THE REAL ESTATE SERVICE ACT of the PHILIPPINES

Creation of Real Estate Service Board Goes Underway

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Creation of Real Estate Service Board Goes Underway


The Professional Regulation Commission has started the process for the eventual

creation of the initial Professional Regulatory Board of Real Estate Service.



Under the Real Estate Service Act of the Philippines, R.A. 9646, it is provided that:


SEC. 4. Creation and Composition of the Board. – There is hereby created a Professional Regulatory Board of Real Estate Service, hereinafter referred to as the Board, under the supervision and administrative control of the Professional Regulation Commission (PRC), hereinafter referred to as the Commission, composed of a chairperson and four (4) members who shall be appointed by the President of the Philippines from the three (3) recommendees chosen by the Commission from a list of five (5) nominees per position submitted by the accredited and integrated professional organization of real estate service practitioners: Provided, That two (2) of the members of the Board shall represent the government assessors and appraisers. [ Sec. 4, Article II, RA 9646 ]


The first Board shall be organized within six (6) months from the effectivity of this Act.


However, although Real Estate Service Act has become effective last July 30, 2009, it was only sometime last November 2009 that the process of creating the Board finally got a boost in the arm towards its eventual creation.


Its crucial importance lies in the fact that the first step before the law can be fully implemented is to promulgate the implementing rules and regulations. However, the Real Estate Service Board shall be the one to undertake the preparation of the implementing rules and regulations with the Commission, as provided under Sec. 42 of RA 9646, as follows:


"SEC. 42. Implementing Rules and Regulations. – Within six (6) months after the effectivity of this Act, the Commission, together with the Board and the accredited and integrated professional organization of real estate service practitioners, the Department of Finance, and the CHED, shall prepare the necessary rules and regulations, including the Code of Ethics and Responsibilities for real estate service practitioners, needed to implement the provisions of this Act."


The Real Estate Service Industry should therefore look forward now to the eventual implementation of RA 9646 soonest as the process of creation of the Professional Regulatory Board of Real Estate Service is in full gear as the Professional Regulation Commission has recognized the Federation of Real Estate Associations as an Interim Accredited Professional Organization [ FRESA ] the last week of November 2009 , which has also provided already the names of the Nominees for the Real Estate Service Board.


Click to view the Resolution of Recognition and List of Nominees to the Real Estate Service Board:


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THE REAL ESTATE SERVICE ACT

OF THE PHILIPPINES [ RESA ]

Get to know what the new law

governing real estate brokers, appraisers,

consultants, sales agents and even assessors,is all about . ..



The Real Estate Service Act of the Philippines

with Notes and Comments”


By:
ATTY. ARIEL T. MARTINEZ, REALTOR

Licensed Real Estate Broker, REB Lic. No. 5849 (R)

Licensed Real Estate Appraiser, REA NCR 00122 (R)

Licensed Real Estate Consultant, NCR 00119-07 REC (N)

Do you need to take the exams again . . ?


Do you need a "Bachelor’s Degree in Real Estate?”

What are the requirements now to be a

real estate broker, appraiser, consultant & salesman?


Does one still need to be licensed as a salesman ?

What’s the penalty for violation of the RESA?


Is one liable if he or she has no license?

Why are assessors included in the RESA?


Find out about all these and more in the book,


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DTI gives up licensing for real estate

Monday, July 27, 2009 [ manilatimes.net ]


THE Department of Trade and Industry (DTI) has transferred the regulation of real estate practice to the Professional Regulation Commission (PRC), as provided under Republic Act (RA) 9646, or the Real Estate Service Act of the Philippines.

“As R.A .9646 repeals Section 3(e) of Act No. 2728, the law from which the DTI draws its authority to regulate the real estate service, thus we have to transfer of the function to the PRC,” Trade Undersecretary Zenaida Maglaya said in a statement.

According to Section 4 of R.A. 9646, “There is hereby created a Professional Regulatory Board of Real Estate Service . . . under the supervision and administrative control of the Professional Regulation Commission.”

Hence, the DTI will no longer accept applications for license, whether initial or renewal, of real estate appraisers, brokers, consultants and salespersons beginning July 30, the agency said. Under R.A. 9646’s Section 17, the PRC will now issue the Certificate of Registration and Professional Identification Card of real estate practitioners.

Also, R.A. 9646 directed the DTI’s Bureau of Trade Regulation and Consumer Protection to transfer to the PRC all pertinent records from DTI field offices pertaining to licensed practitioners.

But the DTI said cases filed before the agency involving violation of the earlier Act 2728, whether pending or those that are filed prior to the effectivity of R.A. 9646, will still be acted upon accordingly.

-- Ben Arnold O. de Vera

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