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1. A brokerage is a firm that acts as an intermediary between

a. Seller and broker

b. buyer broker

c. a purchaser and a seller

2. The real estate broker must be ___ to the principal.

a. Loyal

b. Honest

c. Sincere

3. Provision in a listing contract which entities the broker to commission even if the sale were closed after the period of his authority

a. Extension clause

b. Hold over clause

c. Allowance clause

4. Refers to the process of showing the property.

a. Showing

b. Presentation and Demonstration

c. Touring

5. Refers to a listing agreement where sellers agree to list the property to only broker one broker.

a. Open listing

b. Close listing

c. Exclusive listing

6. Refers to a potential buyer or costumer

a. Buyer

a. Client

a. Prospect

7. The broker can act as fiduciary.

a. False

b. True

c. Maybe

8. The transfer of the right or title in the property of assignor to assignee.

a. Assignment

b. Transfer

c. Succession

9. A promissory note evidencing a loan in which interest only payment made periodically and the principal paid in one lump sum maturity.

a. Straight note

b. Promissory note

c. Interest note

10. The seller and broker agrees to a certain percentage of the selling price as commission

a. Net Listing

b. Percentage listing

c. Gross listing

11. Refers to the process where terms and conditions were accepted by both parties.

a. Closing

b. Offering

c. Negotiating

12. Collect personal information about the client for the lender including employment and medical history

a. Broker

b. Appraiser

c. Dealer

13. The sharing of commission may vary, depend on both co-brokers agreement.

a. False

b. True

c. Maybe

14. Who is liable for all acts of his agents?

a. Principal

b. Middleman

c. Agent

15. In other areas of business, ___ firms may be employed to acquire and sell real estate.

a. Brokerage

b. Corporation

c. Business

16.Broker or dealer shall deal in or otherwise buy or sell, for its own account or for the account of customers.

a. Broker only

b. Dealer only

c. Both are prohibited

17. A firm that conduct transactions on behalf of the client.

a. Agent firm

b. Brokerage firm

c. Real estate firm

18. The real estate broker must register with the ___ if he or she sells subdivision lots or

condominium units.

a. DENR

b. NHA

c. HLURB

19. An authority granted by the owner to the broker to look for a buyer and negotiate the sale of the property.

a. Sales agency

b. Buying agency

c. Dealing agency

20. An authority given by a party for the broker to look for joint venture partner.

a. Joint venture agency

b. Partner agency

c. Joint agency

21. Agency to find and buys a specified property.

a. Buyers Agency

b. Purchased agency

c. Sellers agency

22. Professional fee is payable in full upon .

a. Perfection of the contract

b. Consummation of the contract

c. Achievement of the contract

23. The relation between one who reposes confidence in another who acts as

his agent, based on trust and confidence

a. Trustee

b. Fiduciary

c. Administrator

24. To have full knowledge of all facts and circumstances affecting the transaction refers to ___.

a. Right of the Principal

b. Right of the broker

c. Right of seller

25. Refers to a contract wherein a person binds himself to render some service on behalf of others.

a. Contract

b. Sales

c. Agency

26. Refers to the stock in trade or the property which a broker is authorized to sell.

a. Goods

b. List

c. Listing

27. A kind of listing, as to form, where it can be through vocal.

a. Verbal listing

b. Documented

c. Written

28. Refers to the consideration which is entrusted to the third party.

a. Deposit

b. ESCROW

c. Surrender

29. A real estate dealer is a principal.

a. False

b. True

c. Maybe

30. Performs his acts on behalf of another.

a. Broker

b. Appraiser

c. Dealer

31. One who is authorized by someone to act in his behalf under the power of attorney.

a. Agency

b. Attorney in fact

c. Proxy

32. One who is authorized to represent and to act on behalf of another person.

a. Representative

b. Proxy

c. Agent

33. The process of removing a tenant from possession of the premises for some breach of contract.

a. Relocation

b. Eviction

c. Expiration

34. Premise accepted by buyer in its existing condition at the time the property is bought with all physical defects.

a. Conditional buying

b. As is condition

c. Limited buying

35. Money deposited by tenant to be held by landlord to remedy tenant default for damages or failure to pay rent at the end of tenancy.

a. Security deposit

b. Future deposit

c. Advance deposit

36. A lease with fixed rent for an initial term and provision for predetermined increases at specified interval.

a. Increasing lease

b. Step up lease

c. Upward lease

37. A estate that exist when tenant wrongfully remains after the expiration of a lease.

a. Tenancy at sufferance

b. Tenant at will

c. Illegal tenant

38. Tenancy that can be cancelled anytime by landlord or tenant.

a. Free Tenancy

b. Tenancy at sufferance

c. Tenancy at will

39. Replacing one party in an existing contract with a new player and releasing the first party of all liability.

a. Proxy

b. Novation

c. Substitute

40. Major requirements for a real estate broker.

a. Valid license as real estate broker

b. Paid Taxes

c. Attended Seminars

41. Refers to the legal contract between a property owner and a real estate broker.

a. Listing

b. Agreement

c. Deal

42. The following are steps in closing a real estate transaction, except

a. Closing

b. Offering

c. Agreement

43. Refers the system of combining all properties offered into a common list and made available to all broker participants.

a. Gross listing

b. Net listing

c. Multiple listing

44. A real estate broker engaged in any estate service practice without secure a licensed may be subject to penalties.

a. True

b. False

c. Maybe

45. Refers to listing where only one broker is authorized t negotiate the sale.

a. Exclusive

b. Special

c. Authorized

46. Refers to a record of all important copies of all documents of transaction.

a. Archiving

b. Report

c. Recording

47. Generally, it is separate and distinct from the purchase price.

a. Earnest money

b. Option money

c. Cash

48. Pays the commission on property being sold.

a. Owner

b. Buyer

c. Government

49. The ___ is the one who receive commission on property being sold.

a. Broker

b. Cashier

c. seller

50. The equitable right to obtain ownership in a property whose legal title is actually in another person's name.

a. Foreclosure title

b. Equitable title

c. Substitute title

51. An agreement between an owner and a broker to sell a real estate.

a. Authority to sell

b. Listing

c. License to sell

52. Authority given by a borrower for the broker to secure financing.

a. Borrower agency

b. Financing agency

c. Mortgage agency

53. Broker entitled for a commission if he is the .

a. Procuring effect

b. Procuring entity

c. Procuring cause

54. Guide costumers to the process of selecting suitable mortgage package with competitive package offers.

a. Property broker

b. Mortgage broker

c. Sellers broker

55. Works under the supervision of the broker or acts on behalf of his employer.

a. Real estate Salesman

b. Sub broker

c. Sub seller

56. In cases of charges against a salesman or associated person, notice shall also be given the broker or other associated person.

a. False

b. True

c. Maybe

57. No ___ shall employ any salesman, who is not registered as such with the Commission.

a. Corporation

b. Business

c. Broker

58. A real estate salesperson must pass a licensure exam.

a. False

b. True

c. Maybe

59. Refers to the type of listing that can be given to more than two brokers

a. Double listing

b. Multiple listing

c. Open listing

60. The objective is to find and buy a specified property

a. Finding agency

b. Purchase agency

c. Buyer agency

61. Representing both buyer and seller in a single transaction.

a. Dual agency

b. Double agency

c. Neutral agency

62. The broker influence to turn prospective buyer into an actual owner.

a. Presentation

b. Introducer

c. Procuring cause

63. One who stays on the leased premised after his lease has expired.

a. Hold over tenant

b. Extending tenant

c. Continuing tenant

64. The final payment of a note that is substantially larger than the previous payment and repay the debt in full.

a. Balloon payment

b. Final payment

c. Full payment

65. Seller sets a minimum acceptable selling price.

a. Percentage Listing

b. Net listing

c. Gross listing

66. Refers to the trade of buying, selling, leasing and financing, developing real properties by real estate dealer.

a. Real estate as Business

b. Real estate as profession

c. Real estate as job

67. Sources of listing could be through physical and internet search.

a. False

b. True

c. maybe

68. Assists individual or firms to trade in the foreign exchange market

a. Forex broker

b. Property broker

c. Real estate broker

69. An outside broker who joins with another broker in the sale of real property.

a. Support broker

b. External broker

c. Cooperating broker

70. Refers to a source of contracts of insurance on behalf of their costumers

a. Insurance broker

b. Referral broker

c. Contract broker

71. If the commission is 100,000 what is the price of the property if it sold and the commission rate is 10%

a. 1,200,000.00

b. 1,000,000.00

c. 10,000,000.00

72. Has both the willingness and the capacity to buy the property.

a. Buyer

b. Prospect

c. Owner

73. Authority given by the owner of an income property for the broker to secure tenants.

a. Tenant agency

b. Lease agency

c. Landlord

74. The principal has the right to employ other broker.

a. Close listing

b. Open listing

c. Multi listing

75. The one who protect the interest of the principal.

a. Broker

b. Appraiser

c. buyer

76. One who is authorized to performed any and all acts associated with the continued operation of a particular job or business.

