Cresar Reviewer 2011 Mock Exam Part 2

Front 1

An unregistered mortgage is binding only tot he mortgagor and mortgagee

Back 1

True

Front 2

Patrimonial property of the state is property owned by the state in its private capacity

Back 2

True

Front 3

In interstate succession, the estate of the deceased person is divided among heirs in accordance with the last will he has executed

Back 3

False

Front 4

Market Value refers to the most reasonable price of land and shelter based on the needs and financial capability of the UDHP beneficiaries and appropriate financing scheme

Back 4

False

Front 5

A province or city is legally barred from levying an annual ad valorem tax on machinery or equipment for environmental protection

Back 5

True

Front 6

A Registry of Property is a list of all property located whithin the territorial jurisdiction of the local government unit concerned, prepared and maintain by the provincial/city/municipal assessor

Back 6

True (DOJ)

Front 7

An undivided real property may be listed, valued and assessed in the name of one or more co-owners

Back 7

True

Front 8

Philip Cano, son of Filipino migrants in California, acquired American citizenship by virtue of his being born in the USA. As such, his right to acquire real properties in the Philippines is restricted by the prevailing laws on ownership by alien

Back 8

True

Front 9

A real property auctioned by a local government unit in order to satisfy tax delinquency of its owner may be redeemed in one year after the registration of the certificate of sale

Back 9

False (right of redemption)

Front 10

Lis Pendens is a charge or encumbrances on property, usually for payment of some obligation

Back 10

True

Front 11

A real estate broker who has a pending criminal case in court will not be allowed to renew his license

Back 11

False

Front 12

Corporations my acquire agricultural lands of public domain by patent provided by the total area does not exceed twelve (12) hectares

Back 12

False

Front 13

A dowry system may govern the property relations between husband and wife provided requirements are complied with

Back 13

True

Front 14

Sale of real property with 25% down payment is considered as cash sale which requires full payment of the capital gains tax before the sale can be registered

Back 14

False

Front 15

As provided by the General Banking Act, loans that may be granted by banks against real estate security shall not exceed 80% of the appraised value thereof

Back 15

False (75%)

Front 16

The rate of return earned by an investor which does not include allowance for capital recovery is called recapture rate

Back 16

False (unreturned rate)

Front 17

A subdivision scheme where the resulting blocks are rectangular in shape is known as square planning

Back 17

False

Front 18

Under the latest HDMF Circular, the maximum loanable amount is P1M

Back 18

False (3m)

Front 19

Lands acquire by beneficiaries under CARP (RA 6657) shall not be sold, conveyed or transferred for a period of 5 years

Back 19

False (10)

Front 20

The documentary stamp tax is payable not later than 5 days after the close of the month when taxable document was made, signed, accepted or transferred

Back 20

True

Front 21

The value usually used to determine the capital gains tax is assessed value

Back 21

False (zonal value)

Front 22

An alien cannot be a mortgagee of a real property in the Philippines

Back 22

False

Front 23

Cheska married to Edward in 1989. On 1999, Cheska's surviving parents died and she inherited a two hectare lot in Makati. After the settlement of estate Cheska sold the property without consent and over the objection of Edward. The sale is not valid

Back 23

False

Front 24

he Authority to classify lands of the public into agricultural, forest or timber is vested with the courts

Back 24

False (HLURB)

Front 25

Under RA6657 (CARP LAW), disturbance compensation to agricultural tenants may be in the form of a home lot

Back 25

False

Front 26

An illegitimate child is also a compulsory heir and entitled to one-third the share of a legitimate child

Back 26

False (1/2)

Front 27

A foreign corporation may construct a condominium project on a parcel of land leased by said corporation

Back 27

False

Front 28

An uninhabited and under developed parcel of land, owned and earmarked in 1993 by the Provincial Government of Bulacan as future site of a new capitol building is exempted from the coverage of Urban Development and Housing Program (UDHP)

Back 28

True

Front 29

A lessor is entitled to eject the lessee upon the ground that his leased premises had been sold to a third person, if the sale is registered

Back 29

False

Front 30

Earnest money is considered as proof of perfection of Contract to Sell

Back 30

False (part of the purchased price)

Front 31

There cannot be conventional redemption unless it has been stipulated in the Contract of Sale

Back 31

True

Front 32

Lease of lands and buildings within ECOZONE to entities owned by aliens shall not exceed 50 years extendable once for a period of not more than 25 years

Back 32

False

Front 33

Forfeiture is the seizure of a property by a court order, usually done to have it available in the event of adverse judgment of a pending case

Back 33

False

Front 34

As provided for in the CARP, three hectares may be awarded to each child of the landowner, provided that he is at least 18 years of age

Back 34

False (15)

Front 35

Dacion en pago of real estate classified as capital asset is also subject to capital gains

Back 35

False

Front 36

The assignment in favour of the condominium corporation of the land where the condominium project is erected is subject to Capital gains tax

Back 36

False

Front 37

In case area is different from that stated in the contract, if the sale is for a lump sum there shall be no increase or decrease in the price

Back 37

True

Front 38

In the absence of any stipulation, the commission is payable in full upon the consummation of the contract even when the price is said to be paid in installment

Back 38

True

Front 39

Forfeiture is the seizure of a property by a court order, usually done to have it available in the event of adverse judgment of a pending case

Back 39

False

Front 40

A restriction provided in the Deed of Sale of a subdivision lot, which was not annotated in the title is not binding between parties

Back 40

True

Front 41

When two different brokers cooperate on a sale, the commission is always fifty-fifty

Back 41

False

Front 42

Easements or restrictions on a title of a raw land shall apply to resulting lots when it is subdivided

Back 42

False

Front 43

If income approach is to anticipation, comparative is to substitution

Back 43

True

Front 44

A deed of exchange involving two residential houses and lots is exempted from capital gains tax

Back 44

False

Front 45

An alien can own a condominium unit but not a town house unit

Back 45

False

Front 46

The rate of return earned by an investor which does not include allowance for capital recovery is called recapture rate

Back 46

True

Front 47

In the absence of any provision in the master deed, the shares of condominium unit owners in the common areas shall be in proportion to the areas of their unit

Back 47

True

Front 48

Sale of real property with 25% down payment is considered as a cash sale which requires full payment of the capital gains tax before the sale can be registered

Back 48

False

Front 49

Under RA 6552, the buyer who has paid less than 2 years of installment is entitled to grace period no less than 30 days

Back 49

False

Front 50

Extra-judicial foreclosure is undertaken in accordance with the provision of Rule 68 of the Rules of Court

Back 50

False