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Real Estate > Professional Practice > Flashcards

Professional Practice Flashcards

1
Q

Tha law that governs the relationship between the real estate broker and owner in a lease transaction is:

A. Law on brokerage
B. Law on agency
C. Law on lease
D. Law on real estate service

A

B. Law on agency

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2
Q

One of the most important things for a real estate broker to be entitled to a professional fee is:

A. He must be the procuring cause
B. He must find a cash buyer
C. He must be registered with HLURB
D. He must post a bond required by the owner

A

A. He must be the procuring cause

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3
Q

If a real estate broker would want to be entitled to a professional fee even if the owner is the one who was able to find a buyer, he must get the ff authority to sell:

A. Open listing
B. Exclusive right to sell
C. Exclusive agency
D. Non-exclusive authority

A

B. Exclusive right to sell

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4
Q

A 2,000sqm property of the owner was being sold by the real estate broker to his buyer, when is he entitled to a commission?

A. Upon perfection of the contract
B. Upon consummation of the contract
C. Upon transfer of title to the buyer
D. Upond downpayment of the buyer

A

B. Upon consummation of the contract

Good to know:

A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. It is frequently of great importance to know when a contract has been consummated, in order to ascertain the rights of the parties, particularly in the contract of sale. Vide Delivery, where the subject is more fully examined. It is also sometimes of consequence to ascertain where the consummation of the contract took place, in order to decide by what law it is to be governed.

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5
Q

To protect the real estate broker, a provision may be included in the authority that if the buyer is registered within the period of authority but was bought already after, the broker will still be entitled to a professional fee and is referred to as:

A. Safety holdover clause
B. Holdover clause
C. Exclusive authority to sell
D. Commission holdover clause

A

B. Holdover clause

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6
Q

To engage in real estate brokerage in the field of leasing warehouse, the person must be:

A. Registered with HLURB
B. Licensed under PRC
C. Licensed under PRC and registered with HLURB
D. Licenses under PRC aNd licensed under HLURB

A

B. Licensed under PRC

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7
Q

A person, natural or judicial, who is engaged in the trade of leasing his own real properties and with the purpose of realizing a profit is a:

A. Real estate dealer
B. Real estate businessman
C. Real estate broker
D. Real estate trader

A

A. Real estate dealer

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8
Q

Mr. Roger wanted to start out in real estate brokerage practice. To do so, the first step in the real estate brokerage practice is:

A. To hire real estate salespersons
B. To secure property listings
C. To go tripping with clients
D. To put up an office

A

B. To secure property listings

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9
Q

Mr. Chow told the broker to sell his condo unit and he will give 5% professional fee but no authority in writing was given. The authority is:

A. Null and void
B. Valid
C. Voidable
D. Not valid

A

B. Valid

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10
Q

Julia passed the broker’s examinations and got her license. She must also pay a professional tax to:

A. Bureau of Internal Revenue
B. HLURB
C. Treasurer’s Office
D. PRC

A

C. Treasurer’s Office

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11
Q

Which of the ff is not really a part of the steps in real estate brokerage?

A. Negotiations
B. Closing
C. Presentation and demonstration
D. Turnover of possessor of property

A

D. Turnover of possessor of property

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12
Q

It is the step in real estate brokerage when through the mediation of the broker, the minds of the parties meet and the buyer’s offer of price, terms and other conditions become acceptable to the seller.

A. Negotiations
B. Closing
C. Agreement
D. Perfection of contract

A

A. Negotiations

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13
Q

An agreement wherein the consideration of a contract or a portion thereof is entrusted to a third party in a sale transaction:

A. Earnest money agreement
B. Contract to sell
C. Option contract
D. Escrow agreement

A

A. Earnest money agreement

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14
Q

In their calling card, advertisements, it is required that the real estate broker who deals in sales of raw land indicate the ff:

A. Registration number with PRC
B. Area of specialization
C. HLURB license number
D. Expiry date of license

A

A. Registration number with PRC

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15
Q

An authority given by a buyer for the broker to secure financing or an authority given by a financing firm for the broker to procure borrowers:

A. Loan agency
B. Financing agency
C. Mortgage agency
D. Borrower’s agency

A

C. Mortgage agency

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16
Q

When brokers come into a cooperative agreement where properties for sale or wanted by a broker are circularized and shared with others is called:

A. Listing sharing
B. Multiple listing
C. Cooperative listing
D. Organized listing

A

B. Multiple listing

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17
Q

Winnie found a buyer who might be willing to buy andoqt cash for the lot in the subdivision. The buyer would generally be classified as a:

A. Prospect
B. Client
C. Ready buyer
D. Sure buyer

A

A. Prospect

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18
Q

The person, whether natural or judicial to whom the part or whole of the money is entrusted to another person than the parties:

A. Escrow agent
B. Real Estate Broker
C. Depository bank
D. Third party

A

A. Escrow agent

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19
Q

The authority obtained by a real estate broker to find a lessee qfor the property of an owner is referred to in real estate as:

A. Listing
B. Lease authority
C. Power of attorney to lease
D. Lessors agreement to lease

A

B. Lease authority

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20
Q

The following act is not considered a function of a real estate broker.

A. To sell a house and lot of owner
B. To assist the buyer in obtaining a housing loan
C. To draft the legal contract to sell
D. To find a developer for joint venture

A

C. To draft the legal contract to sell

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21
Q

RA 7279 is the law providing for a comprehensive urban and housing program in the Philippines and is called

A. Urban Development and Housing Act of 1992
B. Urban Development Act
C. Urban Renewal and Development Act of 1992
D. Urban and Housing Development Act

A

A. Urban Development and Housing Act of 1992

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22
Q

In real estate, it refers to the most reasonable price of land and shelter based on the needs or financial capability of program beneficiaries under RA 7279:

A. Economic housing
B. Affordable cost
C. Socialized housing cost
D. Low cost

A

B. Affordable cost

23
Q

They refer to the 244 areas in Metro Manila specifically described and identified in proclamation 1967 and other sites later identified and proclaimed:

A. Areas of land reform
B. Areas of priority development
C. Urban reform zone
D. Urban land priority areas

A

B. Areas of priority development

24
Q

How many APDs are there in Metro Manila covered by proclamation under proclamation no. 1967 amending proc. no. 1893?

A. 110
B. 244
C. 284
D. 302

A

B. 244

25
Q

The acquisition of lots or varying ownership through purchase or expropriation for the purpose of planned and rational development and socialized housing programs without individual property boundary restrictions

A. Land banking
B. Land assembly
C. Land acquisition
D. Land collection

A

B. Land assembly

26
Q

It refers to process of upgrading and rehabilitation of of bighted and slum urban areas with a view of minimizing displacement of dwellers in said areas:

A. On site development
B. Slum development
C. Slum upgrading
D. On site upgrading

A

A. On site development

27
Q

The acquisition of land at values based on existing use on advance of actual need to promote planned development and socialized housing programs

A. Land consolidation
B. Land use plan
C. Land banking
D. Land forecasting

A

C. Land banking

28
Q

The process of land acquisition by exchanging land for another piece of land of equal value or for shares of stock in a government or quasi-government corporation, for the purpose of planned and rational development and provision for socialized housing

A. Land banking
B. Land acquisition
C. Land swapping
D. Land exchange

A

C. Land swapping

29
Q

They are referred to as individual or groups who occupy land without the express consent of the landowner and who have sufficient income for legitimate housing

A. Squatters
B. Informal settlers
C. Slum dwellers
D. Professional squatters

A

D. Professional squatters

30
Q

A person is given this degree of protection afforded to qualified program beneficiaries against infringement or unjust, unreasonable and arbitrary eviction or disposition

A. Security of tenure
B. Right to first refusal
C. Priority in right
D. First preference

A

A. Security of tenure

31
Q

The area identified by the appropriate national agency or by the local government unit with respect to areas within its jurisdiction which shall be used for the relocation of the underprivileged and homeless citizens

A. Resettlement areas
B. Relocation areas
C. Redeployment areas
D. Off-site relocation

A

A. Resettlement areas

32
Q

The program of the NHA of upgrading and improving blighted square areas outside of Metro Manila pursuant to existing statutes and pertinent executive issuances

A. Slum improvement program
B. Slum improvement and resettlement program
C. Slum resettlement and community program
D. Slum resettlement program

A

B. Slum improvement and resettlement program

33
Q

The local government of Quezon City imposed a socialized housing tax beginning 2012 on the assessed value of all lands in urban areas in

A. P25,000
B. P50,000
C. P100,000
D. P150,000

A

C. P100,000

34
Q

Small property owners refers to those whose only property consists of residential lands in highly urbanized cities not exceeding

