Creasar Test 1 (nr 100)

1. Requirements for a compulsory easement of right way

a. Property is surrounded by other properties and there is no adequate exit to the public highway b. Payment of the proper indemnity (just compensation) c. The right of way claimed is at the point least prejudicial to the grantor d. All of the above

2. In real estate law, what are the principal sources of the law?

a. Philippine Constitution b. Laws passed by Congress c. Treaties d. All of the above

3. Physical characteristic of real estate

a. Immobility, indestructibility & Non-homogeneity b. Scarcity, modifications, fixity & area of preference c. Immobility, scarcity & situs d. None of the above

4. Economic characteristic of real estate

a. Immobility, modifications, fixity & situs b. Scarcity, fixity, area of preference (situs) & modification c. Indestructibility & homogeneity d. All of the above

5. A legal system that recognizes full property ownership rights of individual includes the right of possession, control, enjoyment and disposition.

a. Bundle of rights b. Common law c. Allodial System d. Certificate of Title

6. It is a body of law recognized by the court based on custom and usage.

a. Common Law b. Tradition c. Culture and Tradition d. None of the above

7. Property ownership includes rights to the space above the surface of the earth.

a. Air Rights b. Navigational Rights c. Air lots d. Subsurface Rights

8. Property ownership includes to the ground below the surface of the earth.

a. Surface Rights b. Improvements c. Real Property d. Subsurface Rights

9. It is also called chattel property or personalty.

a. Personal Property b. Tangible Property c. Intangible Property d. None of the above

10. Is an article attached by the tenant to the building for use in conducting a trade or business.

a. Fixture b. Trade fixture c. Chattel fixture d. B & C

11. It regulates and control the use of land.

a. Zoning b. Land Use c. Urban Planning d. CLUP

12. Under the government’s police powers, it is a law enacted to protect the public health and safety from inferior construction practices.

a. Building Code b. Fire Code c. Local Government Code d. All of the above

13. It is a charge, claim or liability on real estate and it may reduce a property’s value or place restrictions on how it is used.

a. Encumbrances b. Easement c. Liens d. Lis Pendens

14. Privilege to the used the land of another for a specific purpose. It is a personal privilege granted only the person whom it is given.

a. License b. Bundle of rights c. Right to use d. Stewardship Concept

15. Unauthorized physical intrusions of a building or other form of real property onto an adjoining property.

a. Encroachments b. Informal Settlers c. Prescription d. None of the above

16. Are conditions or limitation placed in a deed by the owner when property is transferred to another party.

a. Easement b. Prescription c. Liens d. Deed Restriction

17. The owner of the tax delinquent property is usually given certain rights to redeem the property.

a. Redemption Rights b. Equity Rights c. Statutory Rights d. All of the above

18. Is a notice in the public records of a pending lawsuit involving real estate. This acts as a public warning to anyone interested in the property.

a. Lis Pendens b. Rule 74 c. Quieting of Title d. All of the above

9. It is the oldest method of developing legal description; refer to the distance& to the direction.

a. Rectangular Survey b. Plat Survey c. Cadastral Survey d. Metes-and-Bounds Description

20. It is also called the government survey system and geodetic survey system.

a. Rectangular Survey System b. Government Survey System c. Geodetic System d. All of the above

21. Land is unique because

a) No two parcels have the same soil composition b) No two parcels have the same owners c) No two parcels have the same tax levies d) No two parcels can occupy the same space on the face of the earth.