a. Managing agent

b. Administrator agent

c. General agent

77. An agent authorized by principal to perform single act like procuring a buyer or finding a house.

a. Special agent

b. General agent

c. Buyer agent

78. A tenant that continues from period to period such as month to month.

a. Timely tenant

b. Monthly tenant

c. Periodic tenant

79. The process of reconciling the opposing views of the parties to the transaction.

a. Negotiation

b. Reconciliation

c. Forum

80. The amount accompanying an offer to purchase to show desire of the buyer to purchase.

a. Option money

b. Earnest money

c. Down payment

81. The advantage of multiple listing is that the property is better advertised to more brokers at the soonest time possible.

a. True

b. False

c. Maybe

82. Date that must be included in the listing agreement.

a. Both b and c

b. Beginning

c. Ending

83. Any person, natural or juridical, who is engaged in the trade of selling

a. Broker

b. Dealer

c. Buyer

84. Real estate broker as profession, real estate dealer as .

a. Business

b. Occupation

c. Job

85. Required to be a natural person.

a. Salesman

b. Broker

c. Buyer

86. A legal procedure whereby property used as security debt is sold to satisfy debt.

a. Foreclosure

b. Auction

c. Default

87. The objective of the agency is to find a buyer for the property.

a. Finders agency

b. Sales agency

c. Property agency

88. The system of combining all properties into a common list.

a. Poly-listing

b. Multi- listing

c. Multiple listing

89. One wherein the exclusive broker is entitled to commission even if the owner himself sells the property.

a. Exclusive Right to Sell

b. Open right to sell

c. Special right to sell

90. The business of making sales and purchases for a commission.

a. Buy and sell

b. Brokerage

c. Business

91. Once the successfully finds a buyer, then he/she receives a commission for his/her

service.

a. Broker

b. Appraiser

c. Dealer

92. A tenant who hold possession by p-ermission of the owner even without agreement.

a. Tenant at will

b. Legal tenant

c. Non agreement tenant

93. A deed in which grantor warrant a good clear title to the premises.

a. Warrant deed

b. Trust deed

c. Guaranty deed

94. Any person who earns profit from his investment.

a. Real estate manager

b. Real estate buyer

c. Real estate dealer

95. Employing a reputable brokerage firm generally means that the firm assumes liability for the seller's claims.

a. False

b. True

c. Maybe

96. The real estate broker is required to file a bond worth .

a. P20,000.00

b. 25,000.00

c. 30,000.00

97. Its function is to find a lender and secure a loan for the principal.

a. Lender Agency

b. Loan agency

c. Principal agency

98. The for the sale of real estate is determined by agreement between principal and broker.

a. Rate

b. Profit

c. Commission

99. A clause contained in a listing that provides protection for the broker.

a. Protection disclosure

b. Protection clause

c. Limitation clause

100. A legal document in which property is transferred to third party trustee as security for an obligation.

a. Trust deed

b. Collateral

c. Warranty deed

101. A person who has obtained either real estate salespersons license or real estate broker license.

a. Real estate manager

b. Real estate developer

c. Real estate agent

102. A real estate dealer is known as a ___ while the broker as agent.

a. Principal

b. Agency

c. Owner

103. A broker receive aall negotiation.

a. Commission

b. Profit

c. Tip

104. What is the best form of authority listing

a. Verbal

b. Written

c. Any of A and B

105. Finds a specified property in exchange for the principal's property.

a. Finders Agency

b. Property agency

c. Exchanged agency

106. To pledge something as collateral without giving up possession.

a. Hypothecate

b. Pledge

c. Collateral

107. The part of the deed with words "to have and to hold"

a. Holding clause

b. Limiting clause

c. Habendum clause

108. Requirement that real estate agent disclose in writing the type of agency relationship to be performed.

a. Agency disclosure

b. Open

c. Disclosing

109. Refers to the land and all those items which are attached to the land.

a. Real Estate

b. Real Property

c. Realty