[ RESLE 1 ] Philippine Real Estate Service Licensure Exam Reviewer I

Philippine Real Estate Service Licensure Exam Practice Test

Instructions:

Please answer each question to the best of your ability. Each question is multiple choice, and only one answer per question is correct. Select the most appropriate answer from the options provided. There are 20 questions in total.

When you have completed all questions, click the "Submit" button at the bottom of the page to see your score. Good luck!

What is the standard rate of the capital gains tax on the sale of real property in the Philippines?

A) 6%
B) 5%
C) 7%
D) 8%

Which type of real estate transaction is exempt from VAT in the Philippines?

A) Sale of commercial land
B) Lease of residential apartments above ₱3,199,200
C) Sale of residential lots below ₱1,919,500
D) Lease of office spaces

What is the tax on transferring property through a donation called in the Philippines?

A) Estate tax
B) Capital gains tax
C) Donor's tax
D) Value-added tax

Under the TRAIN law, what is the estate tax rate for inherited property in the Philippines?

A) 10%
B) 5%
C) 2%
D) 6%

Which real estate transaction is not subject to capital gains tax in the Philippines?

A) Sale of a commercial building
B) Sale of a rental property
C) Sale of a vacation home
D) Sale of a family home used to acquire a new residence

Which of the following is subject to documentary stamp tax in the Philippines?

A) Sale of real property
B) Lease of real property
C) Gift of real property
D) Donation of personal property

At what percentage is the donor’s tax on real property set in the Philippines under the TRAIN law?

A) 8%
B) 6%
C) 10%
D) 3%

Which law serves as the basis for estate and donor's taxes in the Philippines?

A) National Internal Revenue Code
B) Civil Code of the Philippines
C) Local Government Code
D) Real Estate Service Act

How is the estate tax applied on real property owned by Filipino citizens but located abroad?

A) Taxed under the laws of the country where the property is located
B) Exempt from taxation
C) Taxed at a higher rate than local properties
D) Subject to Philippine estate tax

Which government agency in the Philippines is responsible for the collection of capital gains tax?

A) Department of Finance
B) Bureau of Internal Revenue (BIR)
C) Securities and Exchange Commission
D) Local Government Unit (LGU)

Which type of property sale is not subject to value-added tax in the Philippines?

A) Sale of commercial buildings
B) Lease of office spaces
C) Sale of condominium units above ₱3,199,200
D) Sale of residential lots below ₱1,919,500

Which type of real estate is exempt from real property taxes in the Philippines?

A) Agricultural land used for farming
B) Residential homes under ₱5,000,000
C) Office buildings owned by the government
D) Churches and other religious properties

Which of the following is true regarding real estate tax in the Philippines?

A) It is an ad valorem tax based on the assessed value of the property
B) It is a flat-rate tax on all properties
C) It is only imposed on commercial properties
D) It is collected by the Bureau of Internal Revenue

What is the filing deadline for capital gains tax on the sale of real property in the Philippines?

A) Within 30 days after the sale
B) Within 15 days after the sale
C) Within 45 days after the sale
D) Within 60 days after the sale

Which of the following statements best describes the real estate VAT threshold in the Philippines?

A) It is the minimum price at which a property sale becomes subject to VAT
B) It is the maximum price for VAT exemptions on residential properties
C) It only applies to commercial property sales
D) It is determined by local government units

Who is primarily responsible for paying the documentary stamp tax in a sale of real property?

A) The seller
B) The buyer
C) Both buyer and seller share the responsibility
D) The local government unit

What is the VAT rate on the sale of residential lots in the Philippines above the VAT threshold?

A) 5%
B) 10%
C) 8%
D) 12%

When is the payment of estate tax due in the Philippines after a person’s death?

A) Within 1 year after death
B) Within 6 months after death
C) Within 30 days after death
D) Within 3 months after death

How is the assessed value of a property determined for the purpose of real estate tax?

A) By applying a certain percentage to the market value of the property
B) By comparing similar property sales in the area
C) By taking the average of offers received for the property
D) By consulting the zoning office of the municipality

Which of the following is considered a taxable transaction in the Philippines?

A) Donation of a family home to a direct heir
B) Transfer of real property between spouses
C) Sale of inherited property
D) Transfer of real property to a corporation in exchange for stocks

Result

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