdings, including the land to be acquired, do not exceed 5 hectares

d. Sale to private parties executed before the effectivity of RA#6657 covering areas to be retained in favor of transferees whose total landholdings, including the land to be acquired, do not exceed 5 hectares

57. Agrarian Reform Law provides that lands awarded to a tenant-beneficiary cannot be a subject of conversion permit within - a. Within 5 year from grant of emancipation patent (all sale within or before end of 10-year period are null & void) b. Within 5 year after grant of emancipation patent c. Within 3 year from grant of emancipation patent d. Within 3 year after grant of emancipation patent

a. Within 5 year from grant of emancipation patent (all sale within or before end of 10-year period are null & void)

58. Sec 31 of RA#9646 IRR provides that the PRBRES may accredit Real Estate Salespersons until July 30, 2011, if they are registered with DTI and in active practice for at least 3 years as may be certified by a licensed RE Broker or real estate developer prior to the effectivity of RA#9646 and with ___training hours in real estate brokerage a. 24 units CEP b. 120 CEP units c. 60 CEP units d. 150 CEP units

b. 120 CEP units

59. No Real Estate Salesperson either directly or indirectly can negotiate, mediate or transact any real estate transaction for and on behalf of a Real Estate Broker without first securing an ____ as Real Estate Salesperson for the RE Broker as prescribed by the Board - a. Accreditation b. Authority to negotiate for sale c. Authority to sell d. Special power of Attorney

a. Accreditation

60. Section 31 of RA#9646 provides that “No violation shall be caused for revocation of Real Estate Broker’s license unless there was ___ of such violation or the REB retains the benefits, profits or proceeds of a transaction wrongfully negotiated by the Real Estate Salesperson. a. Prior knowledge b. Actual knowledge c. Consensual knowledge d. Aware

b. Actual knowledge

61. A RE Broker has secured a written offer to purchase a commercial property at a price of P70.0M together with a check payment equivalent to the 30% as a down payment. He is certain that the Seller will accept the offer. Before he presented the offer to the Seller, he receives unverified information that a government infrastructure project will take a significant portion of the property. Several steps have to be taken by the RE Broker to save the sale and protect the interest of all parties concerned. Which of the following is inappropriate at the moment? a. Secure detailed information from the proper government agencies as to the actual scope of the project b. Inform the prospect about the forthcoming government project and the possible effect it will have on the property c. Present the offer to the seller for signing and acceptance to ensure the consummation of the sale d. Inform the seller about the forthcoming government project and the possible effects it will have on the property

a. Secure detailed information from the proper government agencies as to the actual scope of the project

62. In case of the sale of real property under a deferred payment basis, the payment of the documentary stamp shall accrue upon – a. Notarization of the transfer document b. Execution of contract to sell c. Execution of deed of absolute sale d. Payment of the full amount

d. Payment of the full amount

63. The maximum allowable deduction for funeral expenses a. 5% of net estate or P200,000 whichever is lower b. 5% of gross estate or P200,000 whichever is higher c. 5% of gross estate or P200,000 whichever is lower d. 5% of net taxable estate or P200,000 whichever is lower

c. 5% of gross estate or P200,000 whichever is lower

64. The FMV of a family home is P750,000, and the allowable deduction of the estate of a decedent is – a. P1.0M b. P.750M c. P.750M or P1.0M d. P1.0M & P.750M

b. P.750M

65. Capital gain tax on the sale of real property classified as a capital asset is considered as a - a. Creditable tax on the sale b. Deductible item from income tax c. Advance payment of income tax d. Expanded withholding tax

c. Advance payment of income tax

66. A duly registered and licensed natural person who for a professional fee act as an agent for real estate transactions- a. Real Estate Broker b. Real Consultant c. Real Estate Salesperson d. Real Estate Assessor

a. Real Estate Broker

67. RA#9646 provides that Divisions/Departments of partnership and corporation engaged in marketing or selling of any real estate development projects in the regular course of business must be headed by a ____ a. Full-time registered and licensed Real Estate Salesperson b. Full-time registered and licensed Real Estate Broker c. Full-time accredited Real Estate Salesperson d. Full-time in-house Real Estate Broker

b. Full-time registered and licensed Real Estate Broker

68. In case of termination or resignation of the services of a Real Estate Practitioner, the same shall be reported by the employer to the PRC/PRBRES within – a. 15 days from the date of resignation or termination of services b. 15 days upon the date of resignation or termination of services c. 15 days prior to the date of resignation or termination of services d. 15 days within the date of resignation or termination of services

a. 15 days from the date of resignation or termination of services

69. Price and value are - a. Not necessarily the same b. Different depending on financing terms c. Synonymous d. Close together in an inactive market

a. Not necessarily the same

70. All of the following statements are true, except - a. Appraising is the art and science of estimating the value of an asset b. Assets typically requiring appraisal include real estate and personal property c. Real property under RA#9646 refers to rights, interests, and benefits of real estate ownership d. Real property refers to items that are impermanent to a part of the real estate

d. Real property refers to items that are impermanent to a part of the real estate

71. A Real Estate Broker who accepts a listing from a client follows several ethical guidelines in his relationship with the client. Which one of the following is not applicable? a. He should pledge himself with the utmost fidelity and good faith to protect and promote the interest of his client b. He should undertake to prepare an appraisal report on the property subject of the listing, as part of his service to his client c. He should endeavor to be well informed of current legislation, policies, and programs of the government including proposed legislation, which may affect the interest of his client d. He should endeavor to make his client and customer conclude a fair contract advantageous to both

b. He should undertake to prepare an appraisal report on the property subject of the listing, as part of his service to his client

72. A natural person who performs service for and on behalf of a Real Estate Broker - a. Real Estate Appraiser b. Real Estate Appraisal c. Real Estate Salesperson d. Real Estate Consultant

c. Real Estate Salesperson

73. The following are the grounds for the revocation or suspension of the Certificate of Registration and the Professional Identification Card or the Special and Temporary Permit, except - a. Procurement of certificate of registration and/or professional identification card, or special/temporary permit by fraud or deceit; unprofessional or unethical conduct b. Allowing an unqualified person to advertise or to practice the profession by using one’s certificate of registration or professional identification card, or special temporary permit. c. Final judgment or conviction of any criminal offense involving moral turpitude d. Malpractice or violation of any of the provisions of RA 9646, the IRR, and the Code of Ethics & Responsibilities for real estate service practitioners.

c. Final judgment or conviction of any criminal offense involving moral turpitude

74. When a client asks the RE Broker for his opinion on a transaction not being handled properly by another broker, the latter should – a. Criticize the manner of handling by the other Broker b. Give opinion with courtesy and professional respect c. Simply say “No comment” d. Point out the errors committed by the other Broker

b. Give opinion with courtesy and professional respect

75. The Code of Ethics provides that the RE Broker in a real estate transaction should- a. Always make sure the Seller is at an advantage b. Have the seller and buyer conclude a fair deal c. Be in favor of the seller always d. Be inclined to just think of the commission

b. Have the seller and buyer conclude a fair deal

76. In case of foreclosure, who will pay the capital gain tax where the right of redemption is not exercised by the mortgagor? a. Buyer of property b. Creditor-bank c. Owner mortgagor d. Escrow agency

b. Creditor-bank

77. In case a complaint will be filed by a RE Broker against a colleague, he/she should - a. File a complaint and exhaust all remedies within their professional organization b. File a complaint first with the concerned barangay c. File a complaint within the HLURB d. File a complaint directly with the PRC

a. File a complaint and exhaust all remedies within their professional organization

