RESA will professionalize industry, says expert

RESA will professionalize industry, says expert

Philippine Star
June 11, 2010

MANILA, Philippines - The new Real Estate Service Act of the Philippines, Republic Act No. 9646 (RESA), will professionalize 30,000 practitioners in the country and develop a corps of competent consultants, appraisers, brokers and assessors, both private and public, who can maximize the potentials of the industry.

This was the pronouncement of Dr. Eduardo G. Ong, chairman of the Professional Regulatory Board of Real Estate Service (PRB-RES) of the Professional Regulation Commission (PRC), during the recent Chamber of Real Estate and Builders Association (CREBA) general membership meeting.

Also during the meeting, CREBA, led by its national president, Jun Dulalia, launched its first International Convention to be held in Macau on October 26 & 27, 2010 and signed two (memorandum of agreements with Pag-IBIG on Social Housing Program and with Metro Manila Development Authority (MMDA) on a cable television tie-up regarding real estate.

RESA created the PRB-RES, composed of a chairperson and four members appointed by the President of the Philippines, under the administration of the PRC, to supervise and regulate the registration, licensure and practice of real estate service in the country.

Hence, the board will conduct the licensure examinations for practitioners and issue, suspend, revoke or reinstate certificates of registration or professional identification cards. It will likewise maintain a register of licensed professionals, monitor their practices and adopt a national Code of Ethics and Responsibilities for the sector.

 Except for real estate sales people, Filipinos who want to be registered and licensed as real estate service practitioners must take an examination which the board will give at least once every year in places and dates that the PRC will designate. In addition, all real estate brokers and private real estate appraisers shall be required to post a professional indemnity insurance, cash or surety bond, renewable every three years, for at least P20,000.
Local schools will be offering a Bachelor of Science in Real Estate starting school year 2011-2012. The board, in cooperation with the Commission on Higher Education (CHED) and concerned state universities and colleges, will prescribe the curricula for academic courses in real estate service.
Violators of the law will be slapped with a P100,000 fine or two years imprisonment, or both, according to Ong.
“The RESA will provide opportunities for real estate practitioners to be called professionals and practice in other countries although the law is not as perfect as it should be,” he added.
At present, the PRB-RES is conducting consultations and public hearings about the Imple.

Philippine Star
June 11, 2010

http://resa-law.blogspot.com

New real estate law to benefit practitioners

New real estate law to benefit practitioners

Manila Bulletin
May 29,2010

The new Real Estate Service Act of the Philippines, Republic Act No. 9646 (RESA), is expected to further strengthen the expertise of 30,000 practitioners in the country, develop a corps of competent consultants, appraisers, brokers and assessors, both private and public, and maximize the potentials of the industry. This was the pronouncement of Dr. Eduardo G. Ong, Chairman of the Professional Regulatory Board of Real Estate Service (PRB-RES) of the Professional Regulation Commission (PRC), during the recently-held Chamber of Real Estate and Builders Association (CREBA) General Membership Meeting. Also during the meeting, CREBA national president Jun Dulalia led the launch of its first International Convention to be held in Macau on October 26 & 27, 2010 and signed two memorandum of agreements with Pag-Ibig on Social Housing Program and with MMDA on a Cable Television Tie-up regarding real estate. RESA created the PRB-RES, composed of a chairperson and four members appointed by the President of the Philippines, under the administration of the PRC, to supervise and regulate the registration, licensure and practice of real estate service in the country. Hence, the board will conduct the licensure examinations for practitioners and issue, suspend, revoke or reinstate certificates of registration or professional identification cards. It will likewise maintain a registry of licensed professionals, monitor their practices and adopt a national Code of Ethics and Responsibilities for the sector. Except for real estate sales people, Filipinos who want to be registered and licensed as real estate service practitioners must take an examination to be given at least once a year. In addition, all real estate brokers and private real estate appraisers shall be required to post a professional indemnity insurance, cash or surety bond, renewable every three years, for at least P20,000.00. The board, in cooperation with the Commission on Higher Education (CHED) and concerned state universities and colleges, will prescribe the curricula for academic courses in real estate service. The Bachelor of Science in Real Estate will be offered starting school year 2011-2012. Violators of the law will be slapped with a P100,000 fine or two years imprisonment, or both, according to Dr. Ong. "The RESA will provide opportunities for real estate practitioners to be called professionals and practice in other countries," he said adding, "The law is not as perfect as it should be." At present, the PRB-RES is conducting consultations and public hearings about the Implementing Rules and Regulations (IRR) of the new law. A public hearing is scheduled in Manila next month, June 22, 2010. (BCM)

Manila Bulletin
May 29,2010

APPOINTED BOARD OF REAL ESTATE SERVICE

The first Professional Regulatory Board of Real Estate Service [ PRBRES ] was finally created with the members thereof being inducted at oathtaking ceremonies held at the Professional Regulation Commission last Friday, 26th March 2010 at the PRC Office.

The Professional Regulatory Board of Real Estate Service is composed of the following:

Dr. Eduardo Gutierrez Ong (Broker/Consultant)  as Chairman of the Board,
Bansan Choa (Broker)     
Ramon Cuervo (Broker/Appraiser/Consultant)
Rafael M. Fajardo (Broker/Appraiser/Consultant)
Florencio Dino (Regional Director –Assessor)

 Induction of the Board will be on March 26, Friday, 9:30 am
At the Conference Room of Professional Regulations Commissions Office.
  
Dr. Eduardo Ong is an Honorary Member of REBAP.  (Real Estate Broker Association of the Philippines)

National Chairman of REBAP  CRB Julius Topacio has also been appointed as one of the technical panel members of  CHED on Real Estate Service Management.