9. 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.

General -or- Fundamentals (170 Items) Flashcards by Jane & Leo Censon

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

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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

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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 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

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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 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 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.

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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 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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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.

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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

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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.

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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

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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. 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.

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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.

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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)

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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

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Refers to the filling of submerged land?

a. Reclamation
b. Accumulation
c. Accretion
d. Alluvion

a. Reclamation

Key - filling of submerged land

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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.

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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

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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.
.

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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. 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

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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. 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.

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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

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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.

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25. 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

26. 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

27. 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

28. 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

29. 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.

30. 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

31. 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.

32. 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.

33. 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

34. 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

35. 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

36. 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

37. 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

38. 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

39. 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

40. 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

41. 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

42. 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

43. 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

44. 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

45. 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.

46. 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.

47. 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.

48. 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

49. 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%

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

51. 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.

52. 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

53. 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

54. 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

55. 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

56. 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)

57. 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

58. 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

59. 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).

60. 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;

61. 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.

62. 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.

63. 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)

64. 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.

65. 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.

66. 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

67. 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

68. 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

69. Which of the following newspaper ads is blatantly unethical? a. House on a very quiet neighborhood b. Flood-free street c. The value of this property will double in one year d. Beautiful view

c. The value of this property will double in one year

70. The documentary stamps tax for deed of real estate mortgage per of R.A. 8424 (R.A. 7660) is? a. ₱ 15.00 for every ₱ 1,000 of the mortgage amount b. ₱ 10.00 for every ₱ 1,000 of the mortgage amount c. ₱ 20.00 for the 1st ₱ 5,000 of the mortgage plus ₱ 10.00 for every ₱ 5,000 thereafter d. ₱ 15.00 for the 1st ₱ 5,000 of the mortgage plus ₱ 10.00 for every ₱ 5,000 thereafter

c. ₱ 20.00 for the 1st ₱ 5,000 of the mortgage plus ₱ 10.00 for every ₱ 5,000 thereafter - 20-5-10-5 (DST for Real Estate Mortgage) Republic Act No. 8424. AN ACT AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES. REPUBLIC ACT NO. 7660 - AN ACT RATIONALIZING FURTHER THE STRUCTURE AND ADMINISTRATION OF THE DOCUMENTARY STAMP TAX, AMENDING FOR THE PURPOSE CERTAIN PROVISIONS OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, ALLOCATING FUNDS FOR SPECIFIC PROGRAMS, AND FOR OTHER PURPOSES

71. The term improvements in real estate refer to? a. Buildings only b. Trees and buildings c. Buildings, fences, walkways, etc. d. All of the above

d. All of the above What is the definition of improvement in real estate? In property and real estate law, an improvement is any positive permanent change to land that augments the property's value. An improvement will cause positive change to the land, increase its value, and will allow the landowner to make productive use of the property.

72. There is no documentary stamp for? a. Donor’s Tax b. Estate Tax c. Special Education Fund d. Sales Tax

b. Estate Tax

73. The practitioners shall be governed by the following rules of conduct and practice except? a. Relation to the government b. Relation to self and client c. Relation to fellow practitioners and own organization

b. Relation to self and client

74. PTB Realty Development Corporation engaged in the development of land for a memorial park, the corporation shall be referred to under the RESA and defined as a? a. Real estate business corporation b. Real estate developer c. Real estate development and memorial company d. Real estate dealer

b. Real estate developer

75. If the owner wants to undervalue the sale price, the Real Estate Broker is expected to tell the owner? a. To get a contact with the BIR b. To have two deed of sale c. To undervalue not lower than Zonal value d. The true basis of capital gains tax

d. The true basis of capital gains tax CGT is based on FMV or which ever is higher.

