Real Estate Consulting Practice in the U.S
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Questions and Answers

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

  • To provide free real estate advice and guidance
  • To meet the public need for competent, disinterested, and independent real estate advice and guidance on a fee basis (correct)
  • To affiliate with the National Association Realtors
  • To develop and express unsound judgment on diversified problems in real estate business

    • When was the society of counselors in the U.S formally recognized as a distinct real estate practice?

  • 1976
  • 1953 (correct)
  • 1960
  • 1954

    • What did the society of counselors invite into its membership?

  • Only Realtors without any knowledge of real estate business
  • Only Realtors who have demonstrated their dishonesty
  • Only Realtors who have demonstrated their integrity and are qualified by experience, training, and knowledge (correct)
  • Only Realtors who have little experience and training

    • What inspired the development and recognition of the professional consulting practice in the Philippines?

    <p>The organization of a society of counselors in the U.S</p> Signup and view all the answers

    What did the members of the society of counselors pledge themselves to abide by?

    <p>The society’s standards of professional practice and code of professional ethics</p> Signup and view all the answers

    Which organization affiliated itself with the National Association Realtors in 1954?

    <p>Society of counselors in the U.S</p> Signup and view all the answers

    What is the main difference between the consulting practices in the Philippines and the U.S.?

    <p>Consulting practice in the Philippines is subject to licensing regulations, while that of the U.S. counterpart is generally not.</p> Signup and view all the answers

    How does the relationship between the consultant and the client compare to that of a CPA or lawyer and his client?

    <p>The relationship is similar in terms of confidentiality and professionalism.</p> Signup and view all the answers

    What is the primary focus of valuation studies?

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

    How does consulting differ from valuation?

    <p>Consulting may include macroeconomic analyses, microeconomic analyses, or a combination of both, while valuation focuses on valuing identified interests in specified real estate as of a given date.</p> Signup and view all the answers

    How does the consultant's relationship with the client compare to that of other real estate practitioners?

    <p>The consultant's relationship tends to be more confidential and professional than that of other real estate practitioners.</p> Signup and view all the answers

    What distinguishes market value from investment value?

    <p><strong>Market value</strong> is the value in the marketplace, while <strong>investment value</strong> is the specific value of goods or services to a particular investor based on individual investment requirements or objectives.</p> Signup and view all the answers

    What is the main focus of real estate consulting?

    <p><strong>Real estate consulting</strong> is the giving of objective and independent expert advice to a client concerning a real estate matter before decisions are made.</p> Signup and view all the answers

    What was later supplemented by the organization of PARCS in 1992?

    <p><strong>The development of real estate consulting practice</strong> was later supplemented by the organization of PARCS in 1992.</p> Signup and view all the answers

    What kind of analysis do valuation studies primarily involve?

    <p><strong>Valuation studies</strong> primarily involve microeconomic analyses because they focus on valuing identified interests in specified real estate as of a given date.</p> Signup and view all the answers

    "Realty consulting is for persons who will approach the service on a professional basis" implies that:

    <p>&quot;Realty consulting&quot; requires individuals to approach it with a high level of professionalism.</p> Signup and view all the answers

    What is the legal definition of a real estate consultant under Article I, Sec. 3, g(1) of R.A. 9646 Real Estate Service Act of the Philippines?

    <p>A person who offers professional advice and judgment on land or improvements as well as real estate project management.</p> Signup and view all the answers

    What are the characteristics of professional real estate consulting?

    <p>Consultation advice and opinion are documented in a written report and for an agreed fee.</p> Signup and view all the answers

    What does consultancy aim to provide?

    <p>Detached but well-considered advice in line with the client's interests.</p> Signup and view all the answers

    What is the primary focus of real estate consulting?

    <p>Giving competent and objective advice and judgment to clients.</p> Signup and view all the answers

    What is the main difference between a real estate consultant and other real estate practitioners?

    <p>Real estate consultants focus on providing competent and objective advice and judgment, delimited by the client’s needs.</p> Signup and view all the answers

    What does the Society of Counselors in the U.S pledge its members to abide by?

    <p>To adhere to a suitable code of ethics and provide competent and objective advice.</p> Signup and view all the answers

    A property owner and a lessee are unable to agree on the rental to be paid over the next ten years of a lease that contains a series of renewals every two years. What type of consulting expertise do they need?

    <p>Real estate economics and finance</p> Signup and view all the answers

    What type of analysis would be necessary for the distributor of bottled drinking water to determine the best location for a distribution center?

    <p>Facilities planning and location analysis</p> Signup and view all the answers

    In the context of evaluating an income-producing property, what expertise would an investor seek to understand the risks, after-tax cash flow, and financing options?

    <p>Operations research and income tax planning</p> Signup and view all the answers

    What type of assistance would a lessee in the eighteenth year of a twenty-year lease seek to determine whether the real estate taxes being charged are excessive?

    <p>Market value analysis and valuation studies</p> Signup and view all the answers

    What kind of analysis would the owner of an apartment complex need to decide whether to keep or sell the property, and whether it should be sold as an apartment complex or converted into condominium units?

    <p>Neighborhood analysis and redevelopment planning</p> Signup and view all the answers

    What type of expertise would an industrial company need to expand a plant and assess options for acquiring a suitable existing facility at another location?

    <p>Facilities planning and negotiation skills</p> Signup and view all the answers

    Which expertise would a developer require when seeking advice on the type of development best suited to a parcel of land, probable pricing of units built, and probable rate of sales?

