Questions and Answers
What is a limitation that would typically prevent a novice real estate broker from accepting certain listings?
The location of the listing is too far to assure diligent efforts to service prospective buyers
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?
Keep the information confidential like Ruffa asked you to.
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
Which of the following newspaper line ads would be deemed blatantly unethical in real estate advertising?
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Who is responsible for acting as prosecutors against illegal practitioners and other violators of R.A.No. 9646 and its IRR?
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What does the PRBRES, in cooperation with CHED or concerned Colleges and Universities, evaluate in the offering of the BSREM course?
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According to RESA, what is the penalty for a violation by an unlicensed real estate service practitioner?
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Who qualifies to be the Chairman of the Continuing Professional Development Council?
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Who currently holds the position of Chairman of PRBRES?
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For Continuing Professional Development to be honored by PRBRES, who must conduct it?
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Which behavior is unethical for Professional Real Estate Service Practitioners according to the text?
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What should Professional Real Estate Service Practitioners provide services to clients with?
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Which of the following tactics is unethical for real estate brokers when bringing clients to view their listings?
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After the sale is consummated, what should the broker NOT do?
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What behavior should Professional Real Estate Service Practitioners avoid concerning payment of taxes?
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Which action is unethical for real estate brokers regarding fees and commissions?
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What is the purpose of the Code of Ethics for Real Estate Service Practitioners?
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Which document is strictly adopted by the PRB-RES Board for all licensed real estate service practitioners to follow?
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What does R.A. 9646 stand for in relation to real estate?
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According to regulations, who can a real estate salesperson demand a fee, commission, or compensation from in a real estate transaction?
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Who is considered qualified to conduct valuations/appraisals of real property?
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What is the minimum required number of Continuing Professional Development (CPD) units for real estate salespersons?
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Who is the official in the local government unit that performs appraisal and assessment of real properties for taxation purposes?
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What does PRBRES stand for?
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According to RA 9646, who among the following is NOT considered a licensed real estate service practitioner?
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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?
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'Cuius est solum, eius est ad caelum et ad inferos' means:
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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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