1.

A lot owner and developer may convert a condominium units and common area
property into a condominium project by D. Unit area divided by total floor area of
executing a legal document called condominium building
____________________ and registering E. None of the above
the same with the _____________. Answer: B. Unit Area
Answer: Master Deed Total Common Area
Register of deeds
2. Unless the condominium corporation is 8. In the absence of any provision in the
earlier dissolved, the life of a condominium master deed of a condominium project, the
corporation is ________________. share of the unit owners in the common
Answer: CO-TERMINUS WITH THE DURATION OF A area is:
CONDOMINIUM
A. Proportionate to his unit area
3. The document which provides guidelines, B. Based on the value of his unit
rules and regulations regarding the rights C. Equal to all other unit owners
of condominium unit owners in the use, D. Decided by the majority of owners
occupation, ownership and disposition of E. Determined by the condominium
units is called _____________. corporation
Answer: C
Answer: Declaration of restrictions

4. The required number of vote of registered 9. In mixed use condominium projects, the
owners to authorize a condominium master deed may be amended by simple
corporation to sell, or otherwise dispose of majority of the unit owners. Majority is
the common areas in a condominium based on: (Read Section 4)
project is ___________. A. Number of condominium units
Answer: Simple Majority B. Floor area of ownership
C. Total area of condominium units
5. Amendment to the master deed of a D. Any of the above
condominium project approved by majority Answer: Floor Area Ownership
of registered majority of unit owners.
Majority is based on: 10. Amendment to the master deed of a
A. Number of condominium units condominium project approved by majority
B. Floor area of ownership of the registered owners need also be
C. Total area of condominium units approved by the city/municipal engineer
D. Any of the above and _______________.
E. None of the above Answer:HLURB
Answer:Any of the above
11. Traditional ownership is evidenced by
6. A petition may be filed by one or more unit _____________.
owners of condominium project when Answer :TCT
damage to the project has rendered one-
half or more of the units untenantable and 12. For a space to be considered a
unit owners holding more than ______ condominium unit. It must:
percent interest in the common areas are A. Be encompassed by the interior surface
opposed to repair or restoration of the of the wall, floors, ceiling
project: B. Be managed by a condominium
Answer: 30%
corporation
7. When the interest of participation of C. Be susceptible of independent use and
condominium unit owners in the common ownership
area is proportionate, the formula applied D. Be unencumbered by any restriction
Amswer: C
is:
A. Unit area divided by total area of the
13. Per BIR 28-98, the ground floor of a
common area
condominium project shall be considered
B. Unit area divided by total area of all
as commercial and an additional rate shall
condominium units
be added to an established residential
C. Unit area divided by total area of all
zonal value.
 A. Ten percent 21. For the purpose of the ingress and egress,
B. Twenty percent a condominium unit owner has
C. Twenty-five percent _____________ to the common area.
D. Fifty percent Answer: NON-EXCLUSIVE EASEMENT
E. None of the above
Answer: 20% 22. ________ percent of the units in a
condominium project could be sold to
14. ________________ is sometimes referred foreigners/balikbayans who are American
to as vertical subdivision. Citizens.Answer: 40%
Answer: Condominium
23. The organization of a
15. Which of the following projects cannot be ______________________________ is
given Condominium Certificate of Title? always mandatory in a condominium
A. subdivision lots project.
B. industrial warehouse Answer: CONDOMINUM CORPORATION
C. two level rowhouse
D. one level rowhouse 24. _________ is a part of the condominium
E. none of the above project intended for any type of
Answer: Subdivision lots independent use or ownership.
Answer: UNIT
16. Condominium Act.
A. RA 4727 25. Whenever the common areas in a
B. RA 2774 Condominium Project are held by a
C. RA 4726 Condominium Corporation, such
D. RA 7427 corporation shall constitute the
E. none of the above _____________of the project.
Answer: C. RA 4726 Answer: MANAGEMENT BODY

17. Condominium Developers are mandated to 26. Statements defining the limitation of
form a: ownership of condominium unit which
A. cooperative binds all unit owners are called
B. charitable organization _____________ and are registered with
C. condominium corporation the _____________.
Answer: DECLARATION OF RESTRICTIONS
D. homeowner association REGISTRY OF DEEDS
E. social club
Answer: C. CONDOMINIUM CORPORATION 27. Refers to weight bearing walls, columns
and beams, stairways, halls, elevators, etc.
18. *Enumerated are the advantages of
A. condominium unit
Condominium Concept, which does not
B. cooperatives
belong:
C. condominium project
A. Easy to maintain
D. common areas
B. With CCT as proof of ownership
E. condominium
C. Enhances affordability Answer: D. COMMON AREAS
D. Economy in land space
E. Wider market for it can be sold to 1) Subdivision and Condominium Buyers'
foreigner subject to limitation Protective Decree
Answer: B. WITH CCT AS PROOF OF OWNERSHIP The governing law for the protection of buyers
who are buying residential condominium units
19. Any amendment to the master deed of a on installment basis is referred to as
condominium project decided by the
majority of owners must be approved by 2) Equal share
the HLURB and ______________. Absent any provision in the Master Deed, the
Answer: CITY / MUNICIPAL ENGINEER share of unit owners in the common areas
shall be
20. Condominium title is also called as
___________________.
Answer: VERTICAL SUBDIVISION
3) Provision for Management body of the project
In general, it is not considered part of the
Master Deed of a condominium project 12) On the taxes on his unit
- As owner of a condominium unit, the owner
(a. Land on where the project is located would be liable to pay real estate taxes
b. Number of buildings and stories per building
c. Provision for Management body of the 13) Simple majority of the condominium members
(50% + 1)
project
The condominium corporation may also be
d. Extent of share in the common areas)
dissolved in a general or special meeting duly
4) Coterminus with the life of the project
called for the purpose by affirmative vote of
The condominium corporation has a term of
14) Condominium Unit
existence under the law for a period up to
It is referred to as the space encompassed by
5) 40% of the units
the interior surface of the floor, ceiling, walls,
Ownership of foreigners in a townhouse project and exterior doors and windows, which is
located in the city is limited to susceptible of independent use and ownership

