The 5W and 1H of Real Estate Appraisal
We all know that another PRC Licensure Examination is happening this July - the real estate appraiser's exam. We also know that, under PRC and RA 9646, Appraisal as a profession is now considered co-equal with Brokerage, thus, the qualifications are the same: an interested applicant must only be a college graduate (regardless of the course taken). This is contrary to the formerly practiced system under DTI, where an applicant needs to be a licensed broker for at least 5 years before getting qualified.
Here's a 411 for those wondering on what real estate appraisal is about.
WHAT IS APPRAISAL?
Real estate appraisal is an estimate of the value. It is a process of estimating and supporting an opinion of value. A written report is the output of a real estate appraiser, and such report includes a description of the property under consideration, an the appraiser's opinion of the property's condition, its utility for a given purpose and probably monetary value in an open market where sellers and buyers are both acting in their own self-interest.
Simply put, if I have a house and lot that I want to sell but don't know how much is its fair market value, I will get the services of an appraiser to do the job.
WHO IS AN APPRAISER?
A real estate appraiser is a competent practitioner that possesses the necessary qualifications, ability and experience to estimate property values. One must have passed the licensure examination given by PRC in order to be a full-fledged appraiser. The following are the qualifications of an applicant who intends to apply for the licensure exam:
- a citizen of the Philippines
- a college graduate (4 year bachelor's degree) of any course
- has completed 120 hours of comprehensive real estate seminar and training from an accredited service provider
- of good moral character and not convicted of any crime or turpitude
WHERE DO YOU APPLY APPRAISAL?
Almost everything is subject for appraisal:
- Real estate like land and improvement, buildings, machineries and equipment, plants and trees of industrial or commercial volume,
- Real property or the rights, interests and benefits relate to the ownership of real estate, and
- Personal property: tangible like chattel mortgages (cars, jewelry), or intangible like debts and patents.
WHEN DO YOU NEED APPRAISAL SERVICES?
There are many purposes of appraisal:
- Purchase or sale of real estate
- Market rent or economic rent determination
- Financing and credit
- Corporate mergers, acquisitions, liquidations or bankruptcies
- Partition of estate
- Eminent domain
- Government valuation (local and national taxes - Assessor's Office)
- Highest and Best Use analysis
- Insurance
- Valuation of land and development cost in joint venture agreements
- And many more...
WHY TAKE THE APPRAISER'S EXAM THIS YEAR?
There are countless reasons why you should grab the opportunity of taking the Appraiser's Licensure Examination NOW:
- If you are a recent passer of the March 2013 broker's examination, 50-60% of what you have studied already will still apply here, and you will just have to focus on the appraisal subjects, which aren't too many. Many of the broker passers last 2011 took the appraiser's exam right away because 1) they are still in the momentum, 2) the requirements are the same and already available so there is less hassle in applying, 3) 80% of the exam takers said that most questions in the appraiser's exam came out in the broker's exam... which probably means it's going to be easier this time the second time around!
- If unfortunately you missed out on the broker's exam (either you did not make it in the results, or did not make it in the examination room to begin with), take this as your "revenge," anyway, it's as noble and useful of a profession as a broker.
- Wouldn't you be so proud of yourself if you will be able to bag TWO PROFESSIONAL LICENSES in a span of four months? That, for us, sounds pretty hefty!
- Who knows if they still give another one next year, now that the BS Real Estate Management took effect on the school year June 2012-2013?
HOW DO I START?
Start by enrolling with us, CES Academy! We have gained a high percentage rating from last year's first ever PRC Appraiser's Licensure Examination, and in fact, we were able to produce NINETEEN (19) TOPNOTCHERS!
We are offering a ONE BATCH ONLY, 120-hour Comprehensive Real Estate Seminar on May 2013.
FINAL PROMO EXTENSION
Reserve until April 19, 2012 and enjoy a P2,000 discount!!!
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