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Study Notes
Real Estate Broker Licensure Examination Review - 2024 Edition
- This is a reviewer for the 2024 real estate broker licensure examination.
- Covers various aspects of real estate law and brokerage.
Important Legal Definitions
- Hold-over clause: A listing contract provision that permits commission even if the sale closes after the broker's authority ends, if the buyer was registered within the authorized period.
- Escalation clause: A contractual provision that allows for price increases during a lease term.
- RESA (Real Estate Service Act): Law governing real estate service practitioners in the Philippines.
- Torrens System: A land registration system that provides indefeasible title to real property.
- Res Nullius: Everything in the country without a registered owner is owned by the state.
- Regalian Doctrine: Principle that all lands in the Philippines are originally owned by the State.
- RA 9646: The Real Estate Service Act of the Philippines.
- Legal Rate on Commission: The legal rate on real estate brokerage commission in the Philippines is 6%
Land Registration System
- TCT (Transfer Certificate of Title): A document that signifies ownership of land under the Torrens system.
- HLURB (Housing and Land Use Regulatory Board): Approves and regulates subdivisions and condominiums.
- Registration of Deeds (ROD): The governmental office responsible for registering real estate transactions.
- Land Registration Authority (LRA): The body responsible for land registration.
Value Concepts
- Market Value: The price a property would likely sell for in an open market.
- Fair Market Value (FMV): Estimate of the amount that a property would sell for in an open market transaction
- Highest and Best Use: The most profitable use of property, which considers the legal restrictions.
- Economic Life: The period of time a property will produce income or benefit.
- Effective Age: Age of a building based on its present condition and utility.
- Economic Life: The period a property will produce income.
- Capitalization Rate: The rate of return on an investment property.
- Gross Rent Multiplier (GRM): A ratio to estimate the value of an income property.
- Interest Rate: The cost of borrowing or lending money.
- Debt Service: The total of all payments required from a borrower to repay a debt including principal, interest, and other payments.
General Real Estate Terms
- Property Taxes: A recurring expense on real property ownership, usually based on its assessed value.
- Deed of Sale with Mortgage: A contract that conveys property to a buyer (who assumes liability), but which includes a mortgage to secure payment.
- Pacto de Retro: A contract of repurchase. This agreement allows a seller to get their land back after selling it.
- Taxable Real Estate: Real property subjected to tax.
- Taxpayer’s Master List/Tax Roll: An official list of all taxpayers subjected to property tax, including the amount of their assessments and due taxes.
- Alienable Lands: Lands that can be sold or leased by the state.
- Private Land Ownership: Land ownership is not subject to pre-emptive rights of others, regardless of length of possession.
Other Key Topics
- Property Disputes: Understanding of legal disputes over property rights and their resolution.
- Types of Listings: Differentiating between open listing, exclusive agency listing, and exclusive right-to-sell listing.
- Broker's Duties: Defining the agent's roles, including fiduciary duty.
- Documentation and Registration: Knowledge of documents and procedures involved in registering a real estate transaction.
- Foreclosure: Process to recover debt from property owners who failed to repay loans on time.
- Legal Terms: Understanding of legal terminology (e.g "Adverse Possession") and procedures relevant to real property law.
- Taxation and Regulations: Information regarding property taxes, capital gains tax, and other relevant regulations.
- Land Use: Regulations governing the types of activities permitted on specific land.
- Zoning: Regulations that govern the types of development allowed in a particular area.
- Highest and Best Use: Determining the highest and best use of a tract of land taking into consideration economics, legal restrictions and physical conditions.
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Description
Prepare for the 2024 real estate broker licensure examination with this comprehensive review. This quiz covers essential legal definitions, laws, and brokerage concepts relevant in the real estate industry, ensuring you grasp crucial knowledge for your exam success.
