Canons of Conduct for Real Estate Appraisers in the Philippines Quiz

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Questions and Answers

According to the Real Estate Service Act of the Philippines, the 'Canons of Conduct' are adopted and promulgated by which organization?

Professional Regulatory Board of Real Estate Service (PRBRES)
Real Estate Appraisers professional organizations/associations
Professional Regulation Commission (PRC) (correct)
Real Estate Appraisers and Real Estate Assessors

According to the 'Canons of Conduct', which acts are embraced under the real estate appraisal professional services?

Acts of juridical entities engaged in the practice of real estate appraisal professional services
Acts of Real Estate Appraisers only
Acts of Real Estate Appraisers and Real Estate Assessors (correct)
Acts of Real Estate Assessors only

Which section of the Real Estate Service Act of the Philippines defines the scope and coverage of the 'Canons of Conduct'?

Section 3(g) subparagraphs (2) and (3), Article I (correct)
Section 32, Article IV
Section 5 (f), Article II
Section 27, Article IV

Which organization is responsible for the practice of real estate appraisal professional services in accordance with the Real Estate Service Act of the Philippines?

Real Estate Appraisers and Real Estate Assessors (A) Signup and view all the answers

Which Republic Act is also known as the 'Real Estate Service Act of the Philippines'?

RA No. 9646 (A) Signup and view all the answers

According to the 'Canons of Conduct', who is responsible for adopting and promulgating the codified canons of conduct for real estate appraisers?

Professional Regulatory Board of Real Estate Service (PRBRES) (A) Signup and view all the answers

Which acts are embraced under the real estate appraisal professional services according to the 'Canons of Conduct'?

Acts of Real Estate Appraisers and Real Estate Assessors (A) Signup and view all the answers

According to the 'Canons of Conduct', who are governed by the prescribed canons of conduct for professional appraisal practices?

Real Estate Appraisers and Real Estate Assessors (D) Signup and view all the answers

According to the 'Canons of Conduct', what must every Real Estate Appraiser uphold?

The Constitution and all the laws and regulations of the Republic of the Philippines (D) Signup and view all the answers

Which organization is responsible for the practice of real estate appraisal professional services according to the Real Estate Service Act of the Philippines?

Professional Regulation Commission (PRC) (B) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of Integrity?

Comply with the laws and regulations of the State or Country (B) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of Impartiality?

Provide impartial judgment and justifications in the appraisal report (A) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of Conflict of Interest?

Disclose potential conflicts of interest before accepting any appraisal work or assignment (C) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of Confidentiality?

Maintain the strictest independence, objectivity, and impartiality (A) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of Professionalism?

Exercise and maintain the highest professional standard (D) Signup and view all the answers

According to the Real Estate Service Act of the Philippines, how long should a Real Estate Appraiser retain the work file for each appraisal work or assignment?

5 years (C) Signup and view all the answers

Which of the following is NOT a requirement for Real Estate Appraisers under the 'Canons of Conduct'?

Disclose any direct or indirect personal or corporate relationship with the real estate/real property subject to any appraisal work or assignment. (C) Signup and view all the answers

According to the 'Canons of Conduct', when should a Real Estate Appraiser decline an appraisal work or assignment?

When the appraisal work or assignment cannot be completed within a reasonable time. (A) Signup and view all the answers

Under the Real Estate Service Act of the Philippines, who should a Real Estate Appraiser obtain written confirmation from before starting an appraisal work or assignment?

The client (A) Signup and view all the answers

According to the 'Canons of Conduct', what should be included in the Appraisal Report?

A clear and accurate description of the scope of the appraisal work or assignment and its purpose(s) and intended use(s). (D) Signup and view all the answers

According to the 'Canons of Conduct', what is the Real Estate Appraiser required to do in relation to the government?

Take an Oath prior to the practice of the real estate appraisal profession (B) Signup and view all the answers

What is the Real Estate Appraiser required to do in relation to the general public, according to the 'Canons of Conduct'?

