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Presentation and Demonstration authority to broker B.

This kind of authority is referred


A real estate broker was handling the sale of a to as
condominium unit and was going to show the unit and
its amenities to his client, this step in the brokerage Net listing
process is referred to as___ An arrangement where the real estate broker will get
the professional fee only beyond the minimum
To draft the legal contract to sell amount that the owner would want to receive is
The following act is not considered a function of a real referred to as
estate broker
(a. To sell a house and lot of the owner Mr. Jose Luna
b. To assist the buyer in obtaining a housing loan Only the following may be a professional licensed real
c. To draft the legal contract to sell estate broker
d. To find a developer for joint venture) (a. Mr. Jose Luna
b. Open realty company
Duly accredited with PRC c. SMBC Realty Devt. Corporation
Ms. Miriam was setting up her real estate marketing d Former natural born Filipino now Canadian citizen)
company to market the project of a developer and in
this case, she must make sure that her salespersons Proficient in English
are The following is not really an essential element of real
estate brokerage
Law on Agency (a. Honesty
The law that governs the relationship between the b. Working Knowledge of Construction
real estate broker and owner in a lease transaction is c. Proficient in English
d. Tact and diplomacy)
He must be the procuring cause
One of the most important things for a real estate Upon consummation of the contract
broker to be entitled to a professional fee is A 2,000 square meter lot of the owner was being sold
by the real estate
Exclusive Right to Sell broker to his buyer, when is he entitled to commission
If a real estate broker would want to entitled to
professional fee even if the owner is the one who was As agreed between the brokers
able to find a buyer, he must get the following Two real estate brokers met and the other one had
authority to sell the listing. In case of sale, what will be the sharing of
the professional fee
Profit
A main difference between the real estate broker Holdover Clause
versus the real estate dealer is that the broker earns To protect the real estate broker, a provision may be
a professional fee, while the real estate dealer earns included in the authority that if the buyer is registered
within the period of authority but was bought already
Agent after, the broker will still be entitled to professional
In real estate brokerage under a contract of agency, fee, and is referred to as
the owner is the principal while the real estate broker
is referred to as 50-50 equal sharing
important Broker A and B was able to sell a lot and they agreed
Shape of the Lot on the sharing of their commission, which, absent any
The following data is not really necessary in the agreement, will generally be
authority to sell given to a real estate broker for the
sale of a vacant lot Real estate
(a. Shape of the Lot It is the physical, tangible entity, together with all the
b. Area in sqms. of lot additions or
c. Lot No. improvements on, above or below the ground.
d. TCT No.)
Licensed under PRC
Open listing To engage in real estate brokerage in the field of
Mr. and Mrs. Haus gave an authority to broker A to leasing warehouses,the person must be
sell their 2 storey house and also gave another
Real estate dealer Board resolution of corporation authorizing the
A person, natural or juridical. who is engaged in the signatory
trade of leasing his own real properties and with the Mr. Rod got a listing from the corporation to sell their
purpose of realizing profit is a rawland in Batangas. Mr Rod must get the following
to protect his authority
To secure property listings
Mr. Roger wanted to start out in real estate brokerage Forming part of the purchase price
practice. To do so, the first step in the real estate The buyer and seller already agreed on the final price
brokerage practice is and the buyer gave earnest money to the seller. The
earnest money shall be considered
Valid
Mr. Chow told the broker to sell his condo unit and he Negotiations
will give 5% professional fee but no authority in It is that step in real estate brokerage when, thru the
writing was given. The authority is mediation of the broker, the minds of the ponies
meet and the buyer's offer of price, terms and other
Treasurer's office conditions become acceptable to the seller
Julia just passed the broker's examinations and got
her license. She must also pay professional tax to P 162,000
(12,000,000 x 0.03 = 360,000
Purchase agency 360,000 x 0.45)
In case the broker will assist the buyer to acquire the An industrial land was sold by two brokers at P
house and he will look for a house, it will be 12,000,000 with 3% professional fee. The brokers
considered what type of agency agreed that the listing broker shall get 45% of the
commission. What will be the share of the listing
Registration Number with PRC broker?
In their calling card, advertisements, it is required that
the real estate broker who deals in sales of raw land Escrow agreement
indicates the following An agreement wherein the consideration of a
contract, or a portion thereof, is entrusted to a third
PRC Certificate of Registration party in a sale transaction
Grace became a broker last year and rented an office
space for her realty office and will be required to Escrow agent
display in her office the following The person, whether natural or juridical to whom the
part or whole of the money is entrusted to another
Mortgage agency person other than the parties
An authority given by a buyer for the broker to secure
financing, or an authority given by a financing firm for Listing
the broker to procure borrowers The authority obtained by a real estate broker to find
a lessee/buyer for the property of an owner is
Joint venture agency referred to in real estate as
This is the authority given by a party for the broker to
look for a partner, whether the landowner or the Separate and distinct from the purchase price
developer to develop a residential subdivision Rod entered into an option to buy the land in front of
their building in the amount of P 100,000. In such
Multiple listing case, the option money paid shall
When brokers come into a cooperative arrangement
where properties for sale or wanted by a broker are Retention money until seller vacates
circularized and shared with others is called In case the seller requests for time to vacate the
property, the balance or portion of purchase price
Prospect may be put in escrow or another option is
Winnie found a buyer who might be willing to buy and
pay cash for the lot in the subdivision. The buyer Payment of the association dues
would generally be classified as a In a sale of raw land, the following is not part of the
negotiations between the seller and the buyer