6) Condominium Certificate of Title 15) Master Deed

As proof of ownership of a condominium unit, If one wanted to find out what his interest or
the owner would have the best proof as share is in the common
areas, it may be found in the following
7) Condominium unit document
It is regarded as an interest in real property
consisting of a separate 16) Hold title to the land of the condominium
project
interest in a unit in a building and an undivided
A condominium corporation is important as it
interest in common in
will be the management body of the
the land on which it is located and in other
condominium project and more importantly, will
common areas
also
8) Based on the number of bedrooms per unit
-
The following is not used as a measure of the (a. Collect the dues from the unit owners
interest in the common area by a condo unit b. Hold title to the land of the condominium
owner project
- c. Pay for the realty taxes of the unit owner
(a. Equal share d. Pay for the insurance of the separate units)
b. Based on Floor area of their unit
17) To pay for share in insurance of the condo
c. Based on value of their unit project
d. Based on the number of bedrooms per unit) A unit owner does not have the following right
as a condominium unit owner
9) Condominium house rules and regulations
-
The following is not part of the Master Deed of
(a. To lease the unit
a condominium project
b. To pay for share in insurance of the condo
-
project
(a. Amenities and facilities per condo building
c. To sell the condominium unit
b. Number of buildings and stories per building
d. To mortgage his own unit)
c. Condominium house rules and regulations
d. Extent of share in the common areas) 18) Per unit floor area
The ABC Condo Residences, a mixed use
10) At least one foreigner owns a unit
condo project, wanted to amend the master
The condominium corporation formation is
deed. In such case the majority vote shall be
required in case
based
on
11) 60% of the units
19) Provision for right of first refusal
Ownership of Filipinos in a residential
Mr. Rodson owned a unit in the Triple Tower.
condominium project, if based
He can sell the unit to anybody unless there is
on number of units, is limited to a minimum of
A notice of assessment is registered with the Act
Register of Deeds d. Property Registration Decree)
If a unit owner has unpaid assessments, the
notice of assessment will be considered a lien 23) Limited common area
on the condominium unit if These are areas allocated to the exclusive use
of a condominium unit owner like a parking
20) Common Areas space
(Condominium Structure?)
It refers to the weight bearing walls, columns Units will be sold to foreigners
and beams, stairways, halls, elevators, etc. A condominium corporation must be
including the electrical, water and plumbing organized for the condominium project if
systems and amenities in a condominium
project City engineer
In case of any amendment, the approved
21) 50% amendment of the condominium in Baguio City
(up to 5 years, then +5% for every additional
year; max. 90%)
shall be submitted for approval to the HLURB
- and the
(Maceda Law)
A buyer failed to pay his installment payments 30% interest (in the common areas)
after paying 4 years for a 1 bedroom A partition by sale may be made provided
residential condominium unit on a 10 year that damage or destruction to the project has
installment payment. What will be his rendered one-half or more of the units
percentage refund under the Maceda law therein untenantable and that condominium
owners with common interest are opposed to
22) Certificate of management repair is more than
Allison sold his 1-bedroom condo unit to a
buyer. To register the sale, he must get from 50% of the members
the condominium corporation this document The condominium corporation may be
dissolved if the project has been in existence
Master Deed in excess of 50 years, that it is obsolete and
In buying a condominium unit, it is highly that members of the corporation are opposed
recommended that the buyer get this most to the repair or restoration or remodeling or
important document to have full knowledge of modernizing of the project to the extent of
the project more than

General common area Simple majority of the registered owners

A part of the condominium project which are A residential condominium corporation shall
not subject to the exclusive use of any one or not during its existence, sell or otherwise
group of owners dispose of the common areas owned or held
- by it in the condominium project unless
(a. Common areas authorized by the affirmative vote of a
b. General common area
c. Limited common areas Comply with use restrictions
d. Divided common area) An obligation to the condominium corporation
of a unit owner
The Condominium Act -
Once a buyer is now the owner of a (a. Comply with use restrictions
condominium unit, the law more appropriate b. Sell the unit
covering his ownership and rights as a unit c. Repair the unit
owner is d. Pay the realty taxes on his unit)
-
(a. The Condominium Act
b. Subdivision and Condominium Buyers'
Protective Decree amortization interests but excluding
c. The Realty Installment Buyer's Protective delinquency interests, with interest thereon
at the legal rate
Louie bought a 2 BR condo unit but after 4 services, marketing services, project
years, the project has not been completed management services, including rent collection
beyond completion date. He may ask for a
refund of the total amount paid including 90%
A REIT must distribute annually to its
HLURB shareholders its distributable
The condominium corporation may integrate income to the extent of at least
the project with another upon the affirmative
vote of a simple majority of the registered 40%
owners, subject only to the final approval of A REIT which owns land can only have foreign
ownership up to
6 months
The HLURB may issue a temporary license 1,000
to sell to a condominium Under the REIT law, a REIT must be a public
developer which will be valid for company and to be considered as such, a
REIT must have at least how many public
1000 sq. m. shareholders
(750 sq. m. - old)
- P 300,000,000 (cash &/or property)
(HLURB BR No. 853, s. 2010) In order for the investor group of Mr. Ang to
For a farmlot subdivision, the minimum lot form a REIT, it must
area for a farmlot is have a minimum paid-up capital of

25% (restriction on buildable area) 1%

- Income payments to a REIT, for example,
(HLURB BR No. 853, s. 2010) rentals, shall be subject to a lower creditable
Mr. Calix bought a farmlot in Batangas where withholding tax of
he intends to retire. He may only build on the
lot up to a maximum of what percentage of the P 10,000,000 (REIT Act of 2009)
total lot (P 100,000,000 - IRR REIT)
The fund manager of the REIT must have a
Articles of incorporation of the REIT minimum paid-up capital stock or assigned
Under the REIT law, a "Constitutive Document" capital of
means
10%
Fund Manager Cash or property dividends paid by a REIT
It refers to the person responsible for the shall be subject to a final tax of
allocation of the deposited property to the
allowable investment outlets and selection of Subscription to shares of stock
income-generating real estate for the REIT Mario wanted to invest in the REIT and he may
make an investment in the REIT by way of
REIT - Real Estate Investment Trust
It is a stock corporation established under the Townhouse project
Corporation Code of the Philippines and those A developer wants to build townhouses but
promulgated by the Commission principally for would like to build a condominium project
the purpose of owning income-generating real instead. Such development would be called
estate assets
RA 6552 - Realty Installment Buyer Act /
Property Manager Maceda Law
Under the REIT, it refers to a professional The rights of a buyer of a condominium unit,
administrator of real when he fails to pay the monthly installments
properties who is engaged by the RElT to under the contract to sell shall be governed by
provide property
management services, lease management Provision for maintenance and insurance
The Master Deed of a mixed use condominium When it is provided that the unit to be sold
would not include the following provision must first be offered to the existing unit owners,
- it is referred to as
(a. Land on which it is built
b. Extent of common area interest Cremains
c. Provision for maintenance and insurance The ashes resulting from the cremation of a
d. Number of buildings to be built) dead body

Condominium Act 25%

In case of a buyer on financing of a residential The maximum buildable area on a farmlot as
condominium unit who now owns the unit, the per HLURB rules and
primary law that the buyer must refer to as regulations shall not exceed
owner should be
Inurnment
P 3,199,200 (for "other residential It means the placing of cremated remains in an
dwellings") urn in a columbarium
-
(P 2.5 M - old threshold) 500 sq. m.
A person who buys two 1-bedroom Per HLURB Administrative Order No. 2, Series
condominium units adjacent to each other of 1992, the minimum plot size for an industrial
within a 12-month period this year shall be estate is:
subject to VAT if the total exceeds
Factory plot
Temporary license to sell An allocated lot in an industrial subdivision is
It is issued by the HLURB in order that the also referred to as
developer of a condominium project may start
selling units, pending other requirements and Ossuary
to assess the market viability of the project As defined in the rules of HLURB, it means an
interment space for the bones of the deceased
1000 sq. m.
(750 sq. m. - old) Perpetual care fund
For a farmlot subdivision, the rules provide that An amount collected by the developer of a
a farmlot should have a minimum size of columbarium project for the maintenance and
upkeep of the project separate from the
columbarium contract
A structure, either freestanding or part of
another building, containing niches for the 1 meter by 2.44 meters
inurnment of cremated human remains (1 m x 2.44 m)
The minimum burial plot size for ground
Give due notice to the developer interment as per HLURB rules is
Condario wanted to stop payment of his
monthly amortizations for a 4 meters by 5 meters
studio condo unit since the project has not (4 m x 5 m)
been completed but it is required that he must -
(HLURB R&R for Memorial Parks)
To paint the exterior walls of the unit The minimum plot size for
A condo unit owner does not have the a mausoleum under the rules for memorial
following right parks is
-
(a. To lease out his unit
b. To paint the exterior walls of the unit
c. Exclusive easement of the air in the unit
d. Use of the common areas)