76. As a licensed RE Brokers, what should you do if funds will be entrusted by your client? a. Deposited in the broker’s account b. Placed in a separate bank account c. Returned after using the money d. Just put in the wallet of the broker

b. Placed in a separate bank account - Escrow account

77. An accredited RESalesperson should be under the supervision of the REBroker and should indicate? a. Email address of the Broker b. The website of the Broker c. Name & field of specialization of the Broker d. Name & license number of the Broker

d. Name & license number of the Broker

78. In accepting an appointment or a authority to act for and in behalf of a client, the RE Broker should pledge himself with utmost fidelity and good faith to protect and promote the interest of the client which is referred as? a. Be loyal to the client at all costs b. Be only working to the advantage of the client c. Loyalty to the client d. Be unfair to the buyer in favour of the seller

c. Loyalty to the client Section 3. To the Clients (a) The Practitioner in accepting any authority, listing and/or assignment to act for and in behalf of a client shall be obliged with prudence, integrity, loyalty, fidelity and good faith in protecting and promoting the interest of the client without sacrificing the legitimate interest of the other party in the transaction which shall not be contrary to the law, good morals and public interest.

79. It is unethical for a REBroker to receive professional fees from both parties (Seller & Buyer) unless? a. The seller is not aware that he/she receive a fee from the buyer b. The buyer was informed ahead the consummation of the transaction c. The parties were not informed by the RE Broker d. The seller and buyer was informed by the RE Broker and both agreed

d. The seller and buyer was informed by the RE Broker and both agreed

80. For one to put a “for sale” sign on the lot of the Client-Owner. The REBroker should? a. Be authorized by the owner b. Make sure the sign is very visible c. Put a descent sign d. User only a tarpaulin signage

a. Be authorized by the owner

81. On the same listing the RE Broker saw a “for sale sign” of another listing RE Broker, what should the RE Broker do? a. Put the sign at least 3 meters away b. No longer put his/her “for sale sign” c. Remove the sign before putting his/her sign d. Cover the sign of the other broker

b. No longer put his/her “for sale sign”

82. In the Code of Ethics, the RE Broker should as possible see to it that parties agreements are? a. In writing b. In triplicate copies c. Notarized d. Correct

a. In writing

83. Actions of treating others irrespective of political beliefs, cultural background sect, religion or class refers to? a. Religion b. Indiscrimination c. Partisan politics d. Affiliation

b. Indiscrimination Partisan Politics - the term is used for persons who strongly support their party's policies and are reluctant to compromise with political opponents

84. Which of the following acts should not be performed by the RE Broker and is considered unethical? a. Share commission as agreed b. Split commission with an unlicensed and unauthorized person c. Agree to revise commission sharing d. Accept the arrangement for reduction in commission as agreed

b. Split commission with an unlicensed and unauthorized person

85. The seller-owner requested a licensed RE Broker on how to reduce the capital gains tax to be paid. It is unethical for the Re Broker to recommend? a. To pay the capital gains on time b. To pay in managers check c. To undervalue the sale price d. To pay transfer tax to the LGU

c. To undervalue the sale price

86. Which of the following is considered unethical act? a. Refrain from misrepresentation b. Conceal relevant information c. Avoid exaggeration

b. Conceal relevant information

87. As licensed RE Broker, Ms. Chrisa gave you an authority to negotiate for the sale of her lot for ₱6.50M. You knew that the property can be sold for ₱ 7.0M and the Zonal value thereto is ₱ 7.50M. At what price should you offer to sell the lot? a. ₱ 6.50M b. ₱ 7.50M c. ₱ 6.0M d. ₱ 7.0M

a. ₱ 6.50M

88. The following are the symbols found in the official seal of the Professional Regulatory Board of Real Estate Service (PRBRES) except? a. Land, structures, trees & fruits; green lines, rising sun b. Building, blue, green, violet c. Red, white, blue, yellow, gold d. Blue, green, sun & rays, map of the Philippines

