2016 - SET G - Feb. 28, 2016 Flashcards
- The lead policy-making body of the government tasked to coordinate, monitor and evaluate government programs and ensure mainstreaming of climate change in national, local, and sectoral development plans towards a climate-resilient and climate-smart Philippines.
a. The National Disaster Risk Reduction & Management Council (NDRRMC)
b. DOST- Project Noah
c. The Climate Change Commission
d. PAGASA
c. The Climate Change Commission
- What is the functional share of the surviving spouse that will appear in the new title of a conjugal property subject of the settlement of estate, if the decedent left three (3) legitimate children and one (1) illegitimate child?
a. 4.5/9
b. 5.5/9
c. 1/9
d. 1 /4.5
b. 5.5/9
Absolute Community
Spouse
3 Legitimate Children
1 Legitimate children
Hatian sa share ng namatay na lalaki
Example: halaga ng Property ng magaawa = P10m
Conjugal Property = 50% sa Lalaki at 50% sa babae
Dahil isa lang ang namatay (Lalaki), ito lang ang paghahatian ng mga magmamana.
Bilang ng mga magmamana = 5
Hatian: 50% or 5M / 5 = 1M bawat isa
*Note: if dalawa o higit pa yung iligitimate child, maghahati silang mga ilegitimate children sa 1m
- This is a massive forest rehabilitation program of the government established by virtue of Executive Order No. 26 issued on Feb. 24, 2011 by President Benigno S. Aquino III. It seeks to grow 1.5 billion trees in 1.5 million hectares nationwide within a period of six years, from 2011 to 2016.
a. National Reforestration Program
b. Total Log-ban Program
c. National Greening Program
d. National Rehabilitation Program
c. National Greening Program
- A and B got married on February 14, 2009. After 3 years, they separated because A had an illicit relationship with his Secretary. They agreed to live separate lives. However, they did not file any case to annul or nullify the marriage. B who earned well as a licensed broker, bought a condominium unit worth 10,000,000. What will be the treatment of the condominium unit purchased by B?
a. Exclusive property of B
b. Community property
c. Exclusive property of A
d. none of the above
b. Community property
TY5. Mr. Seller authorized the broker to sell his property in Taguig City. The broker advertised the said property in the newspaper, websites and in MLS. However, the broker died before the property is sold. What will happen to the authority?
a. the heirs of the broker can inherit the right to sell the property
b. the agency is extinguished
c. the brokers heirs can insist on the seller that the terms and condition of the authority will apply to them
d. cannot be determined
b. the agency is extinguished
- In Joint venture agreement between the developer and lot owner, the engagement of a real estate consultant is necessary except?
a. Ascertain fair market value of land and evaluate cost estimate of developer
b. Review joint venture agreement
c. Market the finished project
d. Monitor and evaluate developer’s compliance with his undertaking.
c. Market the finished project
- A process that involves predicting and evaluating the likely impacts of a project (including cumulative impacts) on the environment during construction, commissioning, operation and abandonment
a. Environmental Evaluation Approach
b. Environmental Prediction and Impact Report
c. Environmental Impact Assessment
d. Environmental Assessment Process
c. Environmental Impact Assessment
- Impairment of desirability and usefulness of real property brought about by physical, economic, fashion or other changes.
a. undervaluation
b. devaluation
c. obsolescence
d. regression
c. obsolescence
- If the expenses for the payment of the capital gains and documentary stamps tax and 3% broker’s commission will be shouldered by the vendor, how much will be the net amount he will receive if he sells a property worth 7,200,000.00?
a. 7,200,000.00
b. 6,444,000.00
c. 6,984,000.00
d. 6,120,000.00
b. 6,444,000.00
CGT, 6% + DST 1.5% + Comm 3% = 10.5%
7,200,000 x 89.5% = 6,444,000
- In an exclusive authority to sell which he gives you for a period of ninety days, your client seller wants a 15 Million asking price for his house. Upon appraisal you realize that the price is very reasonable and fair to both seller and eventual buyer. Knowing from experience that buyers always give counter offers, how much should you quote when offering the property?
