Connecting Buyers and Sellers of Philippine Real Estate
How Do You Verify a Broker or Saleman's License and Performance Status?
Is there a way to check if a broker, saleman or developer has pending litigations, violations, disciplinary actions, etc?
How about license status (expired, active, revoked, etc.)?
How about license status (expired, active, revoked, etc.)?
Tags: how to
Replies to This Discussion
-
Permalink Reply by Antonio C. Rances on -
for background verification call up the office where he is representing, ask for the agent's complete address such as telephone numbers and other details, ask for personal reference ask for his national bureau of investigation clearance, barangay clearance, police clearance and the most important if he can provide a court clearance. if you don't trust or you have doubt with the agent don't transact with him/her..
http://www.century-properties.com
Buyers Tips:
Buying a property?
Here are the top 5 questions to ask your developer
Philippine real estate proves to be one of the safer avenues for investing these days. But as a responsible buyer, keep in mind that your hard-earned savings should only be entrusted to reliable developers. The 5 questions below will help you further narrow down your choice.
1.
How long has the developer been in business?
The developer’s enduring factor in the industry is important. Look for one that has gained valuable experience and built successful projects even throughout various real estate cycles. Research on how the company fared through tough economic periods, more specifically, if it was able to deliver its projects amid difficult times.
2.
What is the developer’s project portfolio?
Find out about the projects that the company has completed. Are these buildings and communities in good standing today in terms of livability and marketability?
3.
What is the developer’s experience in the realm of property that you are investing in?
It would also be good to know if the company has the experience in developing the kind of property that you intend to purchase. If, for example, you would like to get a condominium unit, it would be good to buy from a developer that has built a string of condominiums in the past and has already refined the practice over the years.
4.
Does the developer deliver its previous projects on time?
This is a critical requirement for any property buyer. Choose a developer that makes it a point to deliver its projects on time or even ahead of schedule.
5.
Who manages the properties built by the developer?
It’s also important to know the company that will be entrusted to manage the property you intend to purchase, as this will ensure how your condo unit or your entire community will be maintained. There are some real estate development firms that have their own property management arms. Find out about their competencies and track record.
-
Permalink Reply by MARIS S. TABOR on -
In checking the performance and licensed status of a certain legitimate real estate licensed broker and licensed salesman go directly to Department of Trade and Industry coz they will provide all the information of a certain licensed brokers and salesman regarding pending litigations, violations, disciplinary actions, and including the status of licensed if it is expired, active, revoke. However since we have a new law the REP. ACT 9646-R E S A, which was singed last July 2009 by our Pres. Gloria Arroyo, all duties of the DTI was already transfered to P R C - Professional Regulation Commission and we are only waiting for the (IRR) implementing guidelines which will be ready may be early March 2010. Then the P R C will provide a ROSTER LIST of all certified real estate licensed broker. For more info pls. read the REP. ACT. 9646-RESA. (2009) All complains regarding real estate licensed broker and salesman unethical irregularities will be handle by the Professional Regulation Commission LAWYER for proper investigation and penalties/its either monetary and imprisonment penalties .
Secondly, DTI/PRC dont have any direct control and no LIST of unlicensed or colorum agents/brokers in the real estate market today but the penalty is double compared to licensed brokers/salesman.
“”SEC. 29 of REP. ACT 9646 - 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.
NOTE: Pls. see RESA- REP. ACT 9646 for the penalty
RESA REP. ACT. 9646
-
Permalink Reply by Antonio C. Rances on
-
In the Philippines you need to make sure who are you dealing with licensed or unlicensed brokers or sales agent... being a licensed broker or agent is not a guarantee.
-
Permalink Reply by Antonio C. Rances on
-
Not all licensed brokers can be trusted.
-
Permalink Reply by MARIS S. TABOR on
-
THE PROFESSIONAL REGULATION COMMISSION-PRC will be incharge of REAL ESTATE BROKERS/SALESMAN. The full implementation of this LAW after the formulation of the IRR, maybe early MARCH 2010.
“”SEC. 29 of REP. ACT 9646 (2009) - 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.