22. Refers to a person who conducts valuation/appraisal; specifically, one who possesses the necessary qualifications, license, ability and experience to execute or direct the valuation/appraisal of real property.

a. Assessor b. Dealer c. Real Estate Developer d. Appraiser

23. What is the law that governed the practice of real estate service in the Philippines?

a. RA No. 9646 b. RA No. 6552 c. RA No. 71904 d. RA No. 10023 e. None of the above

24. When was RESA approved by the President of the Philippines?

a. 30 July 2009 b. 31 July 2009 c. 28 June 2010 d. 29 June 2009 e. 6 February 2009

25. RESA stands for

a. Real Estate Service Act b. Real Estate Service Act of the Philippines 2009 c. Real Estate Service Act of the Philippines

d. Realty Service Act of the Philippines

26. RESA law took effect on

a. 29 June 2009 b. 30 June 2009 c. 30 July 2009 d. 9 August 2010

27. RESA’s Implementing Rules & Regulations (IRR) was issued by PRBRES and approved by PRC on

a. 21 July 2010 b. 24 July 2010 c. 25 July 2010 d. 9 August 2011

28. When was the full implementation of RA#9646: RESA took effect?

a. After the effectivity of IRR on 9 August 2010 b. After the approval of PRBRES c. After the publication on the Official Gazette d. After the approval of PRC e. None of the above

29. An official in the local government unit, who performs appraisal and assessment of real properties, including plants, equipments and machineries for purposes of taxation.

a. Appraiser b. Valuer c. Real Estate Consultant d. Tax Mapper e. Assessor

30. Pursuant to Section 35, Article IV of RA 9646 on the Code of Ethics and Responsibilities, who will approve, adopt and promulgate this code of ethics?

a. Professional Regulation Commission b. PRBRES & PRC c. PhilRes d. AIPO

31. On the Professional Rules of Conduct and Responsibilities, the practitioners shall be governed by the following:

a. Relation to Government & Public b. Relation to Principals c. Relation to Fellow Practitioners d. Relation to AIPO e. All of the above

32. In relation to government, which of the following is the exception for real estate practitioners:

a. Secure licenses, permits as required by law b. Pay all professional fees and taxes for the practice of real estate c. Should not encourage, tolerate and participate in the evasion or illegal reduction in the payment of all taxes that is due to government d. None of the above

33. In relation to public, what are the social responsibilities of real estate practitioners:

a. Imbued with social responsibilities and conscience being part of society b. Cooperate with the government in protecting the public against deceit, misrepresentation, unfair, relevant information and other related unethical and malpractices of unlicensed and unauthorized practitioners. c. Endeavor to present the full disclosure of pertinent and material facts on the subject property in advertisements. d. All of the above

34. In relation to client, the real estate practitioner must adhere the following except:

a. Must be prudent and in good faith in protecting and promoting the interest of the client b. Shall not accept any professional fee from any party except his/her client c. Shall charge professional fee even if it is not within the standard set by the industry d. All of the above

35. In relation to fellow practitioners, the real estate practitioner must establish fiduciary relationship, which of the following that will subscribe this relationship:

a. Shall not use any documents without written consent by the other practitioner b. Shall not use or solicit the services of the employee of another practitioner without the written consent by the latter c. Practitioner can engage in slander, oral defamation, etc. d. A & B

36. In relation to AIPO, real estate practitioners must abide the articles of incorporation and bylaws and also must observe and comply on the following:

a. Shall not swear to support the AIPO financially b. Shall not comply the Code of Ethics and Responsibilities

c. Participate in the affairs of AIPO in all aspects of its existence d. A & B

37. On the specific duties and responsibilities, real estate practitioners shall:

a. Make sure that all transactions must be duly signed by all parties concerned b. Not advertise any property listing without written authority from the client c. Present all written offers/proposals to client for sound judgment or decision d. Make sure to keep the earnest money and offset it as professional fee e. All of the above except d

38. Under Section 38 of RESA, practitioners cannot sign any real estate documents without the following:

a. Certificate of Registration, PRC License, PTR, AIPO Number b. Dry seal c. AIPO membership d. PRC License

39. It refers to right of use over the property of another.

a. Easement b. Dominant estate c. Servitudes d. None of the above

40. It is a burden imposed upon another and may be classified as positive and negative servitudes.

a. Easement b. Dominant Estate c. Servitude d. None of the above

41. The third method of describing real estate is

a. Plat of Survey Method b. Recorded Plat Method c. Lot-Block-Tract Method d. All of the above

