Amendment to Revenue Memorandum Order (RMO) No. 40-2010, Which Provides Policies and Guidelines in the Recruitment and Designation of Private Appraiser Members to the Regional Executive and Technical Committees on Real Property Valuation

November 3, 2010 REVENUE MEMORANDUM ORDER NO. 085-10 SUBJECT : Amendment to Revenue Memorandum Order (RMO) No. 40-2010, Which Provides Policies and Guidelines in the Recruitment and Designation of Private Appraiser Members to the Regional Executive and Technical Committees on Real Property Valuation TO : All Internal Revenue Officers and Others Concerned I. Objective To augment the lack of sufficient number of licensed real estate appraisers for appointment to the three (3) committees on Real Property Valuation. EDCIcH II. Amendment to RMO No. 40-2010 Item II (1) (c) (Policies and Guidelines) is hereby amended to read as follows: "c. Ensure that the appraisers chosen to be part of the committee have the following qualifications: 1) Licensed real estate appraisers duly registered with the Bureau of Trade Regulation and Consumer Protection (BTRCP) of the DTI now with the Professional Regulatory Board of Real Estate Service which is under the supervision and administrative control of the Professional Regulation Commission; 2) Bona fide members of any realty service organizations duly recognized by the RESCOP; and 3) Bank Appraisers. Accordingly, such appraiser member must submit the following to the Chairman of the committee: 1) A certified photocopy of their license; 2) The Certificate of Recognition of the realty service organization issued by the BTRCP; and/or 3) Bank Certification of Employment." III. Repealing Clause Other issuances or portion thereof not consistent with the provisions of this order are hereby repealed or amended accordingly. cCaIET IV. Effectivity This order shall take effect immediately. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue