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THE REAL ESTATE BROKER’S EXAMINATION > REBLEX 01 2023 / Mock-Up Exam 10 (97 pts) > Flashcards

REBLEX 01 2023 / Mock-Up Exam 10 (97 pts) Flashcards

1
Q

Which of these elements is inapplicable to the term - socioeconomic background –

a.
Climate

b.
Ethnic origin

c.
Religious background

d.
Educational level

A

a.
Climate

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2
Q

The rate of creditable withholding tax in the sale of real estate property classified as ordinary asset by an individual, estate, trust or corporation not habitually engaged in real estate business is:

a.
3%

b.
5%

c.
7%

d.
None of the above

A

d.
None of the above

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3
Q

Legally permissible, physically possible, financially feasible and maximally productive –

a.
Competition

b.
Highest and best use

c.
Supply and demand

d.
Principle of change

A

b.
Highest and best use

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4
Q

If the parcel of land planned for a residential subdivision is still agricultural, an application for conversion must first be obtained from –

a.
Local government unit

b.
Department of Public Works and Highways

c.
Department of Environment and Natural Resources

d.
Department of Agrarian Reform

A

d.
Department of Agrarian Reform

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5
Q

The financial computation which derives the present value of a single future sum -

a.
Compounding

b.
Annuity

c.
Discounting

d.
Present value of annuity

A

c.
Discounting

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6
Q

The DHSUD has the power to

a.
Own and administer government lands which have not been used for 10 years

b.
Expropriate private properties for socialized housing development

c.
Convert private agricultural lands into residential use

d.
Undertake cadastral survey of all alienable and disposable lands for housing purposes

A

a.
Own and administer government lands which have not been used for 10 years

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7
Q

The DHSUD has three bureaus. Which one is not a bureau in DHSUD? ,

a.
Land Titling and Computerization Bureau

b.
Environmental, Land Use and Urban Planning and Development Bureau

c.
Housing and Real Estate Development Regulation Bureau; and

d.
Homeowners Associations and Community Development Bureau.

A

a.
Land Titling and Computerization Bureau

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8
Q

Documentary stamp taxes on sales, agreements to sell, transfer of shares or certificates of shares is computed as follows

a.
PhP 1.50 per P 200 or fraction thereof (0.75%)

b.
Fixed at 2% of the consideration

c.
Php 40 for first P40,000, plus P20 for every additional P5,000

d.
Php 6 for the first P2,000 plus Php 2 for every additional P1,000

A

a.
PhP 1.50 per P 200 or fraction thereof (0.75%)

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9
Q

A condo rents for P30,000/month. Based on compiled statistics from private real estate research companies, the rental GIM in the locality is 10. What is the probable asking price for the property assuming that the Seller wants to sell at 5% over the probable market value in order to cover broker’s commission?

a.
3,600,000

b.
3,780,000

c.
3,790,000

d.
3,500,000

A

c.
3,790,000

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10
Q

The seller realized a 30% gross over his cost. If the property was sold at P1,950,000.00 the cost is –

a.
P1,365,000.00

b.
P1,500,000.00.

c.
P 1,560,000.00

d.
P 1,350,000.00

A

b.
P1,500,000.00.

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11
Q

The National Building Code ···

a.
PD 1216

b.
PD 1096

c.
PD 957

d.
BP 220

A

b.
PD 1096

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12
Q

The term “Investment” does not include –

a.
Capital of the owner

b.
Land

c.
Loan for the proposed project

d.
Managerial expertise

A

d.
Managerial expertise

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13
Q

Document issued by the DENR which shall exempt subdivision or condominium projects from providing a sewage treatment plant.

a.
DP

b.
COR

c.
ECC

d.
CNC

A

d.
CNC

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14
Q

Which of the following is not a common requirement for certificate of registration and license to sell between a residential subdivision project and a residential condominium project?

