Impact of Republic Act 9649 or RESA Law in Real Estate Industry

REBAP Greenhills Chapter is the host chapter of this event

Recently we were invited on the 1st National General Membership Meeting at Real Estate Brokers Association of the Philippines in Le Pavillion, Pasay City last 9th of April 2009. We were honored and privileged to have Professional Regulation Board of Real Estate Services (PRBRES) Chairperson Dr. Pilar Torres-Banaag in person on the updates on the practice of Republic Act 9646 or Real Estate Service Act of 2009 also known as RESA. 

Dr. Banaag stance was to educate people on the this law which is already 10 years in effect with the effectivity of the Implementing Rules and Regulations (IRR) back in 10th of July 2010 (see link) on our first organizational event for 2019.

This is a warning to all practitioner who are not licensed or not even accredited as real estate salesperson here in the Philippines. At this time there were are number of people already filed with cases with PRC Legal offices and a task force anti-colorum initiated by the stakeholder real estate organizations and individuals have also spearheaded this momentous task of cleaning and policing the profession.

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.

Republic Act 9646: The Real Estate Service Act of 2009

Photo Credits

An overview of Republic Act 9646: The Philippine Real Estate Act of 2009 which was approved and signed by former president and now Congresswoman Gloria Macapagal-Arroyo last June 29, 2009. It was inevitable to have this law after 20 plus years of legislation by congress and lobbied by professional real estate organization to protect the real estate industry from malpractice, fraud and illegal activities that have plagued investing public and real estate professionals.