Legal Requirements of Real Estate

Who recommends the suspension of a PRB-RES Board Member?

• The President of the Philippines

• The Department of Justice (DOJ)

• The Professional Regulation Commission (PRC)

• The Department of Trade and Industry (DTI)

The Board shall not register and issue a Certificate of Registration to any successful examinee who is:

• Undergoing psychological evaluation

• Diagnosed with a temporary psychological condition but not permanently unfit

• Clinically diagnosed as psychologically unfit.

• Suspected of psychological unfitness but not formally evaluated
  

A real estate broker who was licensed then under the DTI may still be allowed to register without examination under the

• Acceleration clause

• Carryover clause

• Grandfather clause

• Practice exemption

Prior to the RESA law, the law that governed the real estate service practice is:

• DTI Ministry Order No. 39, Series of 1985

• DTI Code of Commerce

• DTI Ministry Order No. 85, Series of 1989

• Real Estate Service Act of the Philippines

What was the previous name of the Department of Trade and Industry (DTI)?

• Department of Commerce and Industry

• Ministry of Trade and Industry

• Department of Trade and Industry

• Bureau of Industry and Commerce

Who represented the government assessors in the first PRBRES Board?

• Eduardo G. Ong

• Ofelia C. Binag

• Florencio C. Dino II

• Jose Arnold M. Tan

What constitutes the practice of real estate service under the RESA Law (R.A. 9646)?

• Any single act or transaction conducted by real estate service practitioners.

• At least 2 or more transactions conducted by real estate service practitioners.

• A minimum of 3 transactions completed within a calendar year.

• At least 6 transactions conducted by real estate service practitioners

Under the RESA Law (R.A. 9646), a person acting as an attorney-in-fact is exempt from the practice of real estate service if:

• They receive a fair professional fee for the transaction.

• They are involved in at least two transactions annually.

• They are performing the transaction for personal gain.

• They do not require any form of compensation or remuneration.

Owners of real estate are exempt from acts constituting real estate service in the sale, lease, or management of their property. Who is NOT exempt from this rule?

• A property owner leasing out their own building.

• A property owner selling their own commercial building.

• Real estate developers selling and marketing their own properties.

• An individual managing their own property without using a broker.

The Board shall not register and issue a Certificate of Registration (COR) to any successful examinee who is:

• Convicted by a court of competent jurisdiction of any criminal offense involving moral turpitude.

• Under investigation by a court of competent jurisdiction for an offense involving moral turpitude.

• Charged with a criminal offense but not yet tried in court.

• Guilty of traffic violation