Real Estate Service Act IRR out Soon

Manila Bulletin, July 16, 2010 | Go to article overview

Real Estate Service Act IRR out Soon


The first Professional Regulatory Board of Real Estate Service (PRBRES), created under Republic Act No. 9646, otherwise known as Real Estate Service Act (RESA), is now finalizing the law's implementing rules and regulations (IRR) after completing extensive consultations with stakeholders in Manila and in the regions....Upon approval of the Professional Regulation Commission (PRC), the IRR will trigger the full implementation of RESA to professionalize and regulate the real estate service practice, covering real estate consultants, appraisers, local government assessors, and brokers, as envisioned in the law.

The PRBRES, under the administrative supervision of the PRC, serves as the primary regulatory body for the real estate service practice. It is chaired by Eduardo G. Ong and has for its members Bansan Choa, Ramon Cuervo III, Rafael Fajardo, and Florencio Dino.

RESA seeks to develop a corps of technically competent, responsible and respected professionalreal estate service practitioners whose standards of practice and service are globally competitive and will promote the growth of the real estate industry in the country.

The law requires real estate service practitioners to pass the licensure examinations given by PRC, as a prerequisite to practice their profession. The first licensure examinations for brokers and appraisers are scheduled in December 2010, while that for consultants is scheduled for early next year.

Local government assessors and government appraisers are to be licensed as appraisers, which license will be a requirement to their appointments. Real estate salespersons, while not required to be licensed, are to be accredited by the Board.

Real estate service professionals are also required to undertake continuing professional education, adhere to a Code of Ethics and Responsibilities, and organize themselves into an Accredited Professional Organization (APO). …

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Real Estate Service Act IRR out Soon
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