Real Estate Broker Exam Reviewer (Nrea Part1)
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Questions and Answers
- 1.
Which of the following terms would include the interests, benefits, and rights inherent in the Ownership of Real Estate?
- A.
Chattel
- B.
Real Property
- C.
Personal Property
- D.
Trade Fixtures
Correct Answer
B. Real PropertyExplanation
Real Property refers to land and any structures or improvements attached to it. It includes the interests, benefits, and rights that come with owning real estate, such as the right to possess, use, and transfer the property. Chattel refers to personal property that is movable, while Personal Property refers to any property that is not real property. Trade Fixtures are items that are attached to a property for business purposes but can be removed by the tenant. Therefore, Real Property is the correct term that encompasses the interests, benefits, and rights inherent in the ownership of real estate.Rate this question:
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- 2.
Which of the following would be considered to be real property?
- A.
A leasehold estate
- B.
Fixtures
- C.
Chattels
- D.
Trade Fixtures
Correct Answer
B. FixturesExplanation
Fixtures would be considered to be real property because they are items that are permanently attached to the land or property and cannot be easily removed without causing damage. They become part of the property and are therefore considered real property. Leasehold estate, chattels, and trade fixtures are not considered real property as they are either temporary rights to use the property, personal property, or items that can be easily removed without causing damage to the property.Rate this question:
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- 3.
The Servient estate in an easement appurtenant is the property
- A.
Owned by the landlord
- B.
On which the easement is placed
- C.
That benefits from the easement
- D.
Owned by the tenant
Correct Answer
B. On which the easement is placedExplanation
In an easement appurtenant, the servient estate refers to the property on which the easement is placed. The easement is a right or privilege granted to the owner of another property, known as the dominant estate, to use a portion of the servient estate for a specific purpose. Therefore, the servient estate is the property that is burdened by the easement and allows the owner of the dominant estate to benefit from it.Rate this question:
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- 4.
Your uncle died without a will, and you inherited his real estate. The way in which you would acquire his estate is by:
- A.
Accession
- B.
Succession
- C.
Escheat
- D.
Avulsion
Correct Answer
B. SuccessionExplanation
Succession is the correct answer because when someone dies without a will, their property is distributed to their heirs according to the laws of intestate succession. As the nephew/niece of the deceased, you would be considered an heir and would therefore inherit the real estate. Accession refers to the acquisition of property through the addition of improvements or natural growth, which is not applicable in this scenario. Escheat occurs when a person dies without any known heirs and their property reverts to the state, which is also not applicable here. Avulsion refers to the sudden removal of land by natural forces, which is unrelated to inheriting property.Rate this question:
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- 5.
An earthquake tore away some of the land on your farm recently. This is an example of
- A.
Accession
- B.
Avulsion
- C.
Accretion
- D.
Erosion
Correct Answer
B. AvulsionExplanation
Avulsion refers to the sudden and rapid removal of land by natural forces such as earthquakes, floods, or landslides. In this scenario, the earthquake caused a portion of the land on the farm to be torn away, which aligns with the definition of avulsion. This term is used specifically when there is a sudden and noticeable change in the boundaries of a property due to the forceful action of nature.Rate this question:
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- 6.
Which of the following is physical characteristic of land?
- A.
Scarcity
- B.
Situs
- C.
Permanence of Investment
- D.
Immobility
Correct Answer
D. ImmobilityExplanation
Immobility is a physical characteristic of land because it refers to the fact that land cannot be moved from one location to another. Unlike other assets or goods, land is fixed in its location and cannot be transported or relocated. This immobility is a fundamental feature of land that affects its value and use. It is an important consideration in real estate and urban planning, as the location of land plays a crucial role in its desirability and potential for development.Rate this question:
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- 7.
Joy has been informed that her land is being taken by the estate for the development of a new Highway. the estate will pay Joy for her land. This process is called the right of
- A.
Police Power
- B.
Escheat
- C.
Taxation
- D.