b. Building, blue, green, violet

89. When a licensed RE Broker accepts a listing from a colleague, he/she should follow three conditions mentioned in the Code of Ethics, which one of the following is not a condition to be followed? a. The agency of a colleague who offered the listing should be respected until it will expire and the listing comes to his/her attention from a different source b. The agency of the colleague who offered the listing should be respected until the owner, without solicitations offers to list with him/her c. The listing should not be passed to a 3rd party RE Broker without the knowledge and consent of the listing RE Broker d. The agency of the listing RE Broker should be respected perpetually in all dealing with his/her client-principal

d. The agency of the listing RE Broker should be respected perpetually in all dealing with his/her client-principal "The agency of the listing RE Brokers", no connection with a licensed colleague.

90. The ______ of the official seal of the PRBRES signifies ethical standards and prosperity a. Land b. Sun & rash c. Rising sun d. Gold

d. Gold Land - represents Real Estate Structures - represent improvements on the land such as Residential, Industrial, Commercial & Institutional buildings Trees and fruits - represent agricultural produce Green lines - represents the real estate service practitioners such as real estate consultants, real estate appraisers, real estates brokers & salespersons Red, White, Blue, and Yellow - represents the color of the Philippine flag Blue - color of service Green - represents environment and ecology Sun and Rays - life and light Rising Sun - represents the vital role of the real estate service practitioners in the social, political, economic development and progress of the Philippines Gold - represents ethical standards and prosperity Map of the Philippines - represents the Philippine archipelago

91. Mr. Philip sold his property at ₱ 5.0M inclusive of the capital gain tax, documentary stamp tax and broker’s commission of 5%. What will be his net proceed after deducting the expenses? a. ₱ 4,375,000 b. ₱ 3,875,000 c. ₱ 4,455,000 d. ₱ 4,555,000

a. ₱ 4,375,000 5m x .875 = 4,375,000

92. Classification and use of lands exempted from CARP law but not included? a. Lands actually directly and exclusively use for prawn farm and fishpond; lands devoted to raising of livestock poultry or swine b. Agricultural lands with slope of 18% or more; lands actually directly and exclusively used and found necessary for parks, wildlife, forest reserves reforestation, fish sanctuaries, breeding grounds, water shed necessary for parks, wildlife, forest reserves, reforestation, fish sanctuaries, breeding grounds, water shed and mangroves c. Lands actually, directly and exclusively used and found necessary for national defense, school sites church sites, mosque sites, communal burial grounds and penal colonies d. Lands actually, directly and exclusively used and found necessary for national defense, school sites, cultural movement sites, mosque sites, communal burial grounds and penal colonies

d. Lands actually, directly and exclusively used and found necessary for national defense, school sites, cultural movement sites, mosque sites, communal burial grounds and penal colonies - cultural movement

93. Creditable withholding tax applies to property which is considered? a. Capital assets b. Ordinary assets c. Special asset d. Premium asset

b. Ordinary assets - CGT, DST Ordinary Assets include, CWT, DST, VAT,

94. Branch offices of real estate professionals shall be manned by ______ as the case is? a. Duly licensed Real Estate Brokers and Appraisers b. Duly licensed Real Estate Brokers and Consultants c. Duly licensed Real Estate Brokers, Appraisers and Consultants d. Duly accredited Real Estate Brokers, Appraisers and Consultants

c. Duly licensed Real Estate Brokers, Appraisers and Consultants

95. The following are the interpretations of the symbols of the official seal of the PRBRES, except? a. Land for real estate, structures for improvements on land; trees & fruits for agriculture produce; green lines for real estate practitioners b. Red, white, blue, yellow for the color of the Philippine flag; blue for service; green for environment & ecology c. Sun and rays for life & light; rising sun for the vital role of RESP in Philippine progress; map of the Philippines for the Philippine archipelago d. Land for prime rice land; red for alertness and vigilance

d. Land for prime rice land; red for alertness and vigilance

96. Under RA 8974, in case of disagreement on just compensation, the expropriating government agency is required to deposit/consign an initial amount equivalent to? a. 100% of the Offered amount b. 100% of the Assessed value c. 100% of the Zonal value d. 100% of the Appraised value

c. 100% of the Zonal value

97. The REBrokers in his advertisements or brochures of the properties for sale should present, except? 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