A. 120sqm
B. 200sqm
C. 300sqm
D. 400sqm

A

C. 300sqm

35
Q

Urban areas under RA 729 refer to all cities regarding of their population density and to municipalities with a population density of at least

A. 500 persons per square kilometer
B. 1,000 persons per square kilometer
C. 1,500 persons per square kilometer
D. 5,000 persons per square kilometer

A

A. 500 persons per square kilometer

36
Q

Sites and lands which display marked and great potential of becoming urban areas within the period of five years

A. Potential urban areas
B. Future urban areas
C. Urbanizable areas
D. Identified urban areas

A

C. Urbanizable areas

37
Q

The urban and development housing program does not cover the ff

A. Areas of priority development
B. Lands in urbanizable areas
C. Resettlement sites
D. Sites used or set aside for parks, reserves for flora and fauna

A

D. Sites used or set aside for parks, reserves for flora and fauna

38
Q

Land for socialized housing under RA 7279 shall be prioritized for acquisition with the last in the order of acquisition are

A. Privately owned lands
B. Government lands
C. Abandoned and idle lands
D. Bliss sites

A

A. Privately owned lands

39
Q

Should the beneficiary unlawfully sell, transfer, or otherwise dispose of his lot he shall lose his right to the land and shall be barred from the benefits under this Act from the date of violation for a period of

A. 5years
B. 10years
C. 15years
D. 25years

A

B. 10years

40
Q

To qualify for socialized housing program, a beneficiary must not be:

A. A Filipino citizen
B. Underprivileged and homeless
C. Landless
D. Member of a squatting syndicate

A

B. Underprivileged and homeless

41
Q

For developers of proposed subdivision projects, it shall be required to develop an area for socialized housing equivalent of the total subdivision project of at least

A. 10%
B. 15%
C. 20%
D. 30%

A

C. 20%

42
Q

Socialized housing or resettlement areas shall be provided by NHA or

A. HUDCC
B. Department of Housing
C. Local government unit
D. Private developers

A

C. Local government unit

43
Q

This shall be implemented whenever possible in order to ensure minimum movement of occupants of blighted lands and slum areas

A. Temporary shelter
B. New resettlement
C. On-site development
D. On-site relocation

A

C. On-site development

44
Q

Professional squatters or members of a squatting syndicate shall be imposed the penalty of imprisonment of

A. 3years
B. 5years
C. 6years
D. 10years

A

C. 6years

45
Q

It is the government agency that assists the local government units in the formulation of their respective land use plans

A. Housing Urban Development Coordinating Council
B. Department of Finance
C. Housing and Land Use Regulatory Board
D. Local Government Department

A

A. Housing Urban Development Coordinating Council

46
Q

The law that provides that the local government units shall prepare their respective land use plans

A. Local Government Code of 1991
B. Comprehensive Land Use Plan Act
C. Tax Code of 1997
D. Housing Development and Housing Act

A

A. Local Government Code of 1991

47
Q

It is an official public document adopted by local government units as a guide to decision regarding the physical and socio-economic

A. Land use plan
B. Town plan
C. Community plan
D. Local government community plan

A

B. Town plan

48
Q

The rational and deliberate allocation of land resources to different uses on the comprehensive and integrated plan for the area

A. Area usage plan
B. Town plan
C. Land use plan
D. Zoning plan

A

C. Land use plan

49
Q

The division of the community into functional zones based on the recent and potential uses of properties for the purposes of regulating the use and growth of properties

A. Planning
B. Town planning
C. Area allocation
D. Zoning

A

D. Zoning

50
Q

It refers to the rational and judicious approach of allocating available land resources to different land using activities such as residential, commercial etc.

A. Land planning
B. Land use planning
C. Land development planning
D. Land use and development planning

A

B. Land use planning

51
Q

The land use plans of various cities and municipalities shall be enacted through their respective

A. Governor or Mayor
B. Zoning ordinance
C. Executive orders
D. HLURB Resolutions

A

B. Zoning ordinance

52
Q

Land use planning guidelines and standards are mandated to be formulated by

A. Local government units
B. Housing and Land Use Regulatory Board
C. Department of Local Government
D. Department of Finance

A

B. Housing and Land Use Regulatory Board

53
Q

A graphic presentation of the zone classification, location, boundaries of the district or zones duly established in the zoning ordinance

A. Zoning classification
B. Town plan map
C. Zoning map
D. Land use map

A

C. Zoning map

Real Estate (3 decks)

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