Republic of the Philippines
Congress of the Philippines
Metro ManilaFourteenth Congress
Second Regular SessionBegun and held in Metro Manila, on Monday, the twenty-eight day of July, two thousand eight.
Republic Act No. 9646 June 29, 2009
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 THEREFOR AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled::
ARTICLE I
TITLE, DECLARATION OF POLICY AND DEFINITION OF TERMSSection 1. Title. - This Act shall be known as the. "Real Estate Service Act of the Philippines".
Section 2. Declaration of Policy. - The State recognizes the vital role of real estate service practitioners in the social political, economic development and progress of the country by promoting the real estate market, stimulating economic activity and enhancing government income from real property-based transactions. Hence, it shall develop and nurture through proper and effective regulation and supervision a corps of technically...
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Republic Acts
AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE PHILIPPINES
Republic Act No. 9646
Summary of the Real Estate Service Act of the Philippines
Declaration of Policy (Section 2)
- The State recognizes the vital role of real estate service practitioners in the country's development and aims to develop and nurture a corps of competent, responsible, and globally competitive professionals through proper regulation and supervision.
Definition of Terms (Section 3)
- Defines key terms such as "appraiser", "assessor", "real estate", "real estate development project", "real estate developer", "real property", and "real estate service practitioners" (consultant, appraiser, assessor, broker, salesperson).
Professional Regulatory Board of Real Estate Service (Sections 4-11)
- Creates the Professional Regulatory Board of Real Estate Service under the Professional Regulation Commission.
- Outlines the Board's powers and functions, including:
- Providing policy guidelines for the real estate industry (Section 5a)
- Conducting licensure examinations and issuing certificates of registration (Sections 5b-c)
- Maintaining a register of licensed practitioners (Section 5d)
- Adopting a Code of Ethics and monitoring the profession (Sections 5f-h)
- Prescribing curricula and facility requirements for real estate education (Section 5i)
- Promulgating rules and regulations (Section 5j)
- Assessing and fixing regulatory fees (Section 5l)
- Qualifications and terms of office for the Board chairperson and members are specified (Sections 6-7).
- The Board is under the supervision of the Professional Regulation Commission (Section 10).
Licensure Examination and Registration (Sections 12-24)
- Licensure examinations shall be conducted at least once a year (Section 12).
- Scope of examinations for consultants, appraisers, and brokers is outlined (Section 13).
- Qualifications for examination applicants are specified, including relevant bachelor's degree and good moral character (Section 14).
- Passing score is an average of at least 75% with no subject below 50% (Section 15).
- Certificates of registration and professional identification cards shall be issued to successful examinees (Section 17).
- Provisions for registration without examination for existing practitioners and assessors (Section 20).
- Reinstatement, reissuance, or replacement of certificates and permits (Section 21).
- Issuance of special/temporary permits to foreign practitioners (Section 23).
- Foreign reciprocity requirement (Section 24).
Practice of Real Estate Service (Sections 25-38)
- Successful examinees and registered applicants must take an oath (Section 25).
- Real estate brokers and private appraisers must post a professional indemnity insurance/cash or surety bond of at least ₱20,000 (Section 26).
- Acts constituting the practice of real estate service are defined (Section 27).
- Exemptions from the Act's coverage are specified (Section 28).
- Prohibition against unauthorized practice (Section 29).
- Positions in government requiring licensed practitioners (Section 30).
- Supervision of real estate salespersons by brokers (Section 31).
- Corporate practice requirements, including licensed practitioners and reporting (Section 32).
- Display of licenses in business premises (Section 33).
- Accreditation and integration of real estate service associations (Section 34).
- Adoption of a Code of Ethics and Responsibilities (Section 35).
- Continuing Professional Education (CPE) program (Section 36).
- Enforcement assistance to the Board (Section 37).
- Indication of registration, license number, and other details on documents (Section 38).