42. Refers to the degree, quality, nature and extent of interest a person can have in real estate.

a. Estate in Land

b. Feudal Ownership c. Allodial System d. Fee Simple Absolute

43. Are freehold estates based on someone’s life.

a. Life Estates b. Life Tenant c. Joint Tenancy d. None of the above

44. Water rights pertain to land bordering flowing water, such s streams or rivers. The extent of ownership depends on whether the water bordering the land is navigable.

a. Riparian Rights b. Littorial Rights c. Prior Appropriation d. All of the above 45. Water rights refer to an owner of the property along a large body of water that is not flowing, such as ocean, a sea or a lake. Ownership of the land usually extends to the high-water mark.

a. Riparian Rights b. Sea Navigational Rights c. Convention of Territorial Rights d. Littorial Rights

46. This kind of estate has fewer ownership rights than freehold estates and is of limited duration.

a. Estate for years b. Leasehold Estate c. Freehold Estate d. None of the above

47. Is ownership by two or more people with right of survivorship.

a. Joint Tenancy b. Tenants in Common c. Tenancy by the Entirety d. All of the above

48. Acquired by the joint efforts of husband and wife should be shared equally.

a. Community Property b. Conjugal Property c. Capital Property d. Curtesy

49. Is a written instrument that conveys ownership interest in real estate from a grantor to a grantee.

a. A Deed b. Contract of Sale c. Negotiable Instruments d. None of the above

50. Is any claim or encumbrance that may impair an owner’s title on the property. The process of removing defect is called perfecting title or also called clearing clouds on the title.

a. Title defect or title cloud b. Encumbrances c. Lis Pendens d. Rule 74

51. It’s a brief history of the documents affecting title.

a. Abstract of Title b. Torrens System c. Certificate of Title d. LRA

52. It is the inherit power of the sovereign state to raise money or revenue necessary to finance the function and operations of the government.

a. General Appropriation Act b. Monetary Policy c. Fiscal Policy d. None of the above

53. What are the laws governing real property taxation?

a. Tax Code of 1997 & Local Government Code of 1991 b. National Internal Revenue Code of 1997 c. Comprehensive Tax Reform Program or CTRP d. Republic Act No. 8424

54. Price at which a willing seller is willing to sell and a buyer willing to buy, both being under no abnormal pressure to sell or buy.

a. Fair Market Value b. Real Estate Market c. Zonal Value d. All of the above

55. Fair market values as determined by the BIR in accordance with section 6 of the Tax Code.

a. Zonal Value b. Assessor’s Value c. Real Property d. All of the above

56. Before determining the applicable tax rate for any real estate transaction, the classification of real property must be determined as to whether it is

a. Capital Asset b. Ordinary Asset c. Capital Asset or Ordinary Asset d. None of the above

57. As defined, it is property held by the taxpayer, whether or not connected with his trade or business.

a. Capital Asset b. Ordinary Asset c. Stock in trade d. None of the above

58. The following are ordinary assets except

a. Stock in trade of the taxpayer b. Property subject depreciation c. Property for sale to customer d. Principal residence of the taxpayer

59. What are taxes covered in the Tax Code of 1997 for real estate transactions?

a. Capital Gains Tax & Documentary Stamp Tax b. Estate & Donors Tax c. VAT & Withholding Tax d. All of the above

60. It is the highest price in terms of money which a property can command if exposed for sale in the open market, allowing a reasonable time to find a buyer with knowledge of the use the property is capable or adopted to.

a. Fair Market Value b. Assessed Value c. Zonal Value d. Insurable Value

61. Is a percentage of the fair market value at which the assessed value is set.

a. Assessed Value b. Tax Rate c. Assessment Level d. Actual Use

62. Is the fair market value multiplied by assessment level and is synonymous to taxable value.

a. Assessed Value b. Tax Rate Value c. Fair Market Value d. None of the above

63. Refers to the purpose for which the property is principally or predominantly utilized by the person in possession thereof.

a. Actual Use b. Fair Market Value c. Utility d. Scarcity

64. It is a special levy of one percent of the assessed value is imposed on real property, in addition to the basic real property tax.

a. Basic property tax b. Special Education Fund Tax (SEF) c. On Idle lands d. All of the above

65. How much is the amount of Realty Tax (Basic)?

a. 1% b. 1% for provinces & 2% for cities/municipalities within Metro Manila c. 5% of the Assessed Value d. 2%

66. How much is the rate of the application of transfer tax?

a. 75% of 1% & 50% of 1% b. 50% of 1% & 50% of 2% c. 1% d. None of the above

67. Which are the correct formulas for the real estate taxes:

a. FMV x AL =AV; AV x TR = Tax Due b. FMV x AL =AV; AV x TR(2) = Tax Due c. AV x Tax Rate = Tax Due d. Assessment Level x Assessed Value = Tax Due

68. On the assessment level for land, how much is the applicable rate for residential?

a. 10% b. 20% c. 40% d. 50%

69. On the assessment level for land, how much is the applicable rate for commercial, industrial & mineral?

a. 50% b. 70% c. 40% d. None of the above

70. On the assessment level for improvement, how much is the applicable rate for FMV (Residential) not over Php175,000.00?

a. 10% b. 20% c. 30% d. 00%

71. Land is in residential area, building is commercial, what is the AL to be used?

a. Residential b. Commercial c. Both Residential and Commercial d. Mixed Used

72. Is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition.

a. Estate Tax b. Donors Tax

c. Decedent’s Inheritance Claims on Taxation d. None of the above

73. If donation is made to stranger, it is subject to what rate of donor’s tax?

a. None b. 1.5% c. 1% up 20% depending on the amount of gift or donation d. 30% of the net gift

74. It is the measurement of the land to determine its external boundaries of each lot in the subdivision project.

a. Subdivision Survey b. Relocation Survey c. Tie Line d. Topographic Survey

75. A document issued by the DENR Secretary that the proposed project will not cause a significant negative environment impact.

a. Environmental Impact Statement b. Environmental Impact Assessment c. Environmental Compliance Certificate d. All of the above

76. The process of predicting the likely environmental consequences of implementing projects, and designing appropriate preventive, migrating, and enhancement measures.

a. Environmental Impact Statement b. Environmental Impact Assessment c. Environmental Certificate d. All of the above

77. The measurement of the land to determine its external boundaries and ascertain whether or not there are encroachments.

a. Relocation Survey b. Subdivision Survey c. Surveyor d. SWS Survey

78. What are the exemptions from License to Sell:

a. Sale of a subdivision lot resulting from partition of the land among co-owners or co-heirs b. Sale of a subdivision lot or condominium unit by the original purchaser, and any subsequent sale of the same lot or unit.

c. Sale of a subdivision lot or condominium unit by or for the account of a mortgagee in the ordinary course of business to liquidate a bonafide obligation. d. All of the above

79. Salient features of RA7279 , requires developers to develop for socialized housing an area equivalent to 20% of the gross area or project cost of the main subdivision project, at the option of the developer. Which is the more detailed interpretation of 20% provision?

a. Land equivalent 20% & housing unit equivalent to 20% of the aggregate area of all housing units; OR 20% of the total cost of the project b. 20% in the general project development c. 20% of the approved and negotiated cost of development d. 20% as approved by LGUs and HLURB

80. In the Philippines, the concept of condominiums was formally recognized with the passage by Congress on 16 June, 1966 of “An act to define Condominium, Establish Requirements for its creation, and govern its incidence”

a. RA 4726 b. RA4727 c. RA4728 d. RA4729

81. This is an interest in real estate consisting of absolute ownership in a unit of residential, commercial or industrial buildings and common ownership of the land and common areas of condominium project.

a. Townhouse b. Time-Share c. Condominium d. Coops

82. It is the totally of the site (land), condominium units and common areas.

a. Condominium Project b. Condominium Unit c. Common Areas d. None of the above

83. This is the space encompassed by the interior surface of the floor, ceiling, walls, and exterior doors and windows, which is susceptible of independent use and ownership.