Right of first refusal

 broker for the sale of a vacant lot
BROKERAGE
(a. Shape of the Lot
Presentation and Demonstration
b. Area in sqms. of lot
A real estate broker was handling the sale of a
c. Lot No.
condominium unit and
d. TCT No.)
was going to show the unit and its amenities to
his client, this step in
Open listing
the brokerage process is referred to as
Mr. and Mrs. Haus gave an authority to broker
A to sell their 2 storey house and also gave
To draft the legal contract to sell
another authority to broker B. This kind of
The following act is not considered a function
authority is referred to as
of a real estate broker
Net listing
(a. To sell a house and lot of the owner
An arrangement where the real estate broker
b. To assist the buyer in obtaining a housing
will get the professional fee only beyond the
loan
minimum amount that the owner would want to
c. To draft the legal contract to sell
receive is referred to as
d. To find a developer for joint venture)
Mr. Jose Luna
Duly accredited with PRC
Only the following may be a professional
Ms. Miriam was setting up her real estate
licensed real estate broker
marketing company to market the project of a
(a. Mr. Jose Luna
developer and in this case, she must make
b. Open realty company
sure that her salespersons are
c. SMBC Realty Devt. Corporation
d Former natural born Filipino now Canadian
Law on Agency
citizen)
The law that governs the relationship between
the real estate broker
Proficient in English
and owner in a lease transaction is
The following is not really an essential element
of real estate brokerage
He must be the procuring cause
(a. Honesty
One of the most important things for a real
b. Working Knowledge of Construction
estate broker to be entitled to a professional
c. Proficient in English
fee is
d. Tact and diplomacy)
Exclusive Right to Sell
Upon consummation of the contract
If a real estate broker would want to entitled to
A 2,000 square meter lot of the owner was
professional fee even if the owner is the one
being sold by the real estate
who was able to find a buyer, he must get the
broker to his buyer, when is he entitled to
following authority to sell
commission
Profit
As agreed between the brokers
A main difference between the real estate
Two real estate brokers met and the other one
broker versus the real estate dealer is that the
had the listing. In case of sale, what will be the
broker earns a professional fee, while the real
sharing of the professional fee
estate dealer earns
Holdover Clause
Agent
To protect the real estate broker, a provision
In real estate brokerage under a contract of
may be included in the authority that if the
agency, the owner is the principal while the
buyer is registered within the period of
real estate broker is referred to as
authority but was bought already after, the
broker will still be entitled to professional fee,
Shape of the Lot
and is referred to as
The following data is not really necessary in
the authority to sell given to a real estate
50-50 equal sharing Joint venture agency
Broker A and B was able to sell a lot and they This is the authority given by a party for the
agreed on the sharing of their commission, broker to look for a
which, absent any agreement, will generally be partner, whether the landowner or the
developer to develop a residential subdivision
Real estate
It is the physical, tangible entity, together with Multiple listing
all the additions or improvements on, above or When brokers come into a cooperative
below the ground. arrangement where properties for sale or
wanted by a broker are circularized and shared
Licensed under PRC with others is called
To engage in real estate brokerage in the field
of leasing warehouses,the person must be Prospect
Winnie found a buyer who might be willing to
Real estate dealer buy and pay cash for the lot in the subdivision.
A person, natural or juridical. who is engaged The buyer would generally be classified as a
in the trade of leasing his own real properties
and with the purpose of realizing profit is a Board resolution of corporation authorizing
the signatory
To secure property listings Mr. Rod got a listing from the corporation to
Mr. Roger wanted to start out in real estate sell their rawland in Batangas. Mr Rod must
brokerage practice. To do so, the first step in get the following to protect his authority
the real estate brokerage practice is
Forming part of the purchase price
Valid The buyer and seller already agreed on the
Mr. Chow told the broker to sell his condo unit final price and the buyer gave earnest
and he will give 5% professional fee but no money to the seller. The earnest money shall
authority in writing was given. The authority is be considered

Treasurer's office Negotiations

Julia just passed the broker's examinations It is that step in real estate brokerage when,
and got her license. She must also pay thru the mediation of the broker, the minds of
professional tax to the ponies meet and the buyer's offer of price,
terms and other conditions become acceptable
Purchase agency to the seller
In case the broker will assist the buyer to
acquire the house and he will look for a house, P 162,000
it will be considered what type of agency (12,000,000 x 0.03 = 360,000
360,000 x 0.45)
Registration Number with PRC An industrial land was sold by two brokers at P
In their calling card, advertisements, it is 12,000,000 with 3% professional fee. The
required that the real estate broker who deals brokers agreed that the listing broker shall get
in sales of rawland indicates the following 45% of the commission. What will be the share
of the listing broker?
PRC Certificate of Registration
Grace became a broker last year and rented Escrow agreement
an office space for her realty office and will be An agreement wherein the consideration of a
required to display in her office the following contract, or a portion thereof, is entrusted to a
third party in a sale transaction
Mortgage agency
An authority given by a buyer for the broker to Escrow agent
secure financing, or an authority given by a The person, whether natural or juridical to
financing firm for the broker to procure whom the part or whole of the money is
borrowers entrusted to another person other than the
parties
 P 240,000
Listing (8,000,000 x 0.05 = 400,000
The authority obtained by a real estate broker 400,000 - 160,000)
to find a lessee/buyer for the property of an Two brokers sold a property at P 8,000,000 at
owner is referred to in real estate as 5% professional fee. If broker A got P 160,000,
how much is the share of broker B?
Separate and distinct from the purchase
price The consent of the owner is given
Rod entered into an option to buy the land in The real estate broker may advertise the
front of their building in the amount of P property for sale provided
100,000. In such case, the option money paid
shall Forfeited
The buyer backed out of the sale after paying
Retention money until seller vacates the earnest money to the seller. In general, the
In case the seller requests for time to vacate earnest money in this case will be
the property, the balance or portion of
purchase price may be put in escrow or Acts within the scope of authority given by
another option is the broker
The broker hired a real estate salesperson to
Payment of the association dues sell the house. His liability for the real estate
In a sale of rawland, the following is not part of salesperson shall be limited to
the negotiations between the seller and the
buyer To warrant that the title is transferred to the
(a. Price and terms buyer
b. Expenses for execution and registration of The following is not considered a duty of the
the sale real estate broker
c. Payment of the association dues (a. To be loyal to the seller who gave the
d. Real estate taxes and other expenses) authority
b. To account all money entrusted to the
Project Selling broker
Oscar wanted to sell condo units in a project c. To inform all facts relevant to the transaction
near his place. In case he decides to do so, the d. To warrant that the title is transferred to the
selling of the same is generally referred to as buyer)

Sharing of broker with other brokers Only the broker earns professional fees
The following is not contained in an authority to A major difference between the real estate
sell a house and lot located in a subdivision broker and the real estate dealer is
(a. Type of improvements
b. Taxes to be paid Broker guilty of breach of trust
c. Broker's professional fee The following is a ground for non payment of
d. Sharing of broker with other brokers) professional fee to the real estate broker

Exclusive agency listing Obtain license from PRC and register with
The owner gave a listing wherein the exclusive HLURB
broker will not be entitled to commission if the The real estate broker in deciding to sell
owner himself sells the property to his buyer. subdivision projects, must undertake the
This authority is referred to as following before engaging in practice

Fiduciary relationship Suspect

The relation of trust which governs that of the A buyer was found by the real estate broker
owner and the listing broker is referred to as who was willing to buy the lot but could not
afford the price. The buyer may be referred to
in the meantime in real estate as a
P 5,056,180 For sale by owner
(C = SP / R) The term FSBO in reference to a sale of
(4,500,000 / [1 - 0.06 - 0.05]) property means
The property owner wanted a net amount of P
4,500,000 and seller will pay for the capital Has an authority to sell a specific property
gains tax and the 5% broker's commission. One is referred to as the listing broker when
What price should the property be sold? the real estate broker

P 3,491,620 The procuring cause

(2,500,000 x 1.25 = 3,125,000 In a case decided by the Supreme Court, a
1 - 0.06 - 0.03 - 0.015 = 0.895 real estate broker is entitled to the commission
3,125,000 / 0.895) on a sale to his buyer if the person is
An owner bought a lot but would like to sell it
with a profit of 25% of his cost of P 2,500,000 In practice occasionally
with capital gains (6%), 3% commission and As a real estate broker, one is already
doc stamps tax (1.5%) for his account. How considered a practicing broker
much should the broker sell it? when he or she is

P 356,250 Courts
(7,500,000 x 0.05 = 375,000 In case a real estate broker is not paid
375,000 x 0.05 = 18,750 commissions due by the owner, the broker, to
375,000 - 18,750) demand and claim the commission, will have to
What is the net commission before tax of a go to
broker who sold a house for P 7,500,000 if 5%
of the 5% is given to Mr. B as referral fee. Real Property
includes all the rights,
Non-exclusive listing interests and benefits related to the ownership
An authority granted to two or more brokers to of real estate.
lease a property
Open listing
Transfer the title in the name of the buyer _______ is a kind of listing that can be given to
The following is not part of the functions of a more than two (2) brokers.
real estate broker
Listing
Accredited by PRC and registered with An agreement between an owner and a broker
HLURB to sell a real estate property is called ______ .
The real estate broker may hire real estate
salespersons to handle project selling provided Commission, Profit
the real estate salespersons are A real estate broker received a _____ while a
real estate dealer earns a _____ from his
Direct buyer investments.
A buyer of a house and lot bought it without
engaging the services of a real estate broker Owner/Seller, Buyer
and such buyer would be referred to as Option is a contract between _____ and _____.

20 accredited real estate salespersons Holdover clause

A real estate broker may engage salespersons ______ is a provision in the listing agreement
to assist in the brokerage practice provided which entitles a broker to a commission even
that they are not more than: when he closes the sale after the period of his
authority, provided that the buyer with whom
Project selling brokerage he has negotiated was registered by him with
The practice of a real estate broker may be the seller and during the period of this authority.
classified into two general types. One is
general real estate brokerage practice and the
other
Exchange agency Exclusive agency
In authority given by a developer to a broker to Under _____, the owner of the property can
fund a supplier for cement and aggregates sell the property himself and he is not bound to
materials wherein payment shall be in the form pay the brokers commission.
of units or developed lot, the contract is
_______. Exclusive agency
______ is an agreement by which the authority
Exclusive right or authority to sell to offer or negotiate for sale a property is given
______ is an agreement by which the listing to only one broker who is not, however, entitled
broker is entitled to his broker's fee even if the to a commission in case the owner himself is
principal/seller sold the property by himself. able to sell his property directly.

