RoadtoREB Flashcards by PR PR

The priority right of a tenant to buy the land located in an urban land reform area is know as ________.

Right of first refusal

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If a deceased owner of land died intestate without any debt or obligation, the document to be executed to transfer title to the sole heir is __________.

Affidavit of self adjudication

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The rate of real estate tax in municipalities within Metro Manila is not more than ___________.

2% of the assessed value

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The capital gains tax due on the sale of 2,000,000 property with 500,000 initial payment is ___________.

6% of 500,000 (initial payment)
30,000

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Under RA 6732, administrative reconstitution of lost or destroyed original copies of certificates may be availed of when the lost or destroyed certificates in the registry of deeds consist of at least _____________.

10%

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Which of the following theory justifies taxes being a preferred credit?

A. Necessity Theory
B. Marshall Doctrine
C. Doctrine of Equitable Recoupment
D. Lifeblood Theory

D. Lifeblood Theory

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A system established under the Act. No. 496 last Feb 1,1903 is known as -
a. Torrens act
b. Land Registration Act
c. Public Land Act
d. Registration Land Act

B. LAND REGISTRATION ACT

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Sec. 32 of RA#9646 on corporate practice of the real estate service, developer shall regularly submit to the PRC and to the SEC list of -
a. Real Estate Service Practitioners
c. Real Estate Salespersons
b. Real Estate Brokers
d. Real Estate Appraisers

A. Real Estate Service Practitioners

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Docks and fixed floating structures are types of -
a. Movable property
b. Immovable property
c. Generic property
d. Specific property

B. Immovable property

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As provided for by the Agrarian Reform Law, lands awarded to a tenant beneficiaries
cannot be subject of a conversion permit within -
a. Within 1 year from grant of emancipation patent
b. Within 2 year from grant of emancipation patent
c. Within 5 year from grant of emancipation patent
d. Within 10 year from grant of emancipation patent

C. Within 5 year from grant of emancipation patent

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The transfer fee tax on the sale of real property shall be paid to the government under the local government code, within -
a. 30 days from date of sale
b. 30 days from date of notarization of sale
c. 60 days from date of notarization of sale
d. 60 days from date of sale

c. 60 days from date of notarization of sale

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Exemptions on payment of capital gains tax on the sale of a principal residence may be availed -
a. Only once every 7 years
b. Within 10 years
c. Only once every 10 years
d. Within 10 weeks in a year

c. Only once every 10 years

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Kind of ownership which vested all the rights of ownership in only one person
a. Full ownership
b. Co-ownership
c. Naked ownership
d. Sole ownership

d. Sole ownership

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Ms. Adelfa D. received a down payment of P3.50M for the sale of her propertyat P5.0M. The balance was secured by a real estate mortgage on the pro sold, payable in one (1) year. To register the transaction, compute the - Documentary stamps tax on sale
a. P52,500
c. P55,000
b. P53,000
d. P56,000

DST on sale:=
Given :
Selling Price = 5,000,000
DP = 3,500,000

SP 5,000,000
Less : 3,5000,00 ( sales )
Bal. 1,500,000 ( mortgage )

DST ON SALES : 3,500,000×1.5% = 52,500

DST ON MORTGAGE :
1,500,000 /5000 = 1,495,000
1,495,000/5000 = 299
299X10 = 2990
2990+20 = P3,010

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Documentary stamps tax on mortgage
a. P3,110
C. P3,010
b. P3,210
d. P3,310

DST ON MORTGAGE :
1,500,000 /5000 = 1,495,000
1,495,000/5000 = 299
299X10 = 2990
2990+20 = P3,010

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a. P55,310
c. P57,410
b. P55,510
d. P55,210

Total DST TO BE PAID :
DST ON SALE = 52,500
DST ON MORTGAGE = 3,010
TOTAL P55,510

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Cynthia and Josie are riparian owners whose properties are adjacent to a navigable river. An island was formed in the middle of the river. Who has right over the river and to what extent?

a. Cynthia only on the whole property
b. Cynthia and Josie divided in halves
c. Josie only on the whole property
d. State on the whole property

d. State on the whole property

If navigable rivers po, owned by the state.
If non navigable, divided in halves.