Eminent Domain
Correct Answer
D. Eminent DomainExplanation
Eminent Domain is the correct answer because it refers to the government's power to take private property for public use, as long as just compensation is provided to the owner. In this scenario, Joy's land is being taken by the estate for the development of a new Highway, and she will be compensated for her land. This demonstrates the process of eminent domain, where the government exercises its authority to acquire private property for public purposes.Rate this question:
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- 8.
Maria objected to the violation of a deed of restriction in her subdivision but waited one year to request a court injunction to enforce the restriction. The judge subsequently ruled that Maria had waited too long to request for court action. The judge would not issue the injunction. Maria's loss is an example of
- A.
Accession
- B.
Laches
- C.
Reliction
- D.
Annexation
Correct Answer
B. LachesExplanation
Laches refers to the unreasonable delay or negligence in asserting one's legal rights, which can result in the loss of those rights. In this case, Maria objected to the violation of a deed of restriction in her subdivision but waited one year before requesting a court injunction to enforce the restriction. The judge ruled that Maria had waited too long to request court action, indicating that she had been negligent in asserting her rights in a timely manner. As a result, the judge refused to issue the injunction, and Maria suffered a loss due to her delay in taking legal action.Rate this question:
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- 9.
The water rights of a landowner adjacent to a stream are known as
- A.
Equitable Rights
- B.
Littoral Rights
- C.
Riparian Rights
- D.
Appropriation Rights
Correct Answer
C. Riparian RightsExplanation
Riparian rights refer to the water rights of a landowner who owns property adjacent to a stream. These rights allow the landowner to use the water for reasonable and beneficial purposes, such as irrigation or drinking water, as long as it does not interfere with the rights of other riparian owners. Riparian rights are based on the concept of natural flow and are common in common law jurisdictions. They are different from appropriation rights, which involve obtaining water rights through a permit or legal process. Equitable rights and littoral rights are not applicable in this context.Rate this question:
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- 10.
Commercial Real Estate includes all of the following except
- A.
Office Buildings for sale
- B.
Retail space for lease
- C.
Apartment for rent
- D.
Fast-food restaurant for rent
Correct Answer
C. Apartment for rentExplanation
Commercial Real Estate refers to properties that are used for business purposes, such as office buildings, retail spaces, and fast-food restaurants. These properties are typically bought, sold, or leased for commercial activities. However, apartments for rent are considered residential properties, as they are used for residential purposes rather than commercial activities. Therefore, apartments for rent are not included in the category of Commercial Real Estate.Rate this question:
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- 11.
Real property includes all of the following except
- A.
Land
- B.
Fixtures
- C.
Bundle of rights
- D.
Trade fixtures
Correct Answer
D. Trade fixturesExplanation
Real property refers to land and any permanent structures or improvements attached to it. This includes fixtures, which are items that are affixed to the land or property and are considered part of it. The bundle of rights refers to the legal rights associated with owning real property. However, trade fixtures are not considered part of real property. Trade fixtures are items that are attached to the property by a tenant or business owner for the purpose of conducting their trade or business, and they can be removed by the tenant when they vacate the property.Rate this question:
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- 12.
Pine trees and bougainvillea bushes on a property that were planted by the current owner are examples of
- A.
Real Estate
- B.
Personal Property
- C.
Chattels
- D.
Trade fixtures
Correct Answer
A. Real EstateExplanation
Pine trees and bougainvillea bushes on a property that were planted by the current owner are considered examples of real estate because they are permanently attached to the land and cannot be easily removed without causing damage. Real estate refers to the land and any permanent fixtures or improvements on it, such as buildings, trees, and landscaping. These items are typically included in the sale of the property and are considered part of the real estate.Rate this question:
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- 13.
Legitime means:
- A.
That part of the property of the testator or estate that cannot be disposed of because the law has reserved it for compulsory heirs.
- B.
The free portion of the property that the owner cannot dispose
- C.
The estate taxes that the heir has to pay before getting the property left by the deceased.
- D.
