General -or- Fundamentals (170 Items) Flashcards
- Easement is to real property, usufruct is to?
a. Public
b. Property protection
c. Stewardship concept
d. Personal or Real property
d. Personal or Real property
- 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 Ministry 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
- What is the maximum land ownership that can be acquired by a former natural born Filipino citizen?
a. For residential purpose: 5,000 sq. m of urban land or 1 has. of rural land; for business purpose: 1,000 sq. m. of urban land or 3 has of rural land
b. For residential purpose: 1,000 sq. m of urban land or 1 has. of rural land; for business purpose: 5,000 sq. m. of urban land or 3 has of rural land
c. For residential purpose: 1,000 sq. m of urban land or 3 has. of rural land; for business purpose: 5,000 sq. m. of urban land or 1 has of rural land
d. For residential purpose: 5,000 sq. m of urban land or 3 has. of rural land; for business purpose: 1,000 sq. m. of urban land or 1 has of rural land
b. For residential purpose: 1,000 sq. m of urban land or 1 has. of rural land; for business purpose: 5,000 sq. m. of urban land or 3 has of rural land
- 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 securing a higher offer
c. Serving as a witness in court proceedings involving a property owned by his client
- The following are real estate transactions which 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 and annual gross rental exceeds the threshold.
d. Lease of residential properties which did not exceed the rental threshold per unit and annual gross rental exceeds the threshold.
- 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
- 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
- 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 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
- What is the cash payment in kind given by landowner or developer to tenant’s farm worker or bonafide occupants to be affected by the DAR conversion?
a. Ejectment compensation fund
b. Disturbance compensation
c. Tenant share
d. Mortgage lending value
b. Disturbance compensation
- Disturbance is a term used to refer to the economic loss that a dispossessed owner suffers when required to vacate the land taken.
- Filipino citizens can acquire by patent agricultural lands of the public domain not exceeding?
a. Five hectares
b. Seven hectares
c. Ten hectares
d. Twelve hectares
d. Twelve hectares
Agricultural free patents are land grants awarded to natural-born Filipino citizens in actual occupation and cultivation for at least 30 years of alienable and disposable lands not more than 12 hectares and have paid the corresponding real property taxes.6
- Refers to land devoted to or suitable to agriculture as defined in RA 6657 and owned by private natural or juridical persons.
a. Farm land
b. Private land
c. Cultivated farmland
d. Irrigated farmland
b. Private land
What is RA 6657? - Comprehensive Agrarian Reform Law of 1988
An Act instituting a comprehensive Agrarian Reform Program to promote social justice and industrialization, providing the mechanism for its implementation, and for other purposes.
- The documentary stamp on lease of real estate is ₱ 3.00 for the first ₱ 2,000 or fraction thereof and additional.
a. ₱ 0.50 for every ₱ 1,000 in excess for first ₱ 2,000
b. ₱ 1.00 for every ₱ 1,000 in excess for first ₱ 2,000
c. ₱ 1.50 for every ₱ 1,000 in excess for first ₱ 2,000
d. ₱ 2.00 for every ₱ 1,000 in excess for first ₱ 2,000
b. ₱ 1.00 for every ₱ 1,000 in excess for first ₱ 2,000
- Unpaid real property tax is subject to 2% per month interest up to a maximum period of?
a. 12 months
b. 24 months
c. 36 months
d. Until paid
c. 36 months
RA 7160- AN ACT PROVIDING FOR A LOCAL GOVERNMENT CODE OF 1991
SECTION 255. Interests on Unpaid Real Property Tax. – In case of failure to pay the basic real property tax or any other tax levied under this Title upon the expiration of the periods as provided in Section 250, or when due, as the case may be, shall subject the taxpayer to the payment of interest at the rate of two percent (2%) per month on the unpaid amount or a fraction thereof, until the delinquent tax shall have been fully paid: Provided, however, That in no case shall the total interest on the unpaid tax or portion thereof exceed thirty-six (36) months.