78. Refers to soil addition due to accretion - a. Accretion b. Alluvion c. Reclamation d. Accumulation

b. Alluvion

79. When accepting a listing from a colleague, the licensed RE Broker should respect the agency of the colleague who offered the listing until – a. The agency agreement has expired b. The property has come to the attention of the accepting broker from a different source c. The owner, without solicitation, offers to list with the accepting broker d. Saw the notice of the property for sale and walk-in within the period of the broker’s agreement

a. The agency agreement has expired

80. The length of a tract of land along a street is called – a. Land’s depth b. Land’s width c. Land’s frontage d. Land’s abutment

c. Land’s frontage

81. An owner is obliged to utilize the land not only for himself but also for the general welfare, which refers to the principle of – a. Public Welfare b. Steward Concept of Ownership c. Beneficial use of ownership d. Bundle of Rights

b. Steward Concept of Ownership

82. An owner is said to be an owner in fee simple, which means that the owner – a. Has the bundle of rights b. Has a certificate of title c. Has bought the property d. Has the right to sell the property

a. Has the bundle of rights

83. The best evidence of ownership of a one-bedroom condominium unit is- a. Condominium dues payment b. Tax declaration of the condominium unit c. Original certificate of title d. Condominium Certificate of title

d. Condominium Certificate of title

84. In the absence of a valid pre-nuptial agreement, the governing property relations of a married couple is - a. Complete separation of property b. Absolute community of property c. Conjugal Partnership d. Regime of separation of property

b. Absolute community of property

85. Under the System of Absolute Community the following are excluded, except- a. Property acquired during the marriage by gratuitous title by spouse and the fruit as well as the income thereof, unless it is expressly provided by the donor, testator, or grantor that they shall form part of the community property b. Property for the personal and exclusive use of either spouse; however, jewelry shall form part of the community property c. Property acquired before the marriage by either spouse who has legitimate descendants by a former marriage and the fruits as well as the income of a such property d. Properties earned from the employment of spouses

d. Properties earned from the employment of spouses

86. A special court proceeding instituted to determine the validity of a testamentary disposition of a deceased pertaining to the last will – a. Probate proceeding b. Reconstitution of land title c. Petition to remove a cloud on title d. Petition for partition of property

a. Probate proceeding

87. The law provides that all agricultural lands that are already classified as commercial, industrial, or residential before June 15, 1988, no longer need any conversion clearance even if still utilized for agricultural activity a. Republic Act#6552 b. Republic Act#6657 c. Republic Act#7279 d. Republic Act#9700

b. Republic Act#6657 Comprehensive Agrarian Reform Law

88. Conversion permit of agricultural land of not more than 5 hectares shall be approved by the: a. Municipal Agrarian Reform b. Regional Agrarian Reform Office c. Provincial Agrarian Reform d. Usec For Legal Affairs, DAR

b. Regional Agrarian Reform Office

89. Effective January 1, 2012, the new threshold for VAT on the sale of the residential lot and residential house and lot package is: a. P1,500,000 and P2,500,000 b. P1,719,500 and P3,179,200 c. P1,919,500 and P3,199,200 d. P1,819,500 and P3,189,200

c. P1,919,500 and P3,199,200

90. A non-possessing interest held by one person in the land of another whereby the 1st person is accorded partial use of such land to a specific purpose is called - a. Easement b. Eminent Domain c. Police Power d. Encumbrance

d. Encumbrance

91. The Real Property Tax on the house and lot owned by Ms. Tonette may be paid without penalty interest in - a. Four payments b. Monthly payments c. Four equal quarterly payments d. Two semi-annual payments

c. Four equal quarterly payments

92. The Special Education fund tax collected by a city shall be allocated to the - a. Local School Boards b. General fund of the province c. National education school funds d. Education fund of the city

a. Local School Boards

93. No action for the collection of the real property tax, whether administrative or juridical shall be instituted after the expiration of - a. 5 year b. 10 year c. 20 year d. 10 years

a. 5 years

94. The additional ad valorem tax for idle lands applies to the following property, except - a. Three hectares of uncultivated agricultural land b. Land with unfavorable physical factors c. Rawland of unimproved 5,000 square meters d. Two hectares of land suitable for farming ½ of which is unimproved

