UNIVERSITY OF MINDANAO

College of Business Administration Education

Program: Real Estate Management

Physically Distanced but Academically Engaged

Self-Instructional Manual (SIM) for Self-Directed Learning (SDL)

Course/Subject: REM 122 - Ethical Standards for Real Estate Practice

Name of Teacher: _______________________

THIS SIM/SDL MANUAL IS A DRAFT VERSION ONLY; NOT FOR

REPRODUCTION AND DISTRIBUTION OUTSIDE OF ITS INTENDED USE. THIS
IS INTENDED ONLY FOR THE USE OF THE STUDENTS WHO ARE OFFICIALLY
ENROLLED IN THE COURSE/SUBJECT.
EXPECT REVISIONS OF THE MANUAL.
 Course Outline: REM 122 - Ethical Standards for Real Estate Practice

Course Coordinator: Sherylove P. Utida, LPT, REB, REA, EnP

Email: [email protected]
Student Consultation: By LMS, email or call
Mobile: 09984890360
Phone: (082)227-5456 Local 131
Effectivity Date: June 2020
Mode of Delivery: Blended (On-Line with face to face or virtual
sessions)
Time Frame: 54 Hours
Student Workload: Expected Self-Directed Learning
Requisites: None
Credit: 3
Attendance Requirements: A minimum of 95% attendance is required at
all scheduled Virtual or face to face sessions.

Course Outline Policy

Areas of Concern Details

Contact and Non-contact This 3-unit course self-instructional manual is
Hours designed for blended learning mode of instructional
delivery with scheduled face to face or virtual sessions.
The expected number of hours will be 54, including the
face to face or virtual sessions. The face to face
sessions shall include the summative assessment
tasks (exams) since this course is crucial in the
licensure examination for Real Estate Brokers and
Real Estate Appraisers.
Assessment Task Submission of assessment tasks shall be on the 3rd, 5th,
Submission 7th, and 9th weeks of the term. The assessment paper
shall be attached with a cover page indicating the title
of the assessment task (if the task is a performance),
the name of the course coordinator, date of submission,
and the name of the student. The document should be
emailed to the course coordinator. It is expected that
you already paid your tuition and other fees before the
submission of the assessment task.

If the assessment task is done in real-time through the

features in the Blackboard Learning Management
System, the schedule shall be arranged ahead of time
by the course coordinator.

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 Since this course is included in the licensure examination for Real
Estate Brokers and Real Estate Appraisers, you will be required to
take the Multiple- Choice Question exam inside the University. This
should
be scheduled ahead of time by your course coordinator. This is non-
negotiable for all licensure-based programs.

Turnitin To ensure honesty and authenticity, all assessment tasks are

Submiss required to be submitted through Turnitin with a maximum similarity
ion (if index of 30% allowed. If the paper goes beyond 30%, student will
necessa either redo her/his paper or explain in writing addressed to the
ry) course coordinator the reasons for the similarity. In addition, if the
paper has reached a more than 30% similarity index, the student
may be called for disciplinary action in accordance with the
University's OPM on Intellectual and Academic Honesty.

Please note that academic dishonesty such as cheating and

commissioning other students or people to complete the task for you
have severe punishments (reprimand, warning, expulsion).

Penalties for The score for an assessment item submitted after the designated
Late time on the due date, without an approved extension of time, will be
Assignments/A reduced by 5% of the possible maximum score for that assessment
ssessments item for each day or part-day that the assessment item is late.

However, if the late submission of the assessment paper has a

valid reason, a letter of explanation should be submitted and
approved by the course coordinator. If necessary, you will also be
required to present/attach
evidences.
Return of Assessment tasks will be returned to you two (2) weeks after the
Assignment submission. This will be returned by email or via the Blackboard
s/ portal.
Assessmen
ts For group assessment tasks, the course coordinator will require
some or few of the students for online or virtual sessions to ask
clarificatory questions to validate the originality of the assessment
task submitted and to
ensure that all the group members are involved.
Assignment You should request in writing addressed to the course coordinator
Resubmission his/her intention to resubmit an assessment task. The resubmission
is premised on the student’s failure to comply with the similarity
index and otherreasonable grounds such as academic literacy

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 standards or other reasonable circumstances e.g.
illness, accidents, financial constraints.
Re-marking of You should request in writing addressed to the program
Assessment Papers coordinator your intention to appeal or contest the score
and Appeal given to an assessment task. The letter should explicitly
explain the reasons/points to contest the grade. The
program coordinator shall communicate with the students
on the approval and disapproval of the request.