Uphold social responsibility and conscience for the utmost promotion of the common good (A) Signup and view all the answers

What is the Real Estate Appraiser required to do in relation to the client, according to the 'Canons of Conduct'?

Be honest and trustworthy or reliable and shall observe sincerity, impartiality, fairness, and loyalty in performing the appraisal professional service(s) (A) Signup and view all the answers

What is the Real Estate Appraiser required to do if there is a deviation from the Standards of Appraisal Professional Practices?

State/justify the reason for the deviation in the Report (A) Signup and view all the answers

What is the Real Estate Appraiser prohibited from doing in relation to the payment of taxes?

Encourage, tolerate, or participate directly or indirectly in the evasion or illegal reduction in the payment of taxes due to the government (D) Signup and view all the answers

According to the 'Canons of Conduct', what is the Real Estate Appraiser required to do in relation to professional fees or valuable considerations from other parties?

Not accept professional fees or valuable considerations from other parties unless with full disclosure and permission from the client (D) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser do in the exercise of their rights and in the performance of their duties and responsibilities?

Act with fairness, justice, and good faith (B) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser not do in relation to the good reputation and credibility/integrity of his/her colleagues?

Indulge in any act that will destroy the good reputation and credibility/integrity of his/her colleagues (B) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser do prior to the start of any appraisal professional services if assistance of a colleague's expertise was requested?

Make an agreement on the extent of the colleague's work and professional fees (C) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser be a member of and actively involved in?

The AIPO and any recognized professional society or organization(s)/association(s) of Real Estate Appraisers within the locality of his/her office address (A) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser not do in relation to his/her colleagues' reputation and credibility?

Give referral fees to get/solicit clients (C) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser do prior to the start of any appraisal professional services if assistance of a colleague's expertise was requested?

Make an agreement on the extent of the colleague's work and professional fee(s) (B) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of Professionalism?

Act with fairness, justice, and good faith (A) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in relation to their colleagues' reputation and privacy?

Respect the dignity, honor, good reputation, and privacy of colleagues (D) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser not do to get/solicit clients?

Give referral fees to colleagues (C) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser do prior to the start of any appraisal professional services if assistance of a colleague's expertise was requested?

Make an agreement as to the extent of the colleague's work and professional fee (D) Signup and view all the answers

According to the 'Canons of Conduct', what is the Real Estate Appraiser required to do in the exercise of their rights and in the performance of their duties and responsibilities?

Respect the dignity, honor, good reputation, and privacy of colleagues (C) Signup and view all the answers

According to the 'Canons of Conduct', what is the Real Estate Appraiser prohibited from doing in relation to their colleagues' reputation and credibility?

Destroy the good reputation and credibility of colleagues (B) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in relation to their colleagues' reputation and credibility?

Respect their colleagues' privacy (C) Signup and view all the answers

According to the 'Canons of Conduct', what should the Real Estate Appraiser not do in relation to getting/soliciting clients?

Give referral fees (C) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of confidentiality?

Respect colleagues' privacy (D) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of conflict of interest?

Avoid conflicts of interest (D) Signup and view all the answers

According to the 'Canons of Conduct', what is one of the responsibilities of a Real Estate Appraiser in matters of professionalism?

Uphold the standards of professionalism (A) Signup and view all the answers

Flashcards

Who adopts the 'Canons of Conduct'?

The Professional Regulation Commission adopts and promulgates the 'Canons of Conduct'.

Acts under appraisal services?

Acts of Real Estate Appraisers and Real Estate Assessors are included under the real estate appraisal professional services.

'Canons of Conduct' scope section?

Section 3(g) subparagraphs (2) and (3), Article I defines the scope and coverage of the 'Canons of Conduct'.

Who practices appraisal services?

Real Estate Appraisers and Real Estate Assessors are responsible for the practice of real estate appraisal professional services.