    <p>Investment analysis and market forecasting</p> Signup and view all the answers

    In the context of consolidating streets and sites in an old downtown warehouse district, what skills do the investors need to orchestrate this plan?

    <p>Town planning, land-use regulation, economics</p> Signup and view all the answers

    Which expertise would the owners of a large collection of office buildings, hotels, apartment complexes, and industrial properties require to improve their overall portfolio performance?

    <p>Real estate economics and finance</p> Signup and view all the answers

    In contemplating the offer of a property tax abatement to attract a new downtown hotel, what type of studies would the community need to determine if the anticipated benefits justify the revenue sacrifice?

    <p>Cost-benefit studies and market value analysis</p> Signup and view all the answers

    What type of expertise would the owners of a downtown office building require to understand the effects of current trends in office building construction, office space design, local business patterns, and area population characteristics on their investment?

    <p>Forecasting analysis and investment outcomes</p> Signup and view all the answers

    What is one of the qualifications required for a candidate to be admitted to the licensure examination for real estate consultant?

    <p>Must be a holder of a relevant bachelor’s degree from any educational institution recognized by the CHED</p> Signup and view all the answers

    What syllabus outline was prescribed by the BTRCP for real estate consultant’s comprehensive course for licensure examination?

    <p>Syllabus based on the syllabus outline recommended by Realtor Domingo D. de Vera in 2000</p> Signup and view all the answers

    What is the primary focus of the Uniform Standards of Professional Realty Consultants Practice (USPRCP) as adopted by the BTRCP for real estate consultants practitioners?

    <p>Rules of development and reporting of consulting engagement and assignments</p> Signup and view all the answers

    What is the required experience for an applicant to show proof of in order to be eligible for the licensure examination for real estate consultants?

    <p>At least ten years experience as a licensed real estate broker or an assessor</p> Signup and view all the answers

    What did The Philippine Association of Realty Consultants & Specialists, Inc. (PARCS) make representation to PRBRES for in January 2011?

    <p>The adoption of a syllabus recommended by Realtor Domingo D. de Vera in 2000</p> Signup and view all the answers

    What organization has been the proponent of a Uniform Standards of Professional Realty Consultants Practice (USPRCP) as adopted by the BTRCP for real estate consultants practitioners?

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

    According to the text, what must consultants, like licensed appraisers and certified public accountants, develop and observe?

    <p>Standards of professional practice and ethics</p> Signup and view all the answers

    In what year did The Philippine Association of Realty Consultants & Specialists, Inc. (PARCS) submit the USPRCP to PRBRES?

    <p>2011</p> Signup and view all the answers

    What kind of image does the consultant's experience, exposure, and track record produce in the business community according to the text?

    <p>Image that leads to the enhancement of his stature of competency and credibility to wider clientele.</p> Signup and view all the answers

    According to the text, what must a candidate establish to the satisfaction of the Board at the time of filing his/her application?

    <p>Must be a citizen of Philippines, must hold a relevant bachelor’s degree from any educational institution recognized by the CHED, and must not have been convicted of any crime involving moral turpitude.</p> Signup and view all the answers

    What is the primary focus of a consulting service in real estate?

    <p>Rendering services according to prescribed standards and ethics</p> Signup and view all the answers

    In consulting, how does advice typically differ from other forms of advice?

    <p>Arrived at after careful investigation and deliberation</p> Signup and view all the answers

    How is consulting success measured?

    <p>By the extent of acceptance and utilization of services by the client</p> Signup and view all the answers

    What distinguishes consulting practices from other real estate practitioners?

    <p>They render services according to prescribed standards and ethics</p> Signup and view all the answers

    When are real estate consulting services considered subject to licensing regulations?

    <p>When rendered in accordance with prescribed standards and ethics, and on a professional fee basis</p> Signup and view all the answers

    What type of analysis may be involved in consulting services related to real estate problems?

    <p>Location analysis</p> Signup and view all the answers

    In what way do real estate appraisers differ from consultants?

    <p>They generally apply their opinion to all clients or problems</p> Signup and view all the answers

    What kind of assistance might a client seek regarding real estate consulting?

    <p>Assistance in evaluating proposed transactions</p> Signup and view all the answers

    What is the primary focus of real estate consulting?

    <p>Economic characteristics of land and variations of client objectives</p> Signup and view all the answers

    What is the main difference between a real estate consultant and other real estate practitioners?

    <p>No two situations ever require exactly the same actions</p> Signup and view all the answers

    How does consulting differ from valuation?

    <p>Consulting includes considering economic characteristics of land and client objectives</p> Signup and view all the answers

    In the context of consolidating streets and sites in an old downtown warehouse district, what skills do the investors need to orchestrate this plan?

    <p>Consideration of economic characteristics and client objectives</p> Signup and view all the answers

    What kind of analysis would be necessary for the distributor of bottled drinking water to determine the best location for a distribution center?

    <p>Economic characteristics of land and variations of client objectives</p> Signup and view all the answers

    What distinguishes market value from investment value?

    <p>Economic characteristics and client objectives</p> Signup and view all the answers

    'Realty consulting is for persons who will approach the service on a professional basis' implies that:

    <p>'Realty consulting' involves considering economic characteristics and client objectives</p> Signup and view all the answers

    What does consultancy aim to provide?

    <p>Consideration of economic characteristics and client objectives</p> Signup and view all the answers

    What are the characteristics of professional real estate consulting?

    <p>Economic characteristics and client objectives</p> Signup and view all the answers

    What inspired the development and recognition of the professional consulting practice in the Philippines?

    <p>Economic characteristics and client objectives</p> Signup and view all the answers

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