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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