- Unless validated, tax credit life span is only?
a. 1 year
b. 2 years
c. 4 years
d. 5 years
d. 5 years
A detailed description of corporate tax credits and incentives in the Philippines. … a period of five (5) years from the time of such reinvestment.
- Three of the four enumerated acts of a broker are considered unethical. 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 trust 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 trust by other persons such as client’s money and similar items.
ESCROW - is a legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfillment of a purchase agreement)
- Refer to the acquisition of more lands adjoining the river banks due to the gradual deposit of soil?
a. Alluvion
b. Accretion
c. Accumulation
d. Deposit
b. Accretion
Key - adjoining the river banks
- Refers to the filling of submerged land?
a. Reclamation
b. Accumulation
c. Accretion
d. Alluvion
a. Reclamation
Key - filling of submerged land
- Title to an inherited property may be transferred to the sole heir upon payment of real estate tax and execution and registration of a legal document called?
a. Extra judicial settlement
b. Affidavit of self-adjudication
c. Extra judicial partition of estate
d. Affidavit of inheritance
b. Affidavit of self-adjudication
- a written statement under oath by a sole heir (the “affiant”) where he declares that he is the only heir of the deceased and is adjudicating the entire inheritance to himself.
How do I file an extrajudicial settlement in the Philippines?
Register the Deed of Extrajudicial Settlement of Estate with the Register of Deeds where the land is located, simultaneously filing the bond. Publish the Deed of Extrajudicial Settlement of Estate in a newspaper of general circulation once a week for three (3) consecutive weeks.
- A symbol in the official PRBRES seal that signifies the vital role of the real estate service
practitioners (RESPs) in the social, political, and economic development and progress of the Philippines?
a. Land
b. Sun & rash
c. Rising sun
d. Gold
c. Rising sun
Land - represents Real Estate.
Structures - represent improvements on the land such as Residential, Industrial, Commercial & Institutional buildings.
Trees and the Fruits - represent agricultural produce
Green Lines - represent the real estate services practitioners such as real estate consultants, real estate appraisers, real estate assessors, and real estate brokers and salespersons.
Red, White, Blue, and Yellow - represent the color of the Philippine Flag
Blue - Color of service
Green - represents environment and ecology
Sun and Rays - life and light.
Gold - abundance and prosperity
- Is a concept of ownership that refers to the right of an owner to conserve and utilize it for the State/people?
a. Steward
b. Guardianship
c. Custodian
d. Intestate
a. Steward
The Steward Concept of property ownership
The Steward Concept is a legal doctrine that holds that property ownership presupposes concomitant obligations to the state and the community and that property is supposed to be held by the individual only as trustee for people in general; and that as mere steward, the property owner must exercise his rights to the property not just for his own exclusive and selfish benefit or interest but for the good and general welfare of the nation as a whole.
.
- 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. Willing share with other Brokers the lessons from his experience and studies
d. Willing share with other Brokers the lessons from his experience and studies
- 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. Dedication
c. Escheat
d. Device
c. Escheat
— Escheat, under sections 750 and 751 of the Code of Civil Procedure, is a proceeding whereby the real and personal property of a deceased person becomes the property of the State upon his death without leaving any will or legal heir.
- 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 mortgage and to lease
c. Right to dispose to recover and to exclude others
d. Right to dispose and abuse other lands
d. Right to dispose and abuse other lands
Key word - abuse other lands
- When the done is a stranger, the donor’s tax rate on the net gifts is?
a. 30%
b. 25%
c. 2-15%
d. 35%
a. 30%
Donor’s tax computation would depend on whether the donor and the donee are relatives or not- strangers as the Tax Code calls them. As defined in the Tax Code, relatives of the donor refers to a brother or sister - by whole or half blood, spouse, ancestor, lineal descendant, or relative by consanguinity in the collateral line within the fourth civil degree of relationship. Donations to relatives are taxed at 2% - 15%, each and every donation aggregated and allowed deductions for dowry, diminutions, and encumbrances to a certain extent. Donations of the donor to the relatives of not exceeding P100k within the calendar year are not taxable.
