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ELECT 3 WEEK 1
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ELECT 3 WEEK 1

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Questions and Answers

What is the primary difference between the consultant's relationship with the client and that of other real estate practitioners?

  • The consultant is more objective in their opinions.
  • The consultant's relationship is more confidential and professional. (correct)
  • The consultant is more interested in retaining management of the client's property.
  • The consultant is more focused on macroeconomic analyses.

    • What is the main focus of valuation studies?

  • Determining market trends and forecasts.
  • Conducting macroeconomic analyses.
  • Identifying potential investment opportunities.
  • Valuing identified interests in specified real estate as of a given date. (correct)

    • What is the primary distinction between market value and investment value?

  • Market value is the value in the marketplace, while investment value is the specific value to a particular investor. (correct)
  • Market value is specific to a particular investor, while investment value is the value in the marketplace.
  • Market value is the value of a property at a given date, while investment value is the value over time.
  • Market value is the value of a property to a broker, while investment value is the value to a property manager.

    • What is the role of the consultant in relation to other real estate practitioners?

    <p>The consultant is usually an expert in one or more service practices, but recognizes their limitations.</p> Signup and view all the answers

    What type of analyses may be included in consulting?

    <p>Microeconomic analyses, macroeconomic analyses, or a combination of both.</p> Signup and view all the answers

    What is the primary characteristic of the consultant's approach to real estate services?

    <p>The consultant approaches the service on a professional basis.</p> Signup and view all the answers

    What is the distinction between the consultant's role and that of other real estate specialists?

    <p>The consultant is not in competition with other real estate specialists.</p> Signup and view all the answers

    What is the primary focus of the consultant's work?

    <p>Providing trusted advice to clients on real estate matters.</p> Signup and view all the answers

    What is the relationship between valuation and consulting?

    <p>Valuation and consulting are distinct but related fields.</p> Signup and view all the answers

    What is the primary characteristic of investment value?

    <p>It is the value of a property to a particular investor or class of investors.</p> Signup and view all the answers

    Which year marked the formal recognition of the real estate consulting practice as a distinct practice by a society of counselors in the U.S.?

    <p>1953</p> Signup and view all the answers

    What was the main purpose behind founding the society of counselors in the U.S.?

    <p>To meet the public need for competent, disinterested advice</p> Signup and view all the answers

    Which organization did the society of counselors affiliate with in 1954?

    <p>National Association of Realtors</p> Signup and view all the answers

    What qualifications must members of the U.S. real estate consulting society demonstrate?

    <p>Integrity, experience, training, and knowledge</p> Signup and view all the answers

    Which organization in the Philippines was inspired by the U.S. experience in 1960?

    <p>Philippine Association of Realtors' Boards (PAREB)</p> Signup and view all the answers

    When was the Institute of Philippine Real Estate Consultants (IPREC) established?

    <p>1976</p> Signup and view all the answers

    What is the main difference between the U.S. and Philippine real estate consulting practice?

    <p>The Philippine practice is subject to licensing regulations</p> Signup and view all the answers

    What is the primary role of a real estate consultant?

    <p>To give objective and independent expert advice</p> Signup and view all the answers

    What kind of research is a real estate consultant expected to do?

    <p>Detailed and methodical</p> Signup and view all the answers

    How is the relationship between a real estate consultant and a client compared?

    <p>Similar to a CPA or lawyer and their client</p> Signup and view all the answers

    What distinguishes the consultant's relationship with the client from that of other real estate practitioners?

    <p>Confidentiality</p> Signup and view all the answers

    What is the primary focus of valuation studies?

    <p>Identified interests in specified real estate as of a given date</p> Signup and view all the answers

    What type of analyses may be included in consulting?

    <p>Macro and microeconomic analyses, or a combination of both</p> Signup and view all the answers

    What is the primary characteristic of investment value?

    <p>Value to a particular investor or class of investors</p> Signup and view all the answers

    How does the consultant's approach differ from that of other real estate specialists?

    <p>The consultant recognizes the boundaries of their expertise</p> Signup and view all the answers

    What is the primary distinction between market value and investment value?

    <p>Market value is the value in the marketplace, while investment value is the value to a particular investor</p> Signup and view all the answers

    What is the consultant's expertise typically based on?

    <p>Broad experience and knowledge in one or more real estate service practices</p> Signup and view all the answers

    What is the primary focus of consulting services?

    <p>Professional advice on real estate matters</p> Signup and view all the answers

    How does the consultant's approach to real estate services differ from that of other practitioners?

    <p>The consultant approaches the service on a professional basis</p> Signup and view all the answers

    What is the primary characteristic of the consultant's work?

    <p>Professional and confidential advice</p> Signup and view all the answers

    What was a requirement for membership in the society of counselors in the U.S?

    <p>Demonstrated integrity and sound judgment on real estate problems</p> Signup and view all the answers

    What significant characteristic distinguishes the Philippine real estate consulting practice from that of the U.S?

    <p>Subject to licensing regulations</p> Signup and view all the answers

    What event in 1960 is linked to the development of the professional consulting practice in the Philippines?

    <p>Organization of the Philippine Association of Realtors' Boards (PAREB)</p> Signup and view all the answers

    What does the consulting practice in real estate primarily involve?

    <p>Providing objective and independent expert advice</p> Signup and view all the answers

    What was the year when the society of counselors affiliated itself with the National Association Realtors in the U.S.?

    <p>1954</p> Signup and view all the answers

    Which institute was established as an affiliate in the Philippines in 1976?

    <p>Institute of Philippine Real Estate Consultants (IPREC)</p> Signup and view all the answers

    What kind of advice do real estate consultants provide to their clients?

    <p>Objective and independent expert advice</p> Signup and view all the answers

    Who are the members invited by the society of counselors in the U.S.?

    <p>Realtors with demonstrated integrity and qualifications in experience and knowledge</p> Signup and view all the answers

    What is the primary purpose behind the founding of the society of counselors in 1953?

    <p>Meeting the public need for competent, disinterested advice</p> Signup and view all the answers

    How is the consultant-client relationship described?

    <p>Similar to that of a CPA or lawyer and his client</p> Signup and view all the answers

    In the U.S, the real estate consulting practice may have been formally recognized as a distinct real estate practice by the organization of a ______ of counselors in 1953.

    <p>society</p> Signup and view all the answers

    This ______ was founded for the purpose of meeting the public need for competent, disinterested, and independent advice.

    <p>society</p> Signup and view all the answers

    The members subscribe to and pledge themselves to abide by the ______'s code of ethics.

    <p>society's</p> Signup and view all the answers

    In the Philippines, the development and recognition of the professional consulting practice may have been inspired by the ______ experience.

    <p>U.S.</p> Signup and view all the answers

    The Philippine consulting practice is subject to ______ regulations, while that of the U.S. counterpart is generally not.

    <p>licensing</p> Signup and view all the answers

    Consulting is the giving of objective and ______ expert advice to a client.

    <p>independent</p> Signup and view all the answers

    The relationship between the consultant and the client is similar to that of the ______ or lawyer and his client.

    <p>CPA</p> Signup and view all the answers

    The consultant's advice is systematically ______ and validated, even to the extent of engaging the services of other specialists.

    <p>researched</p> Signup and view all the answers

    The Philippine Association of Realtors' Boards (PAREB) was organized in ______.

    <p>1960</p> Signup and view all the answers

    The Institute of Philippine Real Estate Consultants (IPREC) was established as an affiliate in ______.

    <p>1976</p> Signup and view all the answers

    The consultant is not in competition with the ______, appraiser, property manager, or with other realty specialists.

    <p>broker</p> Signup and view all the answers

    Realty consulting is for persons who will approach the service on a ______ basis.

    <p>professional</p> Signup and view all the answers

    Valuation studies are primarily ______ analyses because they focus on valuing identified interests in specified real estate as of a given date.

    <p>microeconomic</p> Signup and view all the answers

    Consulting may include ______ analyses, microeconomic analyses, or a combination of both.

    <p>macroeconomic</p> Signup and view all the answers

    Market value is the value in the ______.

    <p>marketplace</p> Signup and view all the answers

    Investment value is the specific value of goods or services to a particular ______ or class of investors.

