Hdmf - Pag-ibig Test

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| By Joco
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Joco
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Quizzes Created: 3 | Total Attempts: 7,988
| Attempts: 5,103
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  • 1/22 Questions

    Pag-ibig member with updated Multi-Purpose Loan payment is not eligible to apply for HousingLoan.

    • True
    • False
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Finance Quizzes & Trivia
About This Quiz

The 'HDMF - Pag-Ibig Test' evaluates knowledge on various aspects of the Home Development Mutual Fund (HDMF), focusing on eligibility, loan amounts, fees, and use of funds. It is essential for those involved in housing finance and real estate investments.

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  • 2. 

    Certified True Copy of the Title can be obtained from the Registry of Deeds

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because a Certified True Copy of the Title can indeed be obtained from the Registry of Deeds. The Registry of Deeds is responsible for maintaining records of property ownership and transactions, including titles. A Certified True Copy is a legally recognized document that serves as proof of the authenticity and accuracy of the title. It can be requested from the Registry of Deeds to provide assurance and verification of the ownership of a property.

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  • 3. 

    HDMFMaximum Loan Term

    • 20 years

    • 25 years

    • 30 years

    Correct Answer
    A. 30 years
    Explanation
    The maximum loan term for HDMF is 30 years. This means that borrowers can take up to 30 years to repay their loan in full.

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  • 4. 

    Statute of Frauds is a legal provision which requires agreement for the sale of real estate to bein writing to be enforceable.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because the Statute of Frauds is a legal provision that specifically requires agreements for the sale of real estate to be in writing in order to be enforceable. This means that oral agreements for the sale of real estate would not hold up in court and would not be legally binding. The purpose of this provision is to prevent fraudulent claims and ensure that there is clear evidence of the agreement in writing.

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  • 5. 

    What does HDMF stand for?

    Correct Answer
    Home Development Mutual Fund
    Explanation
    HDMF stands for Home Development Mutual Fund.

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  • 6. 

    Capital Gains Tax is under the account of the Seller

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Capital Gains Tax is a tax imposed on the profit made from the sale of an asset. In this case, the question states that the Capital Gains Tax is under the account of the Seller. This means that it is the responsibility of the seller to pay this tax. The buyer is not responsible for it. Therefore, the correct answer is True.

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  • 7. 

    HDMF Maximum loan amount

    • 1 Million

    • 2 Million

    • 3 Million

    Correct Answer
    A. 3 Million
    Explanation
    The correct answer is 3 Million. This suggests that the maximum loan amount provided by HDMF (Home Development Mutual Fund) is 3 Million.

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  • 8. 

    Transfer Tax is under the account of the Seller

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is incorrect. Transfer tax is typically the responsibility of the buyer, not the seller. Transfer tax is a fee or tax imposed by the government when a property or asset is transferred from one owner to another. It is usually based on the sale price or the assessed value of the property. The buyer is usually responsible for paying this tax as part of the closing costs when purchasing a property.

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  • 9. 

    HDMF Program can be used for the purchase of Commercial establishment.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The correct answer is False because the HDMF Program, also known as the Home Development Mutual Fund Program, is specifically designed to provide financial assistance for the purchase, construction, improvement, or renovation of residential properties, not commercial establishments.

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  • 10. 

    Contract of Sale is to Deed of Sale; Contract to Sell

    • Dacion En Pago

    • Deed of Conditional Sale

    • Deed of Sale with Mortgage

    Correct Answer
    A. Deed of Conditional Sale
    Explanation
    The correct answer is Deed of Conditional Sale. A Deed of Conditional Sale is a legal document that outlines the conditions under which a sale of property will take place. It specifies that the transfer of ownership will only occur once certain conditions, such as the payment of the full purchase price or the completion of certain obligations, are fulfilled. This is different from a Contract of Sale, which is a binding agreement to sell a property but does not transfer ownership until the conditions are met. The other options listed, Dacion En Pago and Deed of Sale with Mortgage, are different types of property transactions that involve specific legal arrangements.

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  • 11. 

    Maximum loan entitlement of Pag-ibig member paying P1,300.00 monthly contribution

    • 2.7 M

    • 2.0 M

    • 1 M

    Correct Answer
    A. 2.7 M
    Explanation
    The maximum loan entitlement of a Pag-ibig member paying P1,300.00 monthly contribution is 2.7 M. This means that based on their monthly contribution, they are eligible to borrow a maximum amount of 2.7 million pesos from Pag-ibig.

