Real Estate Service Code of Ethics Quiz
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Questions and Answers

What is a limitation that would typically prevent a novice real estate broker from accepting certain listings?

  • The broker does not have a data base of regular clients
  • The location of the listing is too far to assure diligent efforts to service prospective buyers (correct)
  • The broker is a part-time brokers and cannot give full attention to listings
  • The broker’s lacks the expertise for some listings which requires higher skills or knowledge beyond their capability

As a real estate agent representing Seller Sharon, if Buyer Ruffa confidentially discloses her past bankruptcy but believes she will be financially approved for the house, what should you do with this information?

  • Contact the bank to verify Ruffa’s financial status
  • Tell Seller Sharon
  • Keep the information confidential unless the deal doesn’t go through
  • Keep the information confidential like Ruffa asked you to. (correct)

What does the PRB-RES (Professional Regulatory Board of Real Estate Service) mandate all licensed real estate service practitioners to strictly observe?

  • National Code of Ethics and Responsibilities (correct)
  • Association of Integrated Professional Organization
  • National Real Estate Professionals Month
  • Professional Education Council

Which of the following newspaper line ads would be deemed blatantly unethical in real estate advertising?

<p>(A), (B)</p> Signup and view all the answers

Who is responsible for acting as prosecutors against illegal practitioners and other violators of R.A.No. 9646 and its IRR?

<p>The PRBRES (D)</p> Signup and view all the answers

What does the PRBRES, in cooperation with CHED or concerned Colleges and Universities, evaluate in the offering of the BSREM course?

<p>Student Enrollment (B)</p> Signup and view all the answers

According to RESA, what is the penalty for a violation by an unlicensed real estate service practitioner?

<p>Penalty of Php 200,000 or four years imprisonment or both upon the discretion of the court (C)</p> Signup and view all the answers

Who qualifies to be the Chairman of the Continuing Professional Development Council?

<p>Real Estate Agency Representative (B)</p> Signup and view all the answers

Who currently holds the position of Chairman of PRBRES?

<p>Teodoro Pilando (B)</p> Signup and view all the answers

For Continuing Professional Development to be honored by PRBRES, who must conduct it?

<p>Real Estate Organizations (B)</p> Signup and view all the answers

Which behavior is unethical for Professional Real Estate Service Practitioners according to the text?

<p>Offering to pay a commission to clients (D)</p> Signup and view all the answers

What should Professional Real Estate Service Practitioners provide services to clients with?

<p>Diligence and Due Care (D)</p> Signup and view all the answers

Which of the following tactics is unethical for real estate brokers when bringing clients to view their listings?

<p>Forecasting changes from residential to commercial zoning to hint at high rates of value appreciation (C)</p> Signup and view all the answers

After the sale is consummated, what should the broker NOT do?

<p>Offer discounts on future properties to the buyer (A)</p> Signup and view all the answers

What behavior should Professional Real Estate Service Practitioners avoid concerning payment of taxes?

<p>Offering discounts for clients who evade tax payments (D)</p> Signup and view all the answers

Which action is unethical for real estate brokers regarding fees and commissions?

<p>Offering to split fees with clients for referral business (C)</p> Signup and view all the answers

What is the purpose of the Code of Ethics for Real Estate Service Practitioners?

<p>Professionalism (B)</p> Signup and view all the answers

Which document is strictly adopted by the PRB-RES Board for all licensed real estate service practitioners to follow?

<p>National Code of Ethics and Responsibilities (C)</p> Signup and view all the answers

What does R.A. 9646 stand for in relation to real estate?

<p>Real Estate Service Act of the Philippines (A)</p> Signup and view all the answers

According to regulations, who can a real estate salesperson demand a fee, commission, or compensation from in a real estate transaction?

<p>All of the Above (D)</p> Signup and view all the answers

Who is considered qualified to conduct valuations/appraisals of real property?

<p>Appraiser (A)</p> Signup and view all the answers

What is the minimum required number of Continuing Professional Development (CPD) units for real estate salespersons?

<p>None of the above (D)</p> Signup and view all the answers

Who is the official in the local government unit that performs appraisal and assessment of real properties for taxation purposes?

<p>Assessor (B)</p> Signup and view all the answers

What does PRBRES stand for?

<p>Philippine Regulatory Board of Real Estate Service (C)</p> Signup and view all the answers

According to RA 9646, who among the following is NOT considered a licensed real estate service practitioner?

<p>Licensed Real Estate Developer (A)</p> Signup and view all the answers

What term refers to the permission for an American citizen to practice real estate in the Philippines due to the reciprocity allowing Filipinos to practice in the US?

<p>Foreign Reciprocity (B)</p> Signup and view all the answers

'Cuius est solum, eius est ad caelum et ad inferos' means:

<p>'To whoever owns the land, shal belong the earth to its center and up to the skies' (D)</p> Signup and view all the answers

Flashcards

Novice Broker Limitations

Novice real estate brokers should avoid certain listings due to lack of client database, expertise, or time commitment.

Confidentiality in Transactions

Real estate brokers must keep confidential buyer information, such as bankruptcy, unless the deal fails.

Unethical Newspaper Ads

False claims in newspaper ads, like "flood-free" subdivisions when they are not, are unethical.

