General and Fundamentals 25% Day 1

Coverage of Examination:
1. Fundamentals of Property Ownership
2. Code of Ethics and Responsibilities
3. Legal Requirements for Real Estate Service (R.A. 9646/IRR)
4. Real Estate Laws and Taxation (Agri Law, CARPER, R.A. 7160/8424, etc)

Schedule: December 16, 2017

Time: 8:00 AM 10:00 AM

TEST 1 Sample Questions for Review Purpose: 100 Items

The power to adopt the Code of Ethics and Responsibilities, under the RESA shall be under the
a. Professional Regulatory Board of Real Estate Service
b. Professional Regulation Commission
c. Accredited and Integrated Professional Organization
d. Professional Regulatory Commission

Under the then code of ethics, the realty service is considered the following and not a
a. Profession
b. Business
c. Calling
d. Occupation

The definition of real estate service practitioners under the RESA, it does not cover the following.
a. Real Estate Salesperson
b. Real Estate Consultants
c. Real Estate Appraiser
d. Real Estate Brokerage Partnership

Under the code of ethics, it does not include the relation of the real estate service practitioner to the
a. Public
b. Government
c. Developer
d. Client

It is required for a Real Estate Broker to attend Continuing Professional Education for the reason of
a. Their dealings with each other shall be fair, honest and just
b. The spirit of camaraderie, cooperation and professional relationship of other practitioners shall be
promoted
c. High level of respect relationship with colleagues in the Realty Service Practice shall be maintained
d. Adequate knowledge, competence, and expertise in real estate development and management shall
be maintained

The broker is believed to violated his relation to the ________________ during undervaluation of the sale.
a. Public
b. Government
c. Client
d. Organization he belongs

It is not required for a Real Estate Broker to indicate the Professional License No. in the following documents
a. Letterhead
b. Advertisements
 c. Calling cards
d. Deed of Absolute Sale

Under the code of ethics, it is not required for a real estate broker to secure the following before engaging in
practice
a. Payment of Professional Tax
b. Professional Identification Card
c. Certificate of Registration with PRC
d. Postal I.D.

The following act should not be done by the broker and is unethical
a. Split commission with an unlicensed broker
b. Share commission as agreed
c. Agree to revise commission sharing
d. Accept arrangement for reduction in commission as agreed

The owner requested the broker on how to reduce the capital gains tax to be paid. It is unethical for the broker
to recommend the following
a. To pay the capital gains on time.
b. To pay transfer tax to the city treasurer
c. To pay in managers check to the bank
d. To undervalue the sale price

The practitioner must display the following in their place of business as provided in the Code of Ethics
a. AIPO Receipts
b. Surety Bond
c. Professional Identification Card
d. Certificate of Registration