Philippine Code Of Ethics For Real Estate Practitioners! Trivia Quiz

The Commission on Higher Education is responsible for prescribing the essential requirements for the curricula and facilities of schools, colleges, or universities offering academic courses in real estate service. They work in cooperation with other organizations such as the Department of Education and Culture, the National Association of Real Estate Service Practitioners, and the Philippine Association of Schools and Colleges. These organizations collaborate to ensure that the academic courses in real estate service meet the necessary standards and provide quality education to students.

The best evidence of ownership of a condominium unit is the Condominium Certificate of Title. This document serves as proof that the individual or entity named on the certificate is the legal owner of the unit. It contains important information such as the unit number, boundaries, and the percentage of ownership in the common areas of the condominium. The Condominium Certificate of Title is issued by the appropriate government agency and provides a clear and official record of ownership, making it the most reliable evidence in establishing ownership of a condominium unit.

The bundle of rights refers to the various rights that come with ownership of a property. These rights include the right to use the property, the right to enjoy the fruits of the land (such as harvesting crops), the right to possess the property, and the right to put up structures on the property within the legal restrictions. Therefore, the correct answer is "Right to put up structure beyond restrictions" because this right is not included in the bundle of rights.

The most proper and ethical step for the broker to take is to call the seller immediately to inform them about the offer and submit both the written offer and the earnest money payment. This ensures transparency and allows the seller to make an informed decision about the offer. By promptly notifying the seller and submitting the offer, the broker is acting in the best interest of their client and following ethical practices in the real estate industry.

The transfer certificate of title is the best evidence of ownership in fee simple because it is indefeasible. This means that once it is issued by the Register of Deeds and signed by them, it cannot be challenged or revoked. Additionally, the fact that it has an original copy in the Register of Deeds further strengthens its validity and authenticity. Therefore, the transfer certificate of title is the most reliable proof of ownership in fee simple.

The correct answer is "Real Estate Salesperson". According to the given information, every applicant seeking to be registered and licensed as a real estate service practitioner must undergo an examination. However, the exception to this requirement is for individuals who want to become Real Estate Salespersons. Therefore, Real Estate Salespersons do not need to undergo the examination mentioned in R.A. No. 9646.

This newspaper line ad is blatantly unethical because it makes a false claim about the future value of the property. It is misleading potential buyers by promising an increase in value within a specific timeframe, which cannot be guaranteed. This ad is intentionally deceiving customers and manipulating their decision-making process based on false information.

Usufruct is the correct answer because it refers to the conveyance of the right to enjoy the fruits of a property by a person. Usufruct is a legal term that grants someone the temporary right to use and benefit from a property without owning it. This can include the right to collect rent, use the property for agricultural purposes, or receive income from its resources. It is a limited right that allows the person to enjoy the property's benefits but does not transfer ownership.

The Regalian doctrine is the principle that states that all lands of the public domain belong to the State. This doctrine asserts that the State is the ultimate owner of all lands and resources within its jurisdiction, and individuals only have rights to use or possess these lands through the State's grant or permission. The Regalian doctrine is based on the concept of sovereignty and is often applied in countries with a civil law tradition. It ensures that the State has control over the use and management of its lands for the benefit of the public.

Right of way easement refers to the legal right granted to a landowner to pass through or have access to another person's land. This right allows the landowner to use a specific pathway or route on the neighboring property for various purposes, such as transportation or utility access. The term "easement" signifies the non-possessory interest or right that one party has over another's property. Therefore, the correct answer is Right of way easement.

Under BP 185, urban land refers to land located in urban areas. Urban areas are typically characterized by a high population density, extensive infrastructure, and various economic activities. This can include residential subdivisions, commercial areas, and central business district areas. Therefore, the correct answer is urban areas as it encompasses all the mentioned options and aligns with the definition provided by BP 185.

A person may buy and sell property on their own at the age of 18. This is the legal age of adulthood in many countries, where individuals are considered capable of making independent decisions and entering into contracts without the need for parental consent or a legal guardian. At 18 years old, individuals have the legal capacity to handle their own financial affairs, including buying and selling property.

