Real Estate Agent License Exam Practice Test
Real estate is the business of selling, buying, and renting any property consisting of land and the buildings on it.
Questions and Answers
- 1.
The purposes of Land Registration Law in general, are: EXCEPT?
- A.
To ascertain once and for all the absolute titles over a given landed property
- B.
To make a certificate of title issued by the court to the owner of the land absolute proof of such title
- C.
To decree that land title to be final, revocable, and disputable
Correct Answer
C. To decree that land title to be final, revocable, and disputableExplanation
The Land Registration Law aims to ascertain the absolute titles over a given landed property and to make a certificate of title issued by the court absolute proof of such title. However, it does not intend to decree that land title to be final, revocable, and disputable. The law aims to establish a clear and indisputable ownership of land, providing certainty and security to landowners.Rate this question:
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- 2.
A registered title under the Torrents system cannot be defeated by, prescription.
- A.
TRUE
- B.
FALSE
- C.
SOMETIMES
Correct Answer
A. TRUEExplanation
In the Torrents system, a registered title cannot be defeated by prescription. This means that even if someone possesses the property for a certain period of time, they cannot acquire legal ownership rights to it if the title is registered. The registration of the title provides strong legal protection and prevents adverse possession claims through prescription. Therefore, the statement is true.Rate this question:
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- 3.
May be defined briefly as that which constitutes a just cause of exclusive possession, orwhich is the foundation of owner of property.
- A.
Deeds
- B.
Titles
- C.
Patents
Correct Answer
B. TitlesExplanation
Titles can be defined as the legal documents that serve as evidence of ownership or right to possession of a property. They establish the foundation of the owner's claim to the property and provide a just cause for exclusive possession. Deeds, on the other hand, are specific types of titles that transfer ownership of real estate from one party to another. Patents, in this context, refer to legal documents granting exclusive rights to an invention or innovation. Therefore, the correct answer is titles.Rate this question:
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- 4.
Application for an Original Certificate of Title (OCT) should contain the ff: except?
- A.
Name, citizenship, civil status
- B.
Address, lot description
- C.
Age
Correct Answer
C. AgeExplanation
The application for an Original Certificate of Title (OCT) should contain the name, citizenship, civil status, address, and lot description. Age is not required to be included in the application.Rate this question:
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- 5.
___is a co-ownership undertaking for the development of condominiums and other propertyprojects which allows unit buyers to acquire a condominium unit at a significantly lower cost bydirectly engaging the services of a construction industry professional to develop the condominiumproperty.
- A.
MRBs
- B.
BTO
- C.
LTO
Correct Answer
B. BTOExplanation
BTO is the correct answer. BTO stands for "Build-To-Order" and it is a co-ownership undertaking for the development of condominiums and other property projects. It allows unit buyers to acquire a condominium unit at a significantly lower cost by directly engaging the services of a construction industry professional to develop the property. BTO is a popular option for those looking to own a property at a lower cost and have more control over the development process.Rate this question:
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- 6.
A tangible object or an intangible service that is mass produced or manufactured on a largescale with a specific volume of units.
- A.
Intangibles
- B.
Product
- C.
Brand
Correct Answer
B. ProductExplanation
The given definition describes a product, which can be either a tangible object or an intangible service. It is mass produced or manufactured on a large scale, indicating that it is created in large quantities. The specific volume of units refers to the number of units produced. Therefore, the correct answer is "Product."Rate this question:
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- 7.
_____ explores how and why people adopt new ducts, services and ideas.
- A.
Diffusion of innovations research
- B.
Internal marketing
- C.
Permission marketing
Correct Answer
A. Diffusion of innovations researchExplanation
Diffusion of innovations research explores how and why people adopt new products, services, and ideas. It focuses on understanding the process of innovation adoption, including the factors that influence individuals to adopt or reject new innovations. This research helps marketers and businesses to develop effective strategies for introducing and promoting new offerings in the market. It provides insights into the different stages of adoption, the characteristics of innovators and early adopters, and the communication channels that can facilitate diffusion. By understanding the diffusion process, businesses can better target their marketing efforts and increase the chances of successful adoption by the target audience.Rate this question:
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- 8.
