Establishing Bernardino B. Bosque National HS

Defines key terms such as Appraiser, Assessor, Real Estate, Real Estate Developer, Real Property.
Specifies categories of real estate service practitioners: Real Estate Consultant, Appraiser, Assessor, Broker, and Salesperson.
Each category has distinct qualifications and roles related to real estate services.

Establishes the Professional Regulatory Board of Real Estate Service under the PRC.
Composed of a chairperson and four members appointed by the President from nominees by professional organizations.
Two members represent government assessors and appraisers.

Implements policy for real estate industry development.
Administers licensure examinations and registration of practitioners.
Enforces ethical standards and investigates violations.
Monitors advertisements and combats unauthorized practice.
Sets curriculum standards in cooperation with CHED.
Administers Continuing Professional Education (CPE) program.
Has quasi-judicial and administrative powers concerning licensure and professional conduct.

Board members must be Filipino citizens with related bachelor’s degree and 10 years active practice.
Members cannot have conflicting interests with educational institutions offering licensure review.
Term is three years, renewable once, not exceeding six years consecutively.
Removal possible by the President for neglect, abuse, unprofessional conduct, or criminal conviction.

Licensure required for all practitioners except real estate salespersons.
Exam covers specialized subjects depending on the practitioner category (consultant, appraiser, broker).
Qualifications include citizenship, relevant bachelor’s degree, and good moral character.
Passing grade is an average of at least 75% with no subject below 50%.
Results released within ten days.
Certificates of registration and professional IDs issued upon passing and payment of fees.
Renewal every three years with CPE compliance.

Allows registration for individuals licensed under previous laws or with sufficient experience and training.
Includes certain assessors and appraisers with permanent appointments.
Registration applications for this category must be filed within two years of the Act’s effectivity.

Certificates and permits may be revoked or suspended for fraud, unprofessional conduct, malpractice, or unauthorized practice.
Applicants convicted of crimes involving moral turpitude or found unfit may be refused registration.

Only licensed and registered practitioners can practice or use professional titles.
Exempts owners acting on their property, court-appointed officials, attorneys-in-fact without compensation, and certain public officials.
Real estate salespersons are accredited, supervised by licensed brokers, and cannot act independently.
Corporations engaged in real estate service must be SEC-registered with licensed officers.

Violations of the Act or rules may result in fines of at least ₱100,000, imprisonment of at least two years, or both.
Penalties double for unlicensed practitioners.
Corporation officials may be held liable for violations.

Requires all practitioners to indicate registration and license numbers on documents.
Mandates transfer of records from DTI to the Board.
Requires the integration and accreditation of real estate service associations.
Provides administrative and funding provisions for the Act's implementation.
Contains separability, repealing, and effectivity clauses ensuring continuity and constitutionality of the law.