If disapproved by the course coordinator, you can elevate

your case to the program head or the dean with the original
letter of request. The final decision will
come from the dean of the college.
Grading System All culled from BlackBoard sessions and traditional
contact
Course discussions/exercises – 30%
1st formative assessment – 10%
2nd formative assessment – 10%
3rd formative assessment – 10%

All culled from on-campus/onsite sessions (TBA):

Final exam – 40%

Submission of the final grades shall follow the usual

University system and procedures.
Preferred Referencing Style Harvard Style referencing

Student Communication You are required to create a umindanao email account,

which is a requirement to access the BlackBoard portal.
Then, the course coordinator shall enroll the students to
have access to the materials and resources of the course.
All communication formats: chat, submission of
assessment tasks, requests, etc. shall be through the
portal and other university recognized platforms.

You can also meet the course coordinator in person

through the scheduled face to face sessions to raise
your issues and concerns.

For students who have not created their student email, please
contact the course coordinator or program head.

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Contact Details of the Dean Vicente Salvador E. Montaño
Email:
[email protected]
Phone: (082)227-5456 Local 131
Contact Details of the Program Sherylove P. Utida, LPT, REB, REA, EnP
Head Email: [email protected]
Phone: (082)227-5456 Local 131
Students with Special Needs Students with special needs shall communicate with the
course coordinator about the nature of his or her special
needs. Depending on the nature of the need, the course
coordinator, with the approval of the program
coordinator, may provide alternative assessment tasks
or extension of the deadline for submission of
assessment tasks. However, the alternative
assessment tasks should still be in the service of
achieving the desired course learning outcomes.

Help Desk Contact [email protected]

Library Contact Brigida E.Bacani
[email protected]
09513766681
Well-being Welfare Support Help Rhoda Neileen Luayon
Desk Contact Details [email protected]
09058924090/09504665431

Course Information – see/download course syllabus in the Black Board LMS.

CC’s Voice: Welcome to this course, REM 122 - Ethical Standards for Real
Estate Practice!

CO: In the practice of real estate service, knowledge in the Ethical Standards
for Real Estate Practice is highly expected. it is included in the Licensure
Examination for Real Estate Brokers. Thus, in this course, you are expected to
read in advance.

Let us begin!

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 Week 6-7
Big Picture in Focus:

ULO: Rationalize the Ethical Standards for Real Estate Practice

Metalanguage

In this section, the most essential terms relevant to the learning of basic land
survey and to demonstrate ULO will be operationally defined to establish a common
frame of reference as to how the texts work in your chosen field or career. You will
encounter these terms as we go through the learning. Please refer to these definitions
in case you will encounter difficulty in understanding.

Code of Conduct
Is a collection of rules and regulations that include what is and is not acceptable or
expected behavior.

Competence
The quality of being adequately or well qualified physically and intellectually

Confidentiality
Refers to a duty of an individual to refrain from sharing confidential information with
others, except with the express consent of the other party.

Conflicts of Interest
A situation in which a person has a duty to more than one person or organization, but
cannot do justice to the actual or potentially adverse interests of both parties. T

Diligence
A reasonable care or attention to a matter, which is good enough to avoid a claim of
negligence, or is a fair attempt

Disclosure
The process of revealing evidence held by one party to an action or a prosecution to
the other party.

Ethics
Is the discipline concerned with what is morally good and bad and morally right and
wrong. The term is also applied to any system or theory of moral values or principles.

Ethical Standards
Are a set of principles established by the founders of the organization to communicate
its underlying moral values.

Integrity
Is the practice of being honest and showing a consistent and uncompromising
adherence to strong moral and ethical principles and values

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Essential Knowledge

To perform the aforesaid big picture (unit learning outcomes) for the first
three (3) weeks of the course, you need to fully understand the following
essential knowledge that will be laid down in the succeeding pages. Please
note that you are not limited to exclusively refer to these resources. Thus, you
are expected to utilize other books, research articles, and other resources that
are available in the University's library, e.g., ebrary, search.proquest.com,
etc.

PHILIPPINE VALUATION STANDARDS

Code of Conduct

Ethics
Valuers should at all times maintain a high standard of honesty and integrity and
conduct their activities in a manner not detrimental to their clients, the public, their
profession, or their respective national professional valuation body.

Integrity
1. A Valuer must not act in a manner that is misleading or fraudulent.

2. A Valuer must not knowingly develop and communicate a report that contains
false, inaccurate, or biased opinions and analysis.

3. A Valuer must not contribute to, or participate in, a valuation service that other
reasonable Valuers would not regard to be ethical or justified.

4. A Valuer must act legally and comply with the laws and regulations of the
country in which he or she practices or where an assignment is undertaken.

5. A Valuer must not claim, or knowingly let pass, erroneous interpretation of

professional qualifications that he or she does not possess.

6. A Valuer should not knowingly use false, misleading or exaggerated claims or

advertising in an effort to secure assignments.

