PART 1

1.Real property includes the following

types of property:

a. Land
b. Buildings
c. Franchises and patents
d. All of the above
 2. The right to possess, use, enjoy the
fruits, dispose, recover, and exclude
others from property is generally
called

a. Civil rights
b. Bundle of rights
c. Constitutional rights
d. None of the above
3. Under the Civil Code, rental income
from a building is considered a

a. Civil fruit
b. Industrial fruit
c. Natural fruit of property
d. Commercial revenue
 4. An absolute, unrestricted estate in
perpetuity to property is called

a. Estate for years

b. Freehold
c. Tenancy
d. None of the above
5. The following is considered intangible
property

a. Ownership of the air rights above land

b. Ownership of the building on the land
c. Ownership of a franchise contract
d. Ownership of the fruits of the trees on the
land
 7. When a river opens a new bed by its
natural flow in private land, the new
bed shall

a. Be acquired by the government from the

private land owner;
b. Become a public dominion
c. Be exchanged for other public lands
d. None of the above.
 6. The finder of hidden treasure in a
property not belonging to him is entitled
to

a. 0% of the treasure if he is not a trespasser

b. All of the treasure
c. 25% of the treasure if he is a trespasser
d. None of the treasure
8. The States power to take away private
property for public use upon just
compensation

a. Taxation
b. Escheat
c. Eminent domain
d. Zoning
 9. The States power to own a property
left by a person who died without an
heir or a will is

a. Escheat
b. Eminent domain
c. State inheritance
d. Confiscation
 10. Voluntary restrictions on
property ownership includes the
following, except

a. Lease contracts
b. Easements
c. Taxes
d. Usufruct
 11. Quieting of Title means

a. To ban the Owner from obtaining a copy

of the propertys title
b. To bring to court an action involving a
question of ownership or rights to a
property
c. To cancel the title of the property
d. To apply for a new title to replace that
which was lost
 12. The Philippines titling system is
based on the Torrens system
developed by a person from

a. Spanish colonial government

b. Australia
c. American government
d. Commonwealth government
13. The title or property ownership granted by
the DENR is known as the

a. Free patents
b. Confirmation of Title
c. Certificate of Land Ownership
d. Transfer Certificate of Title
 14.A form of property ownership
document issued by the Department of
Agrarian Reform

a. Homestead patent
b. Transfer Certificate of Title
c. Certificate of Land Ownership
d. Warranty Deed
15. The following modes of acquiring title
are considered involuntary, except

a. Expropriation
b. Foreclosure
c. Execution by Sheriff to satisfy judgment
d. Inheritance through a will of the decedent
 16. A person who was born before
__________ of Filipino mother, foreign
father, can become a citizen of the
Philippines at the age of majority

a. January 17, 1973

b. August 3, 1988
c. August 17, 1947
d. June 12, 1946
 17. Land that is classified as public
domain includes the following land
not privately owned, except

a. Agricultural land
b. Forest
c. Mineral land
d. Farms owned by Filipino citizens
 18. The following lands of the public
domain may acquired by private
citizens

a. Forest lands
b. Mineral lands
c. Old national parks
d. Agricultural lands
 19. Filipino citizens may acquire up to ______
of land that is alienable public domain

a. 500 hectares;
b. 1000 hectares;
c. 10 hectares;
d. 12 hectares
 20. A person can apply for ownership of
alienable agricultural land if he has
continuously occupied the same in
good faith and there are no other
claimants/applicants for

a. 10 years
b. 15 years
c. 20 years
d. 30 years
 21. Extraordinary adverse possession or
prescription in bad faith means that a person
can apply for ownership of alienable
agricultural land if he has continuously
occupied the same for --
a. 10 years
b. 15 years
c. 20 years
d. 30 years
 22. Under the Civil Code, the following are
deemed personal property, except
a. In general, all things which can be transported
from place to place;
b.Obligations and actions which have for
their object movables or demandable sums;
c. Fertilizer actually used on a piece of land;
d.Shares of stock of agricultural, commercial and
industrial entities, although they may have real
estate.
23. A property that is fungible means that it
is a good or commodity which

a. Can be transferred from one place to

another;
b. Can easily deteriorate ;
c. Can be substituted for another good or item.
d. Is liquid or easily sold
24. Patrimonial properties of the State are

a. Properties considered as public dominion

b. Properties owned by the State or any of its
instrumentalities in a private capacity
c. Properties expropriated by the State from the
private sector to be used for roads
d. Properties belonging to individuals working
in the government
 25. Properties of public dominion are the
following, except

a. Properties of the State intended for public

use by anybody;
b. Properties of the State reserved for the
development of national wealth like natural
resources
c. Properties of the State to be used for public
service
d. Properties of the State that can be sold to
the private sector
 26. The following is not a characteristic
of a property considered as public
dominion
a. The property is outside the commerce of
man, cannot be leased, donated or sold;
b. The property can not be registered under
the LRA
c. The property can be sold by the State
d. The property can not be acquired by
prescription.
 27. Former natural-born Filipinos can
acquire land for residential purposes,
up to 1,000 sq. meters urban areas or 1
hectare in rural areas, under

a. R.A. 7042
b. B.P. 185
c. R.A. 10023
d. R.A. 9225
 28. Former natural-born Filipinos can
also acquire land for business
purposes, up to 5,000 sqm in urban
areas or 3 hectares in rural areas,
under