a.
Sworn registration statement

b.
Copies of the land titles

c.
Articles of incorporation and financial statement of applicant

d.
Master deed and declaration of restrictions

A

d.
Master deed and declaration of restrictions

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15
Q

The ARTA requires government agencies to create and publicize its

a.
Citizen’s Charter

b.
Permit Processing Guidelines

c.
Complaints dropbox

d.
Organization chart and hotline

A

a.
Citizen’s Charter

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16
Q

All the inter-related aspects in the society of a community that are affected by the economic situation –

a.
Socioeconomic factors

b.
Socioeconomic metrics

c.
Socioeconomic levels

d.
Socioeconomic classes

A

a.
Socioeconomic factors

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17
Q

The projected cash flows that should be considered in discounted cash flow analysis to determine profitability is/are the -

a.
All types of cash flows

b.
Cash flow from investing activities

c.
Cash flow from operating activities

d.
Cash flow from financing activities

A

c.
Cash flow from operating activities

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18
Q

A lot with 3 sides fronting streets.

a.
Key Lot

b.
Corner-Through Lot

c.
Corner Lot

d.
Flag Lot

A

a.
Key Lot

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19
Q

The agency of government that will review and approve the survey plan of the subdivision

a.
Local government unit

b.
DENR

c.
HLURB

d.
LMB

A

d.
LMB

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20
Q

The schedule of fair market value in municipalities in Metro Manila is prepared by:

a.
MMDA

b.
Sanggunian Bayan by ordinance

c.
Concerned municipal assessors.

d.
None of the above

A

c.
Concerned municipal assessors.

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21
Q

The specific document which provides for the management of a condominium project its authority, voting majorities, quorum, notices and other rules

a.
House rules

b.
Declaration of Restrictions

c.
Condo policies

d.
Master deed

A

b.
Declaration of Restrictions

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22
Q

An appraisal made for the purpose of determining a fair compensation for private property to be acquired for use of the government.

a.
Assessment appraisal

b.
Expropriation appraisal

c.
Foreclosure appraisal

d.
Zonal value appraisal

A

b.
Expropriation appraisal

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23
Q

The basic purpose for preparing a projected income statement is –

a.
To be able to undertake an IRR analysis

b.
To estimate the potential net taxable income the project will contribute to the company

c.
To use the information for NPV analysis

d.
To estimate the amount of debt needed

A

b.
To estimate the potential net taxable income the project will contribute to the company

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24
Q

The urban planning bureau of DHSUD is not in charge of the following function –.

a.
Management and oversight of socialized housing sites

b.
Develop framework for resilient housing for disaster response

c.
Manage Land use planning and zoning standards for CLUPs and ZOs of LGUs

d.
Develop and maintain a geographic information system for land use

A

a.
Management and oversight of socialized housing sites

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25
Q

In the absence of any provision in the master deed of a condominium project, the interest of the unit owners in the common area shall be:

a.
Proportionate

b.
Based on value

c.
Equal

d.
Decided by the condominium corporation

A

c.
Equal

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26
Q

The zonal value of property can be obtained from:

a.
Assessor’s Office

b.
Land Registration Authority

c.
Bureau of Internal Revenue.

d.
All of the above

A

c.
Bureau of Internal Revenue.

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27
Q

An element of value not favorable to real estate products because of they are considered immovables.

a.
Demand

b.
Utility

c.
Supply

d.
Transferability

A

d.
Transferability

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28
Q

The value of a portion of the property when it provides a function that is as an indispensable component of the entire property –

a.
Competition

b.
Highest and best use

c.
Principle of change

d.
Principle of contribution

A

d.
Principle of contribution

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29
Q

A property is pledged by the owner in a current mortgage. Which statement below is false.

a.
The property cannot be utilized for the proposed real estate development project unless the mortgage has been fully paid.

b.
The property owner can still sell the property despite the mortgage.

c.
The developer must first secure the approval of the mortgagee before proceeding with the project.

d.
The subsequent new titles cannot be issued until the mortgagee provides consent.

A

a.
The property cannot be utilized for the proposed real estate development project unless the mortgage has been fully paid.

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30
Q

The condominium corporation shall have a term that is

a.
At least 50 years

b.
50 years renewable another 25 years

c.
At least 25 years

d.
Co-terminus with the duration or life of the condominium project

A

d.
Co-terminus with the duration or life of the condominium project

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31
Q

The schedule of market value for ad valorem tax in municipalities outside Metro Manila is prepared by:

a.
Municipal Assessors

b.
Sanggunian Panglalawigan

c.
Provincial Assessors.

d.
Provincial treasurer

A

c.
Provincial Assessors.