7. A Valuer shall ensure that any staff person or subordinate assisting with the
assignment adhere to this Code of Conduct.

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Conflicts of Interest

1. A Valuer must not act for two or more parties in the same matter, except with
the written consent of those concerned.

2. A Valuer must take all reasonable precautions to ensure that no conflicts of

duty arise between the interests of his or her clients and those of other clients,
the Valuer, his or her firm, relatives, friends, or associates. Potential conflicts

3. should be disclosed in writing before accepting instructions. Any such conflicts

of which the Valuer subsequently becomes aware must be disclosed
immediately. If such conflicts come to the attention of the Valuer after
completion of the valuation, disclosure must be made within a reasonable
time.

Confidentiality
1. A Valuer must at all times deal with client‘s affairs with proper discretion and
confidentiality.
2. A Valuer must not disclose sensitive factual data obtained from a client, or the
results of an assignment prepared for a client, to anyone other than those
specifically authorized by the client except when legally required to do so as
in situations where a Valuer must comply with certain quasi-judicial
proceedings within the recognized national professional valuation body of
which the Valuer is a member.

Impartiality
1. A Valuer must perform an assignment with the strictest independence,
objectivity, and impartiality, and without accommodation of personal interests.
2. A Valuer must not accept an assignment that includes the reporting of
predetermined opinions and conclusions.
3. Fees connected with an assignment must not depend on the predetermined
outcome of any valuation or other Philippine Valuation Standards
independent, objective advice contained in the valuation report.
4. Whether the Valuer‘s fee is or is not contingent upon any aspect of the report
must be disclosed.
5. A Valuer must not rely upon critical information supplied by a client, or any
other party, without appropriate qualification or confirmation from an
independent source unless the nature and extent of such reliance is specified
as a limiting condition.
6. A Valuer should not accept an assignment to report on assumed hypothetical
conditions that are unlikely to be realized in any reasonable timescale.
7. Hypothetical conditions that are a reasonable possibility may be reported on
provided they are accompanied by some discussion both of the prospects of
realizing the hypothesis and a consideration of value that reflects the true
situation prevailing, e.g., a situation where a client wants to know what the
value of land will be pending detoxification.

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 8. A Valuer should not use or rely on unsupported conclusions based on
prejudice of any kind or report conclusions reflecting an opinion that such
prejudice is necessary to maintain or maximise value.
9. In reviewing another Valuer‘s report, a Valuer shall exhibit impartial judgment
and justify his or her reasons for agreeing or disagreeing with the conclusion
of the report.

Competence
A Valuer must have the knowledge, skill, and experience to complete the assignment
efficiently in relation to an acceptable professional standard. Only those Valuers able
to conform to the definition of the Valuer set out should undertake work in connection
with these Standards.

Acceptance of Instructions
Prior to accepting an assignment or entering into an agreement to perform any
assignment, a Valuer must properly identify the problem to be addressed and be
certain he or she has the experience and knowledge, or in the event of an assignment
overseas, will be able to associate with a professional possessing the experience
and knowledge of the market forces, language, and law to complete the assignment
competently.

Outside Assistance
1. When engaging the services of outside assistance necessary to complement
a Valuer‘s own skills, a Valuer should first establish that those assisting have
the requisite skills and ethical principles.
2. The client‘s consent should be obtained when outside assistance is required,
and the identity of the assistants and extent of their role should be disclosed
in the Valuer‘s report.

Efficiency and Diligence

1. Valuer should act promptly and efficiently in carrying out the client‘s
instructions and should keep the client informed of the Valuer‘s progress.
2. Instructions should be declined where circumstances preclude sufficient
diligent enquiry, quality of work, and completion within a reasonable time.
3. Before the valuation is reported, written instructions should be received from
the client and/or confirmed in writing by a Valuer in sufficient detail to avoid
any misinterpretation.
4. A Valuer should make diligent enquiries and investigations to ensure that
Philippine Valuation Standards (1 st Edition) – Adoption of the IVSC Valuation
Standards under Philippine Setting Code of Conduct 26 the data for analysis
in the valuation are correct and can be relied upon.
5. A Valuer should prepare a work file for each assignment which, upon
completion, should contain a true copy, in paper or electronic form (suitably
backedup), of all written reports, correspondence, and memoranda plus
adequate file notes which substantiate the Valuer‘s opinion by way of enquiry,
objective comparison, deduction, and calculation.

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 6. The work file for each assignment should be retained for a period of at least
five years after completion of the assignment.