a. Condominium Unit b. Condominium Project c. Condominium d. All of the above

84. Refer to the weight, bearing walls, column and beams, stairways, halls, elevators, etc.

a. Condominium Unit b. Condominium Project c. Construction Materials d. Common Areas

85. This is enabling act of any condominium project.

a. Articles of Incorporation and Bylaws b. Rules and Regulations c. Deed of Restrictions d. Master Deed

86. It lays down the provisions for insurance coverage’s, the management body, maintenance costs and assessment basis and audit.

a. Deed of Restrictions b. Articles of Incorporation and Bylaws c. R&R d. All of the above

87. This is the evidence or proof of one’s ownership of the condominium unit.

a. Condominium Certificate of Title (CCT) b. TCT c. COT d. Free Patent

88. It is a partnership between the landowner and the developer wherein the former contributes his rawland while the latter undertakes and finances all the costs to convert the land into a finished homesite.

a. Concept of Joint Venture Agreement b. Syndication c. Brokerage d. None of the above

89. It starts at a definite point called Point of Beginning or Tie Point. The circumference of the property is described starting from POB and ends also at POB.

a. Rectangular Survey System b. Survey c. Metes and Bounds d. All of the above

90. Also called as government survey or geodetic survey system.

a. Rectangular Survey System b. Geodetic Survey System

c. Government Survey d. All of the above

91. Sometimes called the lot-block-track method. This is used in areas where land is subdivided into phase, block, and lot and usually recorded in an approved subdivision plan.

a. Plat Survey Method b. Government Survey c. Surveyor’s Plan d. Approved Plan

92. It is a flat representation of earth’s surface in paper.

a. Map b. Land c. Real Estate d. Mountains

93. What are the plans approved by the Land Registration Authority?

a. Private Subdivision of titled property b. Private consolidated subdivision of titled property c. Psd & Pcs d. All of the above

Survey symbols and common tie point & Homestead Patents

94. BLLM

a. Bureau of Lands Location Monument b. Bureau of Lands Local Monument c. Bureau of Lands Local Market d. None of the above

95. BLBM

a. Bureau of lands Brgy. Boundary Monument b. Bureau of Lands Barrio Boundary Monument c. Bureau of Lands Barrio Boundary Marker d. All of the above

96. LM & CBM

a. Local Monument & Common Boundary Monument b. Local Monument & City Boundary Monument c. Location Monument & City Boundary Monument

d. None of the above

97. PBM

a. Provincial Boundary Monument b. Public Boundary Monument c. Private Boundary Monument d. All of the above

98. BBM

a. Barrio Boundary Monument b. Barangay Boundary Monument c. Basketball Boundary Monument d. All of the above

99. FPA a. Free Patent Application b. Free Public Application c. Free Private Application d. None of the above

100. CAD & SWO

a. Cadastral Land Subdivision & Special Work Order b. Cadastral Land Subdivision & Strength Work Order c. Cadastral d. Special Work Order

ANSWERS:

1D, 2D, 3A, 4B, 5C, 6A, 7A, 8D, 9A, 10D,

11A, 12A, 13A, 14A, 15A, 16D, 17A, 18A, 19D, 20D,

21D, 22D, 23A, 24D, 25C, 26C, 27A, 28A, 29E, 30B,

31E, 32D, 33D, 34C, 35D, 36C, 37E, 38A, 39A, 40C,

41D, 42A, 43A, 44A, 45D, 46B, 47A, 48A, 49A, 50A,

51A, 52D, 53A, 54A, 55A, 56C, 57A, 58D, 59D, 60A,

61C, 62A, 63A, 64B, 65B, 66A, 67A, 68B, 69A, 70D,

71B, 72A, 73D, 74A, 75C, 76B, 77A, 78D, 79A, 80A,

81C, 82A, 83A, 84D, 85D, 86A, 87A, 88A, 89C, 90D,

91A, 92A, 93D, 94A, 95B, 96C, 97A, 98A, 99A, 100A,