98. With regards to the relation with a client or customer, the practitioner, in accepting an appointment or authority to act for and in behalf of the client/customer, can perform such except? a. Acquire an interest or buy for himself or members of his family within the 4th civil degree b. Endeavour to make buyer and seller conclude a fair contract, advantageous to both parties c. Assist his client 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 from his client unless with the full knowledge and consent of all the parties concern in the transaction

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

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

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

100. Rights of condemnation are 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

101. 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 favour of transferees whose total landholdings, including the land to be acquired, do not exceed 5 hectares c. Sale in favour of government, land bank or Dar regardless of hectarages; Sale by agrarian reform beneficiaries after 10 years from the issuance and registration of land ownership award (CLOA) d. Sale to private parties executed before the effectivity of RA 6657 covering areas to be retained in favour of transferees whose total landholdings, including the land to be acquired do not exceed 5 hectares

b. Sale to private parties executed after the effectivity of RA 6657 covering areas to be retained in favour of transferees whose total landholdings, including the land to be acquired, do not exceed 5 hectares - After the effectivity of RA 6657

102. A RE Broker has secured a written offer to purchase a commercial property at a price of ₱ 70.0M together with a check payment equivalent to the 30% as down payment. He is certain that the Seller will accept the offer. Before he presented the offer to the Seller, he receives an unverified information that a government infrastructure project will take a significant portion of the property. Several steps has 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 the detailed information from the proper government agencies as to 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 the detailed information from the proper government agencies as to actual scope of the project

103. 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 transfer document b. Execution of deed of absolute sale c. Execution of contract to sell d. Payment of the full amount

b. Execution of deed of absolute sale Revenue Memorandum Circular No. 106-2019 In case of the sale of real property paid under installment payment or deferred payment basis, the payment of documentary stamp tax (DST) shall accrue upon the execution of the Deed of Absolute Sale but the basis for the imposition thereof shall be the gross selling price or fair market value of the property, whichever is higher, at the time of the execution of the Contract to Sell.

104. The maximum allowable deduction for funeral expenses a. 5% of net estate or ₱ 200,000 whichever is lower b. 5% of gross estate or ₱ 200,000 whichever is higher c. 5% of gross estate or ₱ 200,000 whichever is lower d. 5% of net taxable estate or ₱ 200,000 whichever is lower

c. 5% of gross estate or ₱ 200,000 whichever is lower

105. The FMV of a family home is ₱ 750,000, the allowable deduction of the estate of a decedent is? a. ₱ 1.0M b. ₱ .750M or ₱ 1.0M c. ₱ .750M d. ₱1.0M&₱.750M

c. ₱ .750M

106. Capital gain tax on the sale of real estate classified as capital asset is? a. Creditable tax on sale b. Prepaid income tax c. Deductible item from income tax d. Expanded withholding tax

b. Prepaid income tax

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

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

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

c. 120 CEP units

109. No Real Estate Salesperson either directly or indirectly can negotiate, mediate or transact any real estate transaction for and in behalf of a Real Estate Broker without first securing an _____ as Real Estate Salesperson for the real estate broker as prescribed by the Board? a. Accreditation b. Authority to sell c. Authority to negotiate for sale d. Special Power of Attorney

a. Accreditation

110. 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. Consensual knowledge c. Actual knowledge d. Aware

c. Actual knowledge

111. RA 9646 provides that Divisions/Departments 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

112. 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

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

a. Not necessarily the same

114. All of the following statements are true, except? a. Appraising is the art and science of estimating the value of an asset b. Asset typically requiring appraisal include real estate and personal property c. Real property under RA 9646 refers to rights, interest 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

