THE REAL ESTATE SERVICE ACT of the PHILIPPINES

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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