The activity, set of institutions, and processes for creating, communicating, delivering, andexchanging offerings that have value for customers, clients, partners, and society at large.
- A.
Marketing Management
- B.
Marketing
- C.
Internal Marketing
Correct Answer
B. MarketingExplanation
Marketing refers to the activity, set of institutions, and processes involved in creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It encompasses all the strategies and tactics used to promote and sell products or services. Marketing involves analyzing customer needs and wants, developing products or services to meet those needs, determining the best ways to reach and engage target customers, and ultimately delivering value to both the customers and the organization. It plays a crucial role in driving business growth and success.Rate this question:
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- 9.
Consequences of non-payment of assessment are: except?
- A.
The management body may constitute a lien on the delinquent condominium unit by registering with the Register of Deeds a notice of assessment and delinquency.
- B.
Such lien may be enforced in the same manner provided by law for the judicial or extra-judicial foreclosure of mortgage.
- C.
The unit owner affected shall not have the same right of redemption as in cases of judicial or extrajudicial foreclosure of mortgage.
Correct Answer
C. The unit owner affected shall not have the same right of redemption as in cases of judicial or extrajudicial foreclosure of mortgage.Explanation
The consequences of non-payment of assessment include the management body constituting a lien on the delinquent condominium unit by registering a notice of assessment and delinquency with the Register of Deeds. This lien can be enforced through judicial or extra-judicial foreclosure, similar to a mortgage foreclosure. However, unlike in cases of mortgage foreclosure, the unit owner affected does not have the right of redemption.Rate this question:
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- 10.
Contract of Sale is to Deed of Sale; Contract to Sell
- A.
Dacion En Pago
- B.
Deed of Conditional Sale
- C.
Deed of Sale with Mortgage
Correct Answer
B. Deed of Conditional SaleExplanation
A Deed of Conditional Sale is a type of contract that outlines the conditions under which the sale of a property will be completed. Unlike a Contract of Sale or Contract to Sell, which are both agreements to transfer ownership of a property, a Deed of Conditional Sale specifies certain conditions that must be met before the sale can be finalized. These conditions may include the payment of certain amounts, the completion of specific actions, or the fulfillment of certain obligations. Therefore, a Deed of Conditional Sale is the most appropriate option among the given choices.Rate this question:
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- 11.
Zonal value of a property can be obtained from
- A.
Assessor's Office
- B.
BIR
- C.
Land Registration Administration
Correct Answer
B. BIRExplanation
The Bureau of Internal Revenue (BIR) is responsible for determining the zonal value of a property. This value is used to calculate the taxes and fees associated with the property. The BIR has the authority to assess and evaluate the value of properties based on their location and other factors. They have access to relevant data and information that allows them to determine the zonal value accurately. Therefore, the correct answer is BIR.Rate this question:
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- 12.
HDMF Collateral Ratio to a P400,000.00 loan amount is:
- A.
80%
- B.
95%
- C.
100%
Correct Answer
C. 100%Explanation
The correct answer is 100% because the HDMF collateral ratio refers to the percentage of the loan amount that can be covered by collateral. In this case, the loan amount is P400,000.00 and the collateral ratio is 100%, which means that the entire loan amount can be covered by collateral.Rate this question:
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- 13.
HDMF Maximum loan amount
- A.
1 Million
- B.
2 Million
- C.
3 Million
Correct Answer
C. 3 MillionExplanation
The correct answer is 3 Million. This suggests that the maximum loan amount provided by HDMF (Home Development Mutual Fund) is 3 million.Rate this question:
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- 14.
HDMF Processing Fee
- A.
P 1,000.00
- B.
P 2,000.00
- C.
P 3,000.00
Correct Answer
C. P 3,000.00Explanation
The correct answer is P 3,000.00 because it is the highest amount listed among the options provided.Rate this question:
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- 15.