    <p>investor</p> Signup and view all the answers

    The consultant's relationship with his client tends to be more ______ and professional than that of the other real estate practitioners.

    <p>confidential</p> Signup and view all the answers

    The consultant is in fact usually himself an expert in one or more such ______ practices.

    <p>service</p> Signup and view all the answers

    The consultant recognizes that his relationship with the client as ______ working for a commission, as an appraiser bound to an objective opinion of value, or as a property manager interested in retaining management of the client’s.

    <p>broker</p> Signup and view all the answers

    Consultants must also distinguish between ______ value and investment value.

    <p>market</p> Signup and view all the answers

    The Philippine consulting practice is not subject to licensing regulations.

    <p>False</p> Signup and view all the answers

    The society of counselors in the U.S. was founded in 1954.

    <p>False</p> Signup and view all the answers

    Real estate consultants provide subjective advice to their clients.

    <p>False</p> Signup and view all the answers

    The Institute of Philippine Real Estate Consultants (IPREC) was established in 1960.

    <p>False</p> Signup and view all the answers

    The society of counselors in the U.S. invites members who are not Realtors.

    <p>False</p> Signup and view all the answers

    The real estate consulting practice in the Philippines was not inspired by the U.S. experience.

    <p>False</p> Signup and view all the answers

    Real estate consultants give advice after a decision has been made concerning a real estate matter.

    <p>False</p> Signup and view all the answers

    The Philippine Association of Realtors' Boards (PAREB) was organized in 1953.

    <p>False</p> Signup and view all the answers

    The relationship between the consultant and the client is similar to that of a doctor and patient.

    <p>False</p> Signup and view all the answers

    The society of counselors in the U.S. does not have a code of ethics.

    <p>False</p> Signup and view all the answers

    The consultant is in direct competition with the broker, appraiser, and property manager.

    <p>False</p> Signup and view all the answers

    Valuation studies focus on macroeconomic analyses.

    <p>False</p> Signup and view all the answers

    The consultant's relationship with the client is typically less confidential and professional than that of other real estate practitioners.

    <p>False</p> Signup and view all the answers

    Realty consulting is only for individuals who will approach the service on a personal basis.

    <p>False</p> Signup and view all the answers

    Market value is the specific value of goods or services to a particular investor or class of investors.

    <p>False</p> Signup and view all the answers

    The consultant must always distinguish between valuation and consulting works.

    <p>True</p> Signup and view all the answers

    Consulting may include only macroeconomic analyses.

    <p>False</p> Signup and view all the answers

    The consultant's expertise is typically based on their experience in the industry.

    <p>False</p> Signup and view all the answers

    The primary focus of consulting services is on valuing identified interests in specified real estate as of a given date.

    <p>False</p> Signup and view all the answers

    The consultant's approach to real estate services is similar to that of other practitioners.

    <p>False</p> Signup and view all the answers

    Study Notes

    Development of Real Estate Consulting Practice

    • Formal recognition of real estate consulting in the U.S. began in 1953 with the establishment of a society of counselors by Realtors.
    • This society affiliated with the National Association of Realtors in 1954 to fulfill the public demand for competent and impartial real estate guidance.
    • Membership criteria for the society require Realtors to demonstrate integrity and possess relevant experience, training, and judgment to handle diverse real estate issues.
    • Formation of the Philippine Association of Realtors’ Boards (PAREB) in 1960 and the Institute of Philippine Real Estate Consultants (IPREC) in 1976 indicates the influence of U.S. practices on Philippine real estate consulting.
    • A noteworthy distinction: Philippine real estate consulting is regulated by licensing laws, unlike the less regulated U.S. counterpart.

    Relationship with Other Real Estate Services

    • Real estate consulting involves providing objective and independent expert advice tailored to clients, typically before pivotal decision-making.
    • Consulting advice is based on systematic research and may involve collaboration with other specialists to ensure comprehensive outcomes.
    • The consultant-client relationship mirrors that of a Certified Public Accountant (CPA) or lawyer, emphasizing trust and expertise.

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    Description

    Discover the origins of real estate consulting practice in the U.S. Learn about the formation of a society of counselors and its affiliation with the National Association of Realtors.

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