Property Management Quiz#1

. In a real estate transaction the broker gets a

• Professional fee

• profit

• dividend

• honorarium

Mr Pascual told his broker to sell his condo unit and he promised to give 5% professional fee but no authority in writing was given. The authority is

• valid

• voidable

• null and void

• not valid

To constitute negligence or failure to disclose or ascertain to any person with whom a broker is dealing relative to the property and within his knowledge at the time of the transaction, what matters must the broker fail to disclose?

• previous owner of the property or history of title

• . Location, topography, and shape of the property.

• fair market value of the property

• material fact data, or information

All real estate practitioners shall maintain adequate knowledge, competence and expertise In real estate development and management and the upgrading of the standards of practice shall be effected when the need arises; all these for, and in the interest of the:

• social and economic progress of the country

• moral upliftment of the profession

• upgrading of the real estate industry

• continuing profession education

A person, natural of juridical who is engaged in the trade of leasing his own real properties with the purpose of generating profit is a

• Real Etate Broker

• RealEstate Dealer

• Real Estate Businessman

• Real Estate Consultant

The Realty Service Practice is a noble profession, calling or occupation and those engaged therein shall abide by and comply with all the

• Laws

• orders

• decrees

• rules and regulations

A tenant is entitled to the following, EXCEPT:

• homelot

• security of tenure

• retention

• right of redemption

Real Estate as a business refers to the following, except

• leasing

• buying

• selling

• baking

It is defined as the land and / or building or other improvements permanently attached to land including the rights and interests thereon

• inheritance

• Collateral

• Real Estate Property Ownership

• landholdings

No partnership or corporation shall engage in the business of real estate service unless it is duly registered with the

• SEC

• PRB-RES

• PRC

• Stock Exchange