Penal and Final Provisions (Sections 39-45)
- Penal provisions for violations, with fines of at least ₱100,000 or imprisonment of at least 2 years, or both (Section 39).
- Appropriations for implementation (Section 40).
- Transitory provision for transfer of records from DTI (Section 41).
- Implementing rules and regulations to be prepared within 6 months (Section 42).
- Separability clause (Section 43).
- Repealing clause for inconsistent laws (Section 44).
- Effectivity 15 days after publication in the Official Gazette or a major newspaper (Section 45).
Declaration of Policy (Section 2)
- The State recognizes the vital role of real estate service practitioners in the country's development and aims to develop and nurture a corps of competent, responsible, and globally competitive professionals through proper regulation and supervision.
Definition of Terms (Section 3)
- Defines key terms such as "appraiser", "assessor", "real estate", "real estate development project", "real estate developer", "real property", and "real estate service practitioners" (consultant, appraiser, assessor, broker, salesperson).
Professional Regulatory Board of Real Estate Service (Sections 4-11)
- Creates the Professional Regulatory Board of Real Estate Service under the Professional Regulation Commission.
- Outlines the Board's powers and functions, including:
- Providing policy guidelines for the real estate industry (Section 5a)
- Conducting licensure examinations and issuing certificates of registration (Sections 5b-c)
- Maintaining a register of licensed practitioners (Section 5d)
- Adopting a Code of Ethics and monitoring the profession (Sections 5f-h)
- Prescribing curricula and facility requirements for real estate education (Section 5i)
- Promulgating rules and regulations (Section 5j)
- Assessing and fixing regulatory fees (Section 5l)
- Qualifications and terms of office for the Board chairperson and members are specified (Sections 6-7).
- The Board is under the supervision of the Professional Regulation Commission (Section 10).
Licensure Examination and Registration (Sections 12-24)
- Licensure examinations shall be conducted at least once a year (Section 12).
- Scope of examinations for consultants, appraisers, and brokers is outlined (Section 13).
- Qualifications for examination applicants are specified, including relevant bachelor's degree and good moral character (Section 14).
- Passing score is an average of at least 75% with no subject below 50% (Section 15).
- Certificates of registration and professional identification cards shall be issued to successful examinees (Section 17).
- Provisions for registration without examination for existing practitioners and assessors (Section 20).
- Reinstatement, reissuance, or replacement of certificates and permits (Section 21).
- Issuance of special/temporary permits to foreign practitioners (Section 23).
- Foreign reciprocity requirement (Section 24).
Practice of Real Estate Service (Sections 25-38)
- Successful examinees and registered applicants must take an oath (Section 25).
- Real estate brokers and private appraisers must post a professional indemnity insurance/cash or surety bond of at least ₱20,000 (Section 26).
- Acts constituting the practice of real estate service are defined (Section 27).
- Exemptions from the Act's coverage are specified (Section 28).
- Prohibition against unauthorized practice (Section 29).
- Positions in government requiring licensed practitioners (Section 30).
- Supervision of real estate salespersons by brokers (Section 31).
- Corporate practice requirements, including licensed practitioners and reporting (Section 32).
- Display of licenses in business premises (Section 33).
- Accreditation and integration of real estate service associations (Section 34).
- Adoption of a Code of Ethics and Responsibilities (Section 35).
- Continuing Professional Education (CPE) program (Section 36).
- Enforcement assistance to the Board (Section 37).
- Indication of registration, license number, and other details on documents (Section 38).
Penal and Final Provisions (Sections 39-45)
- Penal provisions for violations, with fines of at least ₱100,000 or imprisonment of at least 2 years, or both (Section 39).
- Appropriations for implementation (Section 40).
- Transitory provision for transfer of records from DTI (Section 41).
- Implementing rules and regulations to be prepared within 6 months (Section 42).
- Separability clause (Section 43).
- Repealing clause for inconsistent laws (Section 44).
- Effectivity 15 days after publication in the Official Gazette or a major newspaper (Section 45).