Strangers are those individuals not enumerated under relatives. For donor’s tax purposes, donations of corporations and other juridical entities are donations to strangers. Donor’s tax in the Philippines for donations to strangers is at 30% of the gross amount of taxable donation and the tax is paid every after donation without the need for aggregation as compared to donations to relatives.
- A family residence was sold at ₱ 4.50M. Its ZV is ₱ 5.0M. The Seller bought a new principal residential worth ₱ 3.0M. What is the capital gain tax on the unutilized portion?
a. ₱ 98,000
b. ₱ 100,000
c. ₱ 99,000
d. ₱ 120,000
d. ₱ 120,000
Sol.
Zonal Value P5m x 6% = P300,000
Less: New Residential P3m x 6% P180,000
—————
CGT on the unutilized Portion P120,000
- The principles of the Code of Ethics and Responsibilities for the Real Estate service Practitioners (REPs) clearly state the Golden Rule which says?
a. Treat other as you want them to be treated
b. Do not do unto other what you want others do unto you
c. Do unto others what you want others do unto you
d. Treat others as you like them to treat you
d. Treat others as you like them to treat you
- A family residence was sold at ₱ 4.50M. Its ZV is ₱ 5.0M. The Seller bought a new principal residential worth ₱ 3.0M. What is the capital gain tax on the unutilized portion?
a. ₱ 98,000
b. ₱ 100,000
c. ₱ 99,000
d. ₱ 120,000
d. ₱ 120,000
- How much is the 5% Broker’s fee net of 10% creditable withholding tax if the property listed was sold at ₱ 3.5M inclusive of VAT?
a. ₱ 140,625
b. ₱ 135,625
c. ₱ 135,000
d. ₱ 150,625
a. ₱ 140,625
SP / 3,500,000
C12%. 375,000
————–
NSP. x. 3,125,000
5% comm. 156,250
15,625
————–
Net Comm 140,625
- Under MTI MO #39, Series of 1985 this person is referred as Real Estate Salesman, in the RESA he/she is known as?
a. Accredited Real Estate Salesman
b. Licensed Real Estate Salesperson
c. Accredited Real Estate Salesperson
d. Licensed Real Estate Sales Agent
c. Accredited Real Estate Salesperson
MTI MO # 39, Series of 1985
RULES AND REGULATIONS GOVERNING THE LICENSING AND SUPERVISION OF REAL ESTATE SALESMEN, BROKERS, APPRAISERS AND CONSULTANTS, AND REALTY SERVICE ORGANIZATIONS.
- Under the RESA, the term Assessor refer to the?
a. Assessor and Gov’t Appraiser
b. Assessor and Assistant Assessor
c. Assistant Assessor and LAOO
d. Chief Assessor and LAOO
b. Assessor and Assistant Assessor
- 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. Hold-over Clause
c. Grandfather Clause
d. Privilege Clause
c. Grandfather Clause
The grandfather clause speaks of a section of a law, regulation, or other legal documents that limits how changes will be applied to legal relations and activities existing prior to the change. In this case, the grandfather clause is how DTI used to have such jurisdiction with businesses already dependent on them.
- 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. Sales 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
b. Sales of housed and lot and other residential dwelling by dealers or developers classified as ordinary assets and valued at and below
- Ordinary asset is subject to VAT- 12%, CWT S.P. P500k or less-1.5%, 500k-2M - 3%, 2M+-5%, DST - 1.5%. 6% if not habitually engaged in real estate business.
- Private corporations cannot acquire lands of public lands, but may only lease alienable lands for a period of not exceeding _____; renewal for another _____ and with an area not exceeding_____.
a. 50 years; 25 years; 1,000 hectares
b. 25 years; 25 years; 1,000 hectares
c. 25 years; 50 years; 1,000 hectares
d. 25 years; 35 years; 1,000 hectares
b. 25 years; 25 years; 1,000 hectares
Private Corporations can lease 25;25;1,000 has
Foreign Corporations can lease 50;25
Investors’ Lease Act
(foreign investor’s act RA 7042 amended RA 8179)
Leasing land in the Philippines on a long-term basis is an option for foreigners, expats or foreign corporations with more than 40% foreign equity. Under the Investors’ Lease Act of the Philippines, they may enter into a lease agreement with Filipino landowners for an initial period of up to 50 years renewable once for an additional 25 years.
If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law in the Philippines, he or she can still acquire land based on Batas Pambansa (BP) 185 and RA 8179, but limited to the following:
For Residential Use (BP 185 – enacted in March 1982):
Up to 1,000 square meters of residential land
Up to one (1) hectare of agricultural of farmland
For Business/Commercial Use (RA 8179 – otherwise known as the Foreign Investment Act of 1991):
Up to 5,000 square meters of urban land
Up to three (3) hectares of rural land
- In the RE Broker’s dry seal, letterhead, advertisement or announcements, what information should be indicated?
a. Personal circumstances
b. Provincial address
c. E-mail; fax number
d. License number
d. License number
- Applicant for the licensure examination for real estate service shall file the following documents, except?
a. 4 colored passport size picture with light background and complete name tag
b. Birth Certificate, NSO authenticated or valid Philippine passport or citizenship
c. Transcript of record and/or diploma with scanned picture; notarized certificate by employer of his/her year of experience or prerequisite Certification of Registration (COR) and/or Professional Identification Card (PIC) or DTI license (for RE Consultant)
a. 4 colored passport size picture with light background and complete name tag
- RE Broker Norma employed a RESalesperson (RES) to help her sell vacant lots. The RES should be?
a. Licensed
b. Duly Registered
c. Registered
d. Accredited
d. Accredited
- Which of the following is a ground for the suspension of RE Broker’s license?
a. Unethical practice
b. Violation of the association’s by laws
c. Engaging in practice during termination
d. Non-registration with HLURB
a. Unethical practice
- In case of vacancy, the PRBRES position shall be filled for the period of?
a. Three years
b. The same term of his/her predecessor
c. The unexpired portion of the term of member who vacated
d. Not more than 6 years
c. The unexpired portion of the term of member who vacated
- What is the minimum educational qualification of an accredited RE Salesperson?
a. At least high school graduate
b. At least 120 units of college
c. At least a bachelor’s degree
d. At least 2 years of college
d. At least 2 years of college
- In order to conform to technological and modern developments, the subject for examination may be re-clustered, modified, added to or excluded as may be found necessary by the?
a. PRC
b. PRBRES
c. CHED
d. CPD Council
b. PRBRES
- A Real Estate Salesperson’s registration with the HLURB shall be automatically terminated upon?
a. Termination of employment by the Real Estate Broker
b. Termination by the real estate association
c. Suspension of the registration of the real estate developer
d. Expiration date of January 1 of the year
b. Termination by the real estate association
- The total number of professional Regulatory Boards supervised by PRC is?
a. More than 30
b. More than 50
c. More than 40
d. More than 60
c. More than 40
- Per R.A. 9646, a marketing department of a corporation/partnership or association selling subdivision projects should be headed by a licensed RE Broker with ____ per Broker?
a. 20 licensed RE Salespersons
b. Maximum 20 licensed RE Salesperson
c. Maximum 20 accredited RE Salesperson
d. Less than 20 accredited RE Salesperson
c. Maximum 20 accredited RE Salesperson
- Under the code of Ethics, mostly, written agreement prevails over?
a. Verbal agreement
b. Meeting of the mind
c. Witnesses
d. Inducement
a. Verbal agreement
- The following are modes of acquiring land ownership, except?
a. Adverse possession, devise
b. Alluvion
c. An inheritance or decent, reclamation, accretion
d. Private grant, public grant, involuntary grant
b. Alluvion
- Soil deposited by flowing water or by accretion. An increase of earth on a shore or bank of a river.
Adverse possession, sometimes colloquially described as “squatter’s rights”,[a] is a legal principle in the Anglo-American common law under which a person who does not have legal title to a piece of property—usually land (real property)—may acquire legal ownership based on continuous possession or occupation of the property without the permission (licence) of its legal owner.[1] The possession by a person is not adverse if they are in possession as a tenant or licensee of the legal owner.