b. Land with unfavorable physical factors

95. A special levy may be imposed for lands, especially benefited by public work projects or improvements funded by the local government unit, provided the special levy shall not exceed - a. 2% of the assessed value b. 5% of the assessed value c. 60% of the actual cost of such projects d. 50% of the actual costs of projects and improvements

c. 60% of the actual cost of such projects

97. If the applicant for conversion of agricultural land is a beneficiary of the agrarian reform program, what special documentary requirements are required? a. Certification from the Mayor that the beneficiary had paid his taxes b. Certification from Provincial Agrarian Reform Officer that at least 5 years have lapsed since the award of the land c. Certification from Land Bank that the beneficiary has fully paid his obligation d. Joint venture agreement or any other business arrangement between the beneficiary and the developer

a. Certification from the Mayor that the beneficiary had paid his taxes

96. Real Property Taxes, accrue - a. On 1st day of January b. Every end of the quarter for the year c. Upon notice of assessment d. Every beginning of the quarter for the year

a. On 1st day of January

98. The total land area of the Philippines is 115,800 square miles, in square kilometers the total land area is equivalent to – a. 350,000 sqkms b. 250,000 sqkms c. 300,000 sqkms d. 330,000 sqkms

300,000 sqkms

99. As licensed Real Estate Broker Adelfa takes the following steps, which of the following actions can be considered unethical? a. She accepted the exclusive listing for an abandoned house and lot even with his knowledge that somebody died violently in the property b. She proceeds to entertain prospective buyers all the while disclosing to them the crime committed inside the property c. She also advertised the listing giving the exact address for an open house on one weekend d. She invites his friends to attend the open house hoping that real buyers will feel that there are many others interested in the property

d. She invites his friends to attend the open house hoping that real buyers will feel that there are many others interested in the property

100. Unless provided in the marriage settlements, the property regime consists of all the properties owned by the spouses at the time of the marriage celebration and properties acquired thereafter. a. System of Absolute Community b. Property Relations c. Conjugal Partnership d. Property of Regime

a. System of Absolute Community

101. What is the CGT on a sale of 160 sqm. condominium unit with the following information: Contract Price is P3.0M; ZV of the Condominium Unit is P22,500/sqm. Assuming the MV of the Condominium Unit is P1,500. Assessor Value of land where the Condominium Unit was built is P2,500/sqm? The Project was built in a site at P5,000/sqm. a. P200,000 b. P215,000 c. P216,000 d. P220,000

c. P216,000 Condo Unit: 160 Sqm (unit size) = Cost - 3M = ZV - P22,500 @ 160 = 3.6M (3.6 x 6% = 216K) = MV - 2.4M - which ever is higher - Land was not included in the computation

102. A law requiring an oath of a natural-born citizen of the Philippines who lost his/her citizenship by reason of naturalization as a citizen of other countries which deemed to have reacquired Philippine citizenship a. RA#426 Citizen Retention act of 2004 b. RA#9225 Citizen Retention and Re-acquisition Act of 2003 c. RA#7579 Citizen Re-acquisition d. RA# 659 Citizen Acquisition

b. RA#9225 Citizen Retention and Re-acquisition Act of 2003

103. The distribution of the collected real property tax proceeds in case of provinces shall be- a. Province, 30%: Municipality, 40%: Barangay, 30% b. Province, 35%: Municipality, 40%: Barangay, 25% c. Province, 35%: Municipality, 35%: Barangay, 30% d. Province, 30%: Municipality, 35%: Barangay, 35%

b. Province, 35%: Municipality, 40%: Barangay, 25%

104. The distribution of the collected real property tax proceeds in case of cities shall be - a. City, 70%; Barangay, 30% b. City, 75%: Barangay, 25% c. City, 80%: Barangay, 20% d. City, 85%; Barangay, 15%

a. City, 70%; Barangay, 30%

105. In his advertisements, brochures, or announcements, the real estate broker should present a true picture of the following, except – a. name and firm name b. field of specialization as a real estate broker c. rights or interests therein d. the property and its improvements