a. R.A. 7042
b. B.P. 185
c. R.A. 10023
d. R.A. 9225
 29. Former natural-born Filipinos can
regain their citizenship and be able to
own land without limit, under

a. R.A. 7042
b. B.P. 185
c. R.A. 10023
d. R.A. 9225
 30. Private corporations are entitled to
own private lands not in excess of
______ hectares if 60% of the capital
is owned by Filipinos entitled to
acquire and own private land

a. 1,024 hectares.
b. 12 hectares .
c. 2000 hectares .
d. 50 hectares .
 31. Private corporations whose capital
is 60% Filipino may lease up to ______
hectares of land:

a. 1,024 hectares.
b. 12 hectares.
c. 2000 hectares .
d. 50 hectares
32. A written instrument used to transfer
title must have the following, except

a. Grantor and grantee

b. Selling price of the property
c. Words of conveyance
d. Signature of Grantor and Notarization
 33. To be valid, a contract to sell or buy
property must have the following, except

a. Consent of the contracting parties

b. Cause or consideration
c. An object certain
d. Approval of the government
34. Co-ownership by both spouses of all
properties of the spouses acquired
during the marriage only, except for
exclusive properties, constitutes a
property relationship known as

a. Absolute community
b. Absolute separation
c. Conjugal partnership of gains
d. None of the above
 35. Co-ownership by both spouses of
properties acquired before and during
the marriage, except for exclusive
properties, constitutes a property
relationship known as

a. Absolute community
b. Absolute separation
c. Conjugal partnership of gains
d. None of the above
36. A property acquired by gratuitous title
means

a. A property purchased by only one of the

spouses
b. A property inherited by any of the
spouses
c. c. A property purchased using the money
of both spouses
d. A property won in a lottery
 37. The winnings of one of the spouses
from gambling shall become

a. The spouses own personal exclusive

property
b. Co-owned by both spouses
c. The property of the entire family
d. Assets at the sole disposal of the lucky
spouse
38. Jewelry bought and accumulated by a
wife is considered

a. Her personal property.

b. Co-owned by both spouses
c. Owned by the entire family
d. None of the above.
 39. In case of a disagreement as to the
administration of a co-owned property

a. Both spouses must consult a court of law.

b. The entire family, including the children,
shall decide.
c. The husbands decision shall prevail
d. The wife has the final decision.
 40. The following is not considered a
muniment of ownership

a. Transfer certificate of title

b. Tax declaration.
c. Realty tax payment receipt
d. Affidavit of ownership
41. In accordance with RESA Law, a Code
of Ethics shall be prepared by the
____________ and adopted for
observance by all real estate service
practitioners.
a. All existing real estate service association
b. Accredited Integrated Professional
Organization
c. Professional Regulation Commission
d. Professional Regulatory Board for Real
Estate Service
42. Prior to the final approval of the new
Code of Ethics under RESA Law, the
following has been considered
applicable

a. No code of ethics
b. The Code of Ethics of each realty
association
c. The Golden Rule
d. National Code of Ethics for Realty
Service by DTI, 1993
 43. The Golden Rule is a universal
guide which means

a. Treat others as you like them to treat

b. An eye for an eye
c. Do unto others as they do unto you
d. Treat others as if they are your family
e. To be fair to all
 44. The Rules of Conduct and Practice in the
Realty Code of Ethics defines the
practitioners relations to the following,
except --
a. Government and the public
b. His organization and the national association
to which it belongs
c. Clients/Customers and fellow practitioners
d. His family, relatives and close friends
45. Which of the following is not needed
by the real estate service practitioner
before practicing

a. Mayors permit with the LGU

b. Professional tax receipt from the LGU
c. BIR Certificate of registration
d. Professional I.D. and license from the
PRC
46. The following are the rules of conduct
in relation to the government, except
a. Secure all needed permits and licenses
before practicing
b. Register and incorporate a corporation
with SEC or a business name with DTI
c. Assist government in zonification and
conservation of real estate
d. Do not abet, tolerate or participate in tax
evasion
 47. A real estate practitioner has the
obligation to inform government about
deceptive, unfair and unconscionable
acts of other unscrupulous
practitioners as part of his duty to
a. Abide by the rules of conduct in relation
to government
b. Protect the interest of the public
c. Protect and promote the interest of his
clients
d. Abide by the rules of conduct ion relation
to fellow practitioners.
 48. The real estate practitioners duty to
the public does not include

a. Offering free consultancy services to the

public
b. Ensuring the highest and best use of
land.
c. Not introducing in a neighborhood a use
of property which will impair its value
d. Presenting a true picture of property he
advertises
 49. A real estate broker who has an
authority to sell from the seller may be
guilty of unethical conduct if he -

a. Pays a commission to another broker

who referred the buyer
b. Also asks for a commission from the
buyer
c. Pays a fee to a facilitator who helps
process the transfer of the property
d. None of the above are unethical
 50. A real estate brokers application for
accreditation to sell a developers
project was approved only to find out
that the project does not yet have a
license to sell. The broker should
a. Immediately resign his accreditation.
b. Refrain from selling the project until its
LTS has been approved.
c. Report the developer to the HLURB.
d. Do nothing.
 51. The relative of a prospective Buyer was
the one who referred the Buyer and is
asking you as a broker to over-price the
property offered. Your response shall be

a. Refuse it outright at the risk of losing the sale.

b. Report the relatives request of over-pricing to
the Buyer.
c. Instead, offer the relative a share of your
commission subject to prior disclosure to the
Buyer.
d. Cancel the transaction.
52. A broker who holds a non-exclusive authority
to sell writes letters to several real estate
organizations offering all their members an
extension listing, then informing his client that
he has extended his listing to several real
estate associations. His action can be
interpreted as
a. A sign of his generosity because he is offering an
extension of his listing to large groups.
b. A sign of his desire to please his Client and
expedite the sale.
c. A strategy to pre-empt many other brokers from
applying for accreditation with the owner.
d. All of the above.
 53. A real estate broker who just closed
the sale for his Client may agree to do
the following, except
a. Prepare the deed of sale
b. Process the documents needed to
transfer the title for an extra facilitation fee
c. Rebate part of his commission to the
Buyers wife without his knowledge
d. Assist the Buyer to negotiate a mortgage
with a banking institution.
 54. A broker receives several offers to
buy for one of the properties in his list.
He should

a. Show the Client only the highest offer.

b. Show the Client the offer made by a
prospective buyer who is his distant
relative.
c. Show the Client all the offers.
d. Show other offerors the highest offer so
they can top the price.
 55. A sellers broker receives several offers for
a property, none of them equal to or higher
than the Sellers asking price. He should
a. Start negotiating with the Owner to reduce
the price.
b. Show the Owner all the offers for his
decision.
c. Start negotiating with the highest offeror to
increase his price.
d. All of the above actions are alright.
 56. A dispute has arisen between a
brokers Client and one of the prospective
buyers who put in an earnest money but
did not proceed with the sale and is
requesting a refund. Both parties are in
court. The broker shall

a. Testify in favor of his Client

b. Testify in favor of the Buyer
c. Testify only as to the facts in an unbiased
and honest manner
d. Refuse to participate in the court
proceedings.
 57. A broker finds out that another broker
who has an exclusive listing has not been
successful in selling a property for nearly
a year. He recently met the Owners
relative and may
a. Approach the Owner and offer his services
b. Do not offer his services because it is listed
by another broker exclusively
c. Gain an introduction to the exclusive broker
and offer his services as co-broker
d. Do nothing and look for another listing.
 58. A salesman who is accredited by a
fellow broker wishes to help you sell
your listings on a referral fee basis. As
a professional broker, you should
a. Refuse to deal with the salesman of
another broker.
b. Immediately report the said salesman to
his principal.
c. Ask the salesman to seek permission
from his principal.
d. Offer to hire the salesman
59. A broker plans to post a sign giving
notice that the property is for sale. He
should
a. Post the sign without need for any
approvals
b. Post the sign but subject to prior approval
of the owner and other brokers who also
have a sign
c. Not post any signage at all
d. Post a shared sign with the other broker
who is also authorized to sell the property
 60. In case there is a controversy
between two brokers regarding the
sharing of commission, they shall

a. Allow the Seller and the Buyer to decide

the sharing percentage.
b. File a case in court to resolve the issue.
c. Refer the problem to an Arbiter.
d. Refer the matter to their respective
lawyer.
61. Also known as a -- valuer, refers to
a person licensed to conduct valuation:

a. Assessor
b. Appraiser
c. Estimator
d. Value consultant
62. What aspects of real estate property
are included in the assessment made
by an assessor?

a. Land
b. Improvements
c. Plant, equipment and machinery
d. All of the above
63. The following are considered real
estate service practitioners, except:

a. Real estate consultant

b. Real estate appraiser
c. Real estate lenders
d. Real estate assessor
e. Real estate broker
64. The Professional Regulatory Board of
Real Estate Service is composed of a
chairperson and

a. 6 members
b. 5 members
c. 4 members
d. 3 members
 65. At least _____ members of the PRB-
RES shall represent government
assessors and appraisers:

a. Three
b. Two
c. One
d. None
 66. Which of the following is not a
required qualification of the Chairperson
and Members of the PRB-RES?
a. A citizen and resident of the Philippines;
b. A holder of a bachelor's degree related to
real estate;
c. Licensed practitioner of real estate service
for at least 10 years prior to appointment;
d. An officer or trustee of the accredited
integrated organization for real estate
service;
e. Of good moral character, and must not have
been convicted by final judgment;
67. The term of office of the chairperson
and the members of the PRB-RES is

a. 7 years
b. 5 years
c. 3 years
d. Up to the president of the Phil.
 68. The following are the current basic
qualifications to be admitted to the
licensure examination for real estate
broker, except for --
a. A citizen of the Philippines;
b. A holder of a relevant bachelor's degree
from a state university or college, or other
educational
c. Institution duly recognized by the CHED:
d. Of good moral character, and must not have
been convicted of any crime involving moral
turpitude:
e. Experience of at least 2 years in any
occupation involving real estate service;
 69. All real estate brokers and private
real estate appraisers are required to
post a professional indemnity
insurance/cash or surety bond,
renewable every3 years, in an amount
which in no case shall be less than

a. P 50,000.
b. P 40,000.
c. P 25,000.
d. P 20,000.
70. Which of the following acts requires
licensure in real estate service as a broker

a. A person selling his own property, except real

estate developers;
b. A receiver, trustee or assignee in bankruptcy
or insolvency proceedings;
c. A person acting pursuant to the order of any
court of justice;
d. A person acting as attorney-in-fact to sell a
property without any compensation or
remuneration;
e. None of the above.
 71. For real estate salespersons, no
examination shall be given, but they
shall be accredited by the Board
provided they have completed at least
_____ years of college :
a. 4 years
b. 3 years
c. 2 years
d. one year
e. No need
 72. For partnerships or corporations
engaged in selling real estate, there
shall at least be one (1) licensed real
estate broker for every _____
accredited salespersons.