NOTE: Pls. see RESA- REP. ACT 9646 for the penalty
RESA REP. ACT. 9646
-
Permalink Reply by MARIS S. TABOR on
-
REP. ACT. 9646 RESA
SEC. 22. Roster of Real Estate Service Practitioners. -The Board, in coordination with the integrated professional organization of real estate service practitioners, shall prepare, update and maintain a roster of real estate service practitioners which shall contain the names of all registered real estate service practitioners, their residence and office addresses, license number, dates of registration or issuance of certificates, and other data which.the Board may deem pertinent. Copies thereof shall be made available to the public upon request.
-
Permalink Reply by MARIS S. TABOR on
-
REP. ACT. 9646 RESA
ARTICLE IV
PRACTICE OF REAL ESTATE SERVICE
SEC. 25. Oath. — All successful examinees qualified for registration and all qualified applicants for registration without examination as well as accredited salespersons shall be required to take an oath before any member of the Board or any officer of the Commission duly authorized by the Commission to administer oaths prior to entering into the practice of real estate service in the Philippines.
SEC. 26. Professional Indemnity Insurance/Cash or Surety Bond. — All real estate brokers and private real estate appraisers shall, in addition to the oath referred to in the preceding section, be required to post a professional indemnity insurance/cash or surety bond, renewable every three (3) years, in an amount to be determined bjr the Board, which in no case shall be less than Twenty thousand pesos (P20,000.00), without prejudice to the additional requirement of the client.
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.
SEC. 28. Exemptions from the Acts Constituting the Practice of Real Estate Service. - The provisions of this Act and its rules and regulations shall not apply to the following":
(a) Any person, natural or juridical, who shall directly perform by himself/herself the acts mentioned in Section 3 hereof with reference to his/her or its own property, except real estate developers;
(b) Any receiver, trustee or assignee in bankruptcy or insolvency proceedings;
(c) Any person acting pursuant to the order of any court of justice;
(d) Any person who is a duly constituted attorney-in-fact for purposes of sale, mortgage, lease or exchange, or other similar contracts of real estate, without requiring any form of compensation or remuneration; and
(e) Public officers in the performance of their official duties and functions, except government assessors and appraisers.
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.
SEC. 30. Positions in Government Requiring the Services of Registered and Licensed Real Estate Service Practitioners. - Within three (3) years from the effectivity of this Act, all existing and new positions in the national and local governments, whether career, permanent, temporary or contractual, and primarily requiring the services of any real estate service practitioner, shall be filled only by registered and licensed real estate service practitioners.
All incumbent assessors holding permanent appointments shall continue to perform their functions without need for re appointment and without diminution of status, rank and salary grade, and shall enjoy security of tenure. However, they may not be promoted to a higher position until they meet the qualification requirements of that higher position as herein prescribed. Nothing in this Act shall be construed to reduce any benefit, interest, or right enjoyed by the incumbents at the time of the enactment of this Act. The appointing authority shall exercise his power to appoint the assessor in accordance with the provisions of this Act only when a vacancy occurs.
SEC. 31. Supervision of Real Estate Salespersons. - For real estate salespersons, no examination shall be given, but they shall be accredited by the Board: Provided, That they have completed at least two (2) years of college and have undergone training and seminars in real estate brokerage, as may be required by the Board. Real estate salespersons shall be under the direct supervision and accountability of a real estate broker. As such, they cannot by themselves be signatories to a written agreement involving a real estate transaction unless the real estate broker who has direct supervision and accountability over them is also a signatory thereto. No real estate salesperson, either directly or indirectly, can negotiate, mediate or transact any real estate transaction for and in behalf of a real estate broker without first securing an authorized accreditation as real estate salesperson for the real estate broker, as prescribed by the Board. A real estate broker shall be guilty of violating this Act for employing or utilizing the services of a real estate salesperson when he/she has not secured the required accreditation from the Board prior to such employment.
No salesperson shall be entitled to receive or demand a fee, commission or compensation of any kind from any person, other than the duly licensed real estate broker who has direct control and supervision over him, for any service rendered or work done by such salesperson in any real estate transaction.
No violation of this provision shall be a cause for revocation or suspension of the certificate of registration of the real estate broker unless there was actual knowledge of such violation or the broker retains the benefits, profits or proceeds of a transaction wrongfully negotiated by the salesperson.17
SEC. 32. Corporate Practice of the Real Estate Service. –
(a) No partnership or corporation shall engage in the business of real estate service unless it is duly registered with the Securities and Exchange Commