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RESA Law IRR and CPE Seminar – October 2010
RESAR on Sep 17 2010 | Filed under: General
Real estate brokers who have read the RESA Law IRR (RA 9646) and who would like to register with the PRC without having to take the examination can earn Continuing Professional Education (CPE) credit units in an upcoming CPE Seminar in Makati from October 8 to 10, 2010 by Cesar E. Santos Real Estate Academy, Inc.
Please join the Real Estate CPE Announcement List at the Real Estate CPE site for more details…
Real Estate CPE Seminar Topics
1. RESA LAW
- Salient features of RESA Law
- Qualifications of real estate practitioners before being admitted as prospective examinees
- Grandfathers rule
- Subjects for licensure examination
- Proposed implementing rules and regulations (IRR)
2. MARKET NETWORKING ( Real Estate Brokerage)
- Opportunities in real estate marketing
- Ordinary brokerage vs. Project selling
- Direct selling vs. Networking
- Regular brokers vs. in-house brokers
- How do brokers earn commission
- Brokers vs. developers
- Real estate brokerage cycle (from getting listing to closing)
- Forms in real estate brokerage
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o Deed of sale/Contract to Sell
o Authority to Sell or Listing Contract
o Extension of Authority to Sell (networking)
o Intent to Buy/ Offer to Sell
o Reservation contract / earnest money contract / option contract
3. LEGAL FORMS IN REAL ESTATE (Sales, Lease, Mortgage)
- Deed of sale (unilateral and bilateral)
- Deed of assignment
- Deed of transfer of rights
- Contract to Sell
- Lease contract
- Mortgage contract
- Cancellation of mortgage contract
- Special Power of Attorney
- Extra-judicial settlement of estate (out-of-court settlement)
4. DUE DILIGENCE (Tips before buying or selling real estate)
- Before buying real estate ( caveat emptor: let the buyer beware)
o Identification of the property (physical and true ownership)
o Surveying of the property ( size per title vs. actual)
o Identity of the one selling ( owner or representative – must have an SPA)
o Title and tax declaration verification
o Determination of fair market price
o Obligations of the seller and buyer-
§ Local taxes (realty tax, transfer tax, business tax in some cases)
§ BIR taxes (capital gains tax, documentary stamp tax, value-added tax
§ Informal settlers, cancellation of annotation, cost of surveying and subdivision if portion only is to be bought, estate tax (if applicable), documentation and registration expenses, notarial, etc.
o Restriction on use ( DPWH, zoning or local ordinance, NPC power line, easements, by subdivision and as annotated in the title)
o Examination of items annotated at the title which affect ownership
o Highest and best legal use of the property
- Before selling real estate
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o If thru a broker – someone to be trusted
o Determination of fair market price ( say thru an appraiser)
o Net proceeds computation after all expenses of sale
o Obligations of seller and buyer ( see above details) on expenses of sale
5. REAL ESTATE TAXATION ( Local and National)
- Principle of taxation
- Local taxation based on Local Government Code
- Computation of local taxes ( basic and SEF taxes, business tax in sale)
- Due dates of payment, interest, penalties and prompt payment discount
- Computation of taxes when classification does not conform with actual use
- Role of the assessor and treasurer’s office (local government),assessment levels
6. DOCUMENTATION AND REGISTRATION
- Typical requirements in sale of real estate property
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o Sale between individuals
o Sale between corporation to individual and vise versa
o Sale of undivided portion
o Sale of heirs where title is still in the name of the former owners
o Sale of an agricultural land
o Sale of lot, house and lot or lot with improvements, condominium
o Cancellation of liens and encumbrances
o Flow of papers ( BIR, Treasurer’s Office, Assessor’s Office)
o Special Power of Attorney when needed
o Special Power vs. General Power of Attorney
7. BASIC APPRAISAL FOR REAL ESTATE BROKERS
- Real estate appraisal terminologies
- Purpose of appraisal
- Approaches to value
- Principles of values
- Factors which affect values of properties (DUST)
- Factors which influence or create values
