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Fundamentals of Prop Ownership > RESA Law > Flashcards

RESA Law Flashcards

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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
Who keeps the records?
Commission
26
RESA. Art III.
Licensure Examination and Registration
27
Art III, Sec 14. Qualifications of Applicants for Examinations
- Filipino citizen -Holder of BSREM - Of good moral character
28
Qualification for RE Consultant
- 10 years experience as licensed RE broker and assessor, bank or institutional appraiser - 5 years as Licensed RE Appraiser
29
What is COR?
Certificate of Registration.
30
________ shall be issued to examinees who oass the licensure exam subject to payment of fees
COR
31
COR shall bear the ff:
- 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
________ is renewable every 3 years subject to the requirements of the board such as CPD
Professional Identification Card (PIC)
33
Professional Identification CArd shall bear the ff:
- the registration number - the date of issuance and expiry date - duly signed by the chairperson of the commision
34
The board shall not register and issue a certificate of registration who have/are:
- criminal offense including moral turpitude - guilty of immoral and dishonorable conduct - psychologically unfit
35
RESA. Article III, Section 20.
Grand Father Clause or Registration Without Examination
36
Non/RPAO Passers (Real Property Assessing Office)
- 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
The board may, after the expiration of ______ years from the date of the revocation of a COR and/or PIC, reistate
2 years
38
Roster of the RESPs shall be prepared, updated and maintained by the Board with he AIPO. It shall contain:
- 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
Who initiates and supervised the Oath?
PRBRES in coordination with AIPO
40
Art III, Sec 26. Professional Indemnity Insurance
Cash - not less than P20,000 lifetime Surety bond - P2000+, renewable every 3 years
41
Any _____ act or transaction performed by RESPs, constitutes an act of engaging in the practice
SINGLE. Art III, Sec 27. Acts Constituting the Practice of RE Service
42
Art III, Sec 28. Exemptions from Acts... APRCOT
-Attorney in Fact -Public Official -Receiver in Bankruptcy Proceedings -Court Order -Owners of RE -Trustee or Assignee
43
Requirements for accreditation of RES?
- Completed at least 2 years in college - Undergone CPD of at least 12 units
44
The ______ adopt and promulgate the Code of Ethics and Responsibilities for RESPs
Board (PRBRES)
45
The ______ shall be prescribed and issued the CoER for RESPs.
AIPO
46
CPD Council is composed of
- Chairperson from the Board - Member of AIPO - Member from Academe
47
RESA Article IV. Sec 38.
Indication of COR, PIC / License Number/ PTR (Privilege Tax Receipt) and AIPO numbers with date of issuance and validity
48
RESA. Art V. Penal and Final Provisions
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
The chairperson of the Commission shall include in their program, the funding of thich chall be include in the ______
Annual General Appropriation Act
50
The ff shall prepare the IRR, CoER within 6 months
- The Commission -The Board - AIPO - DOF
51
How many ARTICLES, SECTIONS in RESA
5, 45
52
Senate Bill No. For RESA
SB No. 2963
53
House Bill No. For RESA.
HB No. 3514
54
When was RESA passed by the Senate and House
05.12.2009 14th Congress - 2nd Regular Session
55
Approval date of RA 9646.
06.29.2009
56
RESA effectivity date
07.30.2009
57
Primary author of RESA.
Rodolfo G. Valencia Father of RESA Law
58
Elected officials who signed RESA.
Speaker - Prospero C. Nograles Senate Pres - Juan Ponce Enrile PH Pres - PGMA
59
RESA IRR
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
PRBRES : First Board
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
Official seal : LAND
Real estate
62
Official seal : STRUCRURES
Improvements on land
63
Official seal : TREES and the FRUITS
Agricultural produce
64
Official seal : GREEN LINES
RESPs
65
Official seal : Red, white, blue and yellow
Color of the PH flag
66
Official seal: BLUE
Color of service
67
Official seal : GREEN
Environment and ecology
68
Official seal : SUN and RAYS
Life and light
69
Official seal : RISING SUN
Vital role of RESPs in the devt of PH
70
Official seal : GOLD
Ethical standards and prosperity
71
Official seal : MAP of PH
PH archipelago
72
Sec 33
Display of license
73
Sec 25
Attend oath
74
RA 9646 Art II Professional Regulatory Board of Real Estate Service
Sec 4. Creation and Composition of the Board Sec 5. Power and Functions of the Board Sec 6. Qualifications of the Chaiperson and Members of the Board Sec 7. Term of Office Sec 8. Compensation and Allowance of the Chaiperson and MotB Sec 9. Removal of the Chaiperson and MotB Sec 10. Supervision of the Board... Sec 11. Annual Report
75
RA 9626 Art III Licensure Examination and Registration
Sec 12. Licensure Examination Sec 13. Scope of Examination Sec 14. Qualification of Applicants for Exam Sec 15. Ratings of Exam Sec 16. Release of Results of Exam Sec 17. ID Sec 18. Refusal to register Sec 19. Revocation or suspension of COR and PIC... Sec 20. The Grandfather Clause Sec 21. Reinstatement or Replacement of COR... Sec 22. Roster RESP Sec 23. Issuance of Special / Temp Permit Sec 24. Foreign Reciprocity
76
RA 9646 Art IV Practice of Real Estate Service
Sec 25. Oath Sec 26. Professional Indemnity Insurance / Cash or Surety Bond Sec 27. Acts constituting the practice of Real Estate Service Sec 28. Exemptions... Sec 29. Prohibition Sec 30. Practitioners in government... Sec 31. Supervision of RE Salesperson Sec 32. Corporate Practice of RE Service Sec 33. Display of License in Place of Business Sec 34. Accreditation and Integration of RE Service Associations Sec 35. Code of Ethics and Responsibilities for Real Estate Service Practitioners Sec 36. CPE Program Sec 37. Enforcement Assistance to the Board Sec 38. Indication of the COR, License No.,PTR, APO No.
77
RA 9646 Art V Penal and Final Provisions
Sec 39. Penal provisions Sec 40. Appropriations Sec 41. Transitory provisions Sec 42. Implementing Rules and Regulations (IRR) Sec 43. Separability Clause Sec 44. Repealing Clause Sec 45. Effectivity
78

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