mistakes in quizzes/never encountered

Question 1

in case of foreclosure where right of redemption was not exercised by buyer, who pays for CGT

Answer 1

bank

Question 2

the ground floor of a condominium project shall be considered as commercial and an additional rate of__shall be added to an established residential zonal value:

Answer 2

20%

Question 3

EVAT for real property lease applicable for income of

Answer 3

P 500,000 & up per year

Question 4

Under the new BIR ruling, acquired asset of banks regardless of amount are subject to creditable withholding tax of:

Answer 4

6%

Question 5

Under the new BIR ruling, acquired asset of banks regardless of amount are subject to creditable withholding tax of:

Answer 5

6%

Question 6

A taxpayer has__to redeem his real property which was levied and subsequently forfeited and
acquired by the Local Government Unit due to tax delinquency.

Answer 6

1 yr

Question 7

In case of sale of real property under deferred payment basis, the payment of the documentary
stamp shall accrue upon:

Answer 7

payment of full amount

Question 8

Unless validated, tax credit life span is only.

Answer 8

5 years

Question 9

annual registration fee for a VAT-registered real estate broker is.

Answer 9

500

Question 10

defeasance clause?

Answer 10

clause in mortgage gives the mortgagor the right to redeem his property upon the payment of his obligations to the mortgagee.

Question 11

writ of preliminary attachment

Answer 11

provisional remedy issued upon order of the court where an action is pending to be levied upon the property or properties of the defendant therein, the same to be held thereafter by the sheriff as security for the satisfaction of whatever judgment that might be secured in the said action by the attaching creditor against the defendant

Question 12

where can you apply to be a dual citizen

Answer 12

former natural born

petition to bureau of immigration

Question 13

Land valuation guidelines for socialized housing i

Answer 13

HUDCC

Question 14

PD 957 sections
22

31
rule 4 section 9

Answer 14

-need approval from HA/majority of buyers before changes in subd plan
-donate open spaces and cant covert
-Once developer has secured
Certificate of Completion and executed a Deed of Donation relieved of maintenance

Question 15

maximum numbers and area of row house units per block

Answer 15

20, 100m

Question 16

subdivision plan needs only the approval of the Land Registration or Land Management Bureau
to effect segregation of titles when the resulting number of lot is:

Answer 16

9 lots or less

Question 17

turnkey project

Answer 17

the lender has some complete control over the project and the income from the same
for a certain period, part or all of which is assigned to him to amortize the project.

Question 18

units required to renew license

Answer 18

45 units

Question 19

Under IRR of PD 957 The following forms of performance bond is required from developers before issuance of license to sell except:

Answer 19

• A fiduciary deposit equivalent to 10% of the development cost of the unfinished portion of the approved plan
• A certificate of guarantee deposit equivalent to 10% of the development cost of the unfinished portion of the approved plan
• Real estate mortgage to be executed by the applicant as mortgagor in favor of the Republic as mortgages over a property other than that subject of the application.

Question 20

category of Real estate in PRC

Answer 20

Business, Education and Management Sector