ODPELS REAL ESTATE BROKER REVIEWER

ODILIO PELENIO
FUNDAMENTALS OF PROPERTY OWNERSHIP
1. Ownership of foreigners in a townhouse project located in the city is limited to
a. 40% of the units
b. 51 % of the units
c. No limit
d. 60% of the units

2. As proof of ownership of a condominium unit, the owner would have the best proof as
a. Condominium Certificate of Title
b. Original Condominium Certificate
c. Transfer of Certificate of Title
d. Condominium Corporation Certification

3. It is regarded as an interest in real property consisting of a separate interest in a unit in a

building and undivided interest in common in the land on which it is located and in other common
areas.
a. Condominium unit
b. Condominium
c. Common areas
d. Condominium project

4. The following is not part of the Master Deed of a Condominium project

a. Amenities and facilities per condo building
b. Number of building and stories per building
c. Condominium house rules and regulations
d. Extent of share in the common areas

5. The condominium corporation formation is required in case

a. As provided in the Articles of Incorporation
b. At least 60% Filipino Ownership
c. At least one foreigner owns a unit
d. Of purely residential condominium units

6. Ownership of Filipinos in a residential condominium project, if based on number of units, is

limited to a minimum of
a. 40% of the units
b. 51% of the units
c. No limit
d. 60% of the units

7. As owner of a condominium unit, the owner would be liable to pay real estate taxes
a. On the condominium project
b. On the taxes on his unit
c. On the taxes of the total common areas
d. On taxes assessed by the condominium corporation
8. The condominium corporation may also be dissolved in a general or special meeting duly
called for the purpose by affirmative vote of
a. All the members of the condominium corporation
b. Simple majority of the condominium members
c. 2/3 vote of the members
d. Majority of the members of the Condominium Common areas

9. A condominium corporation is important as it will be the management body of the

condominium project and more importantly, will also
a. Collect the dues from the unit owners
b. Hold title to the land of the condominium project
c. Pay for the realty taxes of the unit owner
d. Pay for the insurance of the separate units

10. The ABC Condo Residences, a mixed-use condo project, wanted to amend the master deed.
In such case the majority vote shall be based on
a. Per unit ownership
b. Per unit value
c. Per unit floor area
d. Per unit no. of occupants

11. Mr. Rodson owned a unit in the Triple Tower. He can sell the unit to anybody unless there is
a. Delinquency in condominium dues
b. Provision for right of first refusal
c. Mortgage on the condominium unit
d. An amount of unpaid real estate taxes

12. If a unit owner has unpaid assessments, the notice of assessment will be considered lien on
the condominium unit if
a. A notice of assessment is given to the unit owner
b. A notice of assessment is registered with the Register of Deeds
c. The delinquency is more than 1 year
d. Registered with the city treasurer’s office

13. Justin Boba sold his 3 bedroom condo unit to a buyer. To register the sale he must get from
the condominium corporation this document
a. Clearance for condominium dues
b. Certificate of transfer
c. Certificate of ownership
d. Certificate of management

14. Under the REIT Law, A “Constitutive Document” means

a. Articles of Incorporation of the REIT
b. Approved plan of the REIT
c. Ownership documents of the REIT
d. Shares of stock of the REIT
15. Under REIT, it refers to a professional administrator of real properties who is engaged by
the REIT to provide property management services, lease management services, marketing
services, projects management services, including rent collection.
a. REIT Collection
b. Fund Manager
c. Property Manager
d. Property Administrator

16. A REIT must distribute annually to its shareholders its distribute income to the extent of at
least
a. 50%
b. 75%
c. 90%
d. 100%

17. A REIT which owns land can only have foreign ownership up to
a. 40%
b. 50%
c. 75%
d. 60%

18. Under the REIT law, a REIT must be a public company and to be considered as such, a REIT,
must have at least how many public shareholders
a. 60
b. 100
c. 500
d. 1000

19. In order for the investor group of Mr. Dennis Yu to form REIT, it must have a minimum paid-
up capital of
a. P100,000,000.00
b. P1,000,000,000.00
c. P500,000,000.00
d. P300,000,000.00

20. Income payments to a REIT, for example, rentals, shall be subject to a lower creditable
withholding tax of
a. 1%
b. 2%
c. 3%
d. 4%

21. The fund manager of the REIT must have a minimum paid-up capital stock or assigned
capital of
a. P5,000,000.00
b. P10,000,000.00
c. P50,000,000,00
d. P100,000,000.00

22. Cash or property dividends paid by REIT shall be subject to a final tax of
 a. 5%
b. 10%
c. 15%
d. 20%

23. The right of a buyer of a condominium unit, when he fails to pay the monthly installments
under the contract to sell shall be governed by
a. PD 957
b. RA6552
c. HLURB Rules of Procedure
d. Financing Act

24. What new industry contributed at least P551 billion yearly to Philippine economy during
the 2019?
a. BPO industry
b. POGO
c. Tourist
d. REIT

25. James Blue, real estate broker was hired by Nadine Duster to sell her house and lot at Ayala
Alabang Village for P250 million, what is the initial act of Mr. Blue in performing professional
obligation?
a. Perform Due Diligence
b. Market the property
c. Nothing
d. Prepare a Deed of absolute Sale

ANSWER KEYS
1 A
2 A
3 B
4 C
5 C
6 D
7 B
8 A
9 B
10 C
11 B
12 B
13 D
14 A
15 C
16 C
17 A
18 D
19 D
20 A
21 B
22 B
23 B
24 B
25 A