- Refers to an estate granted with a right –of-way by an adjoining land is known as?
a. Servient Estate
b. Dominant Estate
c. Exploring Estate
d. Leased Estate
b. Dominant Estate
The property on which the easement is imposed, and which will be used by the other, is called the servient estate.
The property to which the use is granted is the dominant estate.
- RESPS membership to the AIPO is?
a. Upon approval by the AIPO
b. Upon approval by the PRC
c. Upon approval by the PRBRES
d. Automatic and Mandatory
c. Upon approval by the PRBRES
Policymaker, administrator of the licensure exam. Promulgator, enforcer of rules and regulations. Carrying out of the provision of law.
PRB RES shall be under the general supervision of and administration of PRC.
- President Pinoy Aquino has declared the “Philippine Professionals Competitiveness Week” every year during the?
a. 1st week of October
b. 2nd week of October
c. 3rd week of October
d. 4th week of October
c. 3rd week of October
- The PRBRES may cluster the examination subjects for the Real Estate brokers Licensure examination, it was clustered into?
a. 3 subjects
b. 4 subjects
c. 5 subjects
d. 8 subjects
a. 3 subjects
8:00 A.M. – 10:00 A.M. GENERAL/FUNDAMENTALS 25%
11:00 A.M – 1:00 P.M SPECIAL AND TECHNICAL KNOWLEDGE 25%
2:00 P.M. – 6:00 P.M. PROFESSIONAL PRACTICE 50%
- In compliance with CHED Circular, the real estate service required bachelor’s degree before an examinee will be allowed to take the examination is?
a. Bachelor of Science in Real Estate Brokerage
b. Bachelor of Science in Real Estate Service Practice
c. Bachelor of Science in Real Estate Management
d. Bachelor of Science in Real Estate Service
c. Bachelor of Science in Real Estate Management
- How much is the amount of basic real property tax that can be imposed by a province?
a. 1.0% of the assessed value of the real property
b. 2.0% of the assessed value of the real property
c. Not exceeding 1.0% of the assessed value of the real property
d. Not exceeding 2.0% of the assessed value of the real property
c. Not exceeding 1.0% of the assessed value of the real property
Local government units impose local business taxes, which are generally based on the gross sales or gross receipts of the prior year, and real property taxes, which are levied annually on the basis of a fixed proportion of the value of the real property (taxable value). The local business tax rate varies depending on the location of the business, but generally shall not exceed 3%.
Real property located in a province may be subject to real property tax of not more than 1% of its taxable value.
While real property in a city (or municipality in Metro Manila) may be subject to real property tax of not more than 2% of its taxable value.
In addition, an annual tax of 1% of the taxable value of real property shall accrue to the special education fund.
- Section 30 of R.A. 9646 implementing rules and regulation (IRR) provides that all positions in government requiring the services of registered and licensed RESPs shall be filled only by registered and licensed RESPs within from effectivity thereof
a. 1 year
b. 2 years
c. 3 years
d. 4 years
c. 3 years
- Under BIR Revenue Regulation No. 17-2003, the seller of the family home who failed to utilize the proceeds to acquire a new residence within 18 months from the sale shall be assed additional____ inclusive of penalties and 20% interest per annum?
a. Deficiency capital gain tax
b. Capital gain tax
c. Deficit tax
d. Insufficient capital tax
a. Deficiency capital gain tax
- The documentary stamps for the Estate tax shall be paid on?
a. After 30 days from notarization
b. 60 days from date of notarization
c. 0% not applicable
d. 1%
c. 0% not applicable
- Cases where conversion of agricultural land cannot be allowed except?
a. Agricultural land within restricted areas designated under the National Integrated Protected Areas System (NIPAS), including water shed and recharged areas of aquifer; irrigated lands where water is available for rice and other crops production and all irrigated lands where water is not available but are within areas programmed for irrigation facility rehabilitation
b. Irrigable lands already covered by irrigation projects with firm funding commitment
c. Agricultural lands within irrigation facilities operated by private organizations
d. Agricultural lands with destroyed irrigation facilities and scarce availability of water
d. Agricultural lands with destroyed irrigation facilities and scarce availability of water
- Beneficiary of land may not sell, transfer, convey through hereditary succession said land for a period of?
