47 Questions
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
What are the characteristics of professional real estate consulting, as mentioned in the text?
Written report with reasoning for an agreed fee
According to the text, what does real estate consulting generally involve?
Giving competent and objective advice on real estate matters for a fee
What type of advice does consultancy provide, according to the text?
Detached but well-considered advice harmonized with the client's interest
What type of professionals are eligible to provide real estate consulting services, based on the text?
Qualified professionals adhering to a suitable code of ethics
What does the provision of competent and objective advice in real estate consulting involve?
Delivering competent and objective advice without any personal interests
What is a requirement to be admitted to the licensure examination for real estate consultant?
At least ten years experience as a licensed real estate broker
According to the text, which organization recommended the syllabus outline for the real estate consultant's comprehensive course?
The Philippine Association of Realty Consultants & Specialists, Inc. (PARCS)
What is considered as a necessary consequence of professional practice for real estate consultants?
Development and observation of professional practice standards
What is the role of PARCS in relation to standards of professional practice for real estate consultants?
Developing and observing standards of professional practice
What is a qualification for taking the licensure examination for real estate consultant according to the text?
Positive moral character and no conviction of crimes involving moral turpitude
What must an applicant show proof of, in order to be admitted to the licensure examination for real estate consultant?
At least ten years experience as a licensed real estate broker
What organization has prescribed a syllabus for consulting service practice based on the outline recommended by Realtor Domingo D. de Vera?
The Bureau of Real Estate Consultants Practitioners (BTRCP)
What did The Philippine Association of Realty Consultants & Specialists, Inc. (PARCS) submit to PRBRES for implementation?
The USPRCP standards for real estate consultants practitioners
What does an applicant need to establish at the time of filing his/her application for the licensure examination for real estate consultant?
Positive moral character and no conviction of crimes involving moral turpitude
What must the consultant be analytical and intellectually curious about?
The current and future trends and changes in various fields
What is the primary purpose of Continuing Professional Education (CPE) for real estate consultants?
To maintain high standards and advancement of the real estate profession
According to DOJ Opinion No. 113, Series of 1995, who is limited to being accredited as a realty service practitioner?
Filipino citizens
What was the significant change brought about by R.A. No. 9646, also known as the Real Estate Service Act of the Philippines?
Transfer of governance from the Department of Trade and Industry to the Professional Regulation Commission
What are the qualifications required for obtaining a real estate consultant’s license?
At least ten years experience as a licensed real estate broker or five years experience as a real estate appraiser
What is the significance of Commerce Administrative Order No. 60-1, issued on April 28,1960?
It provided for the first time the licensing of real estate appraisers
What is the rule on Conflict of Interest under the RESA, Section 35 of Article IV?
The engagement of a real estate consultant must not be contingent or dependent upon reporting of pre-determined findings or recommendations to be made
What was the purpose of Ministry Order No. 39?
To codify the licensing regulations for real estate salesmen, brokers, appraisers, and consultants
What are the key qualifications for an applicant to take the licensure examinations for real estate consultants?
$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
What is the role of the Professional Regulatory Board of Real Estate Service (PRBRES) according to RESA, Section 36 of Article IV?
To develop, prescribe and promulgate guidelines on Continuing Professional Education (CPE)
What was authorized by Act 2728 passed by the Philippine Legislature in 1938?
The Secretary of Commerce to regulate the real estate practice through administrative orders
What significant change was brought about by Trade Administrative Order No. 75-1?
It extended the specialization of real estate practice to include real estate consultants
What is the main distinction between consulting services and those of a broker, appraiser, or agent?
Consulting services are focused on individualized advice and problem-solving.
What measures the success of a consulting service according to the text?
The extent of acceptance and utilization of their services by the client.
Under what circumstances are real estate services considered consulting practice subject to licensing regulations?
When they are rendered in accordance with prescribed standards and ethics, and on a professional fee basis.
What type of questions do consulting services answer, as per the text?
Questions related to real estate problems and issues from the standpoint of any party to a proposed transaction.
Who may seek advice from a real estate consultant, according to the text?
Property owners, tenants, lenders, and administrators.
What is an example of a specific consulting case mentioned in the text?
An owner of substantial landholdings seeking investment advice.
What type of assistance do the owners of a vocational training center seek, as mentioned in the text?
Development assistance.
What does a city planning board seek advice about, according to the text?
Impact analysis of proposed zoning revisions.
What do the owners of a downtown loft building need to know, as stated in the text?
Use study for a residential condominium project.
What type of assistance does the lessee in the eighteenth year of a twenty-year lease require?
Assistance in determining the fair market rent for renewal of the lease
In what field does the real estate consultant need special knowledge and skill?
Real estate economics and finance
What does a growing law firm require assistance with?
Evaluating management performance
What does the owner of an apartment complex want to know?
Whether to keep or sell the property and whether it should be sold as an apartment complex or converted into condominium units
What does the industrial company need assistance with?
Evaluating tax implications of various possibilities
What does a developer want advice on?
What type of development best suited to the parcel, the likely pricing of the units built, and the probable rate of sales
What do owners of a large collection of office buildings, hotels, apartment complexes, and industrial properties want to know?
What changes they should make in their portfolio to improve its overall performance without increasing investment risks
What type of questions do consulting services answer, as per the text?
What measures the success of a consulting service according to the text?
What is the role of PARCS in relation to standards of professional practice for real estate consultants?
What did The Philippine Association of Realty Consultants & Specialists, Inc. (PARCS) submit to PRBRES for implementation?
What does a community contemplating a property tax abatement want to know?
What are the significant effects anticipated from property tax abatement?
What does an investor offered an income-producing property wish to know?
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.
Test your knowledge of conflict resolution and needs assessments with this quiz. Learn about fair market rent agreements, procedures for reaching rental amounts, and the needs assessment process for a growing law firm.
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