Real Estate Brokerage Practice

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A brokerage is a firm that acts as an intermediary between
a. Seller and broker
C
b. buyer broker
c. a purchaser and a seller
The real estate broker must be ___ to the principal.
a. Loyal
A
b. Honest
c. Sincere
Provision in a listing contract which entities the broker to commis-
sion even if the sale were closed after the period of his authority
a. Extension clause B
b. Hold over clause
c. Allowance clause
Refers to the process of showing the property.
a. Showing
B
b. Presentation and Demonstration
c. Touring
Refers to a listing agreement where sellers agree to list the prop-
erty to only broker one broker.
a. Open listing C
b. Close listing
c. Exclusive listing
Refers to a potential buyer or costumer
a. Buyer
C
a. Client
a. Prospect
The broker can act as fiduciary.
a. False
B
b. True
c. Maybe
The transfer of the right or title in the property of assignor to
assignee.
a. Assignment A
b. Transfer
c. Succession
A promissory note evidencing a loan in which interest only pay-
ment made periodically and the principal paid in one lump sum
maturity.
A
a. Straight note
b. Promissory note
c. Interest note
The seller and broker agrees to a certain percentage of the selling
price as commission
a. Net Listing B
b. Percentage listing
c. Gross listing
Refers to the process where terms and conditions were accepted
by both parties.
a. Closing A
b. Offering
c. Negotiating
Collect personal information about the client for the lender includ-
ing employment and medical history
a. Broker A
b. Appraiser
c. Dealer

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The sharing of commission may vary, depend on both co-brokers
agreement.
a. False B
b. True
c. Maybe
Who is liable for all acts of his agents?
a. Principal
A
b. Middleman
c. Agent
In other areas of business, ___ firms may be employed to acquire
and sell real estate.
a. Brokerage A
b. Corporation
c. Business
Broker or dealer shall deal in or otherwise buy or sell, for its own
account or for the account of customers.
a. Broker only A
b. Dealer only
c. Both are prohibited
A firm that conduct transactions on behalf of the client.
a. Agent firm
B
b. Brokerage firm
c. Real estate firm
The real estate broker must register with the ___ if he or she sells
subdivision lots or
condominium units.
C
a. DENR
b. NHA
c. HLURB
An authority granted by the owner to the broker to look for a buyer
and negotiate the sale of the property.
a. Sales agency A
b. Buying agency
c. Dealing agency
An authority given by a party for the broker to look for joint venture
partner.
a. Joint venture agency A
b. Partner agency
c. Joint agency
Agency to find and buys a specified property.
a. Buyers Agency
B
b. Purchased agency
c. Sellers agency
Professional fee is payable in full upon .
a. Perfection of the contract
B
b. Consummation of the contract
c. Achievement of the contract
The relation between one who reposes confidence in another who
acts as
his agent, based on trust and confidence
B
a. Trustee
b. Fiduciary
c. Administrator
To have full knowledge of all facts and circumstances affecting the
transaction refers to ___.
a. Right of the Principal A
b. Right of the broker
c. Right of seller

