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Professional Practice > Special Exams > Flashcards

Special Exams Flashcards

1
Q

A sale between relatives is suspected to be

A

A sale made at a distorted price

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2
Q

An act authorizing Ministry of Human Settlements (now DHSUD) to establish and promulgate different levels of standards for economic and socialized housing.

A

BP 220

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3
Q

A branch of finance which deals with investing money or wealth in real estate is called

A

Real Estate Finance

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4
Q

A valuation review performed by an appraiser to form an opinion as to whether the analyses, opinions, and conclusions in the report under review are appropriate, reasonable, and supportable.

A

Technical Review

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5
Q

An Act providing for a Magna Carta for Homeowners and Homeowners Associations:

A

RA 9904

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6
Q

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

A

Nine (9) or less

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7
Q

A leasehold interest may be created only if the contract rent is

A

less than the market rent

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8
Q

A family residential home was sold at P4,000,000.00. The BIR fair market value is P5,000,000.00. The owners bought a new residential home worth P3,000,000.00. How much is the basic capital gains tax on the unutilized portion of the P4,000,000.00 sale of the old / previous home?

A

P75,000.00

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9
Q

After TRAIN Law, the sale by a dealer of a residential lot is not subject to E-VAT when the price does not exceed?

A

P1,500,000.00

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10
Q

An absolute fee, without any limitations to any particular class of heirs or restrictions, but subject to the limitation of eminent domain, escheat, police power, and taxation and is an inheritable estate.

A

Fee Simple

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11
Q

A former natural-born Filipino citizen can acquire urban land for business purpose not exceeding:

A

5,000 sqm

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12
Q

A broker has secured a written offer to purchase a commercial property at a price of 60 million together with a check for thirty percent down payment. He is certain that the seller will accept the offer. Before he can present the offer to the seller, he receives unverified information that a planned government infrastructure project will eat up a significant portion of the property. Several steps have to be taken by the broker to save the sale and protect the interest of all parties concerned. Which of the following is inappropriate at the moment?

A

Present the offer to the seller for signing and acceptance to ensure the consummation of the sale

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13
Q

A group of homogenous land uses.

A

Zone/ District

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14
Q

A large home built in an area of small cottage is an example of:

A

over-improvement

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15
Q

A principle in appraisal, which refers to the agents in production are labor, coordination, capital and land. Land has the last claim on the surplus productivity of the agents in production.

A

Balance

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16
Q

A value estimate is a/an

A

estimate of a selling price

17
Q

A personal property mortgage is a:

A

chattel mortgage

18
Q

An abstract sphere within which price-influencing factors tend to operate and wherein the payment of the consideration is accompanied by transfer of right rather than by movement of goods is referred to as:

A

Real Estate Market

19
Q

A scale map showing the dimensions of each parcel and related information such as parcel identifier, survey lines easements.

A

Cadastral Map

20
Q

A clause used in leases and mortgages that cancel specified right upon the occurrence of a certain condition, such as cancellation of mortgage upon repayment of mortgage loan:

A

Defeasance Clause

21
Q

A condition prevailing in a particular area when demand is low while properties as for sale and tend to suppress price is called:

A

Buyers Market

22
Q

A gross rent multiplier is often used in the

A

income approach for income property

23
Q

A standard term used to a fixed object or as reference point established and set by a Geodetic Engineer to identify the land boundaries:

A

Concrete Monument

24
Q

Agricultural lands reclassified either as residential, commercial or industrial thru zoning ordinance approved by the Housing and Land Use Regulatory Board before _______ is exempted from the coverage of Agrarian Reform.

A

June 15, 1988

25
Q

Agricultural Land Reform Code

A

RA 3844

25
Q

All real estate practitioners shall maintain adequate knowledge, competence and expertise in real estate development and management and the upgrading of the standards of practice shall be effected when the need arises; all these for, and in the interest of the:

A

moral upliftment of the profession

26
Q

An Act to strengthen the implementation of the Comprehensive Agrarian Reform Program:

A

RA 7905

27
Q

A valuation technique which presumes that income can be split between land and improvements and that the residual to land can be then capitalized into value.

A

Land residual technique

28
Q

ABC Realty Corporation, a real estate brokerage company, is acting through the license of Mr. Juan dela Cruz, a registered real broker. Mr. Reyes, a salesperson of the company, consumated a sales transaction which entitles him to receive 3% commission. The 3% commission of Mr. Reyes to be issued by the developer must be payable and in the name of _________under IRR of RA9646 to:

A

ABC Realty Corporation

28
Q

A lot owner and developer may convert a property into condominium project by executing a legal document and registering the same with the Register of Deeds called?

A

Master Deed

29
Q

A type of economy where the private sector and government perform equal roles in economic decision-making; competition with regulation.

A

Mixed Capitalism

30
Q

An act allowing reconstitution of title administratively destroyed by fire, flood, etc (June8, 1989)

A

RA 6732

31
Q

A type of economy where the government decides and drives the economy, focuses on what is needed rather than what is wanted.

A

Socialism

32
Q

A type of loan wherein the tender has some complete control over the project and the income from a certain period, part or all of which is assigned to him to amortize the project:

A

Turn-key Loan

32
Q

A group of complementary land uses.

A

Neighborhood

33
Q

All of the following would be considered real estate except

A

Farm equipment

34
Q

A broker’s complaint for non-payment of commission by the developer shall be filed with

A

DHSUD

35
Q

Also called equatorial calms, equatorial regions of light ocean currents and winds within the intertropical convergence zone (ITCZ), a belt of converging winds and rising air encircling Earth near the Equator.

A

Doldrums

36
Q

A broker is entitled to the commission upon:

A

Consummation of the Sale

Professional Practice (5 decks)

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