Real Estate Brokerage Practice is a critical area of study for candidates preparing for the Real Estate Brokers Licensure Examination in the Philippines. This course equips prospective brokers with the knowledge and skills necessary to effectively mediate between buyers and sellers in the real estate market, ensuring ethical and legal transactions. The curriculum covers a broad spectrum of topics, including property listing methods, buyer and seller representation, legal documentation, and effective negotiation strategies.
Students delve into the Real Estate Service Act (RESA), learning about the regulatory framework that governs their profession. This includes understanding the roles, responsibilities, and ethical standards expected of licensed real estate brokers in the Philippines. The course also addresses financial aspects of real estate transactions, such as calculating commissions, handling taxes such as capital gains and documentary stamp taxes, and understanding financing options available to buyers.
As the examination approaches, emphasis is placed on reviewing key concepts and practicing with past exam questions to reinforce knowledge and improve test-taking strategies. The goal is to ensure that candidates are not only prepared to pass the licensure exam but are also ready to start their careers as competent, ethical real estate brokers. This comprehensive approach to education in Real Estate Brokerage Practice is fundamental for success in the highly competitive real estate industry in the Philippines.
PROFESSIONAL PRACTICE Real Estate Brokerage PRACTICE REVIEWER
Welcome to our PROFESSIONAL PRACTICE Real Estate Brokerage Practice Examination! In this session, you'll have the opportunity to test your understanding of key concepts in PROFESSIONAL PRACTICE Real Estate Brokerage. The quiz consists of multiple-choice questions covering various topics. Pay close attention to each question and select the best answer. After completing the exam, check the video below for the answer key and explanations.
1. What is the primary role of a real estate broker in the Philippines?
A) To construct real estate properties
B) To buy real estate properties
C) To facilitate the buying and selling of real estate on behalf of clients
D) To insure real estate properties
2. Which document is essential for a broker to sell a property legally in the Philippines?
A) Tax Identification Number
B) Broker’s Authority to Sell
C) Community Tax Certificate
D) Property Insurance Policy
3. What law governs real estate service practice in the Philippines?
A) Civil Code of the Philippines
B) Real Estate Service Act (RESA)
C) National Internal Revenue Code
D) Philippine Economic Zone Authority law
4. Which of the following is not a requirement for becoming a licensed real estate broker in the Philippines?
A) A bachelor’s degree
B) Passing the real estate licensure exam
C) Membership in a real estate brokers association
D) A certification in accounting
5. In a real estate transaction, the term 'capital gains tax' refers to the tax levied on:
A) The increase in value of the property sold from its purchase price
B) The total selling price of the property
C) The annual income of the real estate broker
D) The transfer of ownership to the buyer
6. What is the minimum number of Continuing Professional Development (CPD) units required for real estate brokers in the Philippines for license renewal?
A) 15 units every three years
B) 45 units every three years
C) 60 units every three years
D) 120 units every three years
7. Which type of real estate agreement allows the broker to receive a commission no matter who sells the property?
A) Open Listing
B) Exclusive Agency Listing
C) Exclusive Right-to-Sell Listing
D) Net Listing
8. Under Philippine law, which party is primarily responsible for paying the documentary stamp tax in a real estate sale?
A) Buyer
B) Seller
C) Broker
D) Notary Public
9. A 'real estate broker' in the Philippines must adhere to which ethical standard?
A) Code of Ethics and Responsibilities for Real Estate Service Practitioners
B) Philippine Business Ethics Law
C) Real Estate Brokers Association Ethical Guidelines
D) ASEAN Real Estate Network Alliance Code of Conduct
10. Which factor does not directly affect the market value of a residential property in the Philippines?
A) Economic stability
B) Proximity to public services
C) Color of the exterior paint
D) Local property demand
WATCH THE VIDEO FOR THE ANSWER KEY
Congratulations on completing the PROFESSIONAL PRACTICE Real Estate Brokerage Exam! Stay tuned for more practice online reviewer and educational content to further enhance your understanding of various learning areas.
