Real Estate Service act (RESA 9646)

Question 1

What is real property?

Answer 1

Includes all rights and benefits related to ownership of real estate

Question 2

What is a real estate consultant?

Answer 2

Duly registered and licensed natural person who for professional fee or other valuable consideration offers or renders professional advice and judgment on acquisition, enhancement, disposition etc of lands and conception, planning, etc of real estate projects

Question 3

What is a real estate broker?

Answer 3

Duly registered and licensed natural person who for professional fee or other valuable consideration acts as agent of a party in a real estate transaction

Question 4

What is AIPO?

Answer 4

Accredited and integrated professional organization

• the national integrated org of natural persons duly licensed and registered as real estate service practitioners

Question 5

What is IAPO?

Answer 5

Interim accredited professional organization

• accredited by commission only to operate and perform activities or acts to and until recognition or birth of AIPO

Question 6

Professional regulatory board of real estate service

Answer 6

Under supervision and admin control of PRC

composed of a chairperson and four members appointed by the president of the Philippines

2 members of the board shall represent the gov assessors and appraisers, both in active gov service

Question 7

What are the qualifications for chairperson and members of the board?

Answer 7

Citizen and resident of Philippines
Holder of bachelor degree related to real estate
Active licensed practitioner for at least ten years prior
Bonafide member in good standing
Neither be member or facility of school, institute, etc not review class center etc
Of good moral character

Question 8

What are the terms of office of the board?

Answer 8

Chairperson and member shall hold office for a term of three years from date of appointment and until their successors have been appointed

They may be reappointed for second term but cannot serve continuously for more than 6 years

Question 9

What are qualifications for applicants for examinations?

Answer 9

Citizen of Philippines

Holder of relevant bachelors degree provides they have completed at least 120 credit units of real estate subjects and training from accredited service providers

Good moral character

Real estate consultant applicant must shoe proof if at least ten years experience as licensed estate broker or assessor

Question 10

Professional identification card

Answer 10

Renewed every three years upon satisfying requirements of the board including attendance in the CPE (continuing professional education) program

Question 11

Revocation or suspension of certificate or professional ID card

Answer 11

Procurement of certificate of registration by fraud or deceit

Allowing unqualified person to advertise or practice using one’s own vertical ion

Unprofessional or unethical conduct

Malpractice or violation of any provision in RA 9646 and code of ethics

Engaging in oractice during period of suspension

Question 12

Registration without examination

Answer 12

Those who on date of effectivity Of RA 9646 or as of July 30 2009 are already licensed at real estate brokers, appraisers or consultants by DTI provided they have undertaken CPE or CEP

Question 13

Real estate practitioners failing to comply with necessary CPE requirements within two years after effectivity of RA 9646 or on or before July 30 2011

Answer 13

Will be required to rake board licensure examination for real estate service ptacticioners

Question 14

Issuance of temporary or special permit

Answer 14

Upon application and payment and subject to approval of commission, board may issue special or temp permits to real estate service ptacticioners from foreign countries whose services are urgently needed

Question 15

Foreign reciprocity

Answer 15

No foreign real estate service practicioner maybe admitted to licensure exam or be given professional ID card unless the country of which they are a citizen allows Filipino real estate service practicioner a to practice within its territorial limits on the same basis as citizens of that country

Question 16

Professional indemnity insurance/cash or surety bond

Answer 16

All real estate brokers and private real estate appraisers shall be required to post professional indemnity insurance in amount to be determined by board, which in no case shall be less than p20,000 and renewable every three years

Question 17

Exceptions from acts constituting practice of real estate service

Answer 17

Any person, natural or juridical who shall perform by himself acts mentioned with reference to his own property (excluding real estate developers)

Any receiver, trustee or assignee in bankruptcy or insolvency proceedings

Any person acting pursuant to order f justice

Any person who is duly constituted attorney in fact for purposes of sale, mortgage, etc

Public officers in performance of their duties except gov appraisers and assessors

Question 18

Supervision of real estate salespersons

Answer 18

No exam given provided that have completed 2 years of college and undergone at least 12 credit units training in real estate brokerage

Shall be under direct supervision and accountability of a broker. Cannot by themselves be signatories to written agreement involving real estate transaction

No salesperson shall be entitled to demand fee or commission except from duly licensee real estate brother with direct control over him

Question 19

Corporate practice or real estate service

Answer 19

No partnership or cope shall engage in real estate business unless duly registered with securities and echo he commission (SEC).

1 licensed broker for every 20 accredited salespersons

In case of registration or termination from employment, must be reported to board within 15 days from date of effectivity

Question 20

What is an assessor?

Answer 20

Refers to official in the local government unit who performs appraisal and assessment, etc.