Question & AnswerQ&A (Republic Act No. 9646)
The official title is the "Real Estate Service Act of the Philippines."
To recognize the vital role of real estate service practitioners in the country's development by promoting the real estate market, stimulating economic activity, and enhancing government income, and to regulate and supervise professionally competent real estate service practitioners.
A real estate consultant is a duly registered and licensed natural person who offers professional advice on the acquisition, enhancement, utilization, or disposition of lands or improvements, and the conception, planning, management, and development of real estate projects for a professional fee.
The Board is composed of a chairperson and four members appointed by the President from nominees submitted by the accredited professional organization, including two members representing government assessors and appraisers.
They must be Philippine citizens and residents, holders of a related bachelor's degree, licensed active practitioners for at least ten years, members in good standing of the accredited organization (not officers), not faculty or financially connected with review schools, and of good moral character without certain criminal convictions.
Subjects include fundamentals of property ownership, code of ethics, legal requirements, brokerage practice, subdivision development, condominium concept, real estate finance and economics, ecology principles, land use planning, legal aspects of sale/mortgage/lease, documentation, real property laws, among others.
Applicants must be Filipino citizens, holders of a relevant bachelor's degree from recognized institutions, of good moral character with no moral turpitude conviction, and consultants must have specified years of relevant experience.
A fine of not less than 100,000 pesos or imprisonment of at least two years, or both, with doubled penalties if committed by unlicensed practitioners. Responsible officers in corporations may also be held liable.
Yes, including persons performing real estate acts on their own property (except developers), receivers or trustees in bankruptcy, court-ordered persons, attorneys-in-fact without remuneration, and public officers performing official duties (except government assessors/appraisers).
They must post a professional indemnity insurance, cash, or surety bond renewable every three years, with a minimum amount determined by the Board not less than 20,000 pesos.