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Refers to a contract wherein a person binds himself to render
some service on behalf of others.
a. Contract C
b. Sales
c. Agency
Refers to the stock in trade or the property which a broker is
authorized to sell.
a. Goods C
b. List
c. Listing
A kind of listing, as to form, where it can be through vocal.
a. Verbal listing
A
b. Documented
c. Written
Refers to the consideration which is entrusted to the third party.
a. Deposit
B
b. ESCROW
c. Surrender
A real estate dealer is a principal.
a. False
B
b. True
c. Maybe
Performs his acts on behalf of another.
a. Broker
A
b. Appraiser
c. Dealer
One who is authorized by someone to act in his behalf under the
power of attorney.
a. Agency B
b. Attorney in fact
c. Proxy
One who is authorized to represent and to act on behalf of another
person.
a. Representative C
b. Proxy
c. Agent
The process of removing a tenant from possession of the premis-
es for some breach of contract.
a. Relocation B
b. Eviction
c. Expiration
Premise accepted by buyer in its existing condition at the time the
property is bought with all physical defects.
a. Conditional buying B
b. As is condition
c. Limited buying
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 A
b. Future deposit
c. Advance deposit
A lease with fixed rent for an initial term and provision for prede-
termined increases at specified interval.
a. Increasing lease B
b. Step up lease
c. Upward lease
A estate that exist when tenant wrongfully remains after the expi-
ration of a lease.
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a. Tenancy at sufferance
b. Tenant at will A
c. Illegal tenant
Tenancy that can be cancelled anytime by landlord or tenant.
a. Free Tenancy
C
b. Tenancy at sufferance
c. Tenancy at will
Replacing one party in an existing contract with a new player and
releasing the first party of all liability.
a. Proxy B
b. Novation
c. Substitute
Major requirements for a real estate broker.
a. Valid license as real estate broker
A
b. Paid Taxes
c. Attended Seminars
Refers to the legal contract between a property owner and a real
estate broker.
a. Listing A
b. Agreement
c. Deal
The following are steps in closing a real estate transaction, except
a. Closing
A
b. Offering
c. Agreement
Refers the system of combining all properties offered into a com-
mon list and made available to all broker participants.
a. Gross listing C
b. Net listing
c. Multiple listing
A real estate broker engaged in any estate service practice with-
out secure a licensed may be subject to penalties.
a. True A
b. False
c. Maybe
Refers to listing where only one broker is authorized t negotiate
the sale.
a. Exclusive A
b. Special
c. Authorized
Refers to a record of all important copies of all documents of
transaction.
a. Archiving B
b. Report
c. Recording
Generally, it is separate and distinct from the purchase price.
a. Earnest money
A
b. Option money
c. Cash
Pays the commission on property being sold.
a. Owner
A
b. Buyer
c. Government
The ___ is the one who receive commission on property being
sold.
a. Broker A
b. Cashier
c. seller
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The equitable right to obtain ownership in a property whose legal
title is actually in another person's name.
a. Foreclosure title B
b. Equitable title
c. Substitute title
An agreement between an owner and a broker to sell a real estate.
a. Authority to sell
A
b. Listing
c. License to sell
Authority given by a borrower for the broker to secure financing.
a. Borrower agency
C
b. Financing agency
c. Mortgage agency
Broker entitled for a commission if he is the .
a. Procuring effect
C
b. Procuring entity
c. Procuring cause
Guide costumers to the process of selecting suitable mortgage
package with competitive package offers.
a. Property broker B
b. Mortgage broker
c. Sellers broker
Works under the supervision of the broker or acts on behalf of his
employer.
a. Real estate Salesman A
b. Sub broker
c. Sub seller
In cases of charges against a salesman or associated person,
notice shall also be given the broker or other associated person.
a. False B
b. True
c. Maybe
No ___ shall employ any salesman, who is not registered as such
with the Commission.
a. Corporation C
b. Business
c. Broker
A real estate salesperson must pass a licensure exam.
a. False
A
b. True
c. Maybe
Refers to the type of listing that can be given to more than two
brokers
a. Double listing C
b. Multiple listing
c. Open listing
The objective is to find and buy a specified property
a. Finding agency
B
b. Purchase agency
c. Buyer agency
Representing both buyer and seller in a single transaction.
a. Dual agency
A
b. Double agency
c. Neutral agency
The broker influence to turn prospective buyer into an actual
owner. C
a. Presentation
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b. Introducer
c. Procuring cause
One who stays on the leased premised after his lease has ex-
pired.
a. Hold over tenant A
b. Extending tenant
c. Continuing tenant
The final payment of a note that is substantially larger than the
previous payment and repay the debt in full.
a. Balloon payment A
b. Final payment
c. Full payment
Seller sets a minimum acceptable selling price.
a. Percentage Listing
B
b. Net listing
c. Gross listing
Refers to the trade of buying, selling, leasing and financing, de-
veloping real properties by real estate dealer.
a. Real estate as Business A
b. Real estate as profession
c. Real estate as job
Sources of listing could be through physical and internet search.
a. False
B
b. True
c. maybe
Assists individual or firms to trade in the foreign exchange market
a. Forex broker
A
b. Property broker
c. Real estate broker
An outside broker who joins with another broker in the sale of real
property.
a. Support broker C
b. External broker
c. Cooperating broker
Refers to a source of contracts of insurance on behalf of their
costumers
a. Insurance broker A
b. Referral broker
c. Contract broker
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
b. 1,000,000.00
c. 10,000,000.00
Authority given by the owner of an income property for the broker
to secure tenants.
a. Tenant agency B
b. Lease agency
c. Landlord
The principal has the right to employ other broker.
a. Close listing
B
b. Open listing
c. Multi listing
The one who protect the interest of the principal.
a. Broker
A
b. Appraiser
c. buyer

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One who is authorized to performed any and all acts associated
with the continued operation of a particular job or business.
a. Managing agent C
b. Administrator agent
c. General agent
An agent authorized by principal to perform single act like procur-
ing a buyer or finding a house.
a. Special agent A
b. General agent
c. Buyer agent
A tenant that continues from period to period such as month to
month.
a. Timely tenant C
b. Monthly tenant
c. Periodic tenant
The process of reconciling the opposing views of the parties to the
transaction.
a. Negotiation A
b. Reconciliation
c. Forum
The amount accompanying an offer to purchase to show desire of
the buyer to purchase.
a. Option money B
b. Earnest money
c. Down payment
The advantage of multiple listing is that the property is better
advertised to more brokers at the soonest time possible.
a. True A
b. False
c. Maybe
Date that must be included in the listing agreement.
a. Both b and c
A
b. Beginning
c. Ending
Any person, natural or juridical, who is engaged in the trade of
selling
a. Broker B
b. Dealer
c. Buyer
Real estate broker as profession, real estate dealer as .
a. Business
A
b. Occupation
c. Job
Required to be a natural person.
a. Salesman
A
b. Broker
c. Buyer
A legal procedure whereby property used as security debt is sold
to satisfy debt.
a. Foreclosure A
b. Auction
c. Default
The objective of the agency is to find a buyer for the property.
a. Finders agency
B
b. Sales agency
c. Property agency
The system of combining all properties into a common list.
a. Poly-listing
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b. Multi- listing
C
c. Multiple listing
One wherein the exclusive broker is entitled to commission even
if the owner himself sells the property.
a. Exclusive Right to Sell A
b. Open right to sell
c. Special right to sell
The business of making sales and purchases for a commission.
a. Buy and sell
B
b. Brokerage
c. Business
Once the successfully finds a buyer, then he/she receives a com-
mission for his/her
service.
A
a. Broker
b. Appraiser
c. Dealer
A tenant who hold possession by p-ermission of the owner even
without agreement.
a. Tenant at will A
b. Legal tenant
c. Non agreement tenant
A deed in which grantor warrant a good clear title to the premises.
a. Warrant deed
A
b. Trust deed
c. Guaranty deed
Any person who earns profit from his investment.
a. Real estate manager
C
b. Real estate buyer
c. Real estate dealer
Employing a reputable brokerage firm generally means that the
firm assumes liability for the seller's claims.
a. False B
b. True
c. Maybe
The real estate broker is required to file a bond worth .
a. P20,000.00
A
b. 25,000.00
c. 30,000.00
Its function is to find a lender and secure a loan for the principal.
a. Lender Agency
B
b. Loan agency
c. Principal agency
The for the sale of real estate is determined by agreement be-
tween principal and broker.
a. Rate C
b. Profit
c. Commission
A clause contained in a listing that provides protection for the
broker.
a. Protection disclosure B
b. Protection clause
c. Limitation clause
A legal document in which property is transferred to third party
trustee as security for an obligation.
a. Trust deed A
b. Collateral
c. Warranty deed
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A person who has obtained either real estate salespersons li-
cense or real estate broker license.
a. Real estate manager C
b. Real estate developer
c. Real estate agent
A real estate dealer is known as a ___ while the broker as agent.
a. Principal
A
b. Agency
c. Owner
A broker receive a all negotiation.
a. Commission
A
b. Profit
c. Tip
What is the best form of authority listing
a. Verbal
B
b. Written
c. Any of A and B
Finds a specified property in exchange for the principal's property.
a. Finders Agency
C
b. Property agency
c. Exchanged agency
To pledge something as collateral without giving up possession.
a. Hypothecate
A
b. Pledge
c. Collateral
The part of the deed with words "to have and to hold"
a. Holding clause
C
b. Limiting clause
c. Habendum clause
Requirement that real estate agent disclose in writing the type of
agency relationship to be performed.
a. Agency disclosure A
b. Open
c. Disclosing
Refers to the land and all those items which are attached to the
land. It also encompasses the rights of use and enjoyment of
certain land, as well as any of its improvement.
B
a. Real Estate
b. Real Property
c. Realty

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