Legitimate Real Estate Professionals in the Philippines?

Guide on how to become a legitimate real estate professional in the Philippines.

Real Estate selling has proliferated especially during a pandemic. Filipino had quickly adapted and shifted their business from physical to internet-based. The same is true with real estate selling.

 

But is real estate selling applicable to everyone who wants to post or share a property for sale or for lease? 

It this a freedom that applicable to everyone?

 

Real estate broker and salesperson defined.

In the Philippines, real estate transactions are governed by the Real Estate Service Act (RESA Law) or RA9646. In this law, a Real estate broker is defined as 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. While Real estate salesperson is defined as 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. 

 

Who is prohibited to practice real estate?

SEC. 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 this Act, 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 hereto provided.

 

PDF Copy of the RESA Law

http://legacy.senate.gov.ph/republic_acts/ra%209646.pdf


img realty

3 Blog posts

Comments