THE Real Estate Service Act of the Philippines (Resa) will improve professionalism in the real estate service industry in the country.
Emily Amie Cabillada of real estate service company F9 Property Development and Consultancy Inc. said accredited real estate service practitioners will be regarded as professionals like engineers, architects and nurses under the law.
This, after Resa has moved the regulatory and supervisory authority of the real estate services in the country from the Department of Trade and Industry (DTI) to the Professional Regulation Commission (PRC).
As a result, DTI field offices will no longer accept applications and renewal of licenses of real estate consultants, appraisers, brokers and salespersons starting July 30. All records will be moved from the DTI to the PRC, which will create the Professional Regulatory Board of Real Estate Service.
President Arroyo signed Resa into law last June 29. The law took effect starting July 30.
Under the law, those with expired licenses or those who passed previous examinations but have not applied for a license as of July 29 will be required to take another licensure exam.
“New and tougher requirements have been adopted in the Resa. For example, a broker applicant must be a holder of a relevant bachelor’s degree from a state college or university and other educational institutions recognized by the Commission for Higher Education (Ched),” said Cabillada.
She said the PRC will require applicants to be graduates with a bachelor’s degree in real estate service before they can take the licensure exam. The course, though, will still have to be developed by Ched.
For real estate salespersons, there will be no examinations but they will be required to complete at least two years of college education.
Cabillada said this is one way of upgrading the skills and knowledge of real estate service practitioners and informing the public that they will be dealing with professionals.
Resa also mandates all real estate service associations to be integrated into one national organization that will be recognized by the Professional Regulatory Board of Real Estate Service and approved by PRC as the only accredited and integrated professional organization of real estate service practitioners.
The law also provides a fine of not less than P100,000 or imprisonment of not less than two years or both against those who violate it.
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