Friday, February 8, 2019

Caveat Emptor: Is Your Real Estate Professional a Licensed / Accredited Practitioner?

Professional Regulations Commission (PRC)
Have you transacted your real estate properties to an agent or a broker?

Recently, there is uproar and slur from a Facebook group licensed real estate professionals and unlicensed real estate agents who are pitted against each other from the practicing real estate particularly focus on the Republic Act 9646:  Philippine Real Estate Service Act of 2009. It has been a debacle for more than a decade now on what is happening into the real estate industry which have seen numerous upheavals with these two group because of lack of regulatory agency to monitor, lack of law enforcement by assigned agencies and lack of internal policing of professional real estate groups of their members against malpractice and violation of Republic Act 9649 also known as Real Estate Service Act of 2009.


Although, I belong to one of these licensed real estate professional groups and having been granted license to practice two real estate specialist profession as real estate broker and real estate appraiser after passing two board examination with Department of Trade and Industry (DTI) for my real estate broker transitioning to Professional Regulation Commissions (PRC) after the grandfather clause of 2011 on finalizing to PRC from DTI and taking the Real Estate Appraiser Exam with PRC on August 2015 and successfully passing it.

For many in the legitimate real estate industry, it has been concern for especially professional / licensed real estate organizations to create a campaign against non-licensed practitioners or "colorum/s". Recently, eventual practice of foreign sellers are creating havoc in the local market who particularly do bulk buying which has tremendous effect on economic balance of the Philippine real estate industry particularly affecting Filipino sellers like us. 
Housing and Land Use Regulatory Board (HLURB)

Before, the campaign aims to totally eradicate the non-licensed practitioners with legal means using the R.A. 9646. However, some of the  members of other real estate organization are considerate enough to give them the chance to be included in the lucrative industry by legitimizing themselves from being unlicensed practitioners to becoming a registered and licensed real estate salesperson with government regulating agencies for real estate salesperson under the supervision of a licensed real estate broker. It would be more feasible to make them as partners instead of being opponents.


Why You Should Get Yourself Accredited Now

To those who are want to start a career and become a part of the real estate industry as a salesperson here are just a few important things to remember on becoming a legitimate real estate salesperson.

1. A person must be of good standing and without moral turpitude,
2. Should have completed at least 12 units of Continuing Professional Education as a form of training from real estate education provider duly accredited by PRC to start of his / her real estate career.
3. Must have at least minimum of two (2) years of college education (72 units) or equivalent to a Technical Education and Skills Development Authority (TESDA) certification before applying for a license to practice with Professional Regulation Commission (PRC) and then Housing and Land Use Regulatory Board (HLURB) for project selling.  
4. Must be connected or associated and supervised by a PRC Licensed Real Estate Broker for private independent contractor real estate professionals with their own realty, for bigger real estate marketing companies (ex. Ayala Land, Filinvest etc) must be supervised by a marketing or sales manager and the manager must be PRC Licensed Real Estate Broker at the same time and can accommodate up to 20 real estate salesperson only. This is a good start for young real estate professionals who have completed their Bachelor of Science in Real Estate Management (BS R.E.M.) and have have passed the PRC board examinations for real estate brokers.
5. After applying and issuance of your professional license with PRC, the applicant should register for HLURB license in order to sell project based properties (subdivisions and residential condominiums). Requirements listed in this link.

Conclusion:

It is a win-win situation for unlicensed professionals to legitimize themselves as real estate sales professionals by moving to the right path without any fear or worry on practicing the real estate sales profession and that they are regulated and policed by law through Republic Act 9646 at the same time being a partners with real estate brokers. It would be beneficial for both parties to work hand in hand.  No more fear or worries from law enforcement agencies or intimidated by other real estate organization that are very strict in implementing their policy. It will be tedious process to eventually adapt through this implemented law and penalty for such malpractice could be lead to imprisonment and a fine of P 100,000.00 or more  if proven guilty as such it is therefore, better to be a legitimate practitioner than be imprisoned for two (2 years) and fined at the same time.

"Get Accredited and Practice this Profession without fear".




About the Writer

CRB Benedict Baluyut is an associate of C.F. Baluyut Realty with PRC Real Estate Broker License No. 8358 and Real Estate Appraiser License No. 6504. He is currently the Vice President for External Affairs, Real Estate Brokers Association of the Philippines (REBAP), Inc. - Pampanga Chapter.







Related Posts

Republic Act 9646: The Real Estate Service Act of 2009 
Be A Real Estate Professional be a Licensed Real Estate Broker
On Buying Your First Home
Determining your Net Assets thru Real Estate Appraisal


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