a. 5 years
b. 7 years
c. 10 years
d. 12 years
c. 10 years
Republic Act No. 6657
The Comprehensive Agrarian Reform Program Law (CARP)
- Registration on sale of five (5) hectare agricultural land should be accompanied by?
a. DAR Conversion
b. HLURB License to Sell
c. DAR Clearance
d. LGU Development Permit
c. DAR Clearance
- The following are documentary requirements in securing DAR clearance on the sale of 5- hectares agricultural land, except?
a. Applicable for DAR clearance; copy of title, lot and vicinity plan
b. Seller’s affidavit of non-tenancy or tenant’s affidavit of voluntary surrender; seller’s affidavit that the hectarages sold is the retention area; buyer’s affidavit that the hectarages bought together with his/her present agricultural landholdings does not exceed five hectares.
c. Municipal assessor’s certification of seller’s and buyer’s extent of landholdings in the municipality; provincial assessor’s certification of seller’s and buyer’s extend of landholding in the province; clearance from National Irrigation Authority
d. Seller’s affidavit of non-tenancy or tenant’s affidavit of voluntary surrender; buyer’s affidavit that the hectarages sold is the retention area; buyer’s affidavit that the hectarages bought, together with the present agricultural landholdings does not exceed five hectares
d. Seller’s affidavit of non-tenancy or tenant’s affidavit of voluntary surrender; BUYER’S affidavit that the hectarages sold is the retention area; buyer’s affidavit that the hectarages bought, together with the present agricultural landholdings does not exceed five hectares
- Should be the seller’s affidavit not the buyer
- Two (2) criteria for CARP coverage which is suitability of the land for agriculture and?
a. Its need for carp purpose
b. Its size and location
c. Its possibility of acquisition
d. Abusive landowners
b. Its size and location
RA 6657
Comprehensive Agrarian Reform Law of 1988
-An Act instituting a comprehensive Agrarian Reform Program to promote social justice and industrialization, providing the mechanism for its implementation, and for other purposes.
What types of lands are covered by CARP?
The CARP covers alienable and disposable (A&D) public lands intended for and suited to agriculture, other government-owned lands devoted or suited to agriculture, and private lands purposely for and suited to agriculture.
What is the land not covered by CARP?
Lands that have been classified or proclaimed, and/or actually, directly and exclusively used and found to be necessary for parks, wildlife, forest reserves, fish sanctuaries and breeding grounds, and watersheds and mangroves shall be exempted from the coverage of CARP until Congress, taking into account ecological, developmental and equity considerations, shall have determined by law, the specific limits of public domain, as provided for under Sec. 4 (a) of R.A. 6657, and a reclassification of the said areas or portions thereof as alienable and disposable has been approved.
How many hectares of land can a person own in the Philippines?
Citizens may lease up to 500 hectares or they may acquire by purchase, homestead, or grant up to 12 hectares (GOP Constitution 1987a, Art. 12, Sec. 3).
- Tenants may be awarded 5 hectares of unirrigated land and ____ of irrigated land
a. 5 hectares
b. 6 hectares
c. 4 hectares
d. 3 hectares
d. 3 hectares
PRESIDENTIAL DECREE No. 27 October 21, 1972
DECREEING THE EMANCIPATION OF TENANTS FROM THE BONDAGE OF THE SOIL, TRANSFERRING TO THEM THE OWNERSHIP OF THE LAND THEY TILL AND PROVIDING THE INSTRUMENTS AND MECHANISM THEREFOR
The tenant farmer, whether in land classified as landed estate or not, shall be deemed owner of a portion constituting a family-size farm of five (5) hectares if not irrigated and three (3) hectares if irrigated;
- You as an ethical RE Broker always strives to protect you client’s interest. Which of the following is unethical and not in the best interest of your client-seller?
a. Maintain utmost confidentiality on matters not directly related to the property
b. Strive to be familiar with laws and ordinances on real estate
c. Discuss the negotiating position of your client-seller with the buyer’s broker to hasten the sale
d. Tell your client-seller that the price is too high and give your opinion on the fair market value of the property
d. Tell your client-seller that the price is too high and give your opinion on the fair market value of the property
- Only a licensed Appraisal can give opinion regarding the FMV of the property.
