August 01, 2009 05:20 PM Saturday [ journal.com.ph ]
By: Jeffrey C. Tiangco
STARTING this year, real estate practitioners will have to pass licensure examination from the Professional Regulation Commission (PRC) pursuant to Republic Act 9646, otherwise known as Real Estate Service Act.
This, as the Commission on Higher Education (CHEd) was urged to spearhead the creation of Bachelor of Science in Real Estate Service following the enactment of RA 9646 that took effect yesterday (July 31).
CHEd acting executive director Atty. Julito Vitriolo said the commission expects the increase of interest in this field, disclosing that there are several schools offering such courses on real estate.
“I think with the passage of this bill, more schools will seek accreditation for courses on real estate,” Vitriolo said.
He however admitted that the implementation of Real Estate Service Act of the Philippines, which aims to “safeguard and protect legitimate licensed real estate service practitioners,” is expected to formalize the creation of a Bachelor of Science in Real Estate Service recognized by the CHEd and the Professional Regulatory Board (PRB) on Real Estate Service.
With the implementation of the new law, real estate consultants, appraisers, local government assessors and brokers will now be overseen by the PRB of Real Estate Service under the PRC taking over from the Department of Trade and Industry in administering examinations for real estate service practitioners in the private sector.
The law also provides that unlicensed practitioners for real estate will be meted with a penalty ranging P200,000 to P2,000,000, as well as one year to 12 years imprisonment.
Real state broker Manny Florendo of Philproperties lauded the passage of the law, saying that after nearly 22 years, real estate service practitioners in the Philippines will be finally be professionalized.
He said some 100,000 agents and brokers are expected to benefit from the law while his firm is willing to extend help to real estate service practitioners that include real estate consultants, appraisers, assessors, brokers and salespersons.
For inquiries and more information, real estate service agents (RESA) are adviced to call at phone number 667-3757 and 914-4927, or cellphone number 0917.830.7742, or visit the firm’s website at www.philproperties.ph for details about the new law.
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