a. 17 Million
b. 16 Million
c. 15 million
d. 18 Million
c. 15 million
- The Philippine Environmental Impact Statement System was formally established in 1978 by virtue of
a. Republic Act 1586
b. PD No. 1586
c. EO 90
d. RA 6552
b. PD No. 1586
- A method of property appraisal by estimating the fair market value of an improvement by estimating present reproduction cost and deducting depreciation is
a. Income Approach
b. Basic Improvement Approach
c. Market Data Approach
d. Cost Approach
d. Cost Approach
- Mr. Lindsey hired the services of a broker to sell his property. He said he bought it at 8,500,000.00 and wants a 30 % gross profit. If you were the broker, how much would you sell the property?
a. 11,500,000
b. 11,050,000
c. 8,500,000
d. none of the above
b. 11,050,000
The formula for calculating the selling price that would give a certain percentage of profit on a purchase price is:
Selling Price = Purchase Price + (Purchase Price x Profit Percentage)
Using the given values, we have:
Selling Price = 8,500,000.00 + (8,500,000.00 x 0.30)
Selling Price = 8,500,000.00 + 2,550,000.00
Selling Price = 11,050,000.00
Therefore, as the broker, you would need to sell the property for 11,050,000.00 to give Mr. Lindsey a 30% gross profit on his purchase price of 8,500,000.00.
- Same values in the preceding problem. If you will be paid a 5% commission, how much should be added to the selling price so that the 30% profit will not be affected?
a. P581,578.95
b. 552,500.00
c. 500,000.00
d. none of the above.
a. P581,578.95
11,050000 /.95 = sp
sp=11,631,578.95 - 11,050,000
comm = 581,578.95
- How much is the gross selling price inclusive of the commission?
a. P11,050,000
b. 11,604,500
c. 11,631,578.95
d. none of the above.
c. 11,631,578.95
11,050,000 + 581,578.95 =
- This is a provision in a listing contract which entitles the broker to a commission even if the sale were closed after the period of his authority, provided that the buyer was registered by the broker with the seller during the period of authority.
a. Turn-over Clause in listing
b. Hold-over Clause in listing
c. Term Clause in Listing
d. Commission Clause in Listing
b. Hold-over Clause in listing
- The following are the essential elements of real estate brokerage, except:
a. Functions to be performed by the broker must be specific
b. Employment of the broker as the principal.
c. The broker must be the procuring cause and instrumental in effecting the meeting of the minds of the parties in the transactions during the period of agency.
d. The services rendered by the broker are for a professional fee, commission or any other valuable consideration.
b. Employment of the broker as the principal.
- This refers to the loss of value brought about by external economic forces such as changes in optimum use of land, squatter shanties, etc.
a. Functional Obsolescence
b. Deterioration
c. Economic Obsolescence
d. Depreciation
c. Economic Obsolescence
- At 18% interest per annum, how much is the interest of 1,000,000.00 loan for 65 days using 360 as a number of days in a year.
a. 32,500.00
b. 180,000.00
c. 320,000.00
d. none of the above
a. 32,500.00
Sol.
1,000,000 x 18% = 180,000
180,000 /360 days = 500
500 x 65 days = 32,500
or
18%/360 days = .00005
.0005 x 1,000,000 x 65 days = 32,500
- The seller realized a 40% gross profit over his cost. If the property is sold at 2,800,000.00, the cost is?
a. 2,800,000.00
b. 800,000.00
c. 2,000,000.00
d. none of the above
c. 2,000,000.00
Sol.
2,800,000 / 140%
- Assuming the same values in No. 20. How much is the gross profit?
a. 2,800,000.00
b. 800,000.00
c. 2,000,000.00
d. none of the above
b. 800,000.00
- The real estate broker is granted an exclusive right to sell the property during the listing term or period and a commission is paid even if the property is sold by the owner himself.
a. Open Listing
b. Exclusive Agency
c. Net Listing
d. Exclusive Right or Authority to Sell
d. Exclusive Right or Authority to Sell
- Period over which a property will yield a return on investment over and above the ground rent to land.
a. Life Span
b. Economic Life
c. Lasting Life
d. Redemption Period
b. Economic Life
- The commission rate for the sale of real estate broker is determined by:
a. standard rate approved and adopted by the brokers in the locality
b. discretion of the seller
c. negotiation and agreement between the seller and the broker
d. fixed schedule of commissions approved by PRC
c. negotiation and agreement between the seller and the broker