HDMF Retention Fee (accounts secured by Contract to Sell) for loans over P 500,000.00 to P1,000,000.00
- A.
6%
- B.
7%
- C.
7.5%
Correct Answer
B. 7%Explanation
The correct answer is 7% because it falls within the given range for HDMF Retention Fee (accounts secured by Contract to Sell) for loans over P 500,000.00 to P1,000,000.00.Rate this question:
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- 16.
Penalty for late payment of monthly amortization is computed
- A.
Monthly
- B.
Weekly
- C.
Daily
Correct Answer
C. DailyExplanation
The correct answer is "Daily" because the penalty for late payment of the monthly amortization is calculated on a daily basis. This means that for each day the payment is overdue, a penalty will be applied. The frequency of the penalty calculation determines the amount that needs to be paid for each late day.Rate this question:
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- 17.
Maximum loan entitlement of Pag-ibig member paying P1,300D0 monthly contribution
- A.
2.7M
- B.
2.0 M
- C.
1 M
Correct Answer
A. 2.7MExplanation
The maximum loan entitlement for a Pag-ibig member paying P1,300 monthly contribution is 2.7M. This means that the member is eligible to borrow up to 2.7 million pesos from Pag-ibig. The loan entitlement is determined based on the member's monthly contribution, and in this case, the member's contribution of P1,300 qualifies them for the highest loan amount available.Rate this question:
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- 18.
Capacity to pay shall be limited to an amount for which the monthly amortization shall notexceed ____% of the member's Net Disposable Income
- A.
20%
- B.
30%
- C.
40%
Correct Answer
C. 40%Explanation
The correct answer is 40%. This means that the capacity to pay, in terms of monthly amortization, should not exceed 40% of the member's Net Disposable Income. This ensures that the member does not allocate too much of their income towards loan repayment, allowing them to maintain a certain level of financial stability and flexibility.Rate this question:
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- 19.
HDMF Maximum Loan Term
- A.
20 years
- B.
25 years
- C.
30 years
Correct Answer
C. 30 yearsExplanation
The correct answer is 30 years. This suggests that the HDMF (Home Development Mutual Fund) allows borrowers to have a maximum loan term of 30 years. This means that borrowers can take up to 30 years to repay their loans in full.Rate this question:
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- 20.
The law that protects buyers in a condominium of a subdivision project.
- A.
PD 957
- B.
BP220
- C.
PD 1586
Correct Answer
A. PD 957Explanation
PD 957, also known as the "Subdivision and Condominium Buyers' Protective Decree," is the correct answer. This law provides protection for buyers in a condominium of a subdivision project. It sets guidelines and regulations for developers, ensuring that they provide accurate and complete information to buyers, deliver the property on time, and maintain the necessary standards and amenities. PD 957 also establishes mechanisms for resolving disputes and penalties for non-compliance, aiming to safeguard the rights and interests of condominium buyers.Rate this question:
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- 21.
Refers to the inherent or implies the right of the state to interfere with or regulate privaterights in the interests of the public health, public safety, peace and order, public moral, publiccomfort & convenience d general welfare.
- A.
Escheat
- B.
Police Power
- C.
Taxation
Correct Answer
B. Police PowerExplanation
The correct answer is Police Power. Police power refers to the authority of the state to regulate and interfere with private rights in order to promote and protect the welfare and well-being of the public. This includes measures related to public health, safety, peace and order, morals, comfort, and convenience. It allows the government to enact laws and regulations that may restrict individual freedoms for the greater good of society. Escheat refers to the transfer of property to the state when the owner dies without leaving a will or any heirs. Taxation is the levying of charges or taxes by the government on individuals and businesses to fund public expenditures.Rate this question:
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- 22.
A document issued by the DENR that the proponent has complied with all the requirements ofthe Environmental Impact Statement System and that the proponent is committed to implement the project's Environmental Managemen Plan.
- A.
EIS
- B.
EIA
- C.