115. 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 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 endeavour to be well informed or current legislation, policies and programs of the government including proposed legislation, which may affect the interest of his client d. He should endeavour 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

116. A natural person who performs service for and in behalf of a Real Estate Broker? a. Real Estate Appraiser b. Real Estate Salesperson c. Real Estate Appraisal d. Real Estate Consultant

b. Real Estate Salesperson

117. When a client asks the REBroker for his opinion on a transaction not being handled properly by another broker, he should? a. Criticize the manner of handling by the other Broker b. His opinion should be done with courtesy and professional respect c. Simply say “No comment” d. Point out the errors committed by the other Broker

b. His opinion should be done with courtesy and professional respect

118. 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. Be in favour of the seller always c. Have the seller and buyer conclude a fair deal d. Be inclined to just think of the commission

c. Have the seller and buyer conclude a fair deal

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

c. Creditor-bank

120. 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 organization b. File a complaint first with the considered barangay c. File a complaint within the HLURB d. File a complaint directly with the Realty Service Council of the Philippines

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

121. It is a soil due to accretion? a. Accretion b. Reclamation c. Alluvion d. Accumulation

c. Alluvion

122. When accepting a listing from a colleague, the licenses 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 broker’s agreement

a. The agency agreement has expired

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

b. Land’s frontage

124. An owner is obliged to utilize the land not only for him but also for the general welfare, is referred to as the principle of? a. Public welfare b. Beneficial use of ownership c. Steward Concept of Ownership d. Bundle of Rights

c. Steward Concept of Ownership

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

a. Has the bundle of rights

126. The best evidence of ownership of a one bedroom condominium unit that a person has is? a. Condominium Dues Payment b. Original Certificate of Title c. Tax declaration of the Condominium Unit d. Condominium Certificate of Title

d. Condominium Certificate of Title

127. In the absence of a valid pre-nuptial agreement, the governing property relation of a married couple is? a. Complete separation of property b. Conjugal partnership c. Absolute community of property d. Regime a separation of property

c. Absolute community of property

128. Under 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 personal and exclusive use of either spouse; however, jewelries 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 fruits as well as the income of such property d. Properties earned from employment of spouses

d. Properties earned from employment of spouses

129. 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. Petition to remove cloud on title c. Reconstitution of land title d. Petition for partition of property

a. Probate proceeding

130. 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 7279 c. Republic Act 6657 d. Republic Act 9700

c. Republic Act 6657 AN ACT INSTITUTING A COMPREHENSIVE AGRARIAN REFORM PROGRAM TO PROMOTE SOCIAL JUSTICE AND INDUSTRIALIZATION, PROVIDING THE MECHANISM FOR ITS IMPLEMENTATION, AND FOR OTHER PURPOSES

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

c. Regional Agrarian Reform Office Agricultural lands eligible for conversion should be reclassified into non-agricultural uses such as commercial, industrial, and residential through the local government unit or via a Presidential Proclamation, according to RA No. 6657 effective on June 15, 1988.

132. Effective January 1, 2012 the new threshold for VAT on sale of residential lot and residential house and lot package is? a. ₱ 1,500,000 and ₱ 2,500,000 b. ₱ 1,919,500 and ₱ 3,199,200 c. ₱ 1,719,500 and ₱ 3,179,200 d. ₱ 1,819,500 and ₱ 3,189,200

b. ₱ 1,919,500 and ₱ 3,199,200

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

a. Easement

134. The real property tax on the house and lot owned by Ms. Tonette may be paid without penalty interest in? a. Four payments b. Four equal quarterly payments c. Monthly payments d. Two semi-annual payments

b. Four equal quarterly payments

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

a. Local School Boards

136. No action for the collection of the real property tax, whether administrative or judicial shall be instituted after the expiration of? a. 5 years b. 10 years c. 15 years d. 20 years

a. 5 years What is Section 270 of the Local Government Code? Section 270. Periods Within Which to Collect Real Property Taxes. The real property tax and any other tax levied under this Title shall be collected within five (5) years from the date they become due. As mentioned earlier, the maximum late penalty charge that you can get for unpaid real property taxes would be 36 months or three years. Once you go over that, then your property could now be under the rule of your LGU.

137. The additional ad valoren tax for idle lands applies to the following property, except? a. Three hectares uncultivated agricultural land b. Land with unfavourable physical factors c. Rawland of unimproved 5,000 square meters d. Two hectares of land suitable for farming 1⁄2 of which is unimproved

b. Land with unfavourable physical factors

138. A special levy may be imposed for lands, specially 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 cost of projects and improvement

c. 60% of the actual cost of such projects

139. Real property taxes, accrues? 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

140. The total land area of the Philippines is 115,800 square miles; in square kilometres that total land area is equivalent to? a. 350,000 sq. km b. 300,000 sq. km c. 250,000 sq. km d. 330,000 sq. km

b. 300,000 sq. km square miles to sq. km = 2.59068 115,800 x 2.59068 = 300,000

141. If the applicant for conversion of an agricultural land is a beneficiary of the agrarian reform program, what special documentary requirements is required? a. Certification from the Mayor that 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

b. Certification from Provincial Agrarian Reform Officer that at least 5 years have lapsed since the award of the land Section 65 of the REPUBLIC ACT (R.A.) No. 6657, AS AMENDED; ❖DAR AO No. 1, Series of 2002; ❖DOJ Opinion No. 44, SERIES of 1990; ❖Memorandum Circular No.1, Series of 2015; WHEN IS CONVERSION ALLOWED? - LAPSE OF FIVE (5) YEARS FROM THE AWARD OF Emancipated Patent / CLOA; - LAND CEASES TO BE ECONOMICALLY FEASIBLE AND SOUND FOR AGRICULTURAL PURPOSES OR THE LOCALITY HAS BECOME URBANIZED; - LAND WILL HAVE GREATER ECONOMIC VALUE FOR RESIDENTIAL, COMMERCIAL, OR INDUSTRIAL PURPOSES; AND - APPLICANT MAY EITHER BE A BENEFICIARY OR LANDOWNER (FOR RETAINED AREA ONLY WHICH IS TENANTED)

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

a. System of Absolute Community Executive Order No. 209, Article 91, Family Code Under the regime, all properties owned by the spouses before the marriage and those that they acquire during the marriage shall form part of the absolute community and are shared equally by husband and wife.

143. Husband and wife can sell property to each other on the following circumstances, except when? a. A separation of property was agreed upon in the prenuptial agreement b. There has been a judicial separation of property c. There has been legal separation d. Spouses have been separated for more than 10 years

d. Spouses have been separated for more than 10 years Conjugal Property

144. What is the CGT on sale of 160 sq. m. condominium unit with the following information: Contract Price is ₱ 3.0M; ZV of the Condominium Unit is ₱ 22,500/sq. m. assuming the MV of Condominium Unit is ₱ 1,500. Assessor Value of the land where the Condominium Unit was built is ₱ 2,500/sq. m.? The project was built in a site at ₱ 5,000/sq. m. a. ₱ 200,000 b. ₱ 216,000 c. ₱ 215,000 d. ₱ 220,000

b. ₱ 216,000 CGT: 160 sq.m. @ P22,500/sqm = P3.6m x 6% (CGT) = P216,000 ZV - whichever is higher

145. 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 another country which deemed to have reacquired Philippine citizenship? a. RA 426 Citizenship Retention Act of 2004 b. RA 7579 Citizen Re- acquisition c. RA 659 Citizen Acquisition d. RA 9225 Citizenship Retention and Re-acquisition Act of 2003

d. RA 9225 Citizenship Retention and Re-acquisition Act of 2003 - Dual Citizenship for Filipino 8/29/2003

