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What is the legal definition of a real estate consultant as per the Real Estate Service Act of the Philippines?

  • A person who offers professional advice on land acquisition and development for a fee (correct)
  • Someone who provides guidance on real estate matters without a fee
  • A qualified professional who provides subjective advice on real estate matters
  • An individual who offers services related to real estate projects without compensation
  • What are the characteristics of professional real estate consulting, as mentioned in the text?

  • Written report with reasoning for an agreed fee (correct)
  • Oral advice with no written documentation
  • Consultation without agreed fee
  • Subjective advice without reasoning
  • According to the text, what does real estate consulting generally involve?

  • Offering unqualified advice without a code of ethics
  • Delimiting advice based on the consultant's interests
  • Providing biased advice for a fee
  • Giving competent and objective advice on real estate matters for a fee (correct)
  • What type of advice does consultancy provide, according to the text?

    <p>Detached but well-considered advice harmonized with the client's interest</p> Signup and view all the answers

    What type of professionals are eligible to provide real estate consulting services, based on the text?

    <p>Qualified professionals adhering to a suitable code of ethics</p> Signup and view all the answers

    What does the provision of competent and objective advice in real estate consulting involve?

    <p>Delivering competent and objective advice without any personal interests</p> Signup and view all the answers

    What is a requirement to be admitted to the licensure examination for real estate consultant?

    <p>At least ten years experience as a licensed real estate broker</p> Signup and view all the answers

    According to the text, which organization recommended the syllabus outline for the real estate consultant's comprehensive course?

    <p>The Philippine Association of Realty Consultants &amp; Specialists, Inc. (PARCS)</p> Signup and view all the answers

    What is considered as a necessary consequence of professional practice for real estate consultants?

    <p>Development and observation of professional practice standards</p> Signup and view all the answers

    What is the role of PARCS in relation to standards of professional practice for real estate consultants?

    <p>Developing and observing standards of professional practice</p> Signup and view all the answers

    What is a qualification for taking the licensure examination for real estate consultant according to the text?

    <p>Positive moral character and no conviction of crimes involving moral turpitude</p> Signup and view all the answers

    What must an applicant show proof of, in order to be admitted to the licensure examination for real estate consultant?

    <p>At least ten years experience as a licensed real estate broker</p> Signup and view all the answers

    What organization has prescribed a syllabus for consulting service practice based on the outline recommended by Realtor Domingo D. de Vera?

    <p>The Bureau of Real Estate Consultants Practitioners (BTRCP)</p> Signup and view all the answers

    What did The Philippine Association of Realty Consultants & Specialists, Inc. (PARCS) submit to PRBRES for implementation?

    <p>The USPRCP standards for real estate consultants practitioners</p> Signup and view all the answers

    What does an applicant need to establish at the time of filing his/her application for the licensure examination for real estate consultant?

    <p>Positive moral character and no conviction of crimes involving moral turpitude</p> Signup and view all the answers

    What must the consultant be analytical and intellectually curious about?

    <p>The current and future trends and changes in various fields</p> Signup and view all the answers

    What is the primary purpose of Continuing Professional Education (CPE) for real estate consultants?

    <p>To maintain high standards and advancement of the real estate profession</p> Signup and view all the answers

    According to DOJ Opinion No. 113, Series of 1995, who is limited to being accredited as a realty service practitioner?

    <p>Filipino citizens</p> Signup and view all the answers

    What was the significant change brought about by R.A. No. 9646, also known as the Real Estate Service Act of the Philippines?

    <p>Transfer of governance from the Department of Trade and Industry to the Professional Regulation Commission</p> Signup and view all the answers

    What are the qualifications required for obtaining a real estate consultant’s license?

    <p>At least ten years experience as a licensed real estate broker or five years experience as a real estate appraiser</p> Signup and view all the answers

    What is the significance of Commerce Administrative Order No. 60-1, issued on April 28,1960?

    <p>It provided for the first time the licensing of real estate appraisers</p> Signup and view all the answers

    What is the rule on Conflict of Interest under the RESA, Section 35 of Article IV?

    <p>The engagement of a real estate consultant must not be contingent or dependent upon reporting of pre-determined findings or recommendations to be made</p> Signup and view all the answers

    What was the purpose of Ministry Order No. 39?

    <p>To codify the licensing regulations for real estate salesmen, brokers, appraisers, and consultants</p> Signup and view all the answers

    What are the key qualifications for an applicant to take the licensure examinations for real estate consultants?

    <p>$10 years experience as a licensed real estate broker or 5 years experience as a real estate appraiser and other outlined qualifications at the time of filing of the application for the examinations</p> Signup and view all the answers

    What is the role of the Professional Regulatory Board of Real Estate Service (PRBRES) according to RESA, Section 36 of Article IV?

    <p>To develop, prescribe and promulgate guidelines on Continuing Professional Education (CPE)</p> Signup and view all the answers

    What was authorized by Act 2728 passed by the Philippine Legislature in 1938?

    <p>The Secretary of Commerce to regulate the real estate practice through administrative orders</p> Signup and view all the answers

    What significant change was brought about by Trade Administrative Order No. 75-1?

    <p>It extended the specialization of real estate practice to include real estate consultants</p> Signup and view all the answers

    What is the main distinction between consulting services and those of a broker, appraiser, or agent?

    <p>Consulting services are focused on individualized advice and problem-solving.</p> Signup and view all the answers

    What measures the success of a consulting service according to the text?

    <p>The extent of acceptance and utilization of their services by the client.</p> Signup and view all the answers

    Under what circumstances are real estate services considered consulting practice subject to licensing regulations?

    <p>When they are rendered in accordance with prescribed standards and ethics, and on a professional fee basis.</p> Signup and view all the answers

    What type of questions do consulting services answer, as per the text?

    <p>Questions related to real estate problems and issues from the standpoint of any party to a proposed transaction.</p> Signup and view all the answers

    Who may seek advice from a real estate consultant, according to the text?

    <p>Property owners, tenants, lenders, and administrators.</p> Signup and view all the answers

    What is an example of a specific consulting case mentioned in the text?

    <p>An owner of substantial landholdings seeking investment advice.</p> Signup and view all the answers

    What type of assistance do the owners of a vocational training center seek, as mentioned in the text?

    <p>Development assistance.</p> Signup and view all the answers

    What does a city planning board seek advice about, according to the text?

    <p>Impact analysis of proposed zoning revisions.</p> Signup and view all the answers

    What do the owners of a downtown loft building need to know, as stated in the text?

    <p>Use study for a residential condominium project.</p> Signup and view all the answers

    What type of assistance does the lessee in the eighteenth year of a twenty-year lease require?

    <p>Assistance in determining the fair market rent for renewal of the lease</p> Signup and view all the answers

    In what field does the real estate consultant need special knowledge and skill?

    <p>Real estate economics and finance</p> Signup and view all the answers

    What does a growing law firm require assistance with?

    <p>Evaluating management performance</p> Signup and view all the answers

    What does the owner of an apartment complex want to know?

    <p>Whether to keep or sell the property and whether it should be sold as an apartment complex or converted into condominium units</p> Signup and view all the answers

    What does the industrial company need assistance with?

    <p>Evaluating tax implications of various possibilities</p> Signup and view all the answers

    What does a developer want advice on?

    <p>What type of development best suited to the parcel, the likely pricing of the units built, and the probable rate of sales</p> Signup and view all the answers

    What do owners of a large collection of office buildings, hotels, apartment complexes, and industrial properties want to know?

    <p>What changes they should make in their portfolio to improve its overall performance without increasing investment risks</p> Signup and view all the answers

    What type of questions do consulting services answer, as per the text?

    <p>What measures the success of a consulting service according to the text?</p> Signup and view all the answers

    What is the role of PARCS in relation to standards of professional practice for real estate consultants?

    <p>What did The Philippine Association of Realty Consultants &amp; Specialists, Inc. (PARCS) submit to PRBRES for implementation?</p> Signup and view all the answers

    What does a community contemplating a property tax abatement want to know?

    <p>What are the significant effects anticipated from property tax abatement?</p> Signup and view all the answers

    What does an investor offered an income-producing property wish to know?

    <p>What risks are involved, what after-tax cash flow is to be expected, how sound the property is, how the purchase should be financed, and what advantages and disadvantages would be associated with rehabilitation.</p> Signup and view all the answers

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