- Preparation of a typical appraisal report
- Valuation of lot, house and lot, lot with other buildings
- Different kind of structures
8. SITE LOCATION AND MAP READING
- Role of the Assessor’s Office in property identification (tax map division)
- Understanding the contents of a title ( say transfer certificate of title)
- How to identify the property based on the title presented
- Lot plotting based on title
- Preparation of lot plan, location and vicinity maps, google map and plat plan
- How to use some survey instruments and supplies like scale, protractor and compass
- Computation of lot areas ( square, rectangle, triangle, trapezoid)
9. REAL ESTATE FINANCING
- Real estate terminologies in financing
- Mathematics of investment formula and sample computations
- Computation of downpayments, amortizations, interests and penalties
- Preparation of statement of account
- Sources of financing, how to get stand-by credit line
10. LAWS RELATING TO REAL ESTATE
- Laws on sales, leases and mortgage
- Subdivision and condominium laws
- Installment buyer’s protection law
- Expropriation law
- Property ownership law
11. SALES, LEASES AND MORTGAGES
- Sales
- Leases
- Mortgages
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o Sales documents
o Parties to the contract
o Obligation and undertaking of seller and buyer
o Unilateral vs. Bilateral sales contract
o Legal forms in sales transactions
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o Rent control law
o Legal forms
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o Characteristic of mortgage
o Kinds of mortgages
o Kinds of redemption
o Foreclosure (extrajudicial vs. judicial)
12. CONDOMINIUM CONCEPT
- Real estate terminologies in condominium concept
- Kinds of condominium
- Condominium development
- Master Deed and Deed of Restriction
- Ownership in a condominium concept
- Traditional vs. condominium ownership
- Rights of condominium unit owners
- Sharing on expenses and income of condominium project
- Liquidation of ownership
For more CPE Seminar Information…
Please join the Real Estate CPE Announcement List at the Real Estate CPE blog for details.
are you gonna have CPE for high school graduates and 2nd year college salespersons? if yes, how much would it cost? Its says from the IRR, that high school graduates need 100+ hours. So will there be a sort of training/seminars for these agents to complete the 100+ hours?
[From the Admin] There’s an upcoming CPE Seminar (Oct 8 to 10, 2010 in Makati). You can earn 24 CPE credit units. Cost is P3,500 – for details, please join the announcement list at RealEstateCPE.com Thanks!
how is the cpe seminar fee?
[From the Admin] It costs P3,500 (24 CPE credit units).
Please notify me of the schedule of CRESAR sessions you’ll be conducting together with the fees.
[From the Admin] There have been no announcements yet from accredited review service providers, but as soon as we hear from them, we will post it online in this website. We will also broadcast it via email to those who join the RESAR Online Review Announcement and Updates List. Thanks.
I would like to inquire how many units I will be earning for this october 2010 schedule seminar? When is the exact date? Im interested to attend of the said seminar because am planning to take the licensed broker examination. Thanks and have a nice day. Hope for your immediate response.
[From the Admin] The October seminar is a CPE seminar (24 CPE credit units), and is usually taken by people who have already passed the real estate brokers exam. It may also be taken by real estate salespersons who want to earn real estate brokerage training.
The format is not as structured as a Comprehensive Real Estate Seminar and Review (CRESAR), and is not suited for people preparing for the real estate brokers’ licensure examinations.
We will publish the schedule of upcoming CRESAR sessions, as soon as accredited review service providers let us know when they will start offering CRESARs.
Aspiring real estate brokers need to attend a CRESAR.
where is that Cesar E. Santos Real Estate Academy, Inc.? Do you have a seminar somewhere here in Mindanao? or in Cebu?
[From the Admin] The have an office in Marikina, and they’ve held their past CPE seminars in Makati. If the realtors in Mindanao or Cebu will sponsor a CPE seminar, they can probably gather resource speakers and have the CPE done in the south.