Real Estate Career Progression Levels Quiz
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Questions and Answers

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?

  • 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)?

  • 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?

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

    What is the purpose of a retainer fee in consulting engagements?

    <p>To provide a guaranteed minimum payment for the consultant</p> Signup and view all the answers

    Under what circumstances may a time and expense arrangement be coupled with a retainer fee?

    <p>When the client wants to ensure a fixed maximum fee for the engagement</p> Signup and view all the answers

    What distinguishes a performance fee from a commission payment in consulting engagements?

    <p>The performance fee is contingent on the results obtained</p> Signup and view all the answers

    Why should a consultant never accept an engagement fee on a wholly contingent basis?

    <p>It may lead to a conflict of interest between the consultant and the client</p> Signup and view all the answers

    What is the purpose of making necessary data and information available promptly to the consultant?

    <p>To reduce the cost and time of obtaining the same from other sources</p> Signup and view all the answers

    What is the consequence of client default on the provision of cost and expenses in the consulting engagement?

    <p>It may materially affect the consultant’s quality of work</p> Signup and view all the answers

    Why is it important for the client to furnish needed materials in a straightforward and sincere manner?

    <p>Quality of the consultant's work is directly related to the quality and quantity of data obtained</p> Signup and view all the answers

    What type of analysis do long-range goal problems require?

    <p>Complex analysis due to more imponderables and assumptions</p> Signup and view all the answers

    What does the straight or fixed fee usually apply to?

    <p>Projects where the scope is clearly quantifiable</p> Signup and view all the answers

    What does a modified fixed fee provide for during the course of the engagement?

    <p>It provides for changes that must be considered during the course of the engagement</p> Signup and view all the answers

    Why must the consultant always be aware that short-term decisions can significantly affect long-term goals?

    <p>Because short-term decisions can significantly affect long-term goals and vice versa</p> Signup and view all the answers

    Why is compliance to the terms and conditions of the consulting engagement important?

    <p>Non-compliance may materially affect the consultant’s quality of work</p> Signup and view all the answers

    What may be required if an immediate cash problem develops or is developing?

    <p>Consulting to handle any grossly unexpected developments</p> Signup and view all the answers

    What is expected to alter if there is an indication of failure in solving immediate problems related to long-term investment goals?

    <p>The outcome of long-term real estate investment goals and objectives</p> Signup and view all the answers

    Why is it crucial for both parties to clear any dissemination of confidential reports beforehand?

    <p>To evaluate the merit or disadvantage of maintaining strict confidentiality of the report</p> Signup and view all the answers

    What is the primary purpose of the Continuing Professional Development (CPD) Act of 2016?

    <p>To establish mandatory requirements for real estate license renewal</p> Signup and view all the answers

    What is a ground for revocation of a real estate consultant’s license according to the text?

    <p>Failure to disclose a conflict of interest</p> Signup and view all the answers

    What organization is mentioned as the country’s only organization for the premier real estate profession?

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

    In what year are real estate consultants required to have 30 CPD units?

    <p>2026</p> Signup and view all the answers

    What is the minimum experience required for an applicant to take the licensure examination for real estate consultants?

    <p>10 years as a licensed real estate broker</p> Signup and view all the answers

    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?

    <p>The consultant must disclose such interest before accepting the consultancy engagement</p> Signup and view all the answers

    What is the purpose of RA 10912, also known as the “Continuing Professional Development (CPD) Act of 2016”?

    <p>To ensure that real estate practitioners stay updated with developments in their field</p> Signup and view all the answers

    Who is eligible to renew their PRC Real Estate License with only 5 CPD Units during the Transition Period?

    <p>Senior Citizens</p> Signup and view all the answers

    What is one of the objectives of PARCS, as mentioned in the text?

    <p>To recommend new legislations and amendments to existing laws</p> Signup and view all the answers

    What does Rule on Conflict of Interest prohibit regarding the engagement of a real estate consultant?

    <p>Engagement dependent upon pre-determined findings or recommendations</p> Signup and view all the answers

    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?

    <p>5 years</p> Signup and view all the answers

    What is required for an applicant to take the licensure examination for real estate consultants if they have been an assessor?

    <p>10 years as an assessor</p> Signup and view all the answers

    What is the minimum education requirement for a Professional Real Estate Consultant (PREC)?

    <p>Masters' Degree in Real Estate or equivalent</p> Signup and view all the answers

    What must a Real Estate Consultant do to assist the client in defining the issues involved in the problem?

    <p>Conduct necessary consultations with other specialists</p> Signup and view all the answers

    What does the client's ulterior motive to use his function subjectively indicate?

    <p>Unethical relationship</p> Signup and view all the answers

    What is the primary purpose of the Continuing Professional Development (CPD) Act of 2016?

    <p>To ensure that consultants keep their knowledge and skills updated</p> Signup and view all the answers

    What distinguishes a performance fee from a commission payment in consulting engagements?

    <p>Performance fee is only provided if the consultant meets specific performance targets, while a commission payment is based on sales or deals closed</p> Signup and view all the answers

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