Podcast
Questions and Answers
What is the primary difference between the consultant's relationship with the client and that of other real estate practitioners?
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?
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?
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?
What is the role of the consultant in relation to other real estate practitioners?
What type of analyses may be included in consulting?
What type of analyses may be included in consulting?
What is the primary characteristic of the consultant's approach to real estate services?
What is the primary characteristic of the consultant's approach to real estate services?
What is the distinction between the consultant's role and that of other real estate specialists?
What is the distinction between the consultant's role and that of other real estate specialists?
What is the primary focus of the consultant's work?
What is the primary focus of the consultant's work?
What is the relationship between valuation and consulting?
What is the relationship between valuation and consulting?
What is the primary characteristic of investment value?
What is the primary characteristic of investment value?
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.?
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.?
What was the main purpose behind founding the society of counselors in the U.S.?
What was the main purpose behind founding the society of counselors in the U.S.?
Which organization did the society of counselors affiliate with in 1954?
Which organization did the society of counselors affiliate with in 1954?
What qualifications must members of the U.S. real estate consulting society demonstrate?
What qualifications must members of the U.S. real estate consulting society demonstrate?
Which organization in the Philippines was inspired by the U.S. experience in 1960?
Which organization in the Philippines was inspired by the U.S. experience in 1960?
When was the Institute of Philippine Real Estate Consultants (IPREC) established?
When was the Institute of Philippine Real Estate Consultants (IPREC) established?
What is the main difference between the U.S. and Philippine real estate consulting practice?
What is the main difference between the U.S. and Philippine real estate consulting practice?
What is the primary role of a real estate consultant?
What is the primary role of a real estate consultant?
What kind of research is a real estate consultant expected to do?
What kind of research is a real estate consultant expected to do?
How is the relationship between a real estate consultant and a client compared?
How is the relationship between a real estate consultant and a client compared?
What distinguishes the consultant's relationship with the client from that of other real estate practitioners?
What distinguishes the consultant's relationship with the client from that of other real estate practitioners?
What is the primary focus of valuation studies?
What is the primary focus of valuation studies?
What type of analyses may be included in consulting?
What type of analyses may be included in consulting?
What is the primary characteristic of investment value?
What is the primary characteristic of investment value?
How does the consultant's approach differ from that of other real estate specialists?
How does the consultant's approach differ from that of other real estate specialists?
What is the primary distinction between market value and investment value?
What is the primary distinction between market value and investment value?
What is the consultant's expertise typically based on?
What is the consultant's expertise typically based on?
What is the primary focus of consulting services?
What is the primary focus of consulting services?
How does the consultant's approach to real estate services differ from that of other practitioners?
How does the consultant's approach to real estate services differ from that of other practitioners?
What is the primary characteristic of the consultant's work?
What is the primary characteristic of the consultant's work?
What was a requirement for membership in the society of counselors in the U.S?
What was a requirement for membership in the society of counselors in the U.S?
What significant characteristic distinguishes the Philippine real estate consulting practice from that of the U.S?
What significant characteristic distinguishes the Philippine real estate consulting practice from that of the U.S?
What event in 1960 is linked to the development of the professional consulting practice in the Philippines?
What event in 1960 is linked to the development of the professional consulting practice in the Philippines?
What does the consulting practice in real estate primarily involve?
What does the consulting practice in real estate primarily involve?
What was the year when the society of counselors affiliated itself with the National Association Realtors in the U.S.?
What was the year when the society of counselors affiliated itself with the National Association Realtors in the U.S.?
Which institute was established as an affiliate in the Philippines in 1976?
Which institute was established as an affiliate in the Philippines in 1976?
What kind of advice do real estate consultants provide to their clients?
What kind of advice do real estate consultants provide to their clients?
Who are the members invited by the society of counselors in the U.S.?
Who are the members invited by the society of counselors in the U.S.?
What is the primary purpose behind the founding of the society of counselors in 1953?
What is the primary purpose behind the founding of the society of counselors in 1953?
How is the consultant-client relationship described?
How is the consultant-client relationship described?
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.
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.
This ______ was founded for the purpose of meeting the public need for competent, disinterested, and independent advice.
This ______ was founded for the purpose of meeting the public need for competent, disinterested, and independent advice.
The members subscribe to and pledge themselves to abide by the ______'s code of ethics.
The members subscribe to and pledge themselves to abide by the ______'s code of ethics.
In the Philippines, the development and recognition of the professional consulting practice may have been inspired by the ______ experience.
In the Philippines, the development and recognition of the professional consulting practice may have been inspired by the ______ experience.
The Philippine consulting practice is subject to ______ regulations, while that of the U.S. counterpart is generally not.
The Philippine consulting practice is subject to ______ regulations, while that of the U.S. counterpart is generally not.
Consulting is the giving of objective and ______ expert advice to a client.
Consulting is the giving of objective and ______ expert advice to a client.
The relationship between the consultant and the client is similar to that of the ______ or lawyer and his client.
The relationship between the consultant and the client is similar to that of the ______ or lawyer and his client.
The consultant's advice is systematically ______ and validated, even to the extent of engaging the services of other specialists.
The consultant's advice is systematically ______ and validated, even to the extent of engaging the services of other specialists.
The Philippine Association of Realtors' Boards (PAREB) was organized in ______.
The Philippine Association of Realtors' Boards (PAREB) was organized in ______.
The Institute of Philippine Real Estate Consultants (IPREC) was established as an affiliate in ______.
The Institute of Philippine Real Estate Consultants (IPREC) was established as an affiliate in ______.
The consultant is not in competition with the ______, appraiser, property manager, or with other realty specialists.
The consultant is not in competition with the ______, appraiser, property manager, or with other realty specialists.
Realty consulting is for persons who will approach the service on a ______ basis.
Realty consulting is for persons who will approach the service on a ______ basis.
Valuation studies are primarily ______ analyses because they focus on valuing identified interests in specified real estate as of a given date.
Valuation studies are primarily ______ analyses because they focus on valuing identified interests in specified real estate as of a given date.
Consulting may include ______ analyses, microeconomic analyses, or a combination of both.
Consulting may include ______ analyses, microeconomic analyses, or a combination of both.
Market value is the value in the ______.
Market value is the value in the ______.
Investment value is the specific value of goods or services to a particular ______ or class of investors.
Investment value is the specific value of goods or services to a particular ______ or class of investors.
The consultant's relationship with his client tends to be more ______ and professional than that of the other real estate practitioners.
The consultant's relationship with his client tends to be more ______ and professional than that of the other real estate practitioners.
The consultant is in fact usually himself an expert in one or more such ______ practices.
The consultant is in fact usually himself an expert in one or more such ______ practices.
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.
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.
Consultants must also distinguish between ______ value and investment value.
Consultants must also distinguish between ______ value and investment value.
The Philippine consulting practice is not subject to licensing regulations.
The Philippine consulting practice is not subject to licensing regulations.
The society of counselors in the U.S. was founded in 1954.
The society of counselors in the U.S. was founded in 1954.
Real estate consultants provide subjective advice to their clients.
Real estate consultants provide subjective advice to their clients.
The Institute of Philippine Real Estate Consultants (IPREC) was established in 1960.
The Institute of Philippine Real Estate Consultants (IPREC) was established in 1960.
The society of counselors in the U.S. invites members who are not Realtors.
The society of counselors in the U.S. invites members who are not Realtors.
The real estate consulting practice in the Philippines was not inspired by the U.S. experience.
The real estate consulting practice in the Philippines was not inspired by the U.S. experience.
Real estate consultants give advice after a decision has been made concerning a real estate matter.
Real estate consultants give advice after a decision has been made concerning a real estate matter.
The Philippine Association of Realtors' Boards (PAREB) was organized in 1953.
The Philippine Association of Realtors' Boards (PAREB) was organized in 1953.
The relationship between the consultant and the client is similar to that of a doctor and patient.
The relationship between the consultant and the client is similar to that of a doctor and patient.
The society of counselors in the U.S. does not have a code of ethics.
The society of counselors in the U.S. does not have a code of ethics.
The consultant is in direct competition with the broker, appraiser, and property manager.
The consultant is in direct competition with the broker, appraiser, and property manager.
Valuation studies focus on macroeconomic analyses.
Valuation studies focus on macroeconomic analyses.
The consultant's relationship with the client is typically less confidential and professional than that of other real estate practitioners.
The consultant's relationship with the client is typically less confidential and professional than that of other real estate practitioners.
Realty consulting is only for individuals who will approach the service on a personal basis.
Realty consulting is only for individuals who will approach the service on a personal basis.
Market value is the specific value of goods or services to a particular investor or class of investors.
Market value is the specific value of goods or services to a particular investor or class of investors.
The consultant must always distinguish between valuation and consulting works.
The consultant must always distinguish between valuation and consulting works.
Consulting may include only macroeconomic analyses.
Consulting may include only macroeconomic analyses.
The consultant's expertise is typically based on their experience in the industry.
The consultant's expertise is typically based on their experience in the industry.
The primary focus of consulting services is on valuing identified interests in specified real estate as of a given date.
The primary focus of consulting services is on valuing identified interests in specified real estate as of a given date.
The consultant's approach to real estate services is similar to that of other practitioners.
The consultant's approach to real estate services is similar to that of other practitioners.
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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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