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What mode of acquiring ownership that is intended by the State to protect and se exclusive rights of the gifted citizens to their intellectual property and cre a period provided by law.
a. Donation
b. Occupation
c. Intellectual Creation
d. Tradition

c. Intellectual Creation

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The imposition of higher tax rate on alcoholic beverages, wines and cigars bate for the purpose of regulating its use and promoting health and safety of limiting ones right of ownership through -
a. power of taxation
b. power of eminent domain
c. police power
d. power of taxation and police power

d. power of taxation and police power

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The material holding of a thing or the employment of a right with the intention to possess in one’s own right.
a. Possession
b. Ownership
c. Servitude
d. Co-ownership

a. Possession

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Section 5 of Article II .- General Provisions and Declaration of Principles on National Code of Ethics and Responsibilities for Real Estate Service Practitioners states the Golden Rule which says -
a. “Do not do unto others what you want others do to you”
b. “Do unto others the same as what others think they should be treated”
c. “Do. unto others as you want them to be treated”
d. “Do unto others as you would have them do unto you”

d. “Do unto others as you would have them do unto you”

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Symbol in the official seal of the PRBRES that signifies ethical standards and prosperity.

a. Land
b. Rising sun
c. Sun & rash
d. Gold

d. Gold

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Violations on any provision of RA#9646 and the implementing rules committed by an accredited RE Salesperson shall be meted with -
a. the fine of not less than P200,000 and/or 4 years imprisonment
b. the fine of not less than P100,000 and 2 years imprisonment
c. the fine of not less than P100,000 and/or 2 years imprisonment
d. the fine of not less than P200,000 and 4 years imprisonment

c. the fine of not less than P100,000 and/or 2 years imprisonment

Note:
For accrredited RE SallesPerson and licensed Practitioner not less than 100,000 and/or 2 years imprisonment
For unlicensed x2 .(not less than p200,000 and/or 4 years imprisonment

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The PRBRES shall be assisted by the PRC in carrying out the provisions of RA#9646 & the IRR and the lawyers of the thereof shall act as against Illegal practitioners and other violators.
a. Investigator
b. prosecutor
c. sheriff
d. judge

b. prosecutor

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Not included in the composition of the official seal of the Professional Regulatory Board of Real Estate Service ( PRBRES): / a. Land, structures, trees & fruits; green lines, rising sun b. Red, white, blue, yellow, gold c. Blue, green, sun & rays, map of the Philippines d. Building, blue, green, violet

d. Building, blue, green, violet

Which of the following is not the correct interpretation? a. Land - real estate; structures - improvement on land; trees & fruits agriculture produce; green lines - real estate practitioners b. Red, white, blue, yellow - color of the Philippine flag, blue - service; green environment & ecology c. Sun and rays - life & light; rising sun-vital role of RESP in Philippine progress map of the Philippines - the Philippine archipelago d. Land - prime rice land; red - alertness, vigilance

d. Land - prime rice land; red - alertness, vigilance

Branch offices of the real estate practitioners shall be - a. manned by duly licensed RE Brokers, RE Appraisers, REConsultants as the case may be b. manned by duly licensed RE Brokers, RE Consultants as the case may be c. manned by duly licensed RE Brokers, RE Appraisers, as the case may be d. manned by duly licensed RE Salesperson, RE Brokers, RE Appraisers as the case may be

a. manned by duly licensed RE Brokers, RE Appraisers, REConsultants as the case may be