The correct answer is Continuing Professional Education. The given statement mentions that the PRBRES (Professional Regulatory Board of Real Estate Service) has the power to prescribe guidelines and criteria for a requirement related to education for real estate service practitioners. This implies that there is a need for ongoing education and development in the field of real estate, which is commonly referred to as Continuing Professional Education.

A lot plan is not a valid evidence or proof of ownership of one's land. While a lot plan is a document that shows the boundaries and measurements of a property, it does not establish ownership. Ownership is typically proven through documents such as a tax declaration, realty tax receipts, and a deed of sale, which provide legal proof of ownership and transfer of the property.

According to the given information, the results of the licensure examination will be released by the Board within ten (10) days from the last day of the examination. This means that the candidates who appeared for the examination can expect to receive their results within ten days after they have completed the exam.

A foreigner may be allowed to own a residential condominium unit, a commercial office condominium unit, and a house built on leased land in the Philippines. However, they may not be allowed to own a house and lot, which refers to a property that includes both the land and the house on it. This restriction may be in place to protect the ownership of land by Filipino citizens and to prevent foreign ownership of large tracts of land in the country.

The correct answer is National Code of Ethics for the Realty Service Practice. This is because the question is asking for the specific code of ethics that covers practitioners under DTI (Department of Trade and Industry). The term "Realty Service Practice" indicates that it is specifically related to the real estate industry, which aligns with the context of the question.

The correct answer is 120 CEP or CPE credit units because under the IRR of RESA, those who had passed the DTI licensure examinations in 2006 and prior years but failed to obtain their license upon the effectivity of R.A. No. 9646 can still register without examinations if they have earned 120 CEP or CPE credit units. This means that individuals who have completed the required number of CEP or CPE credit units are eligible to register without having to take the licensure examinations.

The correct answer is "Authorized by the owners". This means that a sign for a property can only be placed on a vacant parcel of land by a broker if they have been given permission by the owners of the property. This ensures that the broker has legal authority to advertise the property and prevents multiple brokers from placing signs on the same property without consent.

Serving as a witness in court proceedings involving property owned by his client is considered within the bounds of the code of ethics because it is a legitimate action that supports the client's interests and does not involve any unethical behavior.

The correct answer is August 3, 1988. This is the date on which the Family code of the Philippines became effective.

The correct answer is Five (5) years. To become a licensed real estate consultant, an applicant must have experience as a licensed real estate appraiser for at least five years. This requirement ensures that the applicant has a solid understanding of the real estate industry and has gained sufficient experience in appraising properties. It also demonstrates that the applicant has the necessary skills and knowledge to provide professional advice and guidance to clients as a real estate consultant.

The correct answer is "Five (5) nominees per position". This means that for each position in the Professional Regulatory Board of Real Estate Service, there will be five recommended individuals to choose from. This ensures that there is a pool of qualified candidates to select from, increasing the chances of finding the most suitable person for the position. Having multiple nominees per position also allows for a fair and transparent selection process, as it provides a variety of options and prevents any bias or favoritism towards a single candidate.

Inviting friends to attend the open house with the intention of creating a false sense of interest among potential buyers can be considered unethical. This action can deceive potential buyers by giving them the impression that there is high demand for the property when in reality there may not be. This can lead to buyers making rushed decisions or paying more than the property is worth. It goes against the principles of transparency and honesty that are expected of a licensed real estate broker.

Corporations or partnerships are allowed to purchase land in the Philippines as long as the amount of foreign capital involved does not exceed 40%. This means that the majority of the capital used to acquire the land must be Filipino-owned or sourced domestically. This restriction is in place to ensure that the ownership and control of land in the country remains primarily in the hands of Filipino citizens or entities.

Private cemeteries or burial grounds are not exempted from real estate taxes. This means that owners of private cemeteries or burial grounds are required to pay real estate taxes. On the other hand, the other properties listed in the options are exempted from real estate taxes. Real property owned by the Republic of the Philippines, lands, buildings, and improvements used for charitable, religious, or educational purposes, and machineries and equipment used by local water districts and government-owned or controlled corporations engaged in water supply or power generation are all exempted from real estate taxes.

Private corporations and associations are allowed to hold alienable lands of the public domain, but only through lease. The maximum total area that they can hold is 1,000 hectares. This means that they cannot own the land outright, but can only lease it for a certain period of time. This restriction is in place to ensure that the public domain remains accessible to the general public and not concentrated in the hands of a few private entities.

The correct answer is "Willingly share with other brokers the lesson from his experience and study." This is considered ethical under the Code of Ethics because it promotes collaboration and the sharing of knowledge within the real estate industry. By willingly sharing lessons from their experience and study, brokers can help each other improve their skills and knowledge, ultimately benefiting the profession as a whole.

The correct answer is "Not exceeding 2% of the assessed value." This means that a city can charge a tax on real estate that is calculated based on a percentage of the assessed value of the property. However, the tax cannot exceed 2% of the assessed value. This limit ensures that the tax burden on property owners does not become too high and provides a cap on the maximum amount that can be charged.

Police power refers to the authority of the state to regulate and control various aspects of public life, including the use of one's property, in order to promote public health, safety, and welfare. This power allows the government to enact and enforce laws, regulations, and zoning restrictions that may limit or regulate the use of private property. Escheat refers to the transfer of property to the state when the owner dies without a will or any eligible heirs. Eminent domain refers to the government's power to take private property for public use, with fair compensation to the owner. The power to issue permits is a separate authority that grants permission for specific activities or uses of property.

The correct answer is "Treat others as you like them to treat you." This answer accurately reflects the Golden Rule, which emphasizes treating others with respect and kindness, just as we would like to be treated ourselves. It promotes empathy and encourages individuals to consider the feelings and needs of others in their actions and interactions.

This answer is correct because the question asks for subjects that are not included in the examination for real estate brokers. The other three options - condominium concept and other types of real estate holdings, real estate finance and economics, and basic principles of ecology - are all subjects that are included in the examination. However, land management and real property laws are not listed as subjects in the examination.

The given answer is "field of specialization in real estate service". This means that the roster of real estate service practitioners will contain all the information mentioned except for their field of specialization. The board, in coordination with the AIPO, will prepare, update, and maintain this roster which will include the names of all registered practitioners, their residence and office addresses, and license numbers.

When a former natural born citizen acquires a condo unit and becomes a foreigner, it is required that they do not acquire more than 40% of the units in the condominium. This means that they cannot own a majority or controlling stake in the condominium building. This rule is likely in place to ensure that the ownership of the condominium remains diverse and not concentrated in the hands of foreign individuals.

To become a dual citizen in the Philippines, one must file a petition with the Bureau of Immigration. This government agency is responsible for handling immigration-related matters, including the granting of dual citizenship. They have the authority to process and approve applications for individuals who wish to become dual citizens, allowing them to enjoy the benefits and privileges of both Philippine and foreign citizenship. The Bureau of Immigration ensures that the necessary requirements and procedures are followed, making it the correct agency to approach for dual citizenship applications.

The correct answer states that the owner must offer to list the property with the new broker after the authority of the listing broker has expired or has been revoked, without any solicitation from the new broker. This means that the new broker cannot actively seek or obtain the listing from the owner while it is still listed with the current broker. The owner must initiate the offer to switch brokers after the current broker's authority has ended or been revoked.

If a person is declared a Filipino citizen by the President, it means that they have been granted citizenship through a special declaration or decree made by the President of the Philippines. This is an exceptional case where the President has the authority to confer citizenship to an individual. Therefore, if a person falls under this category, they can be considered a Filipino citizen presently.

The correct answer is "how the transferee became a foreigner". This is because the given statement requires a sworn statement to be registered by the Register of Deeds for a deed of conveyance under Batas Pambansa Blg. 185. The sworn statement must show various details, including the names and addresses of the transferee's parents, spouse, and children, if any; the area, location, and mode of acquisition of the transferee's landholdings in the Philippines, if any; and the transferee's intention to reside permanently in the Philippines. However, it does not require an explanation of how the transferee became a foreigner.

The Professional Identification Card for real estate service practice is issued to registrants upon payment of the required fees. It contains the registration number, expiration date, and is duly signed by the chairperson of the board. However, it does not indicate the date of release.

The given answer "Void" suggests that the affidavit of waiver required of a foreigner who is married to a Filipina to register the sale is invalid or null. This implies that the requirement of the Register of Deeds for the affidavit of waiver is not legally binding or enforceable. Therefore, the foreigner may not be obligated to provide this document for the registration of the sale.

Real estate practitioners should not willingly share lessons and experiences with fellow brokers. This is because the knowledge and experiences gained in the real estate industry are valuable assets that can give a competitive advantage. Sharing them with other brokers may diminish this advantage and potentially benefit competitors. It is important for practitioners to maintain a level of professionalism and discretion in order to protect their own interests and those of their clients.

The given options represent different types of property relations that can be agreed upon in a marriage settlement. Relative Community of Property, Conjugal Partnership of Gains, and Absolute Community of Property are all valid property relations that can be chosen in a marriage settlement. However, Separation of Conjugal Property is not a valid property relation that can be agreed upon in a marriage settlement.

The correct answer is "Certificate from the Assessor whether the same is still the latest or not." This is because when determining the value of a building and the tax declaration being presented was issued 3 or more years ago, it is important to verify if the tax declaration is still the latest one. The certificate from the Assessor will confirm whether there have been any updates or changes to the tax declaration since it was issued. This ensures that the most accurate and up-to-date information is being used for determining the value of the building and calculating the taxes.

The right to own land in the Philippines is governed by the 1987 Philippine Constitution. However, in addition to the constitution, the right to own land may also be regulated by special laws passed by the legislature. These special laws can provide further guidelines and regulations regarding land ownership in the country. It is important to consider these special laws alongside the constitution to have a comprehensive understanding of the rights and restrictions related to land ownership in the Philippines.

Keeping a special bank account for client's money is considered unethical because it can lead to potential misuse or mishandling of the funds. It is important for brokers to handle client's money with utmost care and transparency, and keeping it separate from their own funds helps ensure that the money is not mixed or used for personal purposes. This unethical act can breach the trust of clients and may result in legal consequences for the broker.

The correct answer is "found guilty by the association of violation of the code of ethics." This means that the Board will not register and issue a certificate to any successful examinee who has been found guilty by the association of violating the code of ethics. This suggests that the Board places a strong emphasis on ethical conduct and expects its members to adhere to a certain standard of behavior.

The provisions of R.A. No.9646 and the IRR do not apply to a person who is acting as a duly-constituted attorney-in-fact for purposes of sale, mortgage, lease or exchange, or other similar contracts of real estate, and who requires compensation or remuneration. This means that individuals who are authorized to act on behalf of others in real estate transactions, and who receive payment for their services, are exempt from the regulations and requirements set forth in R.A. No.9646 and the IRR.

The correct answer is "Integrated and Accredited Professional Practitioners." This answer accurately describes the national integrated organization of natural persons who are registered and licensed as Real Estate Service Practitioners. The organization is both integrated, meaning it brings together professionals from various backgrounds, and accredited, indicating that its members have met certain standards and qualifications.

The correct answer is that the agency of the listing broker should be respected perpetually in all dealings with his client/principal. This means that the listing broker's authority and relationship with the client/principal should be honored and maintained throughout the duration of the listing agreement. The other options mentioned in the question are all correct and should be followed, but this particular option is the exception.

The correct answer is "Within 30 days from expiration of certificate of sale". When a property is foreclosed extrajudicially by the bank and not redeemed, it is eventually sold to the highest bidder. The certificate of sale is issued to the highest bidder, and it has an expiration date. The deadline to pay the capital gains tax is within 30 days from the expiration of the certificate of sale. This means that the highest bidder has 30 days from the expiration date to fulfill their tax obligations.