ECC
Correct Answer
C. ECCExplanation
An ECC (Environmental Compliance Certificate) is a document issued by the DENR (Department of Environment and Natural Resources) that signifies the proponent's compliance with all the requirements of the Environmental Impact Statement System and their commitment to implement the project's Environmental Management Plan. This certificate is given to ensure that the proposed project will not have any significant negative impact on the environment and that the proponent is committed to taking necessary measures to mitigate any potential harm.Rate this question:
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- 23.
Three (3) types of transactions, under PD 957, exempted from securing license to sell:-except?
- A.
On site CMP
- B.
NHA controlled buying
- C.
Bulk buying with construction of housing units resulting in increased density from the original plan
Correct Answer
C. Bulk buying with construction of housing units resulting in increased density from the original planExplanation
Bulk buying with construction of housing units resulting in increased density from the original plan is not exempted from securing a license to sell under PD 957. This means that developers who engage in bulk buying and construct housing units that deviate from the original plan, resulting in increased density, are required to secure a license to sell before they can proceed with selling the units. The other two transactions mentioned, on-site CMP and NHA controlled buying, are exempted from securing a license to sell under PD 957.Rate this question:
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- 24.
Are powers of the HLURB: except?
- A.
Regulate and adjudicate
- B.
Issue License to sell
- C.
Issue development permit
Correct Answer
C. Issue development permitExplanation
The HLURB is responsible for regulating and adjudicating matters related to land use and development. They also have the authority to issue licenses to sell properties. However, the given answer states that the HLURB is not responsible for issuing development permits.Rate this question:
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- 25.
Are features of P.D. 957: except?
- A.
Regulate sales of subdivision lots and condo units
- B.
Defines sale to be covered by registration
- C.
Set prices and discounts
Correct Answer
C. Set prices and discountsExplanation
The features of P.D. 957 include regulating the sales of subdivision lots and condo units and defining the sales that need to be registered. However, it does not include the authority to set prices and discounts.Rate this question:
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- 26.
Are types of condominium projects: -except?
- A.
Bare condos
- B.
Low-rise condos
- C.
High-rise condos
Correct Answer
A. Bare condosExplanation
The question is asking for the types of condominium projects, excluding one option. The options provided are bare condos, low-rise condos, and high-rise condos. The correct answer is "bare condos" because it is the only option that is not a type of condominium project. Low-rise and high-rise condos refer to the height or number of floors in the building, while bare condos are a type of condominium project that does not include any furnishings or finishes.Rate this question:
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- 27.
Are types of subdivision projects: except?
- A.
Residential
- B.
Commercial
- C.
Parking grounds
Correct Answer
C. Parking groundsExplanation
The given answer, "parking grounds," is correct because it is listed as one of the types of subdivision projects. The question asks for types of subdivision projects, excluding one option. The options provided are residential, commercial, and parking grounds. Since "parking grounds" is listed as one of the options, it is a type of subdivision project.Rate this question:
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- 28.
What is the current maximum selling price of a house & lot under BP 220 economic type ofsubdivision?
- A.
1 Million
- B.
1.25 Million
- C.
1.5 Million
Correct Answer
B. 1.25 MillionExplanation
The current maximum selling price of a house and lot under BP 220 economic type of subdivision is 1.25 Million.Rate this question:
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- 29.
Identify the housing program of the government & the project set tor intended for theunderprivileged and homeless citizens.
- A.
HGC - Home Guaranty Corporation
- B.
NHA - National Housing Authority
- C.
HUDCC - Housing Urban Development Coordinating Council
Correct Answer
B. NHA - National Housing AuthorityExplanation
The correct answer is NHA - National Housing Authority. The National Housing Authority is a government agency responsible for implementing housing programs and projects for the underprivileged and homeless citizens. They aim to provide affordable and decent housing options to those in need. The NHA works towards addressing the housing needs of the marginalized sectors of society and ensuring that everyone has access to safe and adequate housing.Rate this question:
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- 30.
Are types of complaints of buyers against the Owner/Developer whichshall be filed withHLURB:-except?
- A.