An agreement where the authorized broker allows cooperating broker To sell the property with stipulation on the some of commission a referred to as a. Authority To Sell c. Extension of Authority b. Contract to Sell d. Exclusive Authority

c. Extension of Authority

The authority of the Broker to negotiate the sale lease, purchase mortgage or exchange of real property for o lee and under certain terms and conditions wilhun a specific perid of time is known as a. Contract of Sale b. Contract To Sell c. Authority To Sell d. Authority of Sale

b. Authority To Sell

It is that price at which the willing seller wil set and the wiling Buyer wil buy.neither of the parties under abnormal pressure a. Fair Market Value C. Exchange Value b. Appraisal Value

a. Fair Market Value

The act of the Broker which is instrumental in effecting the meeting of the minds between d Sound Value the seller and the buyer of the real property ai to price and terms and one of the requisites for a broker to be entitled to a commission is referred to as a. Escalation Clause C. Judicial Cause b. Grandfather's Clause d. Procuring Cause

d. Procuring Cause

A natural or juridical person who has both the willingness and the capacity to buy real properties is called as a a. Buyer c. Prospect b. Seller d. Suspect

c. Prospect

Is defined as an amount accompanying an offer to purchase a property. It also refers to a part of the purchase price advanced by the Buyer to the Seller as a token of good faith for a perfection of the Contract a. Option Money c. Down payment b. Earnest Money d. Option

b. Earnest Money

Refers to the money given to the Seller by the Buyer in consideration of the right to purchase or lease a property within a specified period and at an agreed contract price. a. Option Money c. Down payment b. Earnest Money d. Option

a. Option Money

It is a privilege given to the buyer by the property owner to exercise a preferential right to buy the property for sale within a certain period of time at a fixed price. It is also considered as the contract between the Seller and the Buyer, It is an agreement wherein the Seller for a consideration binds himself to reserve the property for the Buyer within a stipulated period. a. Earnest Money b. Option Money c. Down payment d. Option

d. Option

This is one whereby the listing Broker is not entitled to a commission in case the property owner negotiates the sale of the property. The property owner can sell the property himself and is not oblige to pay the broker's commission. a. Multiple Listing b. Net Listing c. Exclusive Agency Listing d. Open Listing

c. Exclusive Agency Listing

The compensation of the Broker depends on the overpriced obtained by the buyer. An agreement by which the broker may retain as compensatio to his services all sums paid over and above the net price to the owner is known as: a. Multiple Listing b. Net Listing c. Exclusive Listing d. Open Listing

b. Net Listing

A listing whereby the broker who holds the Exclusive Contract To Sell relists it to a Multiple Listing Service (ALS) is referred to as the: a. Multiple Listing b. Open Listing c. Exclusive Listing d. Net Listing

a. Multiple Listing

RA 6552 is also known as: a. REIT Law b. Recto Law c. Maceda Law d. Lina Law

c. Maceda Law

RA 6552 shall not apply to the following, except: a. Residential condominium apartment b. Industrial lots c. Commercial buildings d. Sales to tenants e. None of the above

Under RA 6552, in cases where less than two years of installments were paid the seller shall give the buyer a grace period of not less than ___ days from the date the installment became due: a. 60 b. 90 c. 30 d. 45

a. 60

Statement 1: There is already a transfer of ownership in contract of sale. Statement 2: There is no transfer of ownership but a mutual promise to buy and sell in contract to sell. a. Statement 1 is true b. Statement 2 is true c. Both are true d. Both are false

Under PD 957, there is right to refund when the developer fails to complete the project within the period required. The refund is: a. 100% b. 50% + 5% per year after the 5th year c. 75% d. 25%

a. 100%

Old DST for a P2.0M RE mortgage is

P 4010.00 Since old question po, DST on mortgages: P20 first 5000 P10 every 5k in excess of 5k 2,000,000 - 5,000 = 1,995,000 1,995,000 / 5,000 = 399 399 x P10 = 3,990 3,990 + 20 = 4,010 New DST on mortgages, pledges, deeds of trust (TRAIN) P40 first 5k P20 every 5k in excess of 5k

A foreigner owns land in the Philippines: A. Dual citizens B. Through hereditary succession C. Purchase of not more than 40% interest in a condominium project D. All of the above

D. All of the above

It refers to a person who owns land bounding upon a river, lake or other water course: A. Regal Owner B. Riparian Owner C. Royal Owner D. Coastal Owner