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32
Q

In order to develop a tract of land into a residential subdivision, it must be zoned residential in accordance with the -

a.
Requirements of the DAR

b.
Comprehensive Land Use Plan of the LGU

c.
Regulations of HLURB

d.
Department of Environment and Natural Resources

A

b.
Comprehensive Land Use Plan of the LGU

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33
Q

Total capital invested is P100M consisting of P20M Equity and P80M debt for which a total interest payment of P24M was paid. The project earned a net income of P50M, before interest expense. What is the return on equity?

a.
50%

b.
130%

c.
32.5%

d.
62.5%

A

b.
130%

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34
Q

If a condominium building has been seriously damaged by fire, which of the following acts is not valid

a.
The condominium corporation can be dissolved if not yet restored after 3 years;

b.
The condominium corporation can be dissolved if more than half of the units are un-tenantable and more than 30% of the members are opposed to restoration;

c.
The condominium corporation can be dissolved if more than half of the unit owners decide to do so;

d.
The condominium corporation can be dissolved by order of the DHSUD.

A

d.
The condominium corporation can be dissolved by order of the DHSUD.

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35
Q

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

a.
Notarization of transfer document.

b.
Execution of Contract to Sell

c.
Execution of the Deed of Absolute Sale

d.
Payment of the full amount

A

c.
Execution of the Deed of Absolute Sale

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36
Q

The following analysis is not part of market segmentation –

a.
Identifying location of nearest grocery, schools and hospitals

b.
Determining the geographical coverage of potential customers

c.
Locating specific market niches

d.
Classifying socio-economic levels

A

a.
Identifying location of nearest grocery, schools and hospitals

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37
Q

A property that is intestate will be utilized in the real estate project. Which of the following shall provide approval

a.
All the heirs.

b.
The person appointed by the decedent as the Executor.

c.
The living spouse of the decedent.

d.
Any of B and C.

A

a.
All the heirs.

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38
Q

If a bank has knowledge of the death of a person

a.
It shall allow withdrawal by the heirs from the decedent’s account subject to withholding tax

b.
The decedent’s account shall be frozen until receipt of BIR estate tax clearance

c.
Withdrawal shall be allowed without any withholding if all the heirs sign a warranty

d.
The decedent’s account shall be subject to probate in court.

A

a.
It shall allow withdrawal by the heirs from the decedent’s account subject to withholding tax

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39
Q

Which of the following codes provides for regulation of the floor area ratio restriction?

a.
National building code and/or LGU zoning ordinance

b.
Green building code

c.
Fire code of the Philippines

d.
All of the above

A

a.
National building code and/or LGU zoning ordinance

40
Q

In case a false or fraudulent estate, donor or capital gains tax BIR form was willfully made how much surcharge based on the deficiency hall be imposed?

a.
20%

b.
25%

c.
30%

d.
50%

A

d.
50%

41
Q

Real estate service practitioners whose gross annual sales, earnings or receipts exceed shall have their books of accounts audited by an independent CPA

a.
P3M

b.
P1.5M

c.
P2M

d.
P5M

A

a.
P3M

42
Q

Before title to a condominium unit can be transferred at the Register of Deeds, the following is required

a.
Certificate of the HLURB approving the transfer

b.
Approval of the City or Municipal Assessor

c.
Approval of the majority of the unit owners

d.
Certificate of the management body that conveyance complies with Master

A

d.
Certificate of the management body that conveyance complies with Master

43
Q

Minimum paid-in capital of a REIT company:

a.
Php 300M

b.
Php 200M

c.
Php 100M

d.
Php 50M

A

a.
Php 300M

44
Q

The law that prescribes the total minimum amount of open spaces (which includes all roads, parks and playgrounds) for subdivisions

a.
PD 1096

b.
PD 1216

c.
PD 957

d.
PD 1517

A

b.
PD 1216

45
Q

Under the TRAIN law, as of 2021, the sale of house and lot and other residential dwellings not primarily held for business, as adjusted using the 2010 CPI, shall be VAT-exempt if less than –

a.
Php 3.2M

b.
PhP 2.5M

c.
PhP 3.0M

d.
PhP 2.0M

A

a.
Php 3.2M

46
Q

Capital gains tax on the sale of real estate classified as capital asset is:

a.
Creditable tax on the sale

b.
Deductible item from value added tax

c.
Deductible item from income tax

d.
Pre-paid income tax.

