REB Quiz 1

A buyer was found by the real estate broker who was willing to buy the lot but could not afford the price. The buyer may be referred to in the meantime in real estate as

• Potential buyer

• Suspect

• Client

• Prospect

The following is not really an essential element of real estate brokerage.

• Working knowledge of construction

• Honesty

• Proficient in English

• Tact and diplomacy

In a lease-to-own arrangement, the portion of the rent that goes towards the sale price is considered as____________

• Earnest money

• Right of first refusal fee

•  Option money

• Reservation fee

The _________ upon recommendation of NEDA may authorize a city/ municipality to reclassify lands in excess of set limits.

•  President

• Governor

• Speaker of the House

• Mayor

Which lake is shaped liked stylized “W” with two peninsula?

• Caliraya Lake

• Lake Danao

• Laguna de bay

• Taal Lake

What is UNCLOS?

• United Nations Council on the Law of the Sea

• United Nations Convention on the Law of the Sea

• United Nations Conference on the Law of the Sea

• United Nations Convergence on the Law of the Sea

It is an encumbrance imposed upon an immovable for the benefit of another immovable belonging to a different owner.

• Lien

• Mortgage

• Easement

• None of the above

The highest bidder in a foreclosure sale acquires ownership over the foreclosed property after the _________. 

• lapse of the one year redemption period

• foreclosure sale

• one year from the registration of the certificate of sale

• registration of the certificate of sale

 As an additional requirement to avail of the exemption from the capital gains in the sale of the family home, the seller is required, among others, to notify the BIR of his proof of purchase within:

• 30 days from the date of sale

• 15 days from the date of sale

• 60 days from the date of sale

• 45 days from the date of sale

One of these are not Non-disposable and Non-Alienable land.

• National Parks

• Mineral lands

• Mountains

• Forestry land