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Fundamentals of Prop Ownership > RESA Law > Flashcards

RESA Law Flashcards

1
Q

What is the RESA Law?

A

RA 9646 - Real Estate Service Act of the Philippines

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2
Q

Purpose of RESA

A

-An act regulating the practice of real estate service in the Philippines
-Creating for the purpose the PRBRES
-Appropriating funds and for other purposes

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3
Q

Article I. Title and Declaration of Policy and Definition of Terms

A

Sec 1. Title. Shall be known as the “Real Estate SErvice Act of the Philippines”

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4
Q

RESA. Art 1, Sec 3. Definition of Terms. ________ has QUALE - qualification, ability, license and experience to value

A

Appraiser.

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5
Q

RESA. Art 1, Sec 3. Definition of Terms. _______ official in the local gov’t performs appraisal taxation purposes

A

Assessor

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6
Q

RESA. Art 1, Sec 3. Definition of Terms. _______ development of land for residential, commercial industrial, etc purposes

A

Real estate development project

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7
Q

RESA. Art 1, Sec 3. Definition of Terms. _______ any natural or juridical person that develops real estate development projcets

A

Real estate developer

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8
Q

Real estate consultant renders professional advice and judgement on

A

AEPUD - acquisition, enhancement, preservation, utilization or disposition of land and improvements

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9
Q

Real estate consultant renders professional advice on COPLANMANDEV of RE projects

A

Conception, planning, management and development

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10
Q

_________ duly licensed and registered natural person, estimates and arrives at an opinion of or acts as an expert on real estate values

A

Real estate APPRAISER

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11
Q

_______ is a duly licensed and registered, for a professional fee, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate, or effect the meeting of minds on the sale, purchase of a share in the commission, professional fee or other valuable consideration

A

RE broker

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12
Q

____ duly accredited natural person, who performs in behalf of the RE broker in expectation of a share in the commission…

A

RE salesperson

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13
Q

The one and only national integrated organization of natural persons that the PRBRES shall recognize or accredit subject to the approval by the Comm

A

Accredited and Integrated Professional Organization (AIPO)

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14
Q

_______operate and perform activities or acts prior to the birth of the AIPO

A

Interim Accredited Professional Organization (IAPO)

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15
Q

Article II. Professional and Regulatory Board of the Real Estate Service (PRBRES). What is the composition of the board?

A

A chairperson and 4 other members.
***See exam in CoER for the list of first PRBRES

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16
Q

Who conducts licensure exams for RESPs?

A

PRBRES

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17
Q

Who prescribe the syllabi in BSREM?

A

PRBRES

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18
Q

RESA. Article II, Section 5

A

Power and Functions of the Board

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19
Q

RESA. Article II, Section 6

A

Qualifications of the Chairperson and Members of the Board

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20
Q

What are the qualification of the chairperson and Members of the Board?

A

-Fil citizen
-Bachelors degree related to RE
- licenced practitioner for 10 years
-Good standin in AIPO
-Not a member of school or review classes
-Of good moral character / no moral turpitude

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21
Q

Art II, Sec 7. Term of Office

A

Chairperson- 3 yrs
Two members - 2 yrs
Two members - 1 yr

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22
Q

Re-appointment for Second Term

A

No case shall serve for more than 6 years continuosly

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23
Q

Art II, Sec 9. Removal of the Chairperson and Members of the Board

A
  • Neglect of duty
  • Abuse of power
    -Oppression
  • Incompetence
  • Unprofessional, unethical, immoral or dishonorable conduct
  • Commission or Toleration of irregularities
  • For final judgement of moral turpitude
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24
Q

Who designates the Secretary of the board?

A

Commission - Professional Regulation Commission

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25
Q

Who keeps the records?

A

Commission

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26
Q

RESA. Art III.

A

Licensure Examination and Registration

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27
Q

Art III, Sec 14. Qualifications of Applicants for Examinations

A
  • Filipino citizen
    -Holder of BSREM
  • Of good moral character
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28
Q

Qualification for RE Consultant

A
  • 10 years experience as licensed RE broker and assessor, bank or institutional appraiser
  • 5 years as Licensed RE Appraiser
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29
Q

What is COR?

A

Certificate of Registration.

30
Q

________ shall be issued to examinees who oass the licensure exam subject to payment of fees

A

COR

31
Q

COR shall bear the ff:

A
  • SIgnature of the Chairperson of the Commission
    -Signature of the Chairperson and Members of the Board
  • Stamped with the Official Seal of the Commission
32
Q

________ is renewable every 3 years subject to the requirements of the board such as CPD

A

Professional Identification Card (PIC)

33
Q

Professional Identification CArd shall bear the ff:

A
  • the registration number
  • the date of issuance and expiry date
  • duly signed by the chairperson of the commision
34
Q

The board shall not register and issue a certificate of registration who have/are:

A
  • criminal offense including moral turpitude
  • guilty of immoral and dishonorable conduct
  • psychologically unfit
35
Q

RESA. Article III, Section 20.

