RESA LAW - R.A. 9646

Question 1

Known as the “Real Estate Service Act of the Philippines”

Answer 1

R.A 9646

Question 2

Known as “valuer, refers to a person who conducts valuation/appraisal.

Answer 2

Appraiser

Question 3

Refers to an official in the local government unit who performs appraisal and assessment of real properties for taxation purposes

Answer 3

Assessor

Question 4

Land and all items attached to it

Answer 4

Real Estate

Question 5

A physical and tangible entity with all the additions or improvements on, above, or below ground

Answer 5

Real Estate

Question 6

The development of land

Answer 6

Real Estate Development Project

Question 7

Any natural or juridical person engaged in the business of developing real estate development projects

Answer 7

Real estate developer

Question 8

Including all rights, interests, and benefits related to the ownership of real estate

Answer 8

Real property

Question 9

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.

Answer 9

Real Estate Consultant

Question 10

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.

Answer 10

Real Estate Assessor

Question 10

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.

Answer 10

Real Estate Appraiser

Question 11

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.

Answer 11

Real Estate Broker

Question 12

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.

Answer 12

Real Estate Salesperson

Question 13

Referred to as the board, under the supervision of the Professional Regulation Commission (PRC)

Answer 13

Professional Regulatory Board of Real Estate Service (PRB-RES)

Question 14

________________ supervises the PRB-RES

Answer 14

Professional Regulation Commission (PRC)

Question 15

Composition of the Board

Answer 15

1 chairperson and 4 members, 2 members shall represent the government assessors and appraisers

Question 16

Who appoints the Board’s members?

Answer 16

President of the Philippines

Question 17

How many members are recommended by the Commission?

Answer 17

3 recommendees from a list of five nominees per position submitted by the AIPO

Question 18

Term of office (years) of the chairperson and Board members

Answer 18

3 years from the date of their appointment

Question 19

__________ is the maximum years of service for the chairperson and the Board members

Answer 19

6 years

Question 20

To pass the licensure examination, an average of at least _______ % in all subjects, and with no rating below _______ % in any subject shall be obtained

Answer 20

75%, 50%

Question 21

The results of the licensure examination shall be released by the Board within ______ days from the last day of the examination

Answer 21

10

Question 22

The professional identification card shall be renewed every ________ years and upon satisfying the requirements of the Board

Answer 22

3

Question 23

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

Answer 23

Roster

Question 24

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.

Answer 24

3 years, 20,000.

Question 25

Real estate salespersons must complete at least ________ years of college and have undergone training and seminars in real estate brokerage.

Answer 25

2

Question 26

No partnership or corporation shall engage in the business of real estate service unless it is duly registered with the ___________________.

Answer 26

Securities and Exchange Commission (SEC)

Question 27

There shall at least be __________ licensed real estate broker for every __________ accredited salespersons operating.

Answer 27

1, 20.

Question 28

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.

Answer 28

15

Question 29

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.

Answer 29

Code of Ethics and Responsibilities

Question 30

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.

Answer 30

CPE Council

Question 31

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.

Answer 31

100,000, 2.