Disclosure
1. It is essential that Valuers develop and communicate their analyses, opinions,
and conclusions to users of their services through reports that are meaningful
and not misleading and that disclose anything that might be taken to affect
objectivity.
2. The valuation report should set out a clear and accurate description of the
scope of the assignment and its purpose and intended use, disclosing any
assumptions, hypothetical scenarios, or limiting conditions that directly affect
the valuations and, where appropriate, indicating their effect on the value.
3. The valuation report must provide sufficient information to describe the work
performed, the conclusions reached, and the context in which they were
shaped.
4. A Valuer must disclose any direct or indirect personal or corporate relationship
with the property or company that is the subject of any assignment and that
might lead to a potential conflict of interest.
5. Where a Valuer is acting as an Internal Valuer, the relationship with the entity
controlling the asset should be disclosed in the valuation report.
6. Where a Valuer is acting as an External Valuer but also has worked in a fee-
earning capacity for the client, such relationship must be disclosed lest a third
party, having to rely on the valuation, deem the Valuer‘s objectivity
compromised.
7. Any limitations to the quality of the service that a Valuer is able to offer must
be disclosed whether this is due to externally imposed constraints or peculiar
to the Valuer or the assignment. Where outside assistance has been sought
the Valuer must disclose the identity of the assistants, the extent of reliance
on, and the nature of, such assistance.
8. A Valuer must place a restriction against the publication of a valuation or its
conclusions without consent so that the Valuer can keep a measure of control
over the form and context in which his or her valuations are publicly disclosed.
9. A Valuer should disclose any departures from the International Valuation
Standards.

• Standards are devised for the generality of situations and cannot cater
to every eventuality. There will be occasions where departure from
Standards is inescapable. When such situations arise, departure would
be unlikely to constitute a breach of these Standards, provided such
departure is reasonable, complies with the principles of ethics and
measures of competence, and a rationale for such departure is
provided in the valuation report.

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Reporting of Values
1. Valuation assignments may deal with one or more properties. The style of the
valuation report must be tailored to the nature of the assignment and the
needs of the client while meeting certain minimum requirements as to content.

2. The following items must be included:

• the identity of the Valuer and the date of the report;
• the identity of the client;
• the instructions, date of the value estimate, purpose and intended use of the
valuation;
• the basis of the valuation, including type and definition of value;
• the identity, tenure, and location (s) of the interest(s) to be valued;
• the date and extent of inspections;
• the scope and extent of the work used to develop the valuation;
• any assumptions and limiting conditions, and any special, unusual, or
extraordinary assumptions;
• a compliance statement that the valuation has been performed in
accordance with these Standards and any required disclosures;
• the professional qualification and signature of the Valuer; and
• specific certification by the Valuer in the prescribed form.

3. The use of the valuation and the complexity of the property determine the level
of detail appropriate to the report. Where a single or complex property is being
reported, it may be appropriate for the report to go into greater detail on the
data upon which the valuation is based and the reasoning behind the
conclusions.

Where a report is being prepared for a portfolio of properties for use in an

audit function, the level of detailed data required for each of the properties
within the portfolio may be less extensive.

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Self-Help: You can also refer to the sources below to help you further
understand the lesson:

Code of Ethics and Responsibilities for Real Estate Service

Practitioners.https://www.prc.gov.ph/sites/default/files/RealEstateServiceCOE.pdf.
[Accessed 14 January 2021]

Implementing Rule and Regulations of Republic Act 9646, known as The Real Estate
Service Act of the
Philippines.[pdf].https://www.prc.gov.ph/sites/default/files/Board%20of%20Real%20
Estate%20Service%20-%20Implementing%20Rules%20and%20Regulation_0.pdf.
[Accessed 14 January 2021]

Republic Act No. 6713.

https://www.ombudsman.gov.ph/docs/republicacts/Republic_Act_No_6713.pdf.
Accessed 14 January 2021]

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Let’s Check

To be posted in the learning activity.

13
Let’s Analyze

To be posted in the learning activity.

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15
16
In a Nutshell
To be posted in the learning activity.

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Question & Answer:

To help you in the helps in the review in essential knowledge, this portion allows
you to list down all emerging questions or issues. These questions or issues may
be raised in the LMS or other modes.

Please write the answers after clarification.

Questions/Issues Answers

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KEYWORDS INDEX

Code of Conduct
Competence
Confidentiality
Conflicts of Interest
Department of Finance
Diligence
Disclosure
Ethics
Integrity
Philippine Valuation Standards
Rea Estate Service
Real Estate Appraisal
Standards
Valuer

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Course prepared by:

Sherylove P. Utida, REB, REA

Name of Course Facilitator/Faculty

Course reviewed by:

Sherylove P. Utida, REB, REA

Name of Program Head

Approved by:

Gurrea, Jestita Flores,DBM

Name of Assistant Dean

Vicente Salvador Montaño, DBA

Name of Dean

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