a. 25
b. 20
c. 15
d. 10
e. 5
 73. The following information is not required
in signing documents in connection with the
practice of real estate service:

a. Certificate of registration number with PRC

b. Privilege Tax Receipt number and expiry date
c. BIR Certificate of registration Number and
expiry date
d. Professional Identification Card expiry date
e. APO membership number and expiry date
 74. The PRC released Resolution 2013-
774 effective August 10, 2013 which
pertains to

a. Revised fees for renewal of licenses

b. List of newly-passed appraisers
c. Schedule of the 2014 board
examinations
d. CPD Guidelines
 75. The PRC Modernization Act

a. R.A. 8981
b. R.A. 8974
c. R.A. 8532
d. R.A.8435
 76. The requirement for renewal of
licenses of real estate practitioners once
every 3 years is

a. 30 CPD units
b. 45 CPD units
c. 60 CPD units
d. 12 CPD units
77. For every hour of lecture, a resource
speaker or lecturer can earn the
following number of CPD units

a. One (1)
b. Three (3)
c. Four (4)
d. Five (5)
78. The following activities are entitled to
CPD credit units as part of self-
directed learning , EXCEPT

a. Real estate training module on the internet

b. Research paper on real estate industry
c. Read a new book on real estate service
d. Relevant short-term post-graduate course
79. The CPD Council for Real Estate
Service is composed of ____ members.

a. Five (5)
b .Four (4).
c .Three (3)
d. Two (2).
80. The IRR of R.A. 9646 was enacted in

a. June 2009.
b. July 2009 .
c. June 2010 .
d. July 2010.
 81. The basic law governing persons,
properties, obligations and contracts.

a. 1987 Constitution.
b. E.O. 209 Family Code.
c. R.A. 386, Civil Code
d. R.A. 8424.
82. The basic law governing relationships
between spouses.

a. 1987 Constitution.
b. b. E.O. 209 Family Code .
c. R.A. 386, Civil Code.
d. R.A. 8424.
 83. The basic law governing national
taxation.

a. 1987 Constitution.
b. E.O. 209 Family Code.
c. R.A. 386, Civil Code.
d. R.A. 8424
84. The law allowing former natural-born
Filipinos to re-acquire citizenship

a. 1987 Constitution.
b. R.A. 9225 .
c. R.A. 7042.
d. R.A. 6809.
85. The law which reduced the age of
majority to 18 years old

a. 1987 Constitution
b. RA 9225
c. RA 7042
d. RA 6809
 86. The law allowing former Filipinos to
acquire land for residential purposes.

a. 1987 Constitution.
b. R.A. 9225.
c. R.A. 7042 amended by RA 8179.
d. B.P. 185 .
 87. The law allowing former Filipinos to
acquire land for business purposes.

a. 1987 Constitution.
b. R.A. 9225.
c. R.A. 7042
d. B.P. 185.
88. The law which allows aliens to lease
land for 25 years, renewable another 25
years

a. RA 6552
b. PD 471
c. RA 7042
d. RA 8179
89. The law which allows alien investors
to lease land for 50 years, renewable
another 25 years

a. RA 7652
b. PD 471
c. RA 7042
d. RA 8179
90. The law that established the Torrens
system in the Philippines.

a. Act 926.
b. Act 496 .
c. Act 2259.
d. C.A. 141.
91. The law which prescribed the rules
for administrative reconstitution of lost
titles

a. PD 1529
b. RA 6732
c. RA 8974
d. PD 892
92. The Magna Carta for Homeowners
and Homeowners Associations

a. RA 6552
b. RA 9225
c. RA 8974
d. RA 9904
 93. Also known as the Property
Registration Decree which updated Act
496.

a. P.D. 1529.
b. R.A. 6732 .
c. R.A. 8974.
d. P.D. 892.
94. The Land Computerization Project of
the LRA will not allow the following

a. Query on land titles from any RD office

nationwide
b. Conversion of paper documents into digital
files
c. Speeding up the process of generating and
issuing digital copies of titles
d. Guaranteeing that there will be no fake titles
 95. In the Commonwealth era, C.A. 141
became the new Public Land Act and
provided for the following, except

a. Allowed both judicial and administrative

proceedings for land titling
b. Re-affirmed land distribution through
patents
c. Establish the system for taxation of land.
d. Allowed patents to be brought into the
Torrens system
 96. The government agency in charge of
administering, surveying and disposing
Alienable and Disposable (A&D) lands

a. Land Management Bureau.