Non-completion of project
- B.
Non-issuance of title
- C.
Non-issuance of official receipt of payments
Correct Answer
C. Non-issuance of official receipt of paymentsExplanation
The types of complaints that buyers can file with HLURB against the Owner/Developer include non-completion of the project and non-issuance of title. However, the non-issuance of official receipt of payments is not a valid complaint that can be filed with HLURB.Rate this question:
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- 31.
The part/percentage of subdivision project allocated exclusively for parks, playgrounds &recreational use roads, aIleys & sidewalks classified under PD957.
- A.
20%
- B.
15%
- C.
30%
Correct Answer
C. 30%Explanation
According to PD957, a subdivision project should allocate a certain percentage of land exclusively for parks, playgrounds, recreational use roads, alleys, and sidewalks. The correct answer is 30%, which means that 30% of the subdivision project should be dedicated to these amenities.Rate this question:
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- 32.
The minimum width of road required for residential projects falling under PD 957.
- A.
8 meters
- B.
10 meters
- C.
6 meters
Correct Answer
A. 8 metersExplanation
The minimum width of road required for residential projects falling under PD 957 is 8 meters. This width is necessary to ensure proper access and circulation within the residential area, allowing for the smooth movement of vehicles and pedestrians. It also takes into account safety considerations and emergency access requirements. A wider road would provide more space and flexibility, but 8 meters is the minimum width deemed sufficient for residential projects under PD 957.Rate this question:
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- 33.
The document issued to buyers of unit in a condominium evidencing proof of his/herownership.
- A.
TCT
- B.
OCT
- C.
CCT
Correct Answer
C. CCTExplanation
The correct answer is CCT. CCT stands for Condominium Certificate of Title, which is a document issued to buyers of a unit in a condominium as proof of their ownership. This certificate provides legal evidence of ownership and includes details such as the unit number, floor area, and percentage of common areas owned. Unlike TCT (Transfer Certificate of Title) and OCT (Original Certificate of Title), which are used for land and other types of properties, CCT specifically pertains to condominium units.Rate this question:
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- 34.
Acronym that stands for the.sights of buyers in a subdivision project.
- A.
PAG-IBIG
- B.
MATA NI DORO
- C.
DUST
Correct Answer
B. MATA NI DORO -
- 35.
It is an interest in a real estate consisting of a separate interest in a building & an undividedinterest in common directly or indirectly in the land on which it is located.
- A.
Condominium Project
- B.
Condominium Unit
- C.
Condominium
Correct Answer
C. CondominiumExplanation
A condominium is a type of real estate that consists of individual units within a larger building or complex. Each unit owner has a separate interest in their specific unit and also shares an undivided interest in the common areas and land of the property. This means that while each owner has exclusive ownership of their unit, they also have shared ownership and responsibility for the common spaces and land.Rate this question:
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- 36.
Are the differences between condominium & a subdivision project:-except?
- A.
Proof of ownership
- B.
Common areas vs. open spaces
- C.
Price
Correct Answer
C. PriceExplanation
The given correct answer for this question is "price". This implies that one of the main differences between a condominium and a subdivision project, except for the other factors mentioned, is the price. This suggests that the cost or value of these two types of properties varies significantly, distinguishing them from each other.Rate this question:
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- 37.
Are parts of the condominium project classified as common area:-except?
- A.
Amenities
- B.
Commercial units
- C.
Lobby
Correct Answer
B. Commercial unitsExplanation
The parts of the condominium project that are classified as common area include amenities, lobby, and all areas that are shared and accessible by all residents. However, commercial units are not classified as common area because they are privately owned and used for business purposes rather than being shared by all residents.Rate this question:
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- 38.
The law that authorized HLURB to promulgate standards different from the required by PD 957, building code & fire Code.
- A.
RA 7279
- B.
RA 7160
- C.
RA 7899
Correct Answer
A. RA 7279Explanation
RA 7279, also known as the Urban Development and Housing Act of 1992, grants the Housing and Land Use Regulatory Board (HLURB) the authority to establish standards that may differ from those required by PD 957 (Presidential Decree No. 957), the Building Code, and the Fire Code. This law recognizes the need for flexibility in urban development and housing regulations to address the specific challenges and needs of different areas in the Philippines. It empowers the HLURB to adapt and tailor standards to ensure the effective implementation of urban development and housing projects across the country.Rate this question:
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- 39.
Buyers on installment may cease and desist from further payments of monthly amortization, ifthe owner/ developer failed to complete the project on time.
- A.
True
- B.
False
- C.
Case-to-case
Correct Answer
A. TrueExplanation
Buyers on installment have the right to stop making monthly payments if the owner/developer of the project fails to complete it on time. This is a form of protection for the buyers, ensuring that they are not financially burdened for a project that is not delivered as promised. By ceasing payments, buyers can put pressure on the owner/developer to fulfill their obligations and complete the project on time. Therefore, the statement "True" is the correct answer.Rate this question:
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- 40.
Upon completion of the subdivision project as certified by the HLURB, the open spaces shall be donated by the Owner/Developer to t Home Owners Association.
- A.
True
- B.
False
- C.
Case-to-case
Correct Answer
C. Case-to-caseExplanation
"Upon completion of the subdivision project as certified by the HLURB, the open spaces shall be donated by the Owner/Developer to the Homeowners Association."
If this is a requirement or condition set forth by the HLURB (Housing and Land Use Regulatory Board) for subdivision projects, then the statement would be considered True. It would imply that after completing the subdivision project, the Owner/Developer is obligated to donate open spaces to the Homeowners Association.
If the statement is suggesting that the donation of open spaces is optional or varies from case to case, then the answer would be "Case-to-case."Rate this question:
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- 41.
The Owner/Developer may discourage the organization of Home Owners Association.
- A.
True
- B.
False
- C.
Case-to-case
Correct Answer
B. FalseExplanation
The statement is false because the owner/developer typically encourages the organization of a Home Owners Association (HOA). An HOA helps maintain property values, enforce rules and regulations, and manage common areas and amenities. It also allows the owner/developer to transfer control of the community to the homeowners once a certain percentage of properties are sold. Therefore, it is in the owner/developer's best interest to promote the formation of an HOA.Rate this question:
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- 42.
Payment of realty taxes shall be the sole responsibility of the buyers on installment paymentat all times.
- A.
True
- B.
False
- C.
Sometimes
Correct Answer
B. FalseExplanation
The statement is false because it states that the payment of realty taxes shall be the sole responsibility of the buyers on installment payment at all times. This implies that the buyers are solely responsible for paying the realty taxes, regardless of any other circumstances. However, in reality, the responsibility for paying realty taxes can vary depending on the terms and agreements between the buyers and the seller. It is not always the sole responsibility of the buyers, as it can be negotiated and shared between the parties involved.Rate this question:
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- 43.
The Owner/Developer may collect additional fees from buyers anytime.
- A.
True
- B.
False
- C.
As the case may be
Correct Answer
B. FalseExplanation
The statement is false because once the buyers have paid the full purchase price for the property, the owner/developer cannot collect any additional fees from them. The purchase price is typically agreed upon and stated in the sales contract, and any additional fees would be considered a breach of contract. Additionally, collecting additional fees from buyers after the purchase has been completed would be unfair and unethical. Therefore, the owner/developer cannot collect additional fees from buyers anytime.Rate this question:
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- 44.
For the subdivision with an area of one (1) hectare and above, allocation of reserved 30% ofthe gross area for open spaces is not mandatory.
- A.
True
- B.
False
- C.
Sometimes
Correct Answer
B. FalseExplanation
The statement states that for subdivisions with an area of one hectare and above, it is not mandatory to allocate 30% of the gross area for open spaces. However, the correct answer is False, which means that it is indeed mandatory to allocate 30% of the gross area for open spaces in such subdivisions.Rate this question:
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- 45.
A Zoning ordinance is a locally enacted legislation.
- A.
True
- B.
False
- C.
Case-to-case
Correct Answer
A. TrueExplanation
A zoning ordinance is a type of legislation that is enacted at the local level. It is a set of rules and regulations that govern how land can be used in a specific area. These ordinances are created by local governments to control and regulate the use of land, such as determining what types of buildings can be constructed in certain zones, the height and size of buildings, and the types of activities that are allowed in different areas. Therefore, the statement that a zoning ordinance is a locally enacted legislation is true.Rate this question:
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- 46.
Mortgage of a subdivision project by the Owner/Developer requires _______ by HLURB.
- A.
Prior written approval
- B.
Written approval after bank take-out
- C.
Verbal approval
Correct Answer
A. Prior written approvalExplanation
For a mortgage of a subdivision project by the Owner/Developer, HLURB (Housing and Land Use Regulatory Board) requires prior written approval. This means that before the mortgage can be finalized, the Owner/Developer must obtain written consent from HLURB. This ensures that the subdivision project meets all the necessary regulations and guidelines set by HLURB before any financial transactions take place. Written approval provides a formal and documented record of HLURB's consent, ensuring transparency and accountability in the process.Rate this question:
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- 47.
Advertisement materials shall form part of the sales warranties enforceable against theOwner/ Developer.
- A.
True
- B.
False if there is a disclaimer
- C.
Case-to-case
Correct Answer
A. TrueExplanation
Advertisement materials are considered as part of the sales warranties enforceable against the Owner/Developer. This means that any promises or guarantees made in the advertisement materials can be legally enforced by the buyer against the Owner/Developer. Therefore, the statement "Advertisement materials shall form part of the sales warranties enforceable against the Owner/Developer" is true.Rate this question:
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- 48.
The Owner/Developer shall deliver the title of a lot to unit buyer upon full payment of lot orunit.
- A.
True
- B.
Depends if, it is available
- C.
If buyer advances registration fees
Correct Answer
A. TrueExplanation
The statement is true because according to the given information, the Owner/Developer is obligated to deliver the title of a lot to the unit buyer once the full payment for the lot or unit has been made. This implies that the buyer will receive the legal ownership of the property upon completing the payment. There are no conditions mentioned in the statement that would affect this process, such as the availability of the title or the payment of registration fees. Therefore, the answer is true.Rate this question:
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- 49.
The Owner/Developer of a subdivision project may alter the subdivision plan without notifyingthe existing buyer.
- A.
False
- B.
As long as HLURB is notified
- C.
No need as long as there is a caveat "changes w/o prior notice"
Correct Answer
A. FalseExplanation
The given answer is false because the owner/developer of a subdivision project cannot alter the subdivision plan without notifying the existing buyer. Notification is required by law, and the Housing and Land Use Regulatory Board (HLURB) needs to be informed of any changes made. The caveat "changes without prior notice" does not exempt the owner/developer from their responsibility to inform the existing buyers.Rate this question:
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- 50.
The mortgagee of a subdivision or condominium project can hold the release of titles to fully paid buyers until full payment of obligations of the mortgagor.
- A.
False
- B.
Depends on the provisions of the DOS
- C.
True
Correct Answer
A. FalseExplanation
The statement is false because the mortgagee of a subdivision or condominium project cannot hold the release of titles to fully paid buyers until full payment of obligations of the mortgagor. Once the buyer has fully paid for their property, they should be entitled to receive the title without any further conditions or obligations. The mortgagee's rights are limited to the property that is being mortgaged, and they cannot withhold the release of titles based on the mortgagor's obligations.Rate this question:
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Current Version
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Mar 07, 2024Quiz Edited by
ProProfs Editorial Team -
Mar 23, 2011Quiz Created by
Joco
Test your Real Estate Knowledge! Trivia Questions Quiz
Test your Real Estate Knowledge! Trivia Questions Quiz
Deed of trust: How well do you know about Real Estate? Trivia Quiz
Deed of trust: How well do you know about Real Estate? Trivia Quiz
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