Exclusive right or authority to sell Net listing

The best protection for a real estate broker ______ is an agreement by which the broker
when getting an authority for listing is ______. may retain as compensation for his services all
sums received or paid over and above the net
Buyer's market price to the owner.
If there are many sellers in a particular area as
against to very few buyers, this situation is MULTIPLE CHOICE
called ______. As an agent of the seller, the real estate broker
is usually authorized to do all of the following
Negotiation and agreement between seller acts, except
and broker a. Advertise the listed property
The commission rate for the sale of real estate b. Place "for sale" sign on the listed property
by a real estate broker is determined by the c. Cooperate with other brokers to facilitate a
______. sale
d. Bind the principal under a contract to sell
Fiduciary relationship
The position of trust assumed by the broker as
an agent for the principal is most accurately For the hold-over clause to entitle the broker to
described as _____. a commission even if the sale after the lapse of
his authority, the broker must:
Exclusive right or authority to sell a. Register his prospect during his authority
The type of listing that gives the real estate b. Submit written acknowledgement of his
broker the greatest protection is ____. buyer
c. Register and negotiate with the prospect
Principal during his authority
In the real estate business another term for the d. Bring the buyer to the seller
owner is _____. e. Any of the above

Insolvency
The Contract of Agency is extinguished by the A listing broker is authorized by:
death, civil interdiction, insanity or _____ of the a. The owner of his attorney-in-fact
principal or of the agent. b. The buyer or purchaser
c. Co-broker
Multiple listing d. Agent
______ is a cooperative agreement among
broker who are members of a realty A broker is entitled to the commission upon:
association where properties for sale are a. Perfection of the Contract
circulated to all member and commission is b. Consummation of the Sale
shared between the listing and selling member, c. Presentation of the Client
with a nominal percentage going to the d. Registration of the Client
association as a service fee.
The scopes of brokerage are as follows, but
not:
a. authority to look for a property The act of the broker who is instrumental in
b. engagement to look for a buyer effecting the meeting of the minds between the
c. procurement of insurance for properties seller and the buyer as to price and terms and
secured by real estate is one of the requisites for entitlement to
d. procurement of loans secured by real estate commission.
e. procurement of tenants for rental properties a. Procuring cause
b. Acceptance of earnest money
The following are the requirements for the c. Conformity to listing authority
entitlement of a commission except: d. Exclusive right to sell
a. Procurement of a ready, willing and able e. Holdover clause
buyer
b. The broker must be a licensed real estate An agreement between an owner and a broker
appraiser to sell a real estate property is called:
c. Authority from the principal a. Authorization
d. Broker closed the sale at terms, price and b. Listing
conditions authorized by the principal c. Joint venture
e. Procuring cause for the sale d. Power of Attorney
e. None of the above
Exclusive right or authority to sell,
Owner/Seller, Broker Which type of broker's accreditation that
An ________ listing is a written agreement clearly states the promotion and selling of
between the________ and________ giving the projects by a developer on an exclusive
later the right to collect a commission if the arrangement?
property is sold by anyone during the term of a. Exchange Agency
his agreement. b. Procurement Agency
c. Exclusive Agency
Holdover clause d. Purchase Agency
With ________ in the authority to sell, the e. Listing Agency
broker is still entitled to the commission even if
he closed the sale after the period of his A sale cannot be extinguished by:
authority, by registering in writing the a. Transfer of residence of principal or
prospective buyer to the seller. agent
b. Expiration of the authority
Buyer's market c. Revocation by the principal of the agency
If there are many sellers in a particular area d. Death, insanity, civil interdiction or
against very few buyers, this situation is called insolvency of principal or agent
________. e. Accomplishment of the "purpose"

Procuring cause What is a prospect?

