A Real Estate Appraiser assesses the value of properties, including residential, commercial, and industrial real estate. They conduct site visits, analyze market data, and evaluate property features and conditions to determine an accurate market value. Appraisers compile detailed reports that are used by buyers, sellers, lenders, and investors to make informed decisions. They must be licensed or certified, often requiring a combination of education, training, and experience. Working independently or for appraisal firms, banks, or government agencies, real estate appraisers play a vital role in real estate transactions, tax assessments, and investment planning.
Welcome to our comprehensive guide on the Real Estate Appraiser Licensure Examination. This page provides detailed information about the examination coverage, including its structure and content. Additionally, in this dashboard you can access our specialized reviewer, designed to help you prepare effectively and achieve success in your Real Estate Appraiser Board Examination journey.
EXAMINATION COVERAGE FOR REAL ESTATE APPRAISER
A. FUNDAMENTALS OF REAL ESTATE APPRAISAL
B. PROFESSIONAL APPRAISAL PRACTICE
A. Fundamentals of Real Estate Appraisal
1. Fundamentals of real estate principles and practices
2. Standards and ethics
- 2.1 Philippine Valuation Standard
- 2.2 International Valuation Standard
- 2.3 National Code of Ethics (DTI)
2.1 Philippine Valuation Standard:
- The Philippine Valuation Standards (PVS) provide guidelines and principles that real estate appraisers in the Philippines must adhere to when conducting property valuations. These standards are issued by the Professional Regulatory Board of Real Estate Service (PRBRES) and align with international valuation principles.
- Topics covered under PVS include definitions of value (e.g., market value, assessed value), methodologies for property valuation (e.g., sales comparison approach, income approach, cost approach), factors influencing property value, and reporting requirements for appraisal reports.
- Candidates for the licensure examination are expected to demonstrate knowledge of PVS, apply valuation methods accurately, and understand how to interpret and apply these standards in practice.
2.2 International Valuation Standard:
- International Valuation Standards (IVS) are globally recognized standards issued by the International Valuation Standards Council (IVSC). These standards provide a framework for consistent, transparent, and credible property valuations across different jurisdictions.
- IVS covers similar topics to PVS but on an international scale, ensuring that real estate appraisers understand valuation principles that apply universally. This includes guidance on valuation methodologies, reporting requirements, ethical considerations, and professional conduct.
- Examination candidates need to familiarize themselves with IVS to understand how international standards influence property valuations and to ensure their practice aligns with global best practices.
2.3 National Code of Ethics (DTI):
- The National Code of Ethics for real estate appraisers in the Philippines is governed by the Department of Trade and Industry (DTI). This code sets forth ethical principles and professional conduct standards that appraisers must uphold in their practice.
- Key aspects covered in the National Code of Ethics include integrity, objectivity, confidentiality, competency, and fairness in dealings with clients, property owners, and other stakeholders. It also addresses conflicts of interest, disclosure requirements, and responsibilities towards the public and the profession.
- Candidates preparing for the licensure examination must have a thorough understanding of the National Code of Ethics to demonstrate their commitment to ethical conduct and professional integrity in the practice of real estate appraisal.
3. Theories and principles in appraisal
4. Human and physical geography
5. Real estate finance and economics
6. Land management system and real property laws
- 6.1 PD 957
- 6.2 BP 220
- 6.3 Family Code
- 6.4 Government Assessment Principles/Taxation (R.A. 7160, Manual on Real Property Appraisal and Assessment Operations, Guide Book on Mass Appraisal)
- 6.5 RESA 9646/IRR
- 6.6 RA 7279
- 6.7 Agri-Law
- 6.8 CARPER
- 6.9 Condominium Act/RA 4726
- 6.10 REIT Law (RA 9856)
- 6.11 Other Laws Affecting Real Estate
6.1 PD 957 - Subdivision and Condominium Buyers' Protective Decree:
- PD 957 provides regulations for subdivision and condominium projects to protect buyers from unscrupulous developers. It covers requirements for development permits, registration of subdivisions, and obligations of developers towards buyers.
6.2 BP 220 - Socialized Housing Law:
- BP 220 focuses on the development of socialized housing projects for low-income families. It outlines requirements for developers to comply with socialized housing standards, financing mechanisms, and incentives for socialized housing development.
6.3 Family Code:
- The Family Code includes provisions relevant to real estate transactions involving family relations, such as rules on conjugal property, donations, and inheritance. Real estate appraisers need to understand these provisions when valuing properties involved in family disputes or inheritance cases.
6.4 Government Assessment Principles/Taxation (R.A. 7160, Manual on Real Property Appraisal and Assessment Operations, Guide Book on Mass Appraisal):
- R.A. 7160, also known as the Local Government Code, governs the assessment and taxation of real properties. It outlines the principles and procedures for local government units (LGUs) to conduct real property appraisal, assessment, and taxation.
- The Manual on Real Property Appraisal and Assessment Operations and Guide Book on Mass Appraisal provide guidelines for LGUs in assessing properties fairly and uniformly based on market value and other assessment factors.
6.5 RESA 9646/IRR - Real Estate Service Act and its Implementing Rules and Regulations:
- RESA 9646 regulates the practice of real estate service professions, including appraisers, brokers, and consultants. It sets forth qualifications, licensing requirements, and professional conduct standards to ensure competence and ethical behavior in the real estate industry.
6.6 RA 7279 - Urban Development and Housing Act:
- RA 7279 aims to provide affordable housing opportunities for low-income families in urban areas. It includes provisions on housing finance, incentives for housing developers, and regulations for urban development projects.
6.7 Agri-Law:
- Agricultural laws pertain to the ownership, use, and management of agricultural lands. Real estate appraisers need to understand agricultural land classifications, lease agreements, and restrictions on land use under these laws.
6.8 CARPER - Comprehensive Agrarian Reform Program Extension with Reforms:
- CARPER addresses agrarian reform in the Philippines, including the redistribution of agricultural lands to tenant-farmers and the provision of support services for agrarian reform beneficiaries. It impacts the valuation of agricultural lands affected by agrarian reform processes.
6.9 Condominium Act/RA 4726:
- RA 4726 governs the ownership and management of condominium units and developments. It outlines the rights and obligations of condominium owners, developers, and associations, including rules on common areas, assessments, and condominium management.
6.10 REIT Law (RA 9856) - Real Estate Investment Trust Act:
- RA 9856 regulates Real Estate Investment Trusts (REITs) as investment vehicles for real estate properties. It sets forth requirements for REIT formation, operation, taxation, and disclosure to investors.
6.11 Other Laws Affecting Real Estate:
- This category encompasses various laws and regulations that impact real estate transactions and appraisals, such as zoning laws, environmental regulations, land use planning, lease laws, and regulations governing foreign ownership of real estate.
1. Methodology of appraisal approaches
2. Valuation procedures and research
3. Practical appraisal mathematics (statistics and basic mathematics)
4. Appraisal report writing
5. Appraisal of machinery and equipment
6. Case studies
- 6.1 Specialized Valuation
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