That free portion of the property that a person is permitted by law to control a certain part for his own disposition and will
Correct Answer
A. That part of the property of the testator or estate that cannot be disposed of because the law has reserved it for compulsory heirs.Explanation
Legitime means that part of the property of the testator or estate that cannot be disposed of because the law has reserved it for compulsory heirs. This means that certain heirs, such as children or a spouse, have a legal right to a portion of the deceased person's property, and this portion cannot be freely given away or disposed of by the testator. It is a protected share of the estate that is guaranteed by law to specific individuals.Rate this question:
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- 14.
A holographic will must be the following except.
- A.
Must be dated
- B.
Must be entirely written by the hand of the testator himself
- C.
Must be signed by 3 witnesses and acknowledged before a notary public
- D.
Must be signed by a testator himself
Correct Answer
C. Must be signed by 3 witnesses and acknowledged before a notary publicExplanation
A holographic will is a will that is entirely written by the hand of the testator himself. It must be dated and signed by the testator himself. However, it does not require the signatures of three witnesses and acknowledgment before a notary public. Therefore, the correct answer is that a holographic will must be signed by 3 witnesses and acknowledged before a notary public.Rate this question:
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- 15.
If an unmarried person dies, his estate shall be inherited by:
- A.
Parents only
- B.
Brother and sister only
- C.
Parents, brother and sister only
- D.
Parents, brother and sister and nephews and nieces
Correct Answer
A. Parents onlyExplanation
If an unmarried person dies without a will, their estate is typically inherited by their closest living relatives. In this case, the correct answer is "Parents only." This means that if the person has both parents alive at the time of their death, the parents will inherit their entire estate. Other relatives like siblings (brother and sister), and nephews and nieces would not be entitled to inherit the estate in this scenario.Rate this question:
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- 16.
The share of an illegitimate child is equivalent to
- A.
Same as the share of the spouse
- B.
1/2 of the share of the spouse
- C.
Same as the share of a legitimate child
- D.
1/2 share of a legitimate child
Correct Answer
D. 1/2 share of a legitimate childExplanation
The share of an illegitimate child is 1/2 of the share of a legitimate child. This means that an illegitimate child would receive half of what a legitimate child would receive in terms of inheritance or property distribution.Rate this question:
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- 17.
Probate of a will means:
- A.
Dividing the state of the testator based on his will
- B.
Filing and submitting the will to the court to determine authenticity and who will inherit the property of the deceased person.
- C.
To prepare a will before a notary public
- D.
To distribute the property based on the testator's will
Correct Answer
B. Filing and submitting the will to the court to determine authenticity and who will inherit the property of the deceased person.Explanation
Probate of a will refers to the process of filing and submitting the will to the court in order to establish its authenticity and determine how the property of the deceased person will be distributed among the beneficiaries. This legal procedure ensures that the wishes of the testator, as outlined in the will, are honored and that the rightful heirs receive their inheritance.Rate this question:
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- 18.
Extrajudicial settlement of estate means:
- A.
Settling the estate of the testator based on his will
- B.
Filing a petition in court to divide the estate of the deceased or testator
- C.
Settling the estate among the heirs without going to the court
- D.
Settling the estate by self adjudication
Correct Answer
C. Settling the estate among the heirs without going to the courtExplanation
Extrajudicial settlement of estate refers to the process of settling the estate among the heirs without involving the court. This means that the heirs come to an agreement on how to distribute the assets and liabilities of the deceased person's estate without the need for court intervention. It is a simpler and more informal way of handling the estate, often used when there is no dispute among the heirs and the estate is not complex.Rate this question:
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- 19.
Under the Code of Ethics and Responsibilities the real estate service practitioner is obligated to observe in all dealings and relations with clients, fellow practitioners, and general public the principle of treating others as you like them to treat you, or referred to as:
- A.
The ten commandments
- B.
Silver rule of practice
- C.
Golden rule
- D.
Good manners and right conduct
Correct Answer
C. Golden ruleExplanation
The correct answer is the "Golden rule." The Golden rule states that one should treat others as they would like to be treated. This principle emphasizes the importance of empathy and respect in all interactions and relationships. It encourages real estate service practitioners to consider the feelings and needs of their clients, fellow practitioners, and the general public, promoting ethical behavior and positive professional conduct.Rate this question:
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- 20.
A device which grant property owner relief from certain provisions of the zoning ordinance where, because of specific use, would result in a particular hardship upon the owner as distinguished from a mere inconvenience or a desire to make more money.
- A.
Temporary use permit
- B.
Variance
- C.
Deviation
- D.
Exception
Correct Answer
B. VarianceExplanation
A variance is a device that allows property owners to be exempted from certain zoning regulations when strict adherence to those regulations would cause undue hardship. This means that the property owner would face significant difficulties or disadvantages if they were not granted relief from the zoning ordinance. It is important to note that this exemption is not granted for mere convenience or financial gain, but rather to address specific hardships faced by the property owner.Rate this question:
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- 21.
A grid pattern, popularized by Hippodamus, mark by four roads containing an average area of 73 square meters.
- A.
Fortress
- B.
Insula
- C.
Block
- D.
Puerta
- E.
Nodal area
Correct Answer
B. InsulaExplanation
Insula is the correct answer because it refers to a type of building block in ancient Roman cities. The grid pattern mentioned in the question was a common urban design principle used in Roman cities, and the insulae were the individual building blocks within this grid. These insulae typically contained multiple apartments or shops and had an average area of 73 square meters. Therefore, the term "insula" aligns with the given information about the grid pattern and the average area of the building blocks.Rate this question:
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- 22.
A result of super-imposition or overlays of soil and slope maps taking into consideration rainfall intensity and tidal fluctuations of bodies of water, it shows the degree of potentiality of an area to water inundation.
- A.
Land capability map
- B.
Land suitability map
- C.
Irrigation map
- D.
Flooding hazard map
Correct Answer
D. Flooding hazard mapExplanation
A flooding hazard map is a result of super-imposition or overlays of soil and slope maps, considering rainfall intensity and tidal fluctuations. It shows the degree of potentiality of an area to water inundation. This map helps identify areas that are at risk of flooding, allowing for better planning and management of flood-prone areas. It is used to assess the potential impact of flooding on infrastructure, agriculture, and human settlements, and can aid in making informed decisions regarding land use and development in flood-prone areas.Rate this question:
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- 23.
The validity of a development permit, as prescribed in the revised implementing Rules and Regulations (IRR) shall be:
- A.
1 year
- B.
2 years
- C.
3 years
- D.
4 years
- E.
5 years
Correct Answer
C. 3 yearsExplanation
The validity of a development permit, as prescribed in the revised implementing Rules and Regulations (IRR), is for a period of 3 years. This means that once a development permit is issued, it remains valid for a duration of 3 years. After this period, it may need to be renewed or extended if the development project is not yet completed or if further construction is required.Rate this question:
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- 24.
The minimum water supply requirement to provide the average daily demand (ADD) to all homeowners.
- A.
100 liters/person/day
- B.
150 liters/person/day
- C.
200 liters/person/day
- D.
250 liters/person/day
- E.
300 liters/person/day
Correct Answer
B. 150 liters/person/dayExplanation
The correct answer is 150 liters/person/day. This is the minimum water supply requirement needed to provide the average daily demand to all homeowners. It ensures that each person has enough water for their daily needs, including drinking, cooking, cleaning, and sanitation. Providing less than 150 liters/person/day may lead to water shortages and inadequate access to clean water for basic needs. On the other hand, supplying more than 150 liters/person/day may result in wastage of water resources. Therefore, 150 liters/person/day strikes a balance between meeting the demand and conserving water.Rate this question:
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- 25.
The minimum area allocated for a park and playground.​
- A.
50 sq.m.
- B.
100 sq.m
- C.
150 sq.m
- D.
200 sq.m.
- E.
250 sq.m.
Correct Answer
B. 100 sq.mExplanation
The minimum area allocated for a park and playground is 100 sq.m. This means that the park and playground must have at least 100 sq.m. of space in order to meet the minimum requirements.Rate this question:
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- 26.
Section 18 of the Urban Development Housing Act (RA 7279) requires developers of a subdivision project to provide 20% of the main subdivision for:
- A.
Roads and open spaces
- B.
Socialized housing
- C.
Economic housing
- D.
Medium cost housing
- E.
Parks and playgrounds
Correct Answer
B. Socialized housingExplanation
Section 18 of the Urban Development Housing Act (RA 7279) mandates that developers of a subdivision project allocate 20% of the main subdivision for socialized housing. This means that developers are required to set aside a portion of the subdivision for housing units that are affordable to low-income families. This provision aims to address the housing needs of the less privileged members of society and promote inclusive and equitable urban development.Rate this question:
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- 27.
Which land use classification can be considered a mixed-use development?
- A.
Commercial
- B.
Residential
- C.
Planned unit development
- D.
Institutional
- E.
None of the above
Correct Answer
A. CommercialExplanation
A mixed-use development refers to an area that combines different types of land uses, such as residential, commercial, and institutional, within the same vicinity. While residential and institutional land use classifications are mentioned as individual options, the correct answer is "Commercial" because it indicates that the area in question includes a combination of various land uses, making it a mixed-use development.Rate this question:
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- 28.
The standard color scheme for residential land use
- A.
Red
- B.
Blue
- C.
Yellow
- D.
Violet
- E.
Yellow green
Correct Answer
C. YellowExplanation
The given color scheme for residential land use includes various colors such as red, blue, yellow, violet, and yellow green. Out of these options, yellow is the correct answer for the standard color scheme for residential land use. This means that yellow is commonly used to represent residential areas on maps, zoning codes, or other land use plans. It is important to have a standardized color scheme for land use to ensure consistency and clarity in urban planning and development.Rate this question:
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- 29.
The standard color scheme for commercial land use
- A.
Red
- B.
Blue
- C.
Yellow
- D.
Violet
- E.
Yellow Green
Correct Answer
A. RedExplanation
The standard color scheme for commercial land use is red. This color is commonly associated with energy, excitement, and urgency, making it an ideal choice for commercial areas. Red can attract attention and stimulate customers, which is beneficial for businesses. It is often used for signs, logos, and advertisements in commercial areas to grab people's attention and create a sense of urgency to engage with the business. Additionally, red can also convey a sense of power and confidence, which can be appealing for commercial establishments.Rate this question:
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- 30.
The standard color scheme for industrial land use
- A.
Red
- B.
Blue
- C.
Yellow
- D.
Violet
- E.
Yellow green
Correct Answer
D. VioletExplanation
The standard color scheme for industrial land use is often represented by different colors to indicate specific types of industries or activities. In this case, violet is likely used to represent a particular type of industrial land use. Without further context or information, it is difficult to determine the exact meaning behind the violet color. However, it is common for color schemes to vary depending on local regulations or industry standards, so the use of violet in this context may have a specific significance within a particular region or industry.Rate this question:
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- 31.
The standard color scheme for institutional land use
- A.
Red
- B.
Blue
- C.
Yellow
- D.
Violet
- E.
Yellow green
Correct Answer
B. BlueExplanation
Blue is the correct answer because it is commonly associated with institutional land use. Many institutions, such as schools, government buildings, and hospitals, use blue as a primary color in their branding and design. Blue is often chosen because it conveys a sense of trust, professionalism, and stability, which are important qualities for institutions. Additionally, blue is a calming color that can create a welcoming and comfortable environment for visitors and occupants of institutional spaces.Rate this question:
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- 32.
The standard color scheme for parks and open spaces.
- A.
Red
- B.
Blue
- C.
Yellow
- D.
Violet
- E.
Yellow green
Correct Answer
E. Yellow greenExplanation
The correct answer is Yellow green. Yellow green is often used in the standard color scheme for parks and open spaces because it represents nature and freshness. This color combination helps create a calming and serene environment, which is desirable for outdoor recreational areas. Yellow green also complements the surrounding greenery, making it a popular choice for park design.Rate this question:
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- 33.
Julie was born in the Philippines of Filipino parents. She went to the United States and married an American and thereby obtaining a US citizenship. She together with her husband went back to the Philippines and wants to work at her own time and decided to enter real estate practice. Julie applied with the PRC and her application was not accepted because of citizenship. What should Julie do to be able to take the PRC Real Estate Board Examination:
- A.
Divorce her husband
- B.
Apply for Dual Citizenship under RA 9225
- C.
Go to DFA and apply for Filipino citizenship
- D.
File and annulment of marriage and apply for reversion of her Filipino Citizenship
Correct Answer
B. Apply for Dual Citizenship under RA 9225Explanation
Julie should apply for Dual Citizenship under RA 9225 in order to be able to take the PRC Real Estate Board Examination. This law allows natural-born Filipinos who have acquired foreign citizenship to retain or reacquire their Philippine citizenship. By applying for Dual Citizenship, Julie can regain her Filipino citizenship while still maintaining her American citizenship. This will fulfill the citizenship requirement for taking the examination.Rate this question:
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- 34.
In case of resignation or termination from employment of real estate service practitioners, his employer shall report to the PRBRES within how many days from the date of effectivity of his/her resignation or termination.
- A.
5 days
- B.
10 days
- C.
15 days
- D.
30 days
Correct Answer
C. 15 daysExplanation
When a real estate service practitioner resigns or is terminated from their employment, their employer is required to report this to the PRBRES within 15 days from the date of the resignation or termination. This reporting is necessary to keep the PRBRES updated on the employment status of real estate service practitioners and to ensure compliance with regulations and guidelines.Rate this question:
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- 35.
A real estate salesperson is employed by a Real Estate Broker who is accredited in John Doe Development Corporation. Said salesperson has a serious prospect buyer but was interested in a competitor Developer project. What should the salesperson do to close the sale.
- A.
Affiliate with other broker who is accredited with the competitor developer.
- B.
Ask the buyer to give reservation fee to hold the unit without first obtaining an authority/accreditation from the competitor Developer.
- C.
Go to the competitor Developer and bring the buyer to be able to close the sale
- D.
Convince the buyer to buy from the project he is handling by giving all the advantages and selling points of the project.
Correct Answer
D. Convince the buyer to buy from the project he is handling by giving all the advantages and selling points of the project.Explanation
The salesperson should convince the buyer to buy from the project he is handling by highlighting all the advantages and selling points of the project. This is the best approach because the salesperson is employed by the Real Estate Broker who is accredited with John Doe Development Corporation. It would be unethical for the salesperson to affiliate with another broker or try to close the sale without obtaining proper authorization from the competitor Developer. Therefore, the salesperson should focus on promoting the project they are involved with and provide compelling reasons for the buyer to choose that particular project.Rate this question:
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- 36.
A development company had a real estate exhibit in one of the major mall in Quezon City. A couple inquired into different salesperson. The husband inquired to Salesperson A, and the wife inquired to another salesperson B. Salesperson A close the sale after a week. Salesperson B wrote a complaint letter to their Broker stating that he is the official agent of the buyer. The broker must do the following action to resolve the dispute, except:
- A.
Look for signed prospect appointment slip
- B.
Investigate who showed and presented the project to the buyer
- C.
Terminate salesperson B to avoid argument
- D.
To arbitrate and resolve the dispute in the proper and ethical manner.
Correct Answer
C. Terminate salesperson B to avoid argumentExplanation
The broker should not terminate salesperson B to avoid an argument. Instead, they should investigate who showed and presented the project to the buyer to determine the official agent. Terminating salesperson B without proper investigation would not be a fair resolution to the dispute and could potentially lead to further conflict.Rate this question:
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- 37.
An application for registration of Real Estate Broker's license must be accompanied by:
- A.
Cash bond of P5,000.00
- B.
Surety Bond of P5,000.00
- C.
Cash bond of P10,000.00
- D.
Surety Bond of P20,000.00
Correct Answer
D. Surety Bond of P20,000.00Explanation
The correct answer is the Surety Bond of P20,000.00. This is because the question asks for the requirement that must accompany the application for registration of a Real Estate Broker's license. A surety bond is a type of insurance that guarantees the fulfillment of certain obligations, in this case, the obligations of a Real Estate Broker. The amount of P20,000.00 is the specified value for the surety bond.Rate this question:
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- 38.
Mr. santos hired the services of a broker to sell his property. The owner said he bought it at P7,000,000.00 and wants a 30% gross profit. If you were the broker, how much would you add to the selling price if you desire a 5% commission without affecting the gross profit of Mr. Santos.
- A.
428,947.37
- B.
455,000.00
- C.
472,500.00
- D.
478,947.37
Correct Answer
D. 478,947.37Explanation
If you see this note, i still don't figure it out why the answer is P 478,947.37Rate this question:
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- 39.
The seller realized a 35% gross profit over his cost. If the property is sold at P1,450,000.00, find the cost.
- A.
P 942,500.00
- B.
P 1,074,074.07
- C.
P 1,957,500.00
- D.
P 2,230,768.23
Correct Answer
B. P 1,074,074.07Explanation
Solution:Rate this question:
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- 40.
The value placed on taxable property by the assessor for ad valorem tax purpose is:
- A.
Market value
- B.
Assessment value
- C.
Economic value
- D.
Appraised value
- E.
Assessed value
Correct Answer
E. Assessed valueExplanation
The correct answer is "Assessed value". The assessed value is the value placed on taxable property by the assessor for ad valorem tax purposes. It is the value used to calculate property taxes and is typically a percentage of the property's market value. The assessed value may be lower than the market value to account for factors such as depreciation or local tax laws.Rate this question:
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- 41.
The zonal value of property can be obtained from:
- A.
Assessor's office
- B.
Bureau of Internal Revenue
- C.
Land Registration Authority
- D.
DENR
Correct Answer
B. Bureau of Internal RevenueExplanation
The correct answer is Bureau of Internal Revenue because they are responsible for determining the zonal value of properties for tax purposes. They assess the value of properties based on their location and other factors to determine the appropriate taxes that should be paid. The Assessor's office, Land Registration Authority, and DENR may have information related to property values, but the Bureau of Internal Revenue specifically deals with determining the zonal value for taxation purposes.Rate this question:
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- 42.
A process of determining fair market value of a land by comparing it with nearby or comparable properties which were subject of recent sales or offerings is an example of:
- A.
Market analysis
- B.
Market data approach
- C.
Appraiser's approach
- D.
Valuation approach
Correct Answer
B. Market data approachExplanation
The process described in the question, which involves determining the fair market value of a land by comparing it with nearby or comparable properties that have recently been sold or offered, is known as the market data approach. This approach relies on analyzing market data and using it as a basis for estimating the value of the land.Rate this question:
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- 43.
_______ is a provision in a mortgage contract which releases the property from encumbrance when the mortgaged obligation is fully paid.
- A.
Quit claim clause
- B.
Defeasance Clause
- C.
Obligation Clause
- D.
Mortgage Release Clause
Correct Answer
B. Defeasance ClauseExplanation
A defeasance clause is a provision in a mortgage contract that releases the property from any encumbrance once the mortgaged obligation is completely paid off. This means that once the borrower fulfills their financial obligations, such as repaying the loan in full, the property is no longer subject to the mortgage and any associated liens or claims. The defeasance clause ensures that the borrower has clear ownership of the property once the mortgage is fully satisfied.Rate this question:
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- 44.
________ represents the final payment in an installment plan which is bigger than the previous installments and which liquidates the entire obligation.
- A.
One-time payment
- B.
Balloon payment
- C.
Final payment
- D.
Settlement Payment
Correct Answer
B. Balloon paymentExplanation
A balloon payment refers to the final payment in an installment plan that is larger than the previous installments. It is called a balloon payment because it "inflates" the total amount due, effectively "liquidating" or paying off the entire obligation. This type of payment structure is often used in loans or mortgages where the borrower makes smaller regular payments throughout the term and then a larger lump sum payment at the end to fully satisfy the debt.Rate this question:
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- 45.
In filing for payment of real estate taxes, a notice of death is required within _____ days from date of death in order not to be subject to penalties and other fees.
- A.
30 days
- B.
60 days
- C.
90 days
- D.
120 days
Correct Answer
B. 60 daysExplanation
In order to avoid penalties and other fees, it is necessary to submit a notice of death within 60 days from the date of death when filing for payment of real estate taxes. This allows the relevant authorities to update their records and make the necessary adjustments in a timely manner. Failing to provide this notice within the specified timeframe may result in additional financial burdens for the individual or estate responsible for the taxes.Rate this question:
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- 46.
Under the Urban Development and Housing Act (RA 7279) on balanced housing development, the 20% requirement for socialized housing compliance shall be computed based on:
- A.
On the saleable area of the project
- B.
On the gross area of the main subdivision project
- C.
On the total cost of development
- D.
On the total value of the project less cost of development
Correct Answer
B. On the gross area of the main subdivision projectExplanation
The correct answer is based on the gross area of the main subdivision project. This means that the 20% requirement for socialized housing compliance will be calculated based on the total area of the main subdivision project, regardless of whether the area is saleable or not. This ensures that a fair and balanced approach is taken in providing socialized housing within the development, as it takes into account the overall size of the project rather than just the saleable area.Rate this question:
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- 47.
On the minimum design standards under BP 220, the minimum lot area of a Duplex / Single attached for economic housing shall be:
- A.
54 sq.m.
- B.
48 sq. m
- C.
36 sq. m
- D.
28 sq. m.
Correct Answer
A. 54 sq.m.Explanation
Under the minimum design standards of BP 220, the minimum lot area for a Duplex/Single attached for economic housing is 54 sq.m. This means that any duplex or single attached unit intended for economic housing must have a minimum lot area of 54 sq.m. This requirement ensures that there is enough space for the housing unit to be built and for the occupants to have a comfortable living space. A smaller lot area may not meet the minimum standards for economic housing, hence the correct answer is 54 sq.m.Rate this question:
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- 48.
A type of mortgage which is superior in lien or claim to another mortgage.
- A.
Junior mortgage
- B.
Senior mortgage
- C.
Superior mortgage
- D.
First Class mortgage
Correct Answer
B. Senior mortgageExplanation
A senior mortgage is a type of mortgage that holds a higher priority or claim over another mortgage. This means that in the event of foreclosure or default, the senior mortgage would be paid off first before any other mortgages or liens on the property. This makes it a superior choice for lenders as it provides them with greater security and reduces the risk of not being fully repaid.Rate this question:
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- 49.
A type of foreclosure resorted to if there is no express authority in mortgage contract empowering the mortgagee to foreclose extra-judicially.
- A.
Judicial
- B.
Sheriff's foreclosure
- C.
Administrative Foreclosure
- D.
Bank Foreclosure
Correct Answer
A. JudicialExplanation
Judicial foreclosure is the correct answer because it is the type of foreclosure that is resorted to when there is no express authority in the mortgage contract to foreclose extra-judicially. In a judicial foreclosure, the mortgagee must file a lawsuit and go through the court system to obtain a foreclosure order. This process allows for the property to be sold at a public auction to satisfy the outstanding debt.Rate this question:
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- 50.
In a TACITA RECONDUCTA, if the lessee continues occupancy for at least ____ days from expiration of the lease with the acquiescence of the lessor and without notice to vacate, it is understood that there is an implied new lease contract.
- A.
15
- B.
30
- C.
10
- D.
14
Correct Answer
A. 15Explanation
In a Tacita Reconducta, if the lessee continues occupancy for at least 15 days from the expiration of the lease with the acquiescence of the lessor and without notice to vacate, it is understood that there is an implied new lease contract. This means that if the lessee stays in the property for 15 days after the lease ends, with the lessor's consent and without any notice to vacate, it is assumed that a new lease agreement has been formed.Rate this question:
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Apr 29, 2024Quiz Edited by
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Dec 20, 2015Quiz Created by
Jenz_original
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