A

d.
Pre-paid income tax.

47
Q

Forces that affect the value of a property because of its poor location and irregular terrain –

a.
Physical

b.
Environmental

c.
Government

d.
Social

A

a.
Physical

48
Q

Under BP 220, the minimum frontage for socialized rowhouses is –

a.
3.50 m

b.
3.00 m

c.
4.00 m

d.
6.00 m

A

a.
3.50 m

49
Q

The basic elements that must be built in a subdivision development includes the following, except -

a.
Streets and storm drainage system

b.
Housing models

c.
Electrical system

d.
Water system

A

b.
Housing models

50
Q

A tax fixed on documents, instruments and papers evidencing the acceptance, assignment or sale of a right, property or obligation:

a.
Residence tax

b.
Documentary Stamp

c.
None of the above

d.
Community tax

A

b.
Documentary Stamp

51
Q

The first REIT was created in the Philippines by –

a.
Ayala Land

b.
Double Dragon Properties Corp

c.
Robinsons Land Corp

d.
Filinvest Land

A

a.
Ayala Land

52
Q

A tax payer has to redeem his real property which was levied and subsequently forfeited and acquired by the local government for tax delinquency.

a.
1 year.

b.
4 years

c.
60 days

d.
3 years

A

a.
1 year.

53
Q

In the preliminary design of a building, the following is an important consideration that governs the footprint or lot coverage

a.
Setbacks

b.
Type of occupancy

c.
Fire rating category

d.
Number of parking spaces

A

a.
Setbacks

54
Q

In a sale of property on installment plan where the buyer is not engaged in trade or business, the applicable rate of tax is based on –

a.
Gross selling price

b.
Fair market value

c.
A or b whichever is higher.

d.
Assets value

A

c.
A or b whichever is higher.

55
Q

The financial computation which derives the present value of a series of future annual payments -

a.
Compounding

b.
Annuity

c.
Discounting

d.
Present value of annuity

A

d.
Present value of annuity

56
Q

The condominium corporation comprised of all unit owners in the condo building do not have the power to

a.
Hold title to the land of the condominium project

b.
Elect the Board of Directors and Officers

c.
Sign contracts for the security and maintenance of the building

d.
Engage in secondary purposes such as brokerage for the sale of units in the project

A

d.
Engage in secondary purposes such as brokerage for the sale of units in the project

57
Q

The categorization of people into various economic levels –

a.
Social classes

b.
Social parameters

c.
Economic standing

d.
Economic profiling

A

a.
Social classes

58
Q

Under TRAIN law, the start-up property developer may be exempt from VAT from sale/lease of properties if his gross annual sales do not exceed

a.
P3M

b.
P3.2M

c.
P1.2M

d.
P2M

A

a.
P3M

59
Q

The real estate broker prepared a study for a condominium corporation (unit owners). How much value-added tax should he budget from gross receipts from association dues and membership fees?

a.
None

b.
12%

c.
8%

d.
3%

A

a.
None

60
Q

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

a.
1.5%

b.
3.0%

c.
5.0%

d.
6.0%.

A

d.
6.0%.

61
Q

The following documents related to the marketing and selling of the project should be submitted, except

a.
Circular, prospectus, brochure or advertisements for public offering

b.
Sample contract to sell

c.
List of the company’s buyers

d.
Proof that the notice of filing was published in two newspapers

A

c.
List of the company’s buyers

62
Q

The financial computation which derives the future value of a present sum -

a.
Compounding

b.
Annuity

c.
Discounting

d.
Present value of annuity

A

a.
Compounding

63
Q

The dimensions, shape and accurate information about the lot can be obtained from

a.
Google map

b.
LGU assessor’s office

c.
Property title document

d.
All of the above

A

c.
Property title document

64
Q

Which of the following elements is considered a part of a condominium unit

a.
bearing walls, columns, floors, roofs, foundations and other common structural elements of the building;

b.
lobbies, stairways, hallways,

c.
elevator equipment and shafts

d.
outlets of electrical circuits located within the unit

A

d.
outlets of electrical circuits located within the unit

65
Q

Increasing the number of houses for production using pre-casting technology will reduce the unit cost of each house due to the principle of –

a.
Externalities

b.
Economies of scale

c.
Increasing/diminishing return

d.
Surplus of productivity

A

b.
Economies of scale

66
Q

The development permit for subdivisions shall be obtained from –

a.
Local government unit

b.
DENR

c.
HLURB

d.
DPWH

A

a.
Local government unit

67
Q

The land subdivision project which is not required to issue transfer certificates of titles to buyers -

a.
Residential subdivision

b.
Agricultural subdivision

c.
Memorial parks

d.
Industrial subdivisions

A

c.
Memorial parks

68
Q

Property held as inventory or stock in trade of buy and sell business and in connection with trade, business or source of income is:

a.
Capital asset

b.
Fixed asset

c.
Ordinary Asset.

d.
Intangible asset

A

c.
Ordinary Asset.

69
Q

The curvilinear side of a lot occurring at a street corner.

a.
Corner curve

b.
Corner cut

c.
Chaplan

d.
Quarter round

A

c.
Chaplan

70
Q

Condominium association dues that are unpaid become liens upon the unit that are

a.
Secondary liens to the unit’s mortgage

b.
Not to be registered with the Register of Deeds

c.
Basis for the forfeiture of the unit’s ownership

d.
Superior liens to all other future liens except taxes

A

d.
Superior liens to all other future liens except taxes

71
Q

In the broad definition of “Property,” the following is not included by the Philippine Valuation Standards

a.
Real property

b.
Intellectual property

c.
Personal property

d.
Businesses and financial interests

A

b.
Intellectual property

72
Q

The following compose the 3-man Board of Assessment Appeals in Makati City, except:

a.
Registry of deeds.

b.
City Assessors

c.
City Prosecutor

d.
City Engineer

A

b.
City Assessors

73
Q

In payment of real estate tax, an allowed deduction to the gross estate of a decedent for funeral expense which is:

a.
not allowed

b.
5% of gross estate or P200,000.00 whichever is higher

c.
10% of gross estate or P200,000.00 whichever is lower

d.
10% of gross estate or P200,000.00 whichever is higher

A

.
not allowed

74
Q

A detailed list of items that categorizes the specific work to be quantified in order to arrive at development cost

a.
Purchaser’s list

b.
Work breakdown structure

c.
Scope of works

d.
None of the above

A

b.
Work breakdown structure

75
Q

The financial computation which derives the future value of a series of payments that are equal -

a.
Compounding

b.
Annuity

c.
Discounting

d.
Present value of annuity

A

b.
Annuity

76
Q

The value of a property which is inherent by its nature or its location and is not affected by external forces.

a.
Synergistic value

b.
Basic value

c.
Inherent value

d.
Sentimental value

A

c.
Inherent value

77
Q

The condominium corporation shall be initiated or organized by the

a.
DHSUD

b.
Majority of the condominium unit buyers

c.
Local government where the project is located

d.
Condominium developer

A

d.
Condominium developer

78
Q

The REB found an annotation on the property title pertaining to a grant of easement. Which statement below is true.

a.
The portion of the easement is automatically to be excluded from the project.

b.
The easement should be considered automatically cancelled because it was granted by the previous owner.

c.
The nature of the easement should be further verified.

d.
All of the above are true.

A

c.
The nature of the easement should be further verified.

79
Q

Which of the following is not legally part of the condominium corporation’s obligations

a.
To assess and collect condominium dues from unit owners

b.
To purchase materials and supplies for maintenance of common areas

c.
To supervise the auction of units which are foreclosed for non-payment of dues

d.
To register with the Register of Deeds the unpaid assessments as liens upon condo units

A

c.
To supervise the auction of units which are foreclosed for non-payment of dues

80
Q

ABC Company, manufacturer of shoes in Marikina, closed its business and sells its factory, building and equipment. What kind of value?

a.
Fair market value

b.
Salvage value

c.
Asset value

d.
Liquidation value

A

d.
Liquidation value

81
Q

The general rules is that foreigners can own up to % of the condominium units in a condo project if the land is titled to the condominium corporation -

a.
50%

b.
60%

c.
40%

d.
No limitation

A

c.
40%

82
Q

How much is the documentary stamps tax for a one-year lease amounting to P20,000 per month. (rate = First 2K, Php 6.00; subsequent per 1K, Php 2.00):

a.
PhP 482

b.
PhP 840

c.
PhP 3,600

d.
PhP 750

A

a.
PhP 482

83
Q

Real estate tends to operate in an –

a.
efficient market

b.
inefficient market

c.
unpredictable market

d.
All of the above

A

b.
inefficient market

84
Q

The technical description of the property is found in

a.
Only at page one of the title document

b.
Only at the back page of the title document

c.
Can be found in both the above.

d.
Is not found in the title document.

