Questions and Answers
What is the title of the rules known as R.A. 9646?
Implementing Rules and Regulations of Republic Act No. 9646
What is the primary role recognized by the state for real estate service practitioners?
Define an 'Appraiser' as per R.A. 9646.
A person who conducts valuation/appraisal of real or personal property.
What does 'Real estate' refer to?
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Who is a 'Real estate developer'?
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What does 'Real property' include?
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Who qualifies as a 'Real estate service practitioner'?
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Study Notes
Overview of R.A. 9646 - Real Estate Service Act
- Enacted in the Philippines to regulate the practice of real estate service.
- Known as the "Real Estate Service Act of the Philippines."
- Implementing Rules and Regulations (IRR) were adopted and promulgated to enforce the Act.
Declaration of Policy
- Recognizes the importance of real estate service practitioners in national development.
- Aims to promote the real estate market, stimulate economic activity, and enhance government income.
- Focuses on nurturing competent, responsible, and respected real estate professionals.
- Sets a standard for practice and service to be globally competitive and to foster growth in the real property industry.
Definition of Terms
- Appraiser: A qualified individual who conducts property valuation/appraisal.
- Assessor: A local government official responsible for valuing real properties for taxation purposes.
- Real Estate: Refers to land and everything permanently attached to it; a physical entity with improvements.
- Real Estate Development Project: Involves land development for various purposes such as residential, commercial, or recreational.
- Real Estate Developer: An entity or individual engaged in developing real estate projects for sale or lease.
- Real Property: Encompasses all rights and benefits related to owning real estate.
Categories of Real Estate Service Practitioners
- Real Estate Consultant: Licensed professionals providing advice on property acquisition, development, and management for a fee.
- Real Estate Appraiser: Licensed individuals estimating real estate values and preparing reports in written form.
- Real Estate Assessor: Licensed personnel performing property appraisal and assessment for local government units, primarily for taxation.
- Real Estate Broker: A licensed individual facilitating real estate transactions but not detailed in the provided text.
Importance of the IRR
- Facilitates the implementation of R.A. 9646's policies.
- Aims to maintain standards in the real estate profession.
- Supports government objectives of promoting responsible real estate practices.
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Description
Test your knowledge on Republic Act No. 9646, known as the Real Estate Service Act of the Philippines. This quiz covers the implementing rules and regulations designed to regulate real estate practice in the country. Perfect for aspiring real estate professionals looking to familiarize themselves with the legal framework.