b. field of specialization as a real estate broker

106. Square planning is defined as - a. Subdivision scheme for a rolling terrain b. Subdivision with no streets or open space is delineated c. Subdivision schemes for a flat terrain d. Subdivision with street and/or open spaces

c. Subdivision schemes for a flat terrain

107. The Broker should endeavor to make his client and customer conclude a fair contract which is advantageous to: a. Broker b. Both Parties c. Buyer d. Seller

b. Both Parties

108. These assets could be tangible or intangible. a. Current assets b. Deferred Charges c. Non-current assets d. Liquidation assets

c. Non-current assets

109. Machinery shall embrace machines, mechanical, contrivances and apparatus attached to: a. Land b. Building c. Real property d. Real estate

d. Real estate

111. All legal rights such as riparian rights or easements, that “goes with the land”, when title to the lands is transferred are known as- a. Seizings b. Easements c. Appurtenances d. Encroachment

c. Appurtenances

112. The rule for adjustment of an irregular lot is - a. Compute as a rectangular lot then take 2/3 of the resultant value b. Compute as a rectangular lot then take 1/3 of the resultant value c. Compute the value of the rectangular and triangular portions separately according to the rules hereof, then get the summation d. Reduce the irregular lot to the nearest equivalent rectangular, triangular, and trapezoidal sectors and apply the foregoing rules

d. Reduce the irregular lot to the nearest equivalent rectangular, triangular, and trapezoidal sectors and apply the foregoing rules

113. The rule for adjustment of a trapezoidal lot is - a. Compute as a rectangular lot then take 2/3 of the resultant value b. Compute as a rectangular lot then take 1/3 of the resultant value c. Compute the value of the rectangular and triangular portions separately according to the rules hereof, then get the summation d. Reduce the irregular lot to the nearest equivalent rectangular, triangular, and trapezoidal sectors and apply the foregoing rules

c. Compute the value of the rectangular and triangular portions separately according to the rules hereof, then get the summation

114. When real property is assessed for the 1st time or when an existing assessment is increased or decreased, the Assessor shall within 30 days of such assessment give a _____ to the person in whose name the property was declared. a. Electronic Mail b. Written Notice c. Telephone Call d. Personal Visit

b. Written Notice

115. All real property tax assessments made after January 1st of any year shall take effect on the 1st day of the succeeding year. Provided, however, that the reassessment of real property tax partially or totally destructed, or with a major change on its actual use or affected by any great and sudden inflation or deflation of real property values or to the gross illegality of the assessment when made or to any other abnormal causes shall be made within- a. 30 days from the date such cause occurred; the same shall take effect at the beginning of the quarter next following the reassessment b. 600 days from the date such cause occurred; the same shall take effect at the beginning of the quarter next following the reassessment c. 90 days from the date such cause occurred; the same shall take effect at the beginning of the quarter next following the reassessment d. 120 days from the date such cause occurred; the same shall take effect at the beginning of the quarter next following the reassessment

c. 90 days from the date such cause occurred; the same shall take effect at the beginning of the quarter next following the reassessment

116. The husband and wife got married last June 1, 1980, without any prenuptial agreement and using the salary of the husband, thereafter bought a house and lot. The house and lot shall be considered as- a. Conjugal property b. Capital Property c. Community property d. Joint property of the couple

a. Conjugal property

117. A condition whereby there are many sellers and buyers and the price is at its lowest level- a. Perfect Market b. Imperfect Market c. Monopoly d. Monopsomy

a. Perfect Market

118. A condition whereby there are few sellers, more buyers; few buyers, more sellers, and the price goes up and down accordingly - a. Perfect Market b. Imperfect Market c. Monopoly d. Monopsomy

b. Imperfect Market

119. A situation whereby there is a Single seller and multiple buyers - a. Perfect Market b. Imperfect Market c. Monopoly d. Monopsomy

c. Monopoly

120. A market situation whereby there is a Single buyer and multiple sellers - a. Perfect Market b. Imperfect Market c. Monopoly d. Monopsomy

d. Monopsomy