(a. Price and terms


b. Expenses for execution and registration of the sale
c. Payment of the association dues Only the broker earns professional fees
d. Real estate taxes and other expenses) A major difference between the real estate broker
and the real estate dealer is
Project Selling
Oscar wanted to sell condo units in a project near his Broker guilty of breach of trust
place. In case he decides to do so, the selling of the The following is a ground for non-payment of
same is generally referred to as professional fee to the real estate broker

Sharing of broker with other brokers Obtain license from PRC and register with HLURB
The following is not contained in an authority to sell a The real estate broker in deciding to sell subdivision
house and lot located in a subdivision projects, must undertake the following before
(a. Type of improvements engaging in practice
b. Taxes to be paid
c. Broker's professional fee Suspect
d. Sharing of broker with other brokers) A buyer was found by the real estate broker who was
willing to buy the lot but could not afford the price.
Exclusive agency listing The buyer may be referred to in the meantime in real
The owner gave a listing wherein the exclusive broker estate as a
will not be entitled to commission if the owner
himself sells the property to his buyer. This authority P 5,056,180
is referred to as (C = SP / R)
(4,500,000 / [1 - 0.06 - 0.05])
Fiduciary relationship The property owner wanted a net amount of P
The relation of trust which governs that of the owner 4,500,000 and seller
and the listing broker is referred to as will pay for the capital gains tax and the 5% broker's
commission.
P 240,000 What price should the property be sold?
(8,000,000 x 0.05 = 400,000
400,000 - 160,000) P 3,491,620
Two brokers sold a property at P 8,000,000 at 5% (2,500,000 x 1.25 = 3,125,000
professional fee. If broker A got P 160,000, how much 1 - 0.06 - 0.03 - 0.015 = 0.895
is the share of broker B? 3,125,000 / 0.895)
An owner bought a lot but would like to sell it with a
The consent of the owner is given profit of 25% of his cost of P 2,500,000 with capital
The real estate broker may advertise the property for gains (6%), 3% commission and doc stamps tax (1.5%)
sale provided for his account. How much should the broker sell it?

Forfeited P 356,250
The buyer backed out of the sale after paying the (7,500,000 x 0.05 = 375,000
earnest money to the seller. In general, the earnest 375,000 x 0.05 = 18,750
money in this case will be 375,000 - 18,750)
What is the net commission before tax of a broker
Acts within the scope of authority given by the who sold a house for P 7,500,000 if 5% of the 5% is
broker given to Mr. B as referral fee.
The broker hired a real estate salesperson to sell the
house. His liability for the real estate salesperson shall Non-exclusive listing
be limited to An authority granted to two or more brokers to lease
a property
To warrant that the title is transferred to the buyer
The following is not considered a duty of the real Transfer the title in the name of the buyer
estate broker The following is not part of the functions of a real
estate broker
(a. To be loyal to the seller who gave the authority Accredited by PRC and registered with HLURB
b. To account all money entrusted to the broker The real estate broker may hire real estate
c. To inform all facts relevant to the transaction salespersons to handle
d. To warrant that the title is transferred to the buyer) project selling provided the real estate salespersons
are
Direct buyer
A buyer of a house and lot bought it without engaging
the services of a real estate broker and such buyer
would be referred to as