A

Grand Father Clause or Registration Without Examination

36
Q

Non/RPAO Passers (Real Property Assessing Office)

A
  • hold permanent appointment
  • at least 5/10 yrs actual appraisal and assessment functions
  • 24 hrs CPE units
    *** Has 120 hrs accredited training on real property appraisal
37
Q

The board may, after the expiration of ______ years from the date of the revocation of a COR and/or PIC, reistate

A

2 years

38
Q

Roster of the RESPs shall be prepared, updated and maintained by the Board with he AIPO. It shall contain:

A
  • names of the RESPs
    -their residence and office addresses
    -License numbers
    -Dates of reg and insurance of certs
    *** Copies shall be made available to the public upon request
39
Q

Who initiates and supervised the Oath?

A

PRBRES in coordination with AIPO

40
Q

Art III, Sec 26. Professional Indemnity Insurance

A

Cash - not less than P20,000 lifetime
Surety bond - P2000+, renewable every 3 years

41
Q

Any _____ act or transaction performed by RESPs, constitutes an act of engaging in the practice

A

SINGLE.
Art III, Sec 27. Acts Constituting the Practice of RE Service

42
Q

Art III, Sec 28. Exemptions from Acts… APRCOT

A

-Attorney in Fact
-Public Official
-Receiver in Bankruptcy Proceedings
-Court Order
-Owners of RE
-Trustee or Assignee

43
Q

Requirements for accreditation of RES?

A
  • Completed at least 2 years in college
  • Undergone CPD of at least 12 units
44
Q

The ______ adopt and promulgate the Code of Ethics and Responsibilities for RESPs

A

Board (PRBRES)

45
Q

The ______ shall be prescribed and issued the CoER for RESPs.

A

AIPO

46
Q

CPD Council is composed of

A
  • Chairperson from the Board
  • Member of AIPO
  • Member from Academe
47
Q

RESA Article IV.
Sec 38.

A

Indication of COR, PIC / License Number/ PTR (Privilege Tax Receipt) and AIPO numbers with date of issuance and validity

48
Q

RESA. Art V. Penal and Final Provisions

A

Sec 39.
- if licensed, fine NOT LESS THAN 100K or imprisonment of NOT LESS THAN 2 years or both
- if unlicensed, fine NOT LESS THAN 200K or imprisonment of NOT LESS THAN 4 years or both

49
Q

The chairperson of the Commission shall include in their program, the funding of thich chall be include in the ______

A

Annual General Appropriation Act

50
Q

The ff shall prepare the IRR, CoER within 6 months

A
  • The Commission
    -The Board
  • AIPO
  • DOF
51
Q

How many ARTICLES, SECTIONS in RESA

A

5, 45

52
Q

Senate Bill No. For RESA

A

SB No. 2963

53
Q

House Bill No. For RESA.

A

HB No. 3514

54
Q

When was RESA passed by the Senate and House

A

05.12.2009
14th Congress - 2nd Regular Session

55
Q

Approval date of RA 9646.

A

06.29.2009

56
Q

RESA effectivity date

A

07.30.2009

57
Q

Primary author of RESA.

A

Rodolfo G. Valencia
Father of RESA Law

58
Q

Elected officials who signed RESA.

A

Speaker - Prospero C. Nograles
Senate Pres - Juan Ponce Enrile
PH Pres - PGMA

59
Q

RESA IRR

A

PRBRES Res No. 02, Series of 2010
5 Rules, 45 Sections
Done in Manila July 21, 2010
PRBRES Chairperson - Dr Eduardo G. Ong
PRC Chairperson - Nicolas P. Lapena Jr.

60
Q

PRBRES : First Board

A

Date Formed: 04.01.2010
Oath taking in PRC: 03.26.2010
1. Eduardo G. Ong - Chairman, PRBRES, serving since 08.24.2018
2. Rafael M. Fajardo - Member, serving since 03.26.2010
3. Pilar M. Torres-Banaag - Member, serving since 10.19.2018
4. Jose Arnold M. Tan - Member, serving since 01.11.2019
5. VACANT

61
Q

Official seal : LAND

A

Real estate

62
Q

Official seal : STRUCRURES

A

Improvements on land

63
Q

Official seal : TREES and the FRUITS

A

Agricultural produce

64
Q

Official seal : GREEN LINES

A

RESPs

65
Q

Official seal : Red, white, blue and yellow

A

Color of the PH flag

66
Q

Official seal: BLUE

A

Color of service

67
Q

Official seal : GREEN

A

Environment and ecology

68
Q

Official seal : SUN and RAYS

A

Life and light

69
Q

Official seal : RISING SUN

A

Vital role of RESPs in the devt of PH

70
Q

Official seal : GOLD

A

Ethical standards and prosperity

71
Q

Official seal : MAP of PH

A

PH archipelago

Fundamentals of Prop Ownership (5 decks)

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