A

c.
Can be found in both the above.

85
Q

The principle which states that value will change due to the changes in supply and demand, time, and market conditions.

a.
Principle of balance

b.
Principle of anticipation

c.
Principle of supply and demand

d.
Principle of change

A

d.
Principle of change

86
Q

The life cycle stage of the district of Binondo, in the City of Manila, may be described as –

a.
Growth stage

b.
Stability stage

c.
Decline stage

d.
Revitalization stage

A

d.
Revitalization stage

87
Q

The license to sell for a subdivision project shall be obtained from –

a.
Local government unit

b.
DENR

c.
DHSUD

d.
LMB

A

c.
DHSUD

88
Q

The important functions of the DHSUD includes the following, except for –

a.
Planning assistance to local governments for their CLUP;

b.
Issuance of construction permits for large projects.

c.
Registration and regulation of subdivisions, condominiums and other real estate projects

d.
Adjudication or resolution of disputes between developers and buyers

A

b.
Issuance of construction permits for large projects.

89
Q

The FAR is a density restriction which controls the following

a.
Building height

b.
Building density

c.
Building setbacks

d.
None of the above

A

b.
Building density

90
Q

Under BIR RR 7-2003, a seller / transferor can be considered as habitually engaged in real estate business, if he has consummated least taxable real estate transaction during the preceding year.

a.
Five

b.
Six

c.
Eight

d.
Ten

e.
Twelve

A

b.
Six

91
Q

Processing period with government agencies are classified by ARTA as

a.
Simple, Complex, Technical

b.
Simple,

c.
Standard, Special, Premium

d.
Simplified, Comprehensive, Technical

A

a.
Simple, Complex, Technical

92
Q

The fundamental scope of a valuation assignment given to an appraiser consists of

a.
Making a listing of the real estate properties of the client in order to present it to potential buyers;

b.
Defining and estimating the value of the rights and interest of a client over some realty.

c.
Evaluating the physical condition of a property in order to prepare the terms of reference for future repairs.

d.
Determining the veracity of the title and all its related documents to prove rightful ownership.

A

b.
Defining and estimating the value of the rights and interest of a client over some realty.

93
Q

The following is not part of the DHSUD’s detailed regulatory function –

a.
Review and approval of subdivision development permits.

b.
Approval of the master deed for condominium projects.

c.
Registration and supervision of homeowners’ associations.

d.
Registration of real estate brokers engaged in selling projects licensed by HLURB.

A

a.
Review and approval of subdivision development permits.

94
Q

A building that is already 50 years old is no longer being used. It requires substantial restoration and renovation work which the Owner no longer wants to undertake. The Appraiser is asked to value its

a.
Salvage value

b.
Liquidation value

c.
Residual value

d.
Reversionary value

A

a.
Salvage value

95
Q

Registration of a mortgage covering a subdivision project can only be affected when the deed is accompanied by a permit to mortgage issued by:

a.
LGU

b.
HUDCC

c.
DHSUD

d.
NHA

A

c.
DHSUD

96
Q

The government GOCC in charge of the Community Mortgage Program and other social housing powers and functions of the National Home Mortgage Finance Corporation :

a.
Social Housing Finance Corporation

b.
National Housing Authority

c.
DHSUD

d.
Balai Pilipino

A

a.
Social Housing Finance Corporation

97
Q

The original amendment provision of the master deed under the Condominium Act required a 2/3 majority and this was later amended only to a majority vote by

a.
RA 4726

b.
RA 6552

c.
RA 7652

d.
RA 7899

A

d.
RA 7899

THE REAL ESTATE BROKER’S EXAMINATION (44 decks)

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