B. Riparian Owner

It is a property regime wherein the husband and wife place a common fund through their efforts or by change, and upon dissolution of the marriage or of the partnership, the net gains or benefits obtained by either spouses shall be divided equally, between them, unless otherwise agreed in the marriage settlements: A. Absolute Community of Property B. Conjugal Partnership of Gains C. Separation of Property D. Co-ownership

B. Conjugal Partnership of Gains

In the absence of a marriage settlement, or when the regime agreed upon is void, the system of ____ as established in the Family Code shall govern: A. Absolute Community of Property B. Conjugal Partnership of Gains C. Separation of Property D. Co-ownership

A. Absolute Community of Property

It is the default regime of property relations between husband and wife after the effectiveness of the Family Code: A. Absolute Community of Property B. Conjugal Partnership of Gains C. Separation of Property D. Equal Regime

A. Absolute Community of Property

Recepient of personal property in a testacy sucession or inheritance

Legatee

Recepient of real property in a testacy succession or inheritance

Devise

In determining the value of the Improvements the bir regulations provide that the value of the latest tax declaration is More than 3 years old the seller must therefore get a A. Certificate of no improvement B. Certification from the assessor that the Tax is still the latest C. Certificate from the building office That the building is old D. None of the Above

A. Certificate of no improvement

3. In order to qualify for RA 10023, the land should not exceed ____ if it is in a highly urbanized city, ______ in other cities, ________ in first class and second class municipalities, and ________in third class municipalities. a. 200sqm; 400sqm;600sqm;800sqm b. 250sqm;500sqm;750sqm;1000sqm c. 200sqm;500sqm;750sqm;1000sqm d. 250sqm;500sqm;800sqm;1000sqm

C. 200sqm; 500sqm; 750sqm; 1000sqm

4. The ration between saleable and non saleable area of an open-market subdivision are required under PD 957: a. 60% saleable and 40% nonsaleable b. 50% saleable and 50% nonsaleable c. 80% saleable and 20% nonsaleable d. 70% saleable and 30% nonsaleable

D. 70% saleable ans 30% nonsaleable

5. A legal provision which requires agreements for sale of real estate to be in writing and subscribed by the parties to be enforceable: a. Parole Evidence Rule b. Confidentiality Rule c. Best Evidence Rule d. Statute of Fraud

D. Statute of Fraud

2. What represents gold in the logo of PRBRES? a. Ethical Standards b. Light c. Color of Service d. Vital Role of the real estate service practioners in the Social, Political, Economic Development and Progress of the Philippines

A. Ethical standards

1. It means “all that a person owns”. a. Estate b. Encumbrance c. Easement d. Lien

A. Estate

1. It is the term which means that the citizenship of the children will follow the citizenship of their father a. Peterpan citizenship b. Derivative citizenship c. Directory citizenship d. Determinate citizenship

B. Derivative citizenship

2. Which is false regarding the REIT Act: a. At least 90% of its distributable income is dividends to shareholders b. The minimum capitalization is P300 Million c. At least 75% of the deposited property of REIT must be in income generating real estate and not more than 25% be in government securities d. Investment outside the Philippines should not exceed 50%

D. Investment outside the PH should not exceed 50%

3. Street lights in a subdivision must be spaced at a maximum distance not exceed: a. 50 meters b. 100 meters c. 10 meters d. 25 meters

A. 50 METERS

4. EIS is prepared to describe the effects of a proposed activity on the environment. EIS means: a. Environment Implication Summary b. Environmental Impact Summary c. Environmental Impact Statement d. Environment Implication Statement

C. Environmental Impact Statement

5. It is the boundary between the Earth’s atmosphere and the outerspace a. Karman Line b. Meridian Line c. Prime Line d. Troposhere

A. Karman Line

What is the short title of Republic Act No. 12001? A) Real Property Taxation Act B) Real Property Valuation and Assessment Reform Act C) Property Assessment Standardization Act D) National Valuation Reform Act

