Senate OKs Real Estate Act

Article excerpt

The Senate, by a unanimous vote, approved on third and final reading Monday, Senate Bill 2063, to be known as the Real Estate Service Act (RESA), designed to professionalize the real estate industry, Senate President Juan Ponce Enrile said yesterday.

Enrile said the measure, once enacted into law, would help increase the contribution of the real estate industry to the economic progress and stability in the country by professionalizing its practitioners.

The complete title of the bill is "An Act Regulating the Practice of Real Estate Service in the Philippines , Creating for the Purpose a Professional Regulatory Board of Real Estate Service, Appropriating Funds therefore and for other Purposes.''

Enrile explained the bill would establish an effective regulatory regime for the real estate service through the creation of Professional Board of Real Estate Service Board (PRESB) composed of highly respected practitioners.

The PRESB will be under the Professional Regulation Commission (PRC). The board will then be mandated to come up with measures that will professionalize the careers involved in the real estate industry.

Under the bill, Enrile explained, agents would be required to take licensure examination before becoming real estate brokers, real estate appraisers or real estate consultants. …