- FRIENDLY REMINDER PLEASE - . the term Real Estate Consultant may only be used by a duly licensed PRC Real Estate Consultant pursuant to provisions of RESA .. .. its unauthorized use by persons other than those qualified duly licensed PRC Real Estate Consultant is Strictly Prohibited By Law that carries a minimum penalty fine of P100,000.00 and/or imprisonment - the penalty is double if committed by an unlicensed person ... . the holders of such Real Estate Consultant licenses possess extraordinary experience, deep stock knowledge and superior expertise in the field of real estate .. .. qualifications and knowledge that mere salespersons do not in any way, manner or form remotely possess ... . igalang po ninyo ang propesyon namin – We, PRC Duly Licensed Real Estate Consultants, will not hesitate to file the appropriate formal complaints in the proper fora to protect and preserve our dignities and profession .. “ARTICLE I TITLE, DECLARATION OF POLICY AND DEFINITION OF TERMS SECTION 1. Title. - This Act shall be known as the. Real Estate Service Act of the Philippines. Xxx xxx xxx SEC. 3. Definition of Terms. - As used in this Act, the following terms shall mean: (a) Appraiser also known as valuer, refers to a person who conducts valuation/appraisal; specifically, one who possesses the necessary qualifications, license, ability and experience to execute or direct the valuation/appraisal of real property. (b) Assessor refers to an official in the local government unit, who performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes. This definition also includes assistant assessors. (c) Real estate refers to the land and all those items which are attached to the land. It is the physical, tangible entity, together with all the additions or improvements on, above or below the ground. (d) Real estate development project means the development of land for residential, commercial, industrial, agricultural, institutional or recreational purposes, or any combination of such including, but not limited to, tourist resorts, reclamation projects, building or housing projects, whether for individual or condominium ownership, memorial parks and others of similar nature. (e) Real estate developer refers to any natural or juridical person engaged in the business of developing real estate development project for his/her or its own account and offering them for sale or lease. (f) Real property includes all the rights, interests and benefits related to the ownership of real estate. (g) Real estate service practitioners shall refer to and consist of the following: (1) Real estate consultant - a duly registered and licensed -natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgment on: (i) the acquisition, enhancement, preservation, utilization or disposition of lands or improvements thereon; and (ii) the conception, planning, management and development of real estate projects. (2) Real estate appraiser— a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form. (3) Real estate assessor — a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes. (4) Real estate broker - a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein. (5) Real estate salesperson - a duly accredited natural person who performs service for, and in behalf of. a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration. Xxx xxx xxx ARTICLE IV PRACTICE OF REAL ESTATE SERVICE Xxx xxx xxx SEC. 27. Acts Constituting the Practice of Real Estate Service. - Any single act or transaction embraced within the provisions of Section 3(g) hereof, as performed by real estate service practitioners, shall constitute an act of engaging in the practice of real estate service. Xxx xxx xxx SEC. 29. Prohibition Against the Unauthorized Practice of Real Estate Service. - No person shall practice or offer to practice real estate service in the Philippines or offer himself/herself as real estate service practitioner, or use the title, word, letter, figure or any sign tending to convey the impression that one is a real estate service practitioner, or advertise or indicate in any manner whatsoever that one is qualified to practice the profession, or be appointed as real property appraiser or assessor in any national government entity or local government unit, unless he/she has satisfactorily passed the licensure examination given by the Board, except as otherwise provided in this Act, a holder of a valid certificate of registration, and professional identification card or a valid special/temporary permit duly issued to him/her by the Board and the Commission, and in the case of real estate brokers and private appraisers, they have paid the required bond as hereto provided. Xxx xxx xxx ARTICLE V PENAL AND FINAL PROVISIONS SEC. 39. Penal Provisions, - Any violation of this Act, including violations of implementing rules and regulations, shall be meted the penalty of a fine of not less than One hundred thousand pesos (P100,000.00) or imprisonment of not less than two (2) years, or both such fine and imprisonment upon the discretion of the court. In case the violation is committed by an unlicensed real estate service practitioner, the penalty shall be double the aforesaid fine and imprisonment. In case the violation is committed, by a partnership, corporation, association or any other juridical person, the partner, president, director or manager who has committed or consented to or knowingly tolerated such violation shall be held directly liable and responsible for the acts as principal or as a co-principal with the other participants, if any.”
Posted on: Fri, 21 Feb 2014 01:09:13 +0000
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