RESA LAW - R.A. 9646 Flashcards
Known as the “Real Estate Service Act of the Philippines”
R.A 9646
Known as “valuer, refers to a person who conducts valuation/appraisal.
Appraiser
Refers to an official in the local government unit who performs appraisal and assessment of real properties for taxation purposes
Assessor
Land and all items attached to it
Real Estate
A physical and tangible entity with all the additions or improvements on, above, or below ground
Real Estate
The development of land
Real Estate Development Project
Any natural or juridical person engaged in the business of developing real estate development projects
Real estate developer
Including all rights, interests, and benefits related to the ownership of real estate
Real property
a duly registered and licensed -natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgment on: (i) the acquisition, enhancement, preservation, utilization or disposition of lands or improvements thereon; and (ii) the conception, planning, management and development of real estate projects.
Real Estate Consultant
a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.
Real Estate Assessor
a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.
Real Estate Appraiser
a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, 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 the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.
Real Estate Broker
a duly accredited natural person who performs service for, and in behalf of. a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.
Real Estate Salesperson
Referred to as the board, under the supervision of the Professional Regulation Commission (PRC)
Professional Regulatory Board of Real Estate Service (PRB-RES)
________________ supervises the PRB-RES
Professional Regulation Commission (PRC)
Composition of the Board
1 chairperson and 4 members, 2 members shall represent the government assessors and appraisers
Who appoints the Board’s members?
President of the Philippines
How many members are recommended by the Commission?
3 recommendees from a list of five nominees per position submitted by the AIPO
Term of office (years) of the chairperson and Board members
3 years from the date of their appointment
__________ is the maximum years of service for the chairperson and the Board members
6 years
To pass the licensure examination, an average of at least _______ % in all subjects, and with no rating below _______ % in any subject shall be obtained
75%, 50%
The results of the licensure examination shall be released by the Board within ______ days from the last day of the examination
10
The professional identification card shall be renewed every ________ years and upon satisfying the requirements of the Board
3
The Board, in coordination with the integrated professional organization of real estate service practitioners, shall prepare, update and maintain a _________ of real estate service practitioners
Roster
All real estate brokers and private real estate appraisers shall, in addition to the oath referred to in the preceding section, be required to post a professional indemnity insurance/cash or surety bond, renewable every ________, in an amount to be determined by the Board, which in no case shall be less than _________ pesos, without prejudice to the additional requirement of the client.
3 years, 20,000.
Real estate salespersons must complete at least ________ years of college and have undergone training and seminars in real estate brokerage.
2
No partnership or corporation shall engage in the business of real estate service unless it is duly registered with the ___________________.
Securities and Exchange Commission (SEC)
There shall at least be __________ licensed real estate broker for every __________ accredited salespersons operating.
1, 20.
In case of resignation or termination from employment of a real estate service practitioner, the same shall be reported by the employer to the Board within a period not to exceed ________ days from the date of effectivity of the resignation or termination.
15
The Board shall adopt and promulgate the _____________________ for real estate service practitioners which shall be prescribed and issued by the accredited and integrated professional organization of real estate service practitioners.
Code of Ethics and Responsibilities
The Board shall create a ___________________ that shall be composed of a chairperson coming from the Board, a member from the accredited and integrated professional organization of real estate service practitioners and a member from the academe.
CPE Council
Any violation of this Act, including violations of implementing rules and regulations, shall be meted the penalty of a fine of not less than __________________ pesos or imprisonment of not less than _________ years, or both such fine and imprisonment upon the discretion of the court. In case the violation is committed by an unlicensed real estate service practitioner, the penalty shall be double the aforesaid fine and imprisonment.
100,000, 2.