________ is the act of the broker who is a. A person who has the capacity but without
instrumental in effecting the meeting of minds the willingness
between the seller and the buyer as to price b. A person who has the interest to buy in the
and terms and is one of the requisites for future
entitlement to commission. c. A person who has the willingness but does
not have the capacity
A stipulation in an authority to sell that entitles d. A person who is in need and can afford to
the broker to commission even beyond the buy
period of his authority if he had registered his e. A person who is willing to buy but not
buyer to his principal before the expiry date of immediately available
his authority.
a. Open, non-exclusive listing Which of the following describes a buyer's
b. Authority to overprice market?
c. Holdover clause a. There are many sellers in a particular
d. Exclusive agency agreement area as against very few buyers.
e. "First come, first served" rule b. There are many properties for sale in a
particular area and many buyers. The best protection for a real estate broker
c. There are few properties for sale in a when getting an authority for listing is:
particular area and very many buyers. a. Exclusive agecy contract
d. There are few properties for sale in a b. Exclusive right to sell
particular area and also very few buyers. c. Percentage Listing
d. Net Listing
In authority given by a developer to a broker to
fund a supplier for cement and aggregates The commission rate for the sale of real estate
materials wherein payment shall be in the form by a real estate broker is determined by:
of units or developed lot, the contract is: a. Standard rate approved and adopted by the
a. Exchange Agency brokers in a locality
b. Sales Agency b. Fixed schedule of commissions approved by
c. Procurement Agency BTRCP
d. Purchase Agency c. Discretion of the seller
d. Negotiation and agreement between the
A provision in listing which entitle the broker to seller and the broker
the commission even if he closed the sale after
the period of his authority provided the sale is A buyer must file a sworn statement declaring
to a buyer whom the broker registered in true value of a purchased property within __
writing to the seller with whom he has days after acquisition or completion or
negotiated during the period of his listing. occupancy, whichever comes first:
a. Authority to sell
b. Holdover clause
c. Extension of authority
d. Broker's Agreement
e. None of the above
RESA LAW
The position of trust assumed by the broker as
an agent for the principal is most accurately Foreign Reciprocity
described as: No foreigner may be admitted to take the
a. Trustee relationship board exam nor be given certificate to operate
b. Trustor relationship in the Philippines unless there is ________.
c. Confidential relationship
d. Fiduciary relationship 50
e. None of the above In order that a candidate may be deemed to
have passed the examination, he/she must
The type of listing that gives the real estate have obtained 75% in all subjects with no
broker the greatest protection: rating below ____% in any subject.
a. Exclusive agency listing
b. Net Listing Service Provider
c. Exclusive Right to Sell Listing Attendance in Real Estate Seminar and
d. Multiple Listing Review with certification as provided by an
e. Open Listing accredited ______ by PRC is prerequisite in
taking the Real Estate Broker's Exam.
In the real estate business another term for the
owner is: 3 years
a. Customer The professional identification card from PRC
b. Prospect shall be renewed every ____.
c. Principal
d. Alter ego Duly registered and licensed Real Estate
e. None of the above Broker
Real Estate Salesperson is a duly accredited
natural person by PRC who performs Real
Estate service in behalf of a _____.
PHILRES _____ as real estate salesperson for the real
_______ is the only accredited and integrated estate broker as prescribed by the Board.
professional organisation by PRC.
Accreditation
3 years A real estate broker shall be guilty of violating
Cash surety bond of Real Estate broker is RA 9646 of the IRR for utilizing the services of
renewable every _____. a real estate salesperson who has not secured
the required _____ from the Board.
20,000.00
Cash surety bond of Real Estate broker is Actual knowledge
P_______. No violation of this provision per sec 31 shall
be caused for revocation of broker's license
Real Estate Service Practitioners unless there was _____ of such violation to the
Under Sec 32 on corporate practice of the Real broker retains the benefits, profits or proceeds
Estate service, developer shall regularly submit of a transaction wrongfully negotiated by the
to the commission and to SEC a list of salesperson.
_______.
Duly registered and licensed
Full-time registered and licensed Real No partnership or corporation shall engage in
Estate broker the business of real estate service unless it is
Under corporate practice of Real Estate duly registered with the SEC and persons
service, developer's marketing group must be authorised to act for the partnership or
headed by a _______. corporation are all _____ real estate brokers,
appraisers or consultants as the case may be.

3
Per Sec 30 of IRR RESA, all positions in Annual
government requiring the services of registered Under Sec 32, the partnership or corporation
and licensed real estate service practitioners shall regularly submit a list of its real estate
within ____ years from effectivity shall be filled service practitioners to the Commission and
only by registered and licensed real estate SEC as part of its _______ reportorial
service practitioners.3 requirements.

120 20
Per Sec 31 of IRR RESA, Board may accredit There shall be at least 1 licensed real estate
real estate salesperson until July 30, 2011 if broker for every ___ accredited salesperson
they registered with DTI and in the active per Sec 32.
practice for at least 3 years as may be certified
by a licensed broker or real estate developer Full-time duly
prior to effectivity of RA 9646 and with ___ Divisions or departments of partnership and
training hours in real estate brokerage and corporation engaged in marketing or selling
have submitted NSO certificate of live birth, any real estate development project in the
NBI clearance, certificate of education regular course of business must be headed by
attainment or it's equivalent, notarised a _______ registered licensed real estate
certificate of training center seminar, and broker in accordance with Sec 32.
notarized certificate of their supervising
licensing broker as may be required by the Duly registered and licensed
board. Branch office be manned by a ______ real
estate brokers, appraisers, consultants as the
Authorized accreditation case may be.
No real estate salesperson, either directly or
indirectly can negotiate, mediate or transact 15
any real estate transaction for and in behalf of In case of termination or resignation from office
a real estate broker without first securing an of a real estate practitioner, the same shall be
reported by employer to the Board within a _________ refers to and consist of real estate
period not to exceed ____ days from effectivity. consultants, real estate appraiser, real estate
assessor, real estate broker, real estate
Independent salesperson.
Subject to the provisions of the Labor Code, a
corporation or partnership may hire the Real Estate Broker
services of registered and licensed real estate ________ refers to a duly registered and
brokers, appraisers, consultants on licensed natural person who for a professional
commission basis to perform real estate fee act as an agent for real estate transaction.
services and the latter shall be deemed
________ contractor and not employees of Real Estate Salesperson
such corporation. ________ refers to a duly accredited natural
person who performs service for and in behalf
Rising Sun of a real estate broker registered and licensed
The ______ of the official seal of PRBRES by PRC.
signifies the vital role of real estate service
practitioners in the social, political, economical AIPO
development and progress of the Philippines. _______ is the natural and integrated
professional organization of natural persons
Gold duly registered and licensed as a real estate
The _______ of the official seal of the service practitioners. To be recognize by the
PRBRES signifies ethical standards and Board as the only accredited organization of
prosperity. real estate practitioners. It is mandatory to join
for those registered with the PRB-RES.