20 accredited real estate salespersons


A real estate broker may engage salespersons to assist
in the brokerage practice provided that they are not
more than:

Project selling brokerage


The practice of a real estate broker may be classified
into two general
types. One is general real estate brokerage practice
and the other
For sale by owner
The term FSBO in reference to a sale of property
means
Has an authority to sell a specific property
One is referred to as the listing broker when the real
estate broker

The procuring cause


In a case decided by the Supreme Court, a real estate
broker is entitled
to the commission on a sale to his buyer if the person
is
In practice occasionally
As a real estate broker, one is already considered a
practicing broker
when he or she is
Courts
In case a real estate broker is not paid commissions
due by the owner,
the broker, to demand and claim the commission, will
have to go to
Real Property
includes all the rights,
interests and benefits related to the ownership of real
estate.
QUIZ #5

 an agreement between an owner and a


broker to sell a real estate property
-authority to sell- Generally a contract
between the seller and the broker
Refers to Authority to Sell

 % performance bond for a subdivision project


may be in the form of a srety bond equivalent
to
ansewr-20% if the developing cost

 Anser-property management
-

 the following is a subject in the real estate


liscensure exam exept:

 amortatzition
a process of making installment payments
consisting of principal and interest that
reduces the loan balance

 answer: dual authority to sell

 mr. and mrs whit taker gave an authority to


broker a sell thier 2 storey house and also give
to broker b open listing
 Holdover Clause
 To protect the real estate broker, a provision
may be included in the authority that if the
buyer is registered within the period of process
“dahil sila ang mas nakakaalam, mag focus daw E’
authority but was bought already after, the
educate yung mga nasa lower section, kaysa mas ig
broker will still be entitled to professional fee, duon sila na tikang sa lower section..”
and is referred to as
 Well, you don’t have to. They know better. Hindi
 50-50 equal sharing porket nasa lower section di na nila alam yung mga
 Broker A and B was able to sell a lot and they choices nila sa buhay. It’s not about lower section.
agreed on the sharing of their commission, It’s about manners and FREEDOM OF CHOICE.
which, absent any agreement, will generally #pleaserespect.
be
Ps. Iam nierher supporting
QUIZ #2 10. Mortgage agency
An authority given by a buyer for the broker
1. Presentation and Demonstration to secure financing, or an authority given by a
A real estate broker was handling the sale of a financing firm for the broker to procure
condominium unit and was going to show the borrowers
unit and its amenities to his client, this step in
the brokerage process is referred to as___ 11. Prospect
Winnie found a buyer who might be willing to
2. He must be the procuring cause buy and pay cash for the lot in the
One of the most important things for a real subdivision. The buyer would generally be
estate broker to be entitled to a professional classified as a
fee is
12. Turnover of possession of property
3. Exclusive Right to Sell Which of the following is not really a part of
If a real estate broker would want to entitled the steps in real estate Brokerage?
to professional fee even if the owner is the a. Negotiation
one who was able to find a buyer, he must get b. Presentation and demonstrations
the following authority to sell c. Closing
d. Turnover of possession of property
4. Profit
A main difference between the real estate 13. Negotiations
broker versus the real estate dealer is that the It is that step in real estate brokerage when,
broker earns a professional fee, while the real thru the mediation of the broker, the minds of
estate dealer earns the ponies meet and the buyer's offer of
price, terms and other conditions become
5. Agent acceptable to the seller
In real estate brokerage under a contract of
agency, the owner is the principal while the 14. Listing
real estate broker is referred to as The authority obtained by a real estate broker
to find a lessee/buyer for the property of an
6. Net listing owner is referred to in real estate as
An arrangement where the real estate broker
will get the professional fee only beyond the 15. Project Selling
minimum amount that the owner would want Oscar wanted to sell condo units in a project
to receive is referred to as near his place. In case he decides to do so, the
selling of the same is generally referred to as
7. Proficient in English
The following is not really an essential
element of real estate brokerage
(a. Honesty
b. Working Knowledge of Construction
c. Proficient in English
d. Tact and diplomacy)

8. As agreed between the brokers


Two real estate brokers met and the other
one had the listing. In case of sale, what will
be the sharing of the professional fee

9. Purchase agency
In case the broker will assist the buyer to
acquire the house and he will look for a
house, it will be considered what type of
agency

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