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?

    <p>Real Estate Appraisers and Real Estate Assessors</p> Signup and view all the answers

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

    <p>RA No. 9646</p> 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?

    <p>Professional Regulatory Board of Real Estate Service (PRBRES)</p> Signup and view all the answers

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

    <p>Acts of Real Estate Appraisers and Real Estate Assessors</p> 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?

    <p>Real Estate Appraisers and Real Estate Assessors</p> Signup and view all the answers

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

    <p>The Constitution and all the laws and regulations of the Republic of the Philippines</p> 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?

    <p>Professional Regulation Commission (PRC)</p> 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?

    <p>Comply with the laws and regulations of the State or Country</p> 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?

    <p>Provide impartial judgment and justifications in the appraisal report</p> 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?

    <p>Disclose potential conflicts of interest before accepting any appraisal work or assignment</p> 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?

    <p>Maintain the strictest independence, objectivity, and impartiality</p> 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?

    <p>Exercise and maintain the highest professional standard</p> 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?

    <p>5 years</p> Signup and view all the answers

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

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

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

    <p>When the appraisal work or assignment cannot be completed within a reasonable time.</p> 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?

    <p>The client</p> Signup and view all the answers

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

    <p>A clear and accurate description of the scope of the appraisal work or assignment and its purpose(s) and intended use(s).</p> 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?

    <p>Take an Oath prior to the practice of the real estate appraisal profession</p> 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'?

    <p>Uphold social responsibility and conscience for the utmost promotion of the common good</p> 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'?

    <p>Be honest and trustworthy or reliable and shall observe sincerity, impartiality, fairness, and loyalty in performing the appraisal professional service(s)</p> 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?

    <p>State/justify the reason for the deviation in the Report</p> Signup and view all the answers

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

    <p>Encourage, tolerate, or participate directly or indirectly in the evasion or illegal reduction in the payment of taxes due to the government</p> 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?

    <p>Not accept professional fees or valuable considerations from other parties unless with full disclosure and permission from the client</p> 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?

    <p>Act with fairness, justice, and good faith</p> 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?

    <p>Indulge in any act that will destroy the good reputation and credibility/integrity of his/her colleagues</p> 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?

    <p>Make an agreement on the extent of the colleague's work and professional fees</p> 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?

    <p>The AIPO and any recognized professional society or organization(s)/association(s) of Real Estate Appraisers within the locality of his/her office address</p> 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?

    <p>Give referral fees to get/solicit clients</p> 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?

    <p>Make an agreement on the extent of the colleague's work and professional fee(s)</p> 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?

    <p>Act with fairness, justice, and good faith</p> 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?

    <p>Respect the dignity, honor, good reputation, and privacy of colleagues</p> Signup and view all the answers

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

    <p>Give referral fees to colleagues</p> 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?

    <p>Make an agreement as to the extent of the colleague's work and professional fee</p> 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?

    <p>Respect the dignity, honor, good reputation, and privacy of colleagues</p> 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?

    <p>Destroy the good reputation and credibility of colleagues</p> 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?

    <p>Respect their colleagues' privacy</p> 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?

    <p>Give referral fees</p> 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?

    <p>Respect colleagues' privacy</p> 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?

    <p>Avoid conflicts of interest</p> 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?

    <p>Uphold the standards of professionalism</p> Signup and view all the answers

    Study Notes

    Canons of Conduct

    • Adopted and promulgated by the Professional Regulatory Board of Real Estate Service (PRB-RES)
    • Defines the scope and coverage in Section 29 of the Real Estate Service Act of the Philippines

    Scope of Real Estate Appraisal Professional Services

    • Embraces all acts of appraisal and evaluation of real estate and real property
    • Includes advisory and consultancy services on real estate matters

    Responsibilities of Real Estate Appraisers

    Integrity

    • Uphold honesty, integrity, and transparency in all professional activities
    • Refrain from activities that may compromise their integrity and independence

    Impartiality

    • Remain impartial and unbiased in the performance of their duties
    • Refrain from any act that may influence their judgment

    Conflict of Interest

    • Disclose any potential conflict of interest to clients and relevant parties
    • Avoid any situation that may compromise their independence and objectivity

    Confidentiality

    • Maintain confidentiality of client information and appraisal reports
    • Refrain from disclosing confidential information without client consent

    Professionalism

    • Uphold high standards of professionalism and ethics in all dealings
    • Continuously update knowledge and skills to maintain competence

    Record Keeping

    • Retain work files for each appraisal work or assignment for at least five years
    • Include all relevant documents and records related to the appraisal work

    General Responsibilities

    • Obtain written confirmation from clients before starting an appraisal work or assignment
    • Include all relevant information in the appraisal report
    • Comply with all relevant laws and regulations in the performance of their duties
    • Pay all taxes and fees related to their professional services
    • Refrain from soliciting clients through false or misleading advertisements

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    Description

    Test your knowledge on the Canons of Conduct for Real Estate Appraisers in the Philippines with this quiz. Learn about the regulations set forth by Republic Act No. 9646 and the Professional Regulation Commission.

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