Real Estate Buyer Protection Act Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the consequence for the owner or developer if the buyer desists from further payment due to project development failure?

The installment payment made by the buyer shall be forfeited in favor of the owner or developer.

The buyer will be required to continue making payments despite the project development failure.

The installment payment made by the buyer shall not be forfeited, and the buyer may be reimbursed the total amount paid. (correct)

The buyer will lose the right to claim any refund for payments made.

What is excluded from the reimbursed amount if the buyer desists from payment due to project development failure?

Delinquency interests (correct)

Total amount paid

Amortization interests

Penalties

What action must the buyer take before desisting from further payment due to project development failure?

File a lawsuit against the owner or developer for project development failure.

Provide due notice to the owner or developer and obtain clearance from the relevant authority. (correct)

Seek approval from the local municipality before stopping payments.

Immediately stop making payments without any prior notice.

What is the interest rate mentioned in PD 957 for the reimbursement of payments to the buyer?

Legal rate Signup and view all the answers

What is the aim of Republic Act No. 6552, also known as the Maceda Law?

To protect buyers of real estate on installment payments Signup and view all the answers

Who is the primary author of Republic Act No. 6552, also known as the Maceda Law?

Ernesto Maceda, former senator Signup and view all the answers

What is the legal interest rate specified in the Maceda Law?

8% Signup and view all the answers

When was Republic Act No. 6552, known as the Maceda Law, approved?

August 26, 1972 Signup and view all the answers

What is the total refund amount in the given scenario?

P792,400 Signup and view all the answers

In the context of the Maceda Law, what are the rights of the buyer in case of default in payment of installments?

To avail of a grace period for payment Signup and view all the answers

What is the total payments made by the buyer in the given scenario?

P780,000 Signup and view all the answers

What is the amount of interest paid in the given scenario?

P30,000 Signup and view all the answers

What is the amount of penalties paid in the given scenario?

P20,000 Signup and view all the answers

What does the Maceda Law aim to protect buyers from?

Default in payment of installments Signup and view all the answers

What does the cash surrender value calculations under the Maceda Law illustrate?

Sample problems in different scenarios Signup and view all the answers

What is the effective date of Republic Act No. 6552, also known as the Maceda Law?

August 26, 1972 Signup and view all the answers

What is Mr. Doubtful's cash surrender value under the Maceda Law?

P513,373 Signup and view all the answers

What is the cash surrender value under the Maceda Law for the buyer who bought a 200 sqm. subdivision lot at P10,000.00/sqm?

1,125,000 Signup and view all the answers

What is the cash surrender value under the Maceda Law for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?

2,930,645.30 Signup and view all the answers

What is the cash surrender value under the Maceda Law for the buyer who bought a 200 sqm. commercial lot at P20,000.00/sqm?

Not applicable Signup and view all the answers

What is the total basis of refund for the buyer who bought a 200 sqm. Subdivision lot at P3,000/sq.m.?

P855,621.84 Signup and view all the answers

What is the total refund for Mr. Doubtful under the Maceda Law?

513,373.104 Signup and view all the answers

What is the additional percentage refund for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?

45% Signup and view all the answers

What is the percentage refund for the buyer who bought a 200 sqm. Subdivision lot at P10,000.00/sqm?

60% Signup and view all the answers

What is the total refund for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?

2,930,645.30 Signup and view all the answers

What is the total basis of refund for the buyer who bought a 200 sqm. commercial lot at P20,000.00/sqm?

Not applicable Signup and view all the answers

What is the additional percentage refund for the buyer who bought a 200 sqm. Subdivision lot at P3,000/sq.m.?

10% Signup and view all the answers

What is the percentage refund for the buyer who bought a 200 sqm. subdivision lot at P20,000.00/sqm?

90% Signup and view all the answers

Study Notes

Maceda Law and Real Estate Buyer Protection Act

Total payments made by the buyer: P780,000
Legal interest (8%): P62,400
Interest paid: (P30,000)
Penalties paid: (P20,000)
Total refund: P792,400
Republic Act No. 6552, known as the Realty Installment Buyer Protection Act or Maceda Law
Primary author: Ernesto Maceda, former senator
Approved: August 26, 1972, effective immediately
Aim: To protect buyers of real estate on installment payments
Rights of the buyer in case of default in payment of installments
Sample problems illustrating cash surrender value calculations under the Maceda Law
Calculation of cash surrender value based on the Maceda Law for different scenarios

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge of the Maceda Law and Real Estate Buyer Protection Act with this quiz. Explore the rights of buyers, payment calculations, and key provisions of Republic Act No. 655