146. In his advertisements brochures or announcements, the real estate broker should present a true picture of and the following except? a. Name and firm name b. Field of specialization as a real estate broker c. Right or interests therein d. The property and its improvements

b. Field of specialization as a real estate broker SECTION 2. RELATION TO THE PUBLIC Code of Ethics in Philippine Real Estate Service (i) In his advertisements, brochures, or announcements, he should present a true picture of the property, its improvements, or rights and interests therein including whatever liens or encumbrances it may have, if any, and should indicate his name, firm name, address and license number of the Certificate of issued by the Department of Trade and Industry. In the case of a real estate salesman, he should indicate the name, firm name, and license number of the broker under whom he is employed.

147. 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

148. The broker should endeavour to make his client and customer conclude a fair contract which is advantageous to? a. Broker b. Buyer c. Both Parties d. Seller

c. Both Parties

149. 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. Community Property c. Capital Property d. Joint Property of the Couple

a. Conjugal Property

150. The property relations of a couple who will get married on December 1, 2009 may be agreed upon by the spouses before marriage and is also referred to under the Family Code as? a. Marriage contract b. Conjugal partnership of gains c. Absolute community of property d. Marriage settlement

d. Marriage settlement Executive Order No. 209., s 1987 Art. 22 (7) That the parties have entered into marriage settlement, if any, attaching a copy thereof. (67a)

151. The rule for adjustment of a triangular lot with its apex on the street 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 thereof, then get the summation d. Reduce the irregular lot to the nearest equivalent rectangular, triangular and trapezoidal sectors and apply the foregoing rules

b. Compute as a rectangular lot then take 1/3 of the resultant value

152. The rule for adjustment of 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 thereof, 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 Key word - IRREGULAR

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

c. Written Notice

154. 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 partial or total destructed, or with major change on its actual use or affected with 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. 1200 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

155. 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% Key - Barangay 25%

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

a. City 70%: Barangay 30%

157. The distribution of the collected real property tax proceeds in case of MM/Municipality shall be? a. MMDA 35%: Municipality 30%: Barangay 35%: where 50% to host barangay b. MMDA 35%: Municipality 30%: Barangay 35%: where 50% to host barangay c. MMDA 35%: Municipality 35%: Barangay 30%: where 50% to host barangay d. MMDA 30%: Municipality 35%: Barangay 35%: where 50% to host barangay

c. MMDA 35%: Municipality 35%: Barangay 30%: where 50% to host barangay

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

b. Non-current assets Examples of noncurrent assets include long-term investments (stocks or bonds), land, property, plant, and equipment (PP&E), and trademarks.

159. Machinery shall embrace machines, mechanical, contrivances and apparatus attached to? a. Land b. Real Property c. Building d. Real Estate

d. Real Estate Keyword " attached to" refers to the land and all those items which are "attached to" the land. It is the physical, tangible entity, together with all the additions or improvements on, above, or below the ground.

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

b. Appurtenances A right, benefit, privilege, or improvement that allows for the full use and enjoyment of land that belongs to the owner of a dominant estate and may burden a servient estate. In a real estate context, this usually is seen in the form of an easement appurtenant.

161. The BIR examiner, in case of the sale of a person of a house and lot considered as ordinary asset, must first determine the following before the examiner will be able to know the rate of tax to be imposed? a. Whether the property is conjugal or community property b. The selling price, zonal value or assessor value whichever is higher c. Whether the person is habitually engaged in real estate business or not d. Whether the property being sold is above ₱ 2,000,000

c. Whether the person is habitually engaged in real estate business or not Key - House and Lot is Ordinary Asset subject to CWT or Creditable withholding tax.