b. National Housing Authority
c. Land Registration Authority
d. Housing & Land Use Regulatory Board
97. The Land Management Bureau is
under the jurisdiction of the

a. DENR
b. DAR
c. DPWH
d. DOJ
98. The field offices of the Land
Registration Authority is known as

a. Civil register
b. Land registration commission
c. Register of Deeds.
d. General Land Registration Office
99. A homestead is a piece of property
awarded to a beneficiary under the
following rule

a. He must build a home within five years of

award
b. He must begin to cultivate the land within 6
months
c. He must finish building a farm on the
property within one year
d. He need not reside in the property
100. R.A. 10023 enacted in 2010, provides
for A FREE patent for residential land with
the following limitations

a. Maximum of 1,000 sqm urban land or 1

hectare rural land
b. Maximum 200 sqm highly urban, 500 in
other cities, 750 sqm in first-second class
municipalities,
c. 1,000 sqm in other municipalities.
d. Maximum of 3 hectares
e. Maximum of 12 hectares
101. A procedure which allows a person to file
an action that will record his claim in a
property titled to another person

a. Property complaint
b. Lis pendens
c. Adverse claim
d. Petition to quiet title
102. The States power to own a property left
by a person who died without an heir or a
will is

a. State inheritance
b. Escheat
c. Eminent domain
d. Confiscation
103. The Torrens system of land registration
was established in the Philippines by virtue
of

a. Spanish mortgage law

b. Act 496 (1903)
c. Presidential Decree 27
d. R.A. 6557
104. Which of the following documents does
not fall under the Torrens system

a. Original certificate of title

c. Transfer certificate of title
b. Reconstituted certificate of title
d. Cooperative certificate of title
e. Condominium certificate of title
105. A new title to property to be created
through an administrative procedure by the
concerned government agency will require
the issuance of a

a. Decree of registration
b. Patent
c. Land ownership award
d. Original certificate of title
106. Under R.A. 6732, administrative resolution
of lost or destroyed original copies of titles
can be availed of when the certificates lost or
destroy are at least.

a. 10% of all titles in the registry

b. 30% of all titles in the registry
c. 20% of all titles in the registry
d. 40% of all titles in the registry
e. None of the above
 107. A TCT has an annotation that says
subject to sec.4 Rule 74 of the Rules of
Court. It means that the property is subject
to claim by any heir unduly deprived of
lawful participation in the settlement of the
decedents estate within --
a. 2 years
b. 4 years
c. 6 years
d. 10 years
e. None of the above
 108. Recording of a real estate instrument
can be given due course even without the
presentation of the owners duplicate
certificate of title when the document is:
a. Notice of adverse claim
b. Notice of Lis Pendens
c. Writ of attachment
d. All of the above
e. None of the above
 109. Which of the following are not
considered money claims or charges against
the property --
a. Real estate tax liens
b. Mechanics Liens
c. Mortgage lien
d. Judgment Liens
e. Deed of restrictions
 110. When a claim contesting ownership of
property is brought to court litigation, the
following may be annotated in the back of
the certificate of title

a. Real estate lien

b. Lis pendens
c. Deed of restrictions
d. All of the above
111. The Land Registration Authority (LRA) is
an agency under the jurisdiction of

a. Office of the president

b. DENR
c. DOJ
d. DILG
 112. The document issued by the BIR which is
required for titling

a. Tax clearance certificate

b. Certificate authorizing registration
c. Certificate of registration
d. All of the above
113. The term patrimonial property applies
to
a. Land owned by the government which is not
intended for public use
b. Land for public use like roads, canals, rivers,
ports and bridges
c. Land owned by the State and classified as
agricultural
d. Ancestral lands owned by original settlers
114. An form of land ownership document
issued as the initial part of agrarian reform
proceedings

a. Homestead patent
b. Free patent
c. Certificate of land ownership
d. Original certificate of title
115. R.A. 6552 or the Realty Installment Buyer
Act covers the following

a. Installment sales of all kinds of real estate

properties;
b. Installment sales of residential properties
where buyer has paid for 2 years;
c. Installment sales for residential condos only.
d. Installment sales for properties with a
mortgage.
116. Under R.A. 6552, an installment buyer has
the following grace period

a. Minimum of 60 days;
b. One month for every year of installment
payments made;
c. Thirty days.
d. Both A and B are applicable.
117. Under R.A. 6552, the installment buyer
whose contract is cancelled can get a partial
refund equal to -

a. 100% of all installment payments minus the

developer sales expenses;
b. 50% of total payments regardless of how long
the buyer has been paying;
c. 50% of total payments plus additional of 5% per
year in excess of 5 years, maximum at 90%;
d. 50% of total payments plus additional of 5% per
year of installment.
118. A buyer who has been paying monthly
installments of PhP 12,500 for 8 years and 3
months decided to quit. How much is the
cash surrender value?

a. PhP 600,000.
b. PhP 618,750.
c. PhP 804,375.
d. PhP 819,843
119. The following types of taxes apply to real
estate transactions, except

a. Value-added tax
b. Creditable income tax
c. Excise tax.
d. Percentage tax
120. In computing the amount of value-added
tax to be paid in a real estate transaction, the
following is not considered

a. Gross receipts
b. Output tax
c. Input tax
d. Documentary stamp tax
121. If the selling price of P 2,240,000. already
includes the VAT, and the sales occurred after
Feb. 1, 2006, then the net price is

a. P 2,000,000.00.
b. P 1,971,200.00
c. P 2,508,800.00
d. None of the above.
122. The sale of a house and lot by a developer
at a price below this amount is exempted
from VAT

