1
REM 3
SEPTEMBER 2022
1 LEGAL
ASPECT OF SALES, MORTGAGE AND
LEASE
E Atype of listing where the
seller also list the property with other and
that this type of arrangement best
serves his/her singie isting. competing brokers on the beliet
Checklist
b Minutes
Open listing agreement
2. An investor that lends
money secured by a mortgage on real estate.
a
Lender/mortgage
(b.) Borrower/mortgagor
Mortgage
3. The seller lends the buyer the
Net lone difference between the existing loan and the
purchase price.
b. Wrap around loan
C
Deductabie loan
4. Lessee does not transmit absolutely his right and
a.
Contract of Lease obligations to the sub lessee.
b. Assignment of Lease
C. Contract of Sublease
5. Obligation of seller
Pay the price
(b.) Transfer ownership of property sold
C. Accept delivery of
6
possession
Characteristic of sale where thing sold is considered the equivalent of the
Priced price paid and vice-versa.
b.) Commutative
Paid
Is the right to be subrogated, upon the
a) Legal Redemption same terms and conditions stipulated in the contract.
b. Subrogation
c. Stipulated
8 The following are characteristics of a contract of
sale are except
Bilateral
(b) Binomial
Onerous
9. The compensation either in money,
lessee.
provisions, chatteis, or labor, received by the lessor from the
Allowance
b. Lease
)Rent
10. Amortgage issued to the borrower by the seiler of the
a) Purchase money mortgage
home as part of the purchase transaction.
b. Sellers Mortgage
C. Borrowers Mortgage
11. Aloan borrowed to finance the
construction of a home and typically onty interest is paid during the
constructed perlod.
( Construction mortgage
b. Finance mortgage
C. Interest mortgage
12. A right to use adjoining property that transfers with the
land.
Easement in gross
b.) Easenent by prescription
C. Appurtenant Easement
13, Unfike an easement, the license can berescinded at any
time.
a) False
True
None of the above
2
14, Similarity of mortgage and pledge.
In both cases, the creditor cannot appropriate the property to himself
b. Both constituted on immovables
C
Both guaranty future obligations
15. It is also known as Reaity Instaliment Buyer Protection Law
a. Real Factato Montaoo
b Pactum Reservati Domini
Maceda Law
16. The provision in a mortgage contract that ends the mortgage when all payments are made, transferring
title to the property back to the mortgagor or terminating the lender's interest in the property.
(a.) Defeasance Clause
b. Real Estate Mortgage
C. Antichresis
17. Characteristic of sale where a name is given.
Name
6.) Nominate
C Suggestive
18. Characteristic of sale where it does not depend for its existence/validity upon another contract.
a. Major
6 Principal
C Minor
19. The rlght of an owner-lessor to recelve the contract rent and reversion of the property at the end of the
lease.
fa. JLease fee estate
Lease estate
Real Estate
20. No lessor may demand a deposit for any purposed of any amount in excess of
(a.) 2 month's rental in advance
b 3 month's rental in advance
4 month's rental in advance
repossess the property
21. The lessor has given the lessee notice of lessor's intention to
a. 1 month in advance
b 2 months in advance
c.)3 months in advance
real estate.
2. An investor that lends money secured by a mortgage on
a. Investor
(b.) Borrower
C. Motgage
inception of the loan and remain constat for the length
23. Carries an interest rate that will be set at the
of the mortgage.
Constant rate mortgage
Fixed rate mortgage
C. Permanent rate mortgage
property whose loan value has been fully paid shal be
24. Aprovision in the blanket mortgage that
released from the mortgage
Automatic redemgtion clause
Automatic release
Automatic payment
heir upon execution of document.
25. Title passes to a sole
Affidavit of being a son
Affidavit of adjudication
Affidavit of succession (udgment
done to have it availabie in the event of adverse
26, Seizrure of a property by court order, usually
in a pending suit.
a Encumbrance
Lien
(c.) Attachment
3
in order for the lender to collect one.
27. Must be set out in the mortgage contract
a. Prepayment Penalty Provision
b. Reverse Mortgage
allowing
C)Option Contract
money of another, hands over his/her property to the creditor,
borrowing
Z8. Acontract whereby interest on the money lent.
the
the use and occupation thereof, for
Contract of Antichresis
Contract of Lease for Building Office
C. Special Power of Attorney
consent without any further act.
Characteristic of a contract of sale perfected by mere
29.
Consensual
Bilateral
Onerous
C
personal property at a price not less than
30. In Statute of Fraud, sale of
a 1100.00
500.00
5000.00
of the determinate thing.
31. One who transfer the ownership
a. Vendee
b Buyer
other.
bound to fulfill obligations toward each
Vendor
both partles
32. Characteristic of sale where
a. Multiple
b. Unilateral
(C.Bilateral with a consideration.
33. Characteristic of sale where thing sold is
a, Considerate
(b.) Onerous
but also of
C. Paid
of lease because it involves the transfer not only of rights
34. Necessary in an assignment
obligations.
Consent of the lessor
Consent of the buyer
C.
Consent of the Lessee
promise to buy or sale.
35. An unaccepted unilateral
Agreement
b Promissory
Policitation default
claims on a property in the event of
36. Has priority over all other liens or
First Mortgage
5. Third Mortgage
Second Mortgage grace
C.
payments which are due and demandable shall have a
37. Under Maceda Law, the unpaid instaliment
period of
installment payments made
Three (3) month for every one (1) year of
a.
installment payments made
One (1)month for every one (1) year of payments made
every one (1) year of installment
2 (two) month for praperty to the creditor.
a8. Acontract whereby a person borrowing money of another, hands over his
a. Dacion en pago
(b. Antichresis
C. Mortgage
fifth year.
39. Under Maceda Law, percent of payment every year after
a.) 5%
b 10%
C. 20%
40. Maceda law, buyers who paid less than 2 years entitled to grace period of
30 days
b) 60 days
4
C. None
41, It is hereby declared a public policy to protect buvers of real estate on installment payments against
onerous and oppressive conditions
a. Realty Installment Buyers Protection Act, Section 1
b Realty Installment Buyers Protection Act, Section 3
/Realty Installment Buyers Protection Act, Section 2
42. Repurchase if there is agreement on pacto de retro sale.
5 years
4 years
C 6 years
43. A lien imposed by law upon a property to secure the payment of taxes.
a. Tax lien
(6 Involuntary lien
C. Foreclosure lien
44. A security interest in the title to property for the benefit of those who have supplied labor or materials
that improve the property.
a. Mechanics lien
b Security lien
C. Labor lien
45. Is an extension of some physical structure, such as a building, driveway, fence, or tree over the property
lines from an adjoining property.
a. Illegal entry
b. Squatting
Encroachment
46. Perfected by mere consent without any further act.
Onerous
b Bilateral
Consensual
"gage"
4. The word "mortgage" is derived from the French words "mort" and
a Mort means less and gage means pledge
(6.) Mort means dead and gage means pledge
C. Mort means more and gage means pledge
48 The absolute owner of the property mortgage.
al/Mortgagor
b. Creditor
C. Contractor
4 The husband and wife cannot sell property to each other, except:
(a.When there has been a judicial separation of property
b When there has been a third party
C When there no judicial separation of property
50. Agreements between two entities, creating and enforceable obligation to do, or to refrainfrom doing. a
particular thing.
al Contract
Declaration
C. Resolution
KSPR
