RESA Law Flashcards
What is the RESA Law?
RA 9646 - Real Estate Service Act of the Philippines
Purpose of RESA
-An act regulating the practice of real estate service in the Philippines
-Creating for the purpose the PRBRES
-Appropriating funds and for other purposes
Article I. Title and Declaration of Policy and Definition of Terms
Sec 1. Title. Shall be known as the “Real Estate SErvice Act of the Philippines”
RESA. Art 1, Sec 3. Definition of Terms. ________ has QUALE - qualification, ability, license and experience to value
Appraiser.
RESA. Art 1, Sec 3. Definition of Terms. _______ official in the local gov’t performs appraisal taxation purposes
Assessor
RESA. Art 1, Sec 3. Definition of Terms. _______ development of land for residential, commercial industrial, etc purposes
Real estate development project
RESA. Art 1, Sec 3. Definition of Terms. _______ any natural or juridical person that develops real estate development projcets
Real estate developer
Real estate consultant renders professional advice and judgement on
AEPUD - acquisition, enhancement, preservation, utilization or disposition of land and improvements
Real estate consultant renders professional advice on COPLANMANDEV of RE projects
Conception, planning, management and development
_________ duly licensed and registered natural person, estimates and arrives at an opinion of or acts as an expert on real estate values
Real estate APPRAISER
_______ is a duly licensed and registered, for a professional fee, 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 minds on the sale, purchase of a share in the commission, professional fee or other valuable consideration
RE broker
____ duly accredited natural person, who performs in behalf of the RE broker in expectation of a share in the commission…
RE salesperson
The one and only national integrated organization of natural persons that the PRBRES shall recognize or accredit subject to the approval by the Comm
Accredited and Integrated Professional Organization (AIPO)
_______operate and perform activities or acts prior to the birth of the AIPO
Interim Accredited Professional Organization (IAPO)
Article II. Professional and Regulatory Board of the Real Estate Service (PRBRES). What is the composition of the board?
A chairperson and 4 other members.
***See exam in CoER for the list of first PRBRES
Who conducts licensure exams for RESPs?
PRBRES
Who prescribe the syllabi in BSREM?
PRBRES
RESA. Article II, Section 5
Power and Functions of the Board
RESA. Article II, Section 6
Qualifications of the Chairperson and Members of the Board
What are the qualification of the chairperson and Members of the Board?
-Fil citizen
-Bachelors degree related to RE
- licenced practitioner for 10 years
-Good standin in AIPO
-Not a member of school or review classes
-Of good moral character / no moral turpitude
Art II, Sec 7. Term of Office
Chairperson- 3 yrs
Two members - 2 yrs
Two members - 1 yr
Re-appointment for Second Term
No case shall serve for more than 6 years continuosly
Art II, Sec 9. Removal of the Chairperson and Members of the Board
- Neglect of duty
- Abuse of power
-Oppression - Incompetence
- Unprofessional, unethical, immoral or dishonorable conduct
- Commission or Toleration of irregularities
- For final judgement of moral turpitude
Who designates the Secretary of the board?
Commission - Professional Regulation Commission
Who keeps the records?
Commission
RESA. Art III.
Licensure Examination and Registration
Art III, Sec 14. Qualifications of Applicants for Examinations
- Filipino citizen
-Holder of BSREM - Of good moral character
Qualification for RE Consultant
- 10 years experience as licensed RE broker and assessor, bank or institutional appraiser
- 5 years as Licensed RE Appraiser
What is COR?
Certificate of Registration.
________ shall be issued to examinees who oass the licensure exam subject to payment of fees
COR
COR shall bear the ff:
- SIgnature of the Chairperson of the Commission
-Signature of the Chairperson and Members of the Board - Stamped with the Official Seal of the Commission
________ is renewable every 3 years subject to the requirements of the board such as CPD
Professional Identification Card (PIC)
Professional Identification CArd shall bear the ff:
- the registration number
- the date of issuance and expiry date
- duly signed by the chairperson of the commision
The board shall not register and issue a certificate of registration who have/are:
- criminal offense including moral turpitude
- guilty of immoral and dishonorable conduct
- psychologically unfit
RESA. Article III, Section 20.
Grand Father Clause or Registration Without Examination
Non/RPAO Passers (Real Property Assessing Office)
- hold permanent appointment
- at least 5/10 yrs actual appraisal and assessment functions
- 24 hrs CPE units
*** Has 120 hrs accredited training on real property appraisal
The board may, after the expiration of ______ years from the date of the revocation of a COR and/or PIC, reistate
2 years
Roster of the RESPs shall be prepared, updated and maintained by the Board with he AIPO. It shall contain:
- names of the RESPs
-their residence and office addresses
-License numbers
-Dates of reg and insurance of certs
*** Copies shall be made available to the public upon request
Who initiates and supervised the Oath?
PRBRES in coordination with AIPO
Art III, Sec 26. Professional Indemnity Insurance
Cash - not less than P20,000 lifetime
Surety bond - P2000+, renewable every 3 years
Any _____ act or transaction performed by RESPs, constitutes an act of engaging in the practice
SINGLE.
Art III, Sec 27. Acts Constituting the Practice of RE Service
Art III, Sec 28. Exemptions from Acts… APRCOT
-Attorney in Fact
-Public Official
-Receiver in Bankruptcy Proceedings
-Court Order
-Owners of RE
-Trustee or Assignee
Requirements for accreditation of RES?
- Completed at least 2 years in college
- Undergone CPD of at least 12 units
The ______ adopt and promulgate the Code of Ethics and Responsibilities for RESPs
Board (PRBRES)
The ______ shall be prescribed and issued the CoER for RESPs.
AIPO
CPD Council is composed of
- Chairperson from the Board
- Member of AIPO
- Member from Academe
RESA Article IV.
Sec 38.
Indication of COR, PIC / License Number/ PTR (Privilege Tax Receipt) and AIPO numbers with date of issuance and validity
RESA. Art V. Penal and Final Provisions
Sec 39.
- if licensed, fine NOT LESS THAN 100K or imprisonment of NOT LESS THAN 2 years or both
- if unlicensed, fine NOT LESS THAN 200K or imprisonment of NOT LESS THAN 4 years or both
The chairperson of the Commission shall include in their program, the funding of thich chall be include in the ______
Annual General Appropriation Act
The ff shall prepare the IRR, CoER within 6 months
- The Commission
-The Board - AIPO
- DOF
How many ARTICLES, SECTIONS in RESA
5, 45
Senate Bill No. For RESA
SB No. 2963
House Bill No. For RESA.
HB No. 3514
When was RESA passed by the Senate and House
05.12.2009
14th Congress - 2nd Regular Session
Approval date of RA 9646.
06.29.2009
RESA effectivity date
07.30.2009
Primary author of RESA.
Rodolfo G. Valencia
Father of RESA Law
Elected officials who signed RESA.
Speaker - Prospero C. Nograles
Senate Pres - Juan Ponce Enrile
PH Pres - PGMA
RESA IRR
PRBRES Res No. 02, Series of 2010
5 Rules, 45 Sections
Done in Manila July 21, 2010
PRBRES Chairperson - Dr Eduardo G. Ong
PRC Chairperson - Nicolas P. Lapena Jr.
PRBRES : First Board
Date Formed: 04.01.2010
Oath taking in PRC: 03.26.2010
1. Eduardo G. Ong - Chairman, PRBRES, serving since 08.24.2018
2. Rafael M. Fajardo - Member, serving since 03.26.2010
3. Pilar M. Torres-Banaag - Member, serving since 10.19.2018
4. Jose Arnold M. Tan - Member, serving since 01.11.2019
5. VACANT
Official seal : LAND
Real estate
Official seal : STRUCRURES
Improvements on land
Official seal : TREES and the FRUITS
Agricultural produce
Official seal : GREEN LINES
RESPs
Official seal : Red, white, blue and yellow
Color of the PH flag
Official seal: BLUE
Color of service
Official seal : GREEN
Environment and ecology
Official seal : SUN and RAYS
Life and light
Official seal : RISING SUN
Vital role of RESPs in the devt of PH
Official seal : GOLD
Ethical standards and prosperity
Official seal : MAP of PH
PH archipelago
Sec 33
Display of license
Sec 25
Attend oath
RA 9646
Art II
Professional Regulatory Board of Real Estate Service
Sec 4. Creation and Composition of the Board
Sec 5. Power and Functions of the Board
Sec 6. Qualifications of the Chaiperson and Members of the Board
Sec 7. Term of Office
Sec 8. Compensation and Allowance of the Chaiperson and MotB
Sec 9. Removal of the Chaiperson and MotB
Sec 10. Supervision of the Board…
Sec 11. Annual Report
RA 9626
Art III
Licensure Examination and Registration
Sec 12. Licensure Examination
Sec 13. Scope of Examination
Sec 14. Qualification of Applicants for Exam
Sec 15. Ratings of Exam
Sec 16. Release of Results of Exam
Sec 17. ID
Sec 18. Refusal to register
Sec 19. Revocation or suspension of COR and PIC…
Sec 20. The Grandfather Clause
Sec 21. Reinstatement or Replacement of COR…
Sec 22. Roster RESP
Sec 23. Issuance of Special / Temp Permit
Sec 24. Foreign Reciprocity
RA 9646
Art IV
Practice of Real Estate Service
Sec 25. Oath
Sec 26. Professional Indemnity Insurance / Cash or Surety Bond
Sec 27. Acts constituting the practice of Real Estate Service
Sec 28. Exemptions…
Sec 29. Prohibition
Sec 30. Practitioners in government…
Sec 31. Supervision of RE Salesperson
Sec 32. Corporate Practice of RE Service
Sec 33. Display of License in Place of Business
Sec 34. Accreditation and Integration of RE Service Associations
Sec 35. Code of Ethics and Responsibilities for Real Estate Service Practitioners
Sec 36. CPE Program
Sec 37. Enforcement Assistance to the Board
Sec 38. Indication of the COR, License No.,PTR, APO No.
RA 9646
Art V
Penal and Final Provisions
Sec 39. Penal provisions
Sec 40. Appropriations
Sec 41. Transitory provisions
Sec 42. Implementing Rules and Regulations (IRR)
Sec 43. Separability Clause
Sec 44. Repealing Clause
Sec 45. Effectivity
