Introduction To Exam By The Portuguese Regulating Real Estate Institute Inci # 1

Introduction to the AMI exam

Introduction to the AMI Exam

A manual which brings you closer to InCI’s national exam of professional capacity By Daniel Foster da Silva http://real-estate-practice.pt/

No portion of this work may be reproduced without express written permission of Real Estate Practice, Unip., Lda. You DO NOT have the right to give away or resell this manual.

Copyright 2008 All Rights Reserved

Real Estate Practice por Daniel Foster da Silva

Page 1

Introduction to the AMI exam

The reason for a manual Why do we need to prepare ourselves for the InCI national exam of professional capacity? Although well-informed professionals are capable of embracing the issues that an exam of this kind entails, many candidates do not have a clue why and how they are doing it. If you look around, next time you sit the exam, it becomes quite clear that they do not grasp what the Institute’s regulation imposes on them; plus they also lack an understanding of exam techniques. For the past five years we have been administering training, creating suitable manuals for it based on InCI’s syllabus (Despacho Conjunto N.º 707/2004, 13.12) and helping people pass the exam. This introductory manual is part of the next generation of literature aimed at decoding such a peculiar knowledge basis and enlightening the good reasons for taking such an exam: “Formação inicial”. Why an Exam? Any and all professional activities require some sort of initiation and a plan for ongoing acquisition of knowledge and skills that can enrich our experience and help us provide a better service to our clients. This has become InCI’s (Ex-IMOPPI) understanding, for better or for worse. And the Institute has laid down the need for us to prove a minimum level of knowledge for one to attain a license for “mediação imobiliária” or an enrolment for “angariação imobiliária”. And the simplest, most direct e effective means is without a doubt a multiple choice test format – The exam. Thus the “exame nacional da capacidade profissional” for both activities was born. Formação inicial = Exame InCI (Ex-IMOPPI) defines “formação inicial” as getting a pass in the exam which occurs in principle four times a year. Copyright 2008 All Rights Reserved

Real Estate Practice por Daniel Foster da Silva

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Introduction to the AMI exam

What do we need to know for the exam? There are 2 strands which we must take into consideration:

a) The knowledge required is university level; b) Taking an exam requires the use of certain exam techniques which one has to learn or recall. Professional capacity This consists of minimum requirements: For:

Academic

Professional

th

Empresa de Mediação Imobiliária

12 Year

Exam

Angariador Imobiliário

9 Year

Exam

th

Note: As the Portuguese educational system will be upgraded starting the next school year (2008/09), the minimum academic level for “angariadores imobiliários” will possibly go up to 12th Year. New (2004) terminology for the real estate activities The activity of a “empresa de mediação imobiliária” takes shape in the development of:

1. Actions of prospecting and retrieving information that aim at finding na immovable property desired by the client;

2. Actions of promotion of immovable properties over which the client wishes to fulfil a (legal) deal, including advertising or auctioning. Relationship with consumers The expression “cliente” has since 2004 gained new meaning, based on the ”contrato de mediação imobiliária”.

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Real Estate Practice por Daniel Foster da Silva

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Introduction to the AMI exam

In their respective activities, companies and self-employed salespersons such as “angariadores imobiliários” establish Professional ties with: a) «Interessado» – The 3rd listed person by the “empresa de mediação”, as long as such a person fulfills the legal deal aimed at through the “contrato de mediação”; b) «Cliente» – na individual ou group of persons who sign with the company a “contrato de mediação imobiliária”.

Activities – Concept and application An “activity” is formally understood by the Portuguese State as being a profession which has economical and fiscal consequences and is bound to specific professional qualities. This is due to European directives and a change in Europe itself in this respect. Recently, the code CAE (Código das Actividades Económicas) that stipulates each activity, include the real estate indutsry’s activities was readjusted through “Diário da República, 1.ª série — N.º 219 — 14 de Novembro de 2007”: 68

Actividades imobiliárias

68100 Compra e venda de bens imobiliários

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Real Estate Practice por Daniel Foster da Silva

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Introduction to the AMI exam

68200 Arrendamento de bens imobiliários 683

Actividades imobiliárias por conta de outrem

6831 68311 68312 68313

Mediação e avaliação imobiliária Actividades de mediação imobiliária Actividades de angariação imobiliária Actividades de avaliação imobiliári

6832 Administração de imóveis por conta de outrem; administração de condomínios 68321 Administração de imóveis por conta de outrem 68322 Administração de condomínios

Angariação – Concept and application Angariadores – coadjuvantes The “angariadores imobiliários” are “coadjuvantes” (which means helpers or assistants) of the “empresas de mediação imobiliária”, and do everything a real estate company does but only if they have a service contract with that company and do so in its name. Commissions – Concepts and application Remuneração da empresa The company is “remunerated” when it achieves the goasl aimed at by the real estate contract. This is formally only due at the conclusion and perfection of the deal aimed at in the contract.

• •

Conclusion means the contract, often the deed signed at the Notary; Perfection means when the property is registered in the new owner’s name at the Land Registry (“Conservatória do Registo Predial”) where it belongs.

Retribuição do angariador imobiliário Retribuição is what the “angariadores imobiliários” receive from the real estate company when they have helped that company prepare and completely fulfil specific real estate contracts their as a company have signed with their clients.

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Real Estate Practice por Daniel Foster da Silva

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Introduction to the AMI exam

How exams are designed Multiple choice tests should be a relatively simple thing to do. But the subjects at hand and the technical jargon used make it much harder to resolve. Example of a question from an InCI exam paper (Exame de 01 de Abril de 2006): 1

A empresa Xzz – Sociedade de Mediação Imobiliária, Lda. indicou o seu gerente, Gonçalo Ricardo, licenciado em Direito, para lhe conferir capacidade profissional. O Gonçalo Ricardo é, simultaneamente, representante legal de outra empresa de mediação imobiliária (conferindo a esta empresa, de igual forma, capacidade profissional), de uma empresa do ramo automóvel e de uma empresa do ramo alimentar. Nos termos do Decreto-Lei 211/2004, de 20.08, o Gonçalo Ricardo não poderá conferir capacidade profissional à empresa Xzz – Sociedade de Mediação Imobiliária, Lda.:

Porque é licenciado em Direito. ? Porque é representante legal de uma outra empresa de mediação imobiliária. ? Porque confere actualmente capacidade profissional a uma outra empresa de mediação imobiliária. Porque é representante legal de outras empresas.

Answer and their explanation:  

The 1st. and 4th. answers are not an impediment. Answers 2 and 3 are those that fit the requirement and the Law and indicate that Gonçalo cannot be the capacitor.

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Real Estate Practice por Daniel Foster da Silva

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Introduction to the AMI exam

But now we have to be careful with the nuances of the text itself and seek to interpret the language used. Who ever made this question had in mind the following that was written on purpose in the question itself:  

“Nos termos do Decreto-Lei 211/2004, de 20.08” “Gonçalo Ricardo não poderá conferir capacidade profissional”

This has to do with the fact that, in the contexto f the activity of “mediação imobiliária”, professional capacity is more important than the legal representation of a company. Both are important and necessary. But in the context of the issue at hand, capacity is more. Hence, the correct answer is the 3rd. one. Examples of other InCI questions 1

António, celebrou com a empresa ZZZ – Mediação Imobiliária, Lda contrato individual de trabalho para o desempenho de funções de angariação de interessados na realização dos negócios jurídicos objecto dos contratos de mediação imobiliária, celebrados pela empresa, com os seus clientes. Neste caso:

António não está obrigado à inscrição no IMOPPI António dever requerer, junto do IMOPPI, a inscrição para o exercício da actividade de angariação imobiliária António deve comunicar ao IMOPPI que celebrou contrato individual de trabalho com a empresa ZZZ – Mediação Imobiliária, Lda António deve requerer, junto do IMOPPI, a inscrição para o exercício da actividade de promoção imobiliária

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Real Estate Practice por Daniel Foster da Silva

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Introduction to the AMI exam

2

A remuneração pela prestação do serviço de mediação imobiliária deve ser cobrada:

Com a conclusão do negócio visado pelo exercício da mediação. Com a perfeição do negócio visado pelo exercício da mediação. Com a conclusão e perfeição do negócio visado pelo exercício da mediação. Nenhuma das outras respostas está correcta.

Recommendation Whether one accepts or not, training in real estate has come to stay as a mandatory requirement. In my opinion, based on having been a active participant in the real estate industry in Portugal for over 20 years, plus viewing training as tool for success in the profession – I cannot but stress how important time spent learning the craft, art and science must be well spent. It must yield useful tools for the professional and companies. That is why I started training professionals many, many years ago and since have set up a company that provides just that. Be well trained, is my suggestion. “Train Well!” Daniel Foster da Silva

Copyright 2008 All Rights Reserved

Real Estate Practice por Daniel Foster da Silva

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