Podcast
Questions and Answers
What was the significance of Commerce AO 60-1 (April 28,1960)?
What was the significance of Commerce AO 60-1 (April 28,1960)?
- It established the first licensing regulations for real estate brokers
- It promulgated administrative orders to regulate the real estate practice
- It included real estate consultants in the realty service practice regulations
- It provided guidelines for licensing real estate appraisers and required written examinations for real estate brokers and appraisers (correct)
According to DOJ Opinion No. 113, Series of 1995, who is limited to practicing realty service practice?
According to DOJ Opinion No. 113, Series of 1995, who is limited to practicing realty service practice?
- Foreign investors
- Real estate consultants
- Realty service organizations
- Filipino citizens (correct)
What is covered in the scope of examination according to RA 9646 (July 2009)?
What is covered in the scope of examination according to RA 9646 (July 2009)?
- Real estate finance and economics
- Licensing and supervision of real estate salesmen
- Fundamentals of real estate consulting
- Project feasibility study and investment measurement tools (correct)
What did Ministry Order No. 39 (1985) govern?
What did Ministry Order No. 39 (1985) govern?
What is the purpose of a retainer fee in consulting engagements?
What is the purpose of a retainer fee in consulting engagements?
Under what circumstances may a time and expense arrangement be coupled with a retainer fee?
Under what circumstances may a time and expense arrangement be coupled with a retainer fee?
What distinguishes a performance fee from a commission payment in consulting engagements?
What distinguishes a performance fee from a commission payment in consulting engagements?
Why should a consultant never accept an engagement fee on a wholly contingent basis?
Why should a consultant never accept an engagement fee on a wholly contingent basis?
What is the purpose of making necessary data and information available promptly to the consultant?
What is the purpose of making necessary data and information available promptly to the consultant?
What is the consequence of client default on the provision of cost and expenses in the consulting engagement?
What is the consequence of client default on the provision of cost and expenses in the consulting engagement?
Why is it important for the client to furnish needed materials in a straightforward and sincere manner?
Why is it important for the client to furnish needed materials in a straightforward and sincere manner?
What type of analysis do long-range goal problems require?
What type of analysis do long-range goal problems require?
What does the straight or fixed fee usually apply to?
What does the straight or fixed fee usually apply to?
What does a modified fixed fee provide for during the course of the engagement?
What does a modified fixed fee provide for during the course of the engagement?
Why must the consultant always be aware that short-term decisions can significantly affect long-term goals?
Why must the consultant always be aware that short-term decisions can significantly affect long-term goals?
Why is compliance to the terms and conditions of the consulting engagement important?
Why is compliance to the terms and conditions of the consulting engagement important?
What may be required if an immediate cash problem develops or is developing?
What may be required if an immediate cash problem develops or is developing?
What is expected to alter if there is an indication of failure in solving immediate problems related to long-term investment goals?
What is expected to alter if there is an indication of failure in solving immediate problems related to long-term investment goals?
Why is it crucial for both parties to clear any dissemination of confidential reports beforehand?
Why is it crucial for both parties to clear any dissemination of confidential reports beforehand?
What is the primary purpose of the Continuing Professional Development (CPD) Act of 2016?
What is the primary purpose of the Continuing Professional Development (CPD) Act of 2016?
What is a ground for revocation of a real estate consultant’s license according to the text?
What is a ground for revocation of a real estate consultant’s license according to the text?
What organization is mentioned as the country’s only organization for the premier real estate profession?
What organization is mentioned as the country’s only organization for the premier real estate profession?
In what year are real estate consultants required to have 30 CPD units?
In what year are real estate consultants required to have 30 CPD units?
What is the minimum experience required for an applicant to take the licensure examination for real estate consultants?
What is the minimum experience required for an applicant to take the licensure examination for real estate consultants?
What does the rule on conflict of interest mandate when a consultant or relative owns at least twenty percent propriety interest in the property subject of consultancy?
What does the rule on conflict of interest mandate when a consultant or relative owns at least twenty percent propriety interest in the property subject of consultancy?
What is the purpose of RA 10912, also known as the “Continuing Professional Development (CPD) Act of 2016”?
What is the purpose of RA 10912, also known as the “Continuing Professional Development (CPD) Act of 2016”?
Who is eligible to renew their PRC Real Estate License with only 5 CPD Units during the Transition Period?
Who is eligible to renew their PRC Real Estate License with only 5 CPD Units during the Transition Period?
What is one of the objectives of PARCS, as mentioned in the text?
What is one of the objectives of PARCS, as mentioned in the text?
What does Rule on Conflict of Interest prohibit regarding the engagement of a real estate consultant?
What does Rule on Conflict of Interest prohibit regarding the engagement of a real estate consultant?
How many years’ experience is required for an applicant for the licensure examination for real estate consultants if they have been an employed person performing real property valuation?
How many years’ experience is required for an applicant for the licensure examination for real estate consultants if they have been an employed person performing real property valuation?
What is required for an applicant to take the licensure examination for real estate consultants if they have been an assessor?
What is required for an applicant to take the licensure examination for real estate consultants if they have been an assessor?
What is the minimum education requirement for a Professional Real Estate Consultant (PREC)?
What is the minimum education requirement for a Professional Real Estate Consultant (PREC)?
What must a Real Estate Consultant do to assist the client in defining the issues involved in the problem?
What must a Real Estate Consultant do to assist the client in defining the issues involved in the problem?
What does the client's ulterior motive to use his function subjectively indicate?
What does the client's ulterior motive to use his function subjectively indicate?
What is the primary purpose of the Continuing Professional Development (CPD) Act of 2016?
What is the primary purpose of the Continuing Professional Development (CPD) Act of 2016?
What distinguishes a performance fee from a commission payment in consulting engagements?
What distinguishes a performance fee from a commission payment in consulting engagements?
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