Real Estate Seminar and Review

Those wishing to become PRC-accredited real estate salespersons and 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 29 to 31, 2010 by Cesar E. Santos Real Estate Academy, Inc. (Cost is around P3,500 – earns you 24 CPE credit units)

(The October 8-10, 2010 CPE Seminar is getting quite full already.)

NOTE: The CPE Seminar is NOT for those who are planning to take the Real Estate Brokers’ Licensure Examinations. What you need instead is the Comprehensive Real Estate Seminar And Review (CRESAR).

Please join the Real Estate CPE Announcement List at the Real Estate CPE site for more details on the CPE Seminar…

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
  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
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
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
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
• Leases
o Rent control law
o Legal forms
• Mortgages
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.

Tags: CPE, IRR, RA 9646, RESA

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