a. P 1,919,500
b. P 3,199,200.
c. P 1,500,000.
d. P 2,500.000.
123. As a real estate broker, if your total gross
receipts in one year is below this amount,
you can apply to be a non-VAT entity

a. P 1,500,000.
b. P 1,919,500..
c. P 2,500,000.
d. P 3,199,200.
124. Lease of residential units below this
amount per month is not subject to VAT

a. P 10,000.
b. P 12,000.
c. P 12,500.
d. P 12,800.
125. This tax is not imposed by the Bureau of
Internal Revenue

a. Income tax
b. Value-added tax
c. Percentage tax
d. Documentary stamps tax
e. None of the above
126. The following tax is imposed by the
Bureau of Internal Revenue:

a. Transfer tax
b. Capital gains tax
c. Realty tax
d. Privilege tax
127. For taxation purposes, Gross selling
price in the sale of property by a VAT-
registered entity means

a. Total amount involved, excluding VAT

b. Total amount involved, excluding commission
c. Total amount involved, including VAT
d. Total amount involved, including commission
128. The sale of the following is not exempt
from VAT

a. Sale of agricultural and marine products

b. Revenue of medical and educational services
c. Services that are subject to percentage ta
d. None of the above
129. VAT returns (form 2550M) containing the
amount of net output tax payable must be
filed

a. Monthly
b. Quarterly
c. Annually
d. None of the above
 130. In lieu of the VAT, a person whose sales
or receipts is exempt from payment of VAT
and who is not a VAT-registered person, does
not have to pay the following tax

a. Creditable withholding tax

b. Percentage tax
c. Output tax
d. Privilege tax
 131. The owner wants a net proceed of
P1,750,000.00 exclusive of capital gain tax,
documentary stamps and 5% brokers
commission. How much would be the selling
price so that the broker can maintain his 5%
commission?

a. P 1,668,750.00
b. P 1,680,000.00
c. P 2,000,000.00.
d. d. P 2,200,000.00
132. The banks acquired assets which form
part of its real estate inventories at the close
of its accounting period shall be classified as:

a. Ordinary assets
b. Capital assets
c. Fixed assets
d. None of the above
133. The BIR Revenue Regulation No. 17-2003,
the seller of family home who failed to utilize
the proceeds to acquire a new residence
within 18 months from the sale shall be
assessed additional deficiency capital gains
tax inclusive of penalties and interest of --

a. 10% per annum

b. 20% per annum
c. 15% per annum
d. 25% per annum
134. The annual registration fee for VAT-
registered entity is

a. 500.00
b. P1,000.00
c. P1,500.00
d. None of the above
135. The documentary stamp tax on the sale of
the property must be paid

a. Within 30 days from the date of notarization

b. Within five (5) days after the close of the
month of the date of sale.
c. Within ten (10) days after the close of the
month of the date of sale
d. At the time of payment of the capital gains
tax
136. If the property is an ordinary asset, what is
the applicable tax?

a. Capital gains tax

b. Percentage tax
c. Creditable Withholding Tax.
d. Excise tax
e. Estate Tax
 137. Under the Local Government Code,
agricultural lands more than one hectare are
subject to additional tax of not more than 5%
assessed value when at least:

a. One-half of the area is uncultivated.

b. Forty percent of the area is uncultivated
c. The entire is cultivated
d. Thirty percent of the area is uncultivated
e. None of the above
138. The chairman of the Local Board of
Assessment Appeals in a city is:

a. City auditor
b. City mayor
c. City Engineer
d. City register deeds
e. None of the above
139. The rate of real estate tax in municipalities
within the Metro Manila is not more than:

a. One-half percent of assessed value

b. One percent of assessed value
c. Two percent of assessed value.
d. None of the above
 140. Per BIR 28-98, the ground floor of a
condominium project shall be considered as
commercial and an additional rate shall be
added to an established residential zonal
value.
a. 10%
b. 20%
c. 25%
d. 50%
e. None of the above
141. As annual levy on real estate equivalent to
1% of assessed value which shall be in
additional to be basis real estate tax is:

a. Special real estate tax

b. Special education fund tax.
c. Ad valorem tax
d. Special assessment fund tax
e. Excise tax
142. The value placed on taxable property by
the assessor for ad valorem tax purpose is:

a. Market value.
b. Economic value
c. Assessed value
d. Assessment value
e. Appraised value
143. The documentary stamp tax for a deed of real
estate mortgage is:

a. P15.00 for every P1,000.00 of the mortgage

amount
b. P10.00 for every P1,000.00 of the mortgage
amount
c. P10.00 for the first P5,000.00 of the mortgage
amount plus P5.00 for every P5,000.00 thereafter
d. P20.00 for the first P5,000.00 of the mortgage
plus P10.00 for every P5,000.00 thereafter
144. Unless validated, tax credit life span is
only

a. 1 year
b. 2 years
c. 3 years
d. 4 years
e. 5 years
145. In payment of real estate tax, an allowed
deduction to the gross estate of a decedent is
funeral expense which is:

a. 5% of gross estate or P200,000.00 whichever is

lower
b. 5% of gross estate or P200,000.00 whichever is
higher
c. 10% of gross estate or P200,000.00 whichever is
lower
d. 10% of gross estate or P200,000.00 whichever is
higher
e. None of the above
 146. A tax fixed on documents, instruments
and papers evidencing the acceptance,
assignment or sale of a right, property or
obligation:

a. Residence tax
b. Documentary Stamp
c. Value added tax
d. Community tax
e. None of the above
147. The zonal value of property can be
obtained from:

a. Assessors Office
b. Land Registration Authority
c. Bureau of Internal Revenue.
d. All of the above
 148. The rate of creditable withholding tax in
the sale of real estate property classified as
ordinary asset by an individual, estate, trust
or corporation not habitually engaged in real
estate business is:

a. 3%
b. 5%
c. 7%
d. None of the above
149. Capital gains tax on the sale of real estate
classified as capital asset is:

a. Creditable tax on the sale

b. Deductible item from income taxc.
c. Deductible item from value added tax
d. Expanded withholding tax
e. Pre-paid income tax.
 150. The schedule of fair market value in
municipalities in Metro Manila is prepared
by:

a. MMDA
b. Concerned municipal assessors.
c. Sanggunian Bayan by ordinance
d. Bureau of Internal Revenue
e. None of the above
 151. The following compose the Board of
Assessment Appeals in Makati City, except:

a. Registry of deeds.
b. City Assessors
c. City Prosecutor
d. City Engineer
152. A tax payer has _____ to redeem his real
property which was levied and subsequently
forfeited and acquired by the local
government for tax delinquency.

a. 1 year.
b. 4 years
c. 60 days
d. 3 years
153. For purpose of determining whether
seller / transferor can be considered as
habitually engaged in real estate business, he
should offer satisfactory evidence that he
consummated least ____ taxable real estate
transaction during the preceding year.
a. Five
b. Six
c. Eight
d. Ten
e. Twelve
 154. Under the new BIR Ruling, acquired
asset of banks regardless of amount are
subject to the creditable withholding tax of:

a. 1.5%
b. 3.0%
c. 5.0%
d. 6.0%
 155. The seller realized a 30% gross over his
cost. If the property was sold at
P1,950,000.00 the cost is

a. P1,365,000.00
b. P1,500,000.00
c. P 1,560,000.00
d. P 1,350,000.00
156. Property held as inventory or stock in
trade of buy and sell business and in
connection with trade, business or source of
income is:

a. Capital asset
b. Fixed asset
c. None of the above
d. Ordinary Asset
e. Intangible asset
 157. In case a false or fraudulent estate,
donor or capital gains tax BIR form was
willfully made how much surcharge based on
the deficiency shall be imposed?

a. 20%
b. 25%
c. 30%
d. 50%
158. In a sale of property on installment
plan where the buyer is not engaged in trade
or business, the applicable rate of tax is
based on --
a. Gross selling price
b. Fair market value
c. A or b whichever is higher.
d. Assets value
 159. In case of sale of real property paid
under deferred payment basis, the payment
of the documentary stamp tax shall accrue
upon --

a. Notarization of transfer document.

b. Execution of the Deed of Absolute Sale
c. Execution of Contract to Sell
d. Payment of the full amount
 160. The schedule of market value for ad
valorem tax in municipalities outside Metro
Manila is prepared by:

a. Municipal Assessors
b. Sanggunian Panglalawigan
c. Provincial Assessors.
d. Provincial treasurer
 161. The amount of family home equivalent
to fair market consideration as allowable
deduction from the estate of a decedent.

a. P500,000.00
b. P1,000,000.00
c. P2,000,000
d. P 750,000.00
162. The zonal value of a property can be
obtained from:

a. Bureau of Internal Revenue.

b. Office of the sheriff
c. Registry of deeds
d. Assessors Office
e. Land Registration Authority
 163. The creditable withholding tax rate in the
sale of a real estate dealer of a lot priced at
P220,000.00 is

a. 1.5%.
b. 7.5 %
c . 3.0%
d. 2.5%
e. 5.0%
 164. The sale and transfer of title from a real
estate dealer to a buyer of a house and lot at
P2,000,000.00 is subject to the following
EXCEPT:

a. Creditable withholding tax

b. Expanded value added tax
c. Transfer and registration fees.
d. Capital gains tax
e. Documentary stamp tax
 165. For the exemption on the payment of
capital gains to be valid, within how many
months after the sale or disposition of a
residential unit is it allowed ?

a. 9 months
b. 36 months
c. 24 months
d. 12months
e. 18 months
166. The estate tax return shall be filed with
the BIR within:

a. 60 days from death of decedent

b. 90 days from death of decedent
c. 120 days from death of decedent
d. 180 days from death of decedent.
 167. Unless extended for justifiable cause,
the period of completion of development of
a subdivision project, counted from issuance
of license to sell, is:

a. Six months
b. Eighteen months
c. Twelve months
d. Twenty four months
 168. Registration of a mortgage covering a
subdivision project can only be affected
when the deed is accompanied by a permit to
mortgage issued by:
a. Local government unit
b. Home Insurance Guarantee Corporation
c. National Housing Authority
d. Housing and Urban Development
Coordinating Council
e. Housing and Land Use Regulatory Board
 169. In the absence of any provision in the
master deed of a condominium project, the
interest of the unit owners in the common
area shall be:

a. Proportionate
b. Based on value
c. Equal
d. Decided by the condominium corporation
170. Fixed object point established by surveyor
to establish land location:

a. Boundary mark
b. Post
c. Monument
d. Cylindrical concrete
171. Condominium Act:

a. R.A. 4727
b. R.A. 4276
c. R.A. 2774
d. R.A. 4726
172. Document to be checked before buying a
subdivision lot:

a. Development permit
b. Map
c. License to sell
d. Bureau of land approval
173. Sometimes referred to as vertical
subdivision:

a. Row houses
b. Mansion
c. Town houses
d. Condominium
174. Subdivision and Condominium Buyer
Protective Decree:

a. P.D. 1216
b. P.D. 957
c. B.P. 220
d. P.D. 1081
175. Which of the following cannot be issued
condominium certificates of titles:

a. One-level row houses

b. Industrial warehouses
c. Two-level row houses
d. Subdivision lots
176. Title of condominium units belong to:

a. Corporation owning the building

b. Association of the building
c. Owners of condominium unit
d. Lot owner of the condominium building
177. The required number of votes of
registered owners to authorize a
condominium corporation to sell, or
otherwise dispose of the common areas in a
condominium project is:

a. Two-thirds
b. Unanimous
c. Three-fourths
d. Simple majority
178. Jurisdiction for adjudication of buyers
complaints against subdivision developers is
with the:
a. Bureau of Trade Regulation and Consumer
Protection
b. National Housing Authority
c. Regular Courts
d. Housing and Urban Development
Coordinating Council
e. Housing and Land Use Regulatory Board
179. The performance bond for a subdivision
project may be in the form of a surety bond
equivalent to:

a. 10% of development
b. 40% of development cost
c. 10% of development cost
d. 30% of development cost
180. The term of a condominium corporation
is:

a. 50 years
b. 5 years
c. Co-terminus with duration of condominium
projects
d. Subject to agreement between the
condominium corporation and the unit
owners.
181. The articles of incorporation of
homeowners association is registered with:

a. Securities and Exchange Commission

b. Home Guaranty Corporation
c. Housing and Land Use Regulatory Board
d. Bureau of Trade Regulation and Consumer
Protection
182. In mixed use condominium project, the
master deed may be amended by simple
majority of unit owners. Majority is based
on.

a. Number of condo units

b. Total area of condo units
c. Floor area of ownership
d. Any of the above
183. A subdivision plan needs only the
approval of the Land Registration or Land
Management Bureau to effect segregation of
titles when the resulting number of lot is:

a. Nine (9) or less

b. Twelve (12) or less
c. Ten (10)or less
d. Fifteen (15) or less
184. The body which formulates the policies
and objectives as well as the over-all
strategies for the countys national shelter
program is:

a. National Housing Authority

b. Housing and Urban Development
Coordinating Council
c. Housing and Land Use Regulatory Board
d. None of the above
185. A buyer of real estate has already paid in 8
years of installment a total amount of
P520,000.00 inclusive of P20,000.00 penalty
interest. The cash surrender value of the
property based on Maceda Law is:

a. P200,000.00
b. P325,000.00
c. P250,000.00
d. None of the above
186. Most important document to be checked
before buying a subdivision lot.

a. Map
b. License to sell
c. Subdivision plan
d. Bureau of Lands approval
e. Development permit
187. A buyer on installment who has paid at least
two years of installments, under Republic Act
No. 6552, is entitled to a refund or 50% of total
payments effected during the first five years and
an additional ____ every year but not to exceed
90% of total payments made.

a. 5%
b. 50%
c. 20%
d. 30%
e. 10%
188. A parcel of land subdivided into smaller
parcels without provisions for streets or open
spaces is a

a. Regular subdivision
b. Complex subdivision
c. Consolidation-subdivision
d. Simple subdivision
189. A parcel of land subdivided into smaller
lots properly planned with streets and open
spaces is

a. Regular subdivision
b. Complex subdivision
c. Consolidation-subdivision
d. Simple subdivision
180. Subdivision planning that is recti-linear,
blocks, lots and streets arrayed in a
rectangular pattern.

a. Contour planning
b. Modern planning
c. Gridiron planning
d. Square planning
191. Subdivision planning that arranges all
elements to closely fit into the terrain of the
land.

a. Contour planning
b. Modern planning
c. Gridiron planning
d. Square planning
192. A street that leads into a bell-shaped end.

a. Dead-end
b. Driveway
c. Cul-de-sac
d. d. Provisional street
 193. A lot with single frontage, all sides
bounded by a neighboring lot.

a. Regular lot
b. Interior lot
c. Standard lot
d. Inside lot
194. A lot with 2 perpendicular sides fronting a
street.

a. Key Lot
b. Corner-Through Lot
c. Corner Lot
d. Flag Lot

PART 1-B
PAGE 184
195. A lot in which the front and rear sides are
fronting a street.

a. Corner lot
b. Flag lot
c. Corner lot
d. Through lot
196. A lot that does not have a frontage and is
accessed only through a driveway.

a. Interior lot
b. Flag lot
c. Through lot
d. Inside lot
197. Any particular lot that commands a higher
value because of its location.

a. Prime lot
b. High-end lot
c. Through lot
d. Key lot
198. The curvilinear side of a lot occurring at a
street corner.

a. Corner curve
b. Corner cut
c. Chaplan
d. Quarter round
199. A lot with 3 sides fronting streets.

a. Key Lot
b. Corner-Through Lot
c. Corner Lot
d. Flag Lot
200. The law that prescribes the amount of
open spaces for subdivisions

a. PD 1096
b. PD 1216
c. PD 957
d. PD 1517