162. The exemption on the payment of capital gains to be valid, within how many month from the sale or disposition of a residential unit is allowed in which the proceeds is to be used in acquiring or construction of a new principal residence? a. 9 months b. 12 months c. 18 months d. 24 months

c. 18 months

163. “Right of way” is kind of? a. Easement and servitude b. Accretion c. Servient estate d. Dominant estate

a. Easement and servitude

164. The “bundle of right theory” also means? a. Rights of land beneficiary b. Rights of vendee-a-retro c. Right in fee simple d. Rights of buyer

c. Right in fee simple

165. Law pertaining to natural-born citizen of the Philippines who has lost his/her Philippine citizenship and would like to acquire private lands of 1,000 sq. m. in urban area or 1 hectare in rural area, for a maximum of 2 lots situated in different municipalities/cities. a. BP 185, 1982 b. RA 9225, 1996 c. RA 7042, 1991 d. PD 957, 1975

a. BP 185, 1982

166. At any time within 2 years after settlement and distribution of an estate, any heirs or person that has been unduly deprived of lawful participation in the estate, may compel settlement of estate in court. A ruling that such bond and such real estate shall remain charged with a liability to creditors, heirs or other persons for the full period of 2 years after such distribution notwithstanding any transfer of real estate that may have been made is referred to? a. Sec. 4 of Rule 64 of the Rule of Court b. Sec. 4 of Rule 94 of the Rule of Court c. Sec. 4 of Rule 84 of the Rule of Court d. Sec. 4 of Rule 74 of the Rule of Court

d. Sec. 4 of Rule 74 of the Rule of Court The provision of Section 4, Rule 74 prescribes the procedure to be followed if within two years after an extrajudicial partition or summary distribution is made, an heir or other person appears to have been deprived of his lawful participation in the estate, or some outstanding debts which have not been paid are discovered.

167. Refers to a regime whereby man and woman who lived together without marriage could equally share together their earnings, a party who did not contributed in the earning shall be deemed to have contributed jointly via care & maintenance of household? a. Regime of Partnership without Marriage b. Property Regime of Absolute Partnership c. Property regime of Union without Marriage d. Property regime on Joint Undertaking

c. Property regime of Union without Marriage Key - jointly

168. It pertains to each spouse shall own, dispose, posses and administer his/her own separate estate without need of consent of the others? a. Regime of Joint Undertaking b. Regime of Separation of Property c. Property Regime of Union with Marriage d. Regime of Segregation of Property

b. Regime of Separation of Property Key - Seperate Estate

169. A provision of the Family Code that stipulates that the rights of parents over the fruits and income of the child’s property shall be limited primarily to the child’s support and secondarily, to the collective needs of the family? a. Art 226 of the Family Code b. Art 225 of the Family Code c. Art 224 of the Family Code d. Art 228 of the Family Code

a. Art 226 of the Family Code Art. 226. The property of the unemancipated child earned or acquired with his work or industry or by onerous or gratuitous title shall belong to the child in ownership and shall be devoted exclusively to the latter's support and education unless the title or transfer provides otherwise. unemancipated - A person under age 21 who has never been married or who has been married but had the marriage annulled, and who remains under the control of his parents, whether or not he or she lives with them.

170. A law that allowed illegitimate children to use the surname of their father per Family Code. The legitimate of each illegitimate child shall consist of 1⁄2 of the legitimate child? a. Amendment of RA 9256, Art 176 EO 209 b. Amendment of RA 9254, Art 176 EO 209 c. Amendment of RA 9255, Art 175 EO 209 d. Amendment of RA 9255, Art 176 EO 209

d. Amendment of RA 9255, Art 176 EO 209 "Article 176. Illegitimate children shall use the surname and shall be under the parental authority of their mother, and shall be entitled to support in conformity with this Code. However, illegitimate children may use the surname of their father if their filiation has been expressly recognized by the father through the record of birth appearing in the civil register, or when an admission in a public document or private handwritten instrument is made by the father. Provided, the father has the right to institute an action before the regular courts to prove non-filiation during his lifetime. The legitime of each illegitimate child shall consist of one-half of the legitime of a legitimate child."