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  • 12. 

    Authority to Sell is issued by the Selling Broker

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The authority to sell is not issued by the selling broker, but rather by the property owner. The selling broker acts as an intermediary between the property owner and potential buyers, but they do not have the authority to grant permission for the sale of the property. The property owner holds the ultimate authority to sell their property.

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  • 13. 

    Penalty for late payment of monthly amortization is computed

    • Monthly

    • Weekly

    • Daily

    Correct Answer
    A. Daily
    Explanation
    The penalty for late payment of monthly amortization is computed on a daily basis. This means that if a borrower fails to make their monthly payment on time, they will be charged a penalty for each day that the payment is late. This encourages borrowers to make their payments on time and discourages them from delaying their payments. By calculating the penalty on a daily basis, the lender ensures that borrowers are held accountable for any delays in payment.

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  • 14. 

    HDMF Processing Fee

    • P 1,000.00

    • P 2,000.00

    • P 3,000.00

    Correct Answer
    A. P 3,000.00
  • 15. 

    Capacity to pay shall be limited to an amount for which the monthly amortization shall notexceed _____% of the member’s Net Disposable Income

    • 20%

    • 30%

    • 40%

    Correct Answer
    A. 40%
    Explanation
    The correct answer is 40%. This means that the maximum monthly amortization payment should not exceed 40% of the member's net disposable income. This ensures that the member's capacity to pay is limited and they are not burdened with excessive debt obligations. By setting a limit of 40%, it allows the member to have a reasonable amount of their income available for other expenses and financial obligations.

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  • 16. 

    Deed of Sale is executed upon full payment of Equity

    • True

    • False

    Correct Answer
    A. False
    Explanation
    A deed of sale is not necessarily executed upon full payment of equity. A deed of sale is a legal document that transfers the ownership of a property from the seller to the buyer. While it is common for a deed of sale to be executed after full payment of equity, it is not a requirement. In some cases, a deed of sale may be executed before full payment is made, with the buyer agreeing to pay the remaining balance over time. Therefore, the statement is false.

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  • 17. 

    HDMF Collateral Ratio to a P400,000.00 loan amount is:

    • 80%

    • 95%

    • 100%

    Correct Answer
    A. 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 the collateral. In this case, the collateral is able to cover the entire loan amount of P400,000.00, which means the collateral ratio is 100%.

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  • 18. 

    Zonal value of a property can be obtained from

    • Assessor’s Office

    • BIR

    • Land Registration Administration

    Correct Answer
    A. BIR
    Explanation
    The correct answer is BIR because the Bureau of Internal Revenue (BIR) is responsible for determining and assessing the zonal value of properties for tax purposes. They have the authority to establish the fair market value of properties in a specific area, which is used as a basis for calculating property taxes. The BIR collects and maintains data on property values and regularly updates the zonal values to ensure fairness and accuracy in property taxation. Therefore, obtaining the zonal value of a property can be done through the BIR.

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  • 19. 

    HDMF Retention Fee (accounts secured by Contract to Sell) for loans over P 500,000.00 to P1,000,000.00.

    • 6%

    • 7%

    • 7.5%

    Correct Answer
    A. 7%
    Explanation
    The correct answer is 7% because the HDMF Retention Fee for loans secured by a Contract to Sell, ranging from P500,000.00 to P1,000,000.00, is 7%. This fee is a percentage of the loan amount that is retained by the HDMF (Home Development Mutual Fund) as a form of security.

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  • 20. 

    Marketing Agreement is between Buyer and Seller

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The marketing agreement is not necessarily between the buyer and seller. It can be between a company and an advertising agency, or between two companies collaborating on a marketing campaign. Therefore, the statement is false.

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  • 21. 

    Tax Declaration is obtained from the BIR

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Assesor's Office

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  • 22. 

    What does Pag-Ibig Stand for?

    Correct Answer
    Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno.
    Explanation
    The correct answer is "Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno." This is the acronym for Pag-Ibig, which is a government agency in the Philippines that provides affordable housing and financing options for Filipinos. The acronym translates to "Cooperation for the Future: You, Industry Bank, and Government."

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 22, 2011
    Quiz Created by
    Joco

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