BSREM Course Evaluation

PRBRES evaluates BSREM courses for curriculum, facilities, and faculty.

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Unlicensed Real Estate Penalties

Violating real estate laws (unlicensed) can lead to fines (Php 100,000) or imprisonment (2 years), or both.

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CPD Council Chairman

The CPD Council Chairman must be a PRBRES Board Member, AIPO, or Academe Rep.

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Accredited CPD Providers

Only accredited providers can conduct Continuing Professional Development (CPD).

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Real Estate Broker Code of Ethics

Real estate professionals must provide diligent, timely, and thoughtful service following all relevant laws.

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Unethical Broker Tactics

Unethical brokers may show inferior properties or mislead about zoning changes to manipulate values.

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Broker Responsibilities (post-sale)

After a sale, brokers must help buyers possess and own the property and ensure a fair contract.

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PRB-RES Board Role

The PRB-RES Board creates the National Code of Ethics for real estate practitioners.

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R.A. 9646

The Real Estate Service Act of the Philippines.

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Real Estate Salesperson Restrictions

Real estate salespeople cannot charge buyers fees or commissions.

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Appraiser Qualifications

Appraisers must have the right qualifications, license, and experience to value real property.

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Real Estate Salesperson CPD

Real estate salespeople need a minimum of 15 CPD units.

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Assessor Role

Assessors in local governments appraise and assess properties for taxation.

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PRBRES

The Professional Regulatory Board of Real Estate Service.

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Licensed Practitioners

Licensed brokers, appraisers, and developers are authorized to practice real estate.

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Foreign Reciprocity

If an American can practice real estate in the Philippines (e.g., because of mutual agreement), it's reciprocity.

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Property Ownership Concept

Cuius est solum, eius est ad caelum et ad inferos means ownership of land extends to the sky and the earth's core.

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Study Notes

Limitations of Novice Real Estate Brokers

  • Novice real estate brokers have limitations and should refrain from accepting certain listings.
  • Limitations include not having a database of regular clients, lacking expertise for certain listings, and being part-time brokers who cannot give full attention to listings.

Confidentiality in Real Estate Transactions

  • A real estate broker who represents a seller and brings a buyer to see the house should keep confidential information about the buyer's bankruptcy, unless the deal doesn't go through.

National Code of Ethics and Responsibilities

  • The PRB-RES shall adopt a National Code of Ethics and Responsibilities to be strictly observed by all licensed real estate service practitioners.

Unethical Newspaper Line Ads

  • A newspaper line ad that is blatantly unethical is one that makes false claims, such as a "flood-free subdivision" when it's not.

Evaluation of BSREM Course

  • The PRBRES, in cooperation with the CHED or concerned colleges and universities, will undertake the evaluation of the curriculum, facilities, and screening of faculty members for the course of BSREM.

Penalties for Unlicensed Real Estate Service Practitioners

  • A violation of any unlicensed real estate service practitioner shall be penalized with Php 100,000 or two years imprisonment or both, upon the discretion of the court.

Chairman of the Continuing Professional Development Council

  • The Chairman of the Continuing Professional Development Council should be a PRBRES Board Member, AIPO Representative, or Academe Representative.

Continuing Professional Development

  • All Continuing Professional Development should be conducted by Accredited Service Providers.

Code of Ethics

  • Professional Real Estate Service Practitioners should provide services to clients with diligence and due care, promptly, thoughtfully, and in compliance with all applicable legal and regulatory requirements.

Tricks Employed by Unethical Real Estate Brokers

  • Unethical real estate brokers may use tricks such as showing an inferior property to position their listing as better, or forecasting changes in zoning to hint at high rates of value appreciation.

Responsibilities of Real Estate Brokers

  • After the sale is consummated, the broker should assist the buyer to acquire possession and ownership of the real property bought, and ensure that both the buyer and seller concluded a fair contract.

PRB-RES Board

  • The PRB-RES Board shall adopt a National Code of Ethics and Responsibilities to be strictly observed by all licensed real estate service practitioners.

R.A. 9646

  • R.A. 9646 stands for the Real Estate Service Act of the Philippines.

Real Estate Salesperson

  • A real estate salesperson should not demand a fee, commission, or compensation of any kind from the buyer.

Appraiser

  • An appraiser is a person who possesses the necessary qualifications, license, ability, and experience to execute or direct the valuation/appraisal of real property.

CPD Units for Salespersons

  • The required minimum CPD units for salespersons is 15.

Assessor

  • An assessor is an official in the local government unit who performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.

PRBRES

  • PRBRES stands for the Professional Regulatory Board of Real Estate Service.

Licensed Real Estate Service Practitioners

  • Licensed real estate service practitioners include licensed real estate brokers, appraisers, and developers.

Foreign Reciprocity

  • Foreign reciprocity refers to the term used when an American citizen is allowed to practice real estate in the Philippines because Filipinos are also allowed to practice in the US.

Property Ownership

  • "Cuius est solum, eius est ad caelum et ad inferos" means "To whoever owns the land, shall belong the earth to its center and up to the skies."

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Test your knowledge on the code of ethics for professional real estate service practitioners, including topics like tax payment, commission splitting, and providing services to clients with diligence and due care. See how well you understand the ethical responsibilities in the real estate industry.

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