B. Real Property Valuation and Assessment Reform Act

2. Which government agency is primarily responsible for implementing the provisions of RA 12001? A) Bureau of Internal Revenue B) Department of Public Works and Highways C) Bureau of Local Government Finance D) National Economic and Development Authority

C) Bureau of Local Government Finance

3. The Philippine Valuation Standards (PVS) are based on which international framework? A) International Financial Reporting Standards B) International Valuation Standards C) Global Property Assessment Guidelines D) Universal Appraisal Standards

B) International Valuation Standards

4. What is the primary basis for assessing real property-related taxes under RA 12001? A) Historical cost B) Market value C) Replacement cost D) Assessed value

B) Market value

5. Which term refers to the percentage applied to the market value to determine the taxable value of a property? A) Depreciation rate B) Assessment level C) Capitalization rate D) Appraisal ratio

B) Assessment level

6. Under RA 12001, who is responsible for preparing the Schedule of Market Values (SMV) for real properties within a local government unit? A) City or municipal treasurer B) Provincial, city, or municipal assessor C) Regional director of the Department of Finance D) Barangay captain

B) Provincial, city, or municipal assessor

7. What is the term used for a person who conducts valuation and possesses the necessary qualifications and license? A) Assessor B) Appraiser C) Auditor D) Surveyor

B) Appraiser

8. Which of the following is NOT a purpose of RA 12001? A) To establish and maintain standards based on the Philippine Valuation Standards B) To adopt market value as the single real property valuation base C) To centralize all real property tax collections at the national level D) To promote the fiscal autonomy of local government units

C) To centralize all real property tax collections at the national level

9. What does the term "improvement" refer to under RA 12001? A) A repair or replacement of parts of a property B) A valuable addition or amelioration to a property enhancing its value or utility C) A temporary change to a property D) A reduction in the property's assessed value

B) A valuable addition or amelioration to a property enhancing its value or utility

10. Which law's provisions must be considered to ensure transparency in real property transactions under RA 12001? A) Republic Act No. 10173, the Data Privacy Act of 2012 B) Republic Act No. 7160, the Local Government Code of 1991 C) Republic Act No. 8799, the Securities Regulation Code D) Republic Act No. 386, the Civil Code of the Philippines

A) Republic Act No. 10173, the Data Privacy Act of 2012

mode of acquiring ownership by transferring ownership over a thing certain to another the primary consideration being love and affection during one's lifetime

A. SALE C. SUCCESSION B. PRESCRIPTION ✅️D. DONATION

The tax clearance certificate for real property taxes is obtained from-- A. BIR C. LAND TAX DIVISION B. CITY OR MUNICIPAL ASSESSOR D. CITY OR MUNICIPAL MAYOR

1. The legal basis for the local goverment to zone areas is derived from the power of the government under A. Police Power B. Zoning Power C. Classification Power D. Local Government Power

2. 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

3. Refers to a document embodying specific proposals for guiding,regulating growth and development of a city or municipality A. Community land use plan B. Comprehensive community development plan C. Comprehensive land use plan D. Comprehensive land usage and development plan

4. This provides for the preparation,review and approval process and implementation of the comprehensive land use plans and zoming ordinaces of LGUs A. Executive Order No. 72 B. Local Goverment Code of 1991 C. Executive Order No. 90 D. Executive Order No. 648

5. It is the assistance tot the local government unit, several steps in comprehensive land use plan were recommended and regerred to as a A. 6 steps process to land use planning B. 12 steps process to land use planning C. 18 steps process to land use planning D. 10 steps process to land use planning

What is the minimum CPD credit units required in order to renew your Real Estate Broker’s License if you are Person with disability whose age is 55 years old? 15 Units 10 Units 45 Units 5 Units

5 units

In payment of estate tax, an allowed deduction to the gross estate of a decedent in funeral expense is: A. 5% OF GROSS ESTATE OR P 200,000 WHICHEVER IS HIGHER B. 10% of gross estate or P 200,000 whichever is higher C. 15% of net sale or P 200,000 whichever is higher D. 10 % of net sale or P 200,000 whichever is higher

RoadtoREB Flashcards

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