1. What is the maximum honoraria of members of Bids and Awards Committee?
   1. 10% of their basic monthly salary
   2. 15% of their basic monthly salary
   3. 25% of their basic monthly salary
   4. 40% of the basic monthly salary

1. Which of the following is/are covered by warranty under Lemon Law?
   1. Mountain Bike
   2. Tricycle
   3. Motor Mio
   4. None of the above

1. What is the vote required for approval of collection of association dues in a subdivision or condominium?
   1. At least 25% of unit owners
   2. At least majority of unit owners
   3. At least of unit owners
   4. At least 2/3 of unit owners

1. What is the period for obtaining license to sell by a developer from the issuance of registration certificate?
   1. Within two weeks
   2. Within 15 days
   3. Within one week
   4. Within 30 days

1. Which rights under Maceda Law is intransmissible?
   1. Right to grace period
   2. Right to cash surrender value
   3. Both a and b
   4. Neither a nor b

1. It is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.
   1. Contract of sale
   2. Contract of insurance
   3. Contract of lease
   4. Contract of pledge

1. Which is not an essential element of an insurance contract?
   1. Premium
   2. Consent
   3. Insurable interest
   4. None of the above

1. It is a neglect to communicate that which a party knows and ought to communicate.
   1. Misrepresentation
   2. Incidental fraud
   3. Concealment
   4. Warranties

1. When is the insurance company entitled to premium?
   1. Upon signing of insurance policy
   2. As soon as the thing insured is exposed to the peril insured against
   3. Upon approval of the insurance policy
   4. When the policy is approved by Insurance Commission

1. In which type of insurance is prohibition on over-insurance inapplicable?
   1. Property insurance
   2. Life insurance
   3. Both a and b
   4. Neither a nor b