- It is the act of changing the current use of the land awarded per R.A. 6657
a. Conversion
b. Transformation
c. Relocation
d. Reconversion
a. Conversion
Land classification, reclassification, and conversion laws.
R.A. 6657 or the Comprehensive Agrarian Reform Law, allows the conversion of awarded lands under the Comprehensive Agrarian Reform Program (CARP) after the lapse of Five (5) years from the granting of the award if they are no longer economically feasible and sound for agricultural purposes, or the locality has become urbanized giving the subject lands greater economic value for residential, commercial or industrial purposes.
- A former natural Filipino citizen may, in additional to acquiring residential and under BP 185 may still acquire land for business or other purpose under R.A 8179 provided the area does not exceed?
a. 1 hectare of urban land or 2 hectares of rural land
b. 5,000 sq. m of urban land or 3 hectares of rural land
c. 5,000 sq. m of urban land or 5 hectares or rural land
d. 1,000 sq. m. of urban land or 3 hectares or rural land
b. 5,000 sq. m of urban land or 3 hectares of rural land
1-1(Residential) 5-3 (Business)
- The following are instances where foreigner can acquire real estate property in the Philippines except?
a. Acquisition before the 1935 constitution; former natural born citizen for residential purpose per BP 185 or for business under R.A. 8179
b. Purchase of condominium unit not exceeding 40% interest in the project
c. Acquisition through hereditary succession provided he/she is a legal heir
d. Donation to foreign head office religious group
d. Donation to foreign head office religious group
Aliens can acquire land in the Philippines only on a few exceptions:
1) Acquisition before the 1935 constitution.
2) Acquisition thru hereditary succession -if the foreigner is a legal heir.
4) Purchase of not more than 40% interest as a whole in a condominium project.
4) Purchase by a former natural-born Filipino citizen who acquired foreign citizenship & has not applied and granted dual citizenship can purchase up to 1,000 square meters of residential land and 1 hectare of agricultural or farmland.
- Change from 1 classification or use of land property to another?
a. Land reclassification
b. Land conversion
c. Land expropriation
d. Land re-use order
a. Land reclassification
- key word classification
Conversion is the act of changing the current use of a piece of agricultural land into some other use. C. Reclassification of agricultural lands is the act of specifying how agricultural lands shall be utilized for non-agricultural uses such as residential, industrial, commercial, as embodied in the land use plan.
- The creditable withholding tax for the sale of a residential condominium unit worth ₱ 1.8M which is being used as residential by owner is?
a. 1.5%
b. 3%
c. 5% or none
d. 6% capital gains tax
d. 6% capital gains tax
A residential Condo owned by a buyer is a Capital Asset subject to 6% CGT and 1.5% DST
VAT for Ordinary Assets is S.P. 500k or less 1.5%, 500k-2m - 3%, 2m+ 5%, 6% if not habitually engaged in real estate business
- As the agent of the Seller, the RE Broker is authorized to do any of the following except?
a. Place the “for the sale sign” on the listed property
b. Cooperate with other brokers to facilitate a sale
c. Bind the principal under a contract to sell
d. List the property on the multi-listing service
c. Bind the principal under a contract to sell
- In his relationship to the government, the RE Practitioneries expected to comply the following except-
a. Secure all the necessary licenses, permits and authority
b. Pay any and all taxes fees, dues, levies or charges
c. Encourage, abet tolerate, or participate in the aversion or illegal reduction in the payment all
taxes, fees, dues, levies or charges
d. Should not offer or agree to pay, split or rebate any commission or fee
c. Encourage, abet tolerate, or participate in the aversion or illegal reduction in the payment all
taxes, fees, dues, levies or charges
- Code of Ethics, illegal reduction of payment
