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Philippine Realty Listings |
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Carefree
11 Posts |
 Posted - May 29 2025 : 02:07:27 PM
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The Real Estate Service Act or RESA Law:
The government ensures that the real estate profession is well regulated in the Philippines, and that the people who introduce themselves are real estate professionals are licensed (like architects, lawyers, doctors, engineers, etc.).
RA9646 (July 30, 2009) protects the rights of those who identify as real estate professionals. It encompasses the qualification(s) of such people and the penalties for violations of its provisions.
Prior to RA9646, real estate brokers were licensed under the Department of Trade and Industry (DTI), but they are now handled by the Professional Regulation Commission (PRC). Anyone licensed under the DTI may get a license from the PRC without retaking the Real Estate Broker Licensure Examination.
Section 27 of RA9646:
“Any single act or transaction embraced within the provisions of Section 3(g), Rule II hereof, as performed by real estate service practitioners, shall constitute an act of engaging in the practice of real estate service.”
Section 3g Describes Those Professions as Such:
- Real estate consultant – a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgment on:
- The acquisition, enhancement, preservation, utilization or disposition of lands or improvements thereon; and
- The conception, planning, management and development of real estate projects.
- Real estate appraiser – a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.
- Real estate assessor — a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.
- Real estate broker – a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.
- Real estate salesperson – a duly accredited natural person who performs service for, and in behalf of a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.”
Exemptions under Section 28:
- Owners of real property are not required to have a license in order to sell their own property. However, real estate developers are not included because they are regulated by the Housing and Land Use Regulatory Board (HLURB).
- Trustees in bankruptcy or insolvency proceedings.
- People who act pursuant to court orders and duly constituted attorneys that are authorized to negotiate the sale, mortgage, lease, or exchange of real estate.
[*]Public officers who performs such acts in line with their official duties. Except that government assessors should have a license.
Prohibitions Under Section 29:
Prohibition Against the Unauthorized Practice of Real Estate Service: No person shall practice or offer to practice real estate service in the Philippines or offer himself/herself as real estate service practitioner, or use the title, word, letter, figure or any sign tending to convey the impression that one is a real estate service practitioner, or advertise or indicate in any manner whatsoever that one is qualified to practice the profession, or be appointed as real property appraiser or assessor in any national government entity or local government unit, unless he/she has satisfactorily passed the licensure examination given by the Board, except as otherwise provided in R.A. No. 9646 and the IRR is a holder of a valid certificate of registration and professional identification card or a valid special/temporary permit duly issued to him/her by the Board and the Commission; and, in the case of real estate brokers and private appraisers, they have paid the required bond as provided for in R.A. No. 9646.
Penalties Under Section 39:
Licensed real estate professionals who are proven guilty of violating of the said law, shall be penalized with a fine of not less than ₱100K or imprisonment of not LESS than two (2) years. However, if the offender happens to be unlicensed, the penalty shall be doubled. |
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