RA 9646 AIPO
An act regulating the practice of Real Estate The Board shall adopt and promulgate the
Service in the Philippines or within the Code of Ethics & Responsibilities for real
Philippines jurisdiction is ________. estate practitioners which shall be prescribed
by the ______. (see RA 9646, Art IV, Sec 35)
The Board
________ refers to the Professional Board of 2
Real Estate Service. The Real Estate Practitioner who fail to comply
with the necessary CPE requirements within
Real estate consultant, real estate assessor, ___ years after effectivity of RA 9646 on or
real estate appraiser, real estate broker and before July 30, 2011 shall be required to take
real estate salesperson the Board Exam.
Real Estate Service Practitioners shall refer to
___________. 3 years
The duration of the Professional indemnity
Real Estate Appraiser insurance of Real Estate Broker is ________.
_________ refers to a person who conducts
valuation and possesses the necessary 100,000.00
qualifications, license, ability, and experience. Per sec 39, any violation of RA 9646 including
violations of the IRR by a licensed/accredited
Real Estate Assessor person shall be meted the penalty of fine of not
_________ refers to an official in the local less than P________ and/or 2 years
government unit, who performs appraisal and imprisonment.
assessment of real properties, including plants,
equipment, and machineries essentially for 200,000.00
taxation purpose. Per sec 39, any violation of RA 9646 including
violations of the IRR by an unlicensed/not
Real Estate Service Practitioners accredited person shall be meted the penalty
of fine of not less than P_______ and/ or 4 2009 with 24 CEP units earned from 2007 to
years imprisonment. July 30, 2011.
b. Passed 2006 DTI exam and prior years but
Prosecutor failed to secure license upon effectivity of RA
The Board shall be assisted by the 9646 with earning s of 120 CEP credit units;
Commission in carrying out the provisions of c. Passed 2007 DTI exam but failed to secure
RA 9646 & IRR. The lawyers of the license on July 30, 2009 and with 18 CEP units.
Commission shall act as _______ against Passed 2008 & 2009 DTI exam but failed to
illegal practitioners and other violators. secure license upon effectivity of RA 9646 and
with 15 CEP units.
45 d. Passed the 2011 exam but failed to secure
RA 9646 or RESA law has _____ sections. license prior to June 1, 2011.

Dr. Florentino Doble D

The Chairman of the Board of Real Estate Not included in the composition of the official
service is Eduardo G. Ong while the seal of the Professional Regulatory Board of
chairperson of PRC is ______. Real Estate Service (PRBRES):
a. Land, structures, trees & fruits; green lines,
A rising sun
IRR of RA no. 9646 refers to several words b. Red, white, blue, yellow, gold
except: c. Blue, green sun & rays, map of the
a. Implementing requirements & Rules of Philippines
RA 9646 d. Building, blue, green, violet
b. Implementing Rules and Regulations of RA
9646
c. Regulations D
d. IRR - Real Estate Service Act of the Not true interpretation:
Philippines a. Land - real estate; structures - improvement
on land; trees & fruits - agriculture produce;
D green lines - real estate practitioners
Not included in the following instances leading b. Red, white, blue, yellow - color of the
to revocation or suspension of Certificate of Philippine flag, blue - service; green -
Registration and the Professional Identification environment & ecology
Card: c. Sun and rays - life & light; rising sun - vital
a. Procurement of certificate of registration role of resp in Philippine progress; map of the
and/or professional identification card, or Philippines - the Philippine archipelago
special/temporary permit by fraud or deceit; d. Land - prime rice land; red - alertness,
unprofessional or unethical conduct. vigilance
b. Allowing an unqualified person to advertise
or to practice the profession by using one's CPE Council
certificate of registration or professional The Board shall create a ________ composed
identification card, or special temporary permit. of a chairperson coming from the Board, a
c. Malpractice or violation of any of the member from AIPO and a member from the
provisions of RA 9646, the IRR, and the Code academe. (see RA 9646, Art IV, Sec 36)
of Ethics & Responsibilities for real estate
service practitioners.
d. Engaging in the practice of profession
during the period of one's suspension.

D
Coverage of those who shall be registered by
the Board without examination except:
a. Active practitioners with 15 CEP units during
the effectivity of the RA 9646 as of July 30,
2009; failed to renew license prior to July 30,