14. What is the remedy available to vendor or lessor when the vendee or lessee fails to pay a single instalment or single periodic rental in an instalment sale or finance lease of personal property assuming a chattel mortgaged is constituted on the personal property sold or leased?

• Exact fulfilment of the obligation with right to recovery for deficiency
• Cancel the instalment sale or finance lease resulting to mutual restitution
• Foreclose the chattel mortgage on the personal property sold or leased
• Any of the above

16. M issued a promissory note to P which states "I promise to pay P P10,000." The promissory note was issued in exchange for a specific laptop. P subsequently indorsed and delivered the said promissory note to A. If M becomes insolvent at the maturity date of the note, which of the following is correct?

• A can validly collect from P provided a corresponding notice of dishonor is given to P.
• A cannot go after from P in the absence of express warranty of solvency of M.
• A cannot go after from P even if the insolvency of M is already existing and public knowledge at the time P assigned the note to A.
• A can validly collect from P because the latter violated his warranty.

25. When the buyer has paid at least two years of instalments in sale of residential real property in instalments but the seller cancel the sale because of the buyer's default in the payment of instalment, which cash surrender value matching to years of instalment paid is incorrect?

• 2 - 5 years of instalment = 50%
• 10 years of instalment = 75%
• 7 years of instalment = 60%
• 14 years of instalment = 95%

29. Under PD 957 also known as Subdivision and Condominium Buyer's Protective Decree, who shall pay the real property tax on the subdivision unit or condominium unit being constructed by developer before transfer of title to buyer?

• Developer but subject to reimbursement from the buyer
• Buyer but subject to reimbursement from the developer
• Developer without right of recourse from the buyer
• Buyer without right of recourse from the developer

31. F1 owns a farm lot with an area of 1 hectare (10,000 SQM). The said rural lot is bounded by a farm lot of F2 with area of 1,000 SQM and by a farm lot of F3 with an area of 4,000 SQM. F1 sold his farm lot to F4, a landlord, via deed of absolute sale. Who between F2 and F3 shall be preferred for the exercise of right of legal redemption?

• F2 because his farm lot has smaller area.
• F3 because his farm lot has larger area.
• F2 and F3 proportionately in the ratio of 1:4 or 20% and 80%, respectively
• Neither F2 nor F3 can repurchase the farm lot sold by F1 because the deed states it is an absolute sale.

33. All are requirements for cooperative registration, except:

Group of answer choices

Economic survey including staffing pattern

Articles of cooperation

By laws

Approval of Affected government agency

36. Which is not a requirement to be a cooperative member?

Group of answer choices

Pre-membership Education Seminar

Must be a Filipino Citizen

Share capital contribution

Approval of General Assembly

38. In which of the following instances is legal redemption of an immovable property allowed?

Group of answer choices

Absolute sale of a share in real property by a co-owner

Dacion en pago of rural lot not exceeding one hectare (10,000 sqm) by a farmer to a landlord

Barter of urban lot which is so small and which was bought merely for speculation

Any of the above

42. In case of double sale of movable or personal property, who among the buyers of the said movable property from the same seller shall prevail?

Group of answer choices

Buyer with the oldest title

First possessor, either actual or constructive possession, of the movable property in good faith

First payor of the movable in good faith

First registrant of the deed of sale of movable property in good faith

44. In case of breach of warranty of merchantability or quality of a product, which of the following is a remedy not available to the injured buyer?

• Accept or keep the goods and set up against the seller the breach of warranty by way of recoupment or diminution or extinction of the price.
• Accept or keep the goods and maintain an action against the seller for damages for breach of warranty.
• Refuse to accept the goods, and maintain an action against the seller for damages for breach of warranty.
• Ask for declaration of nullity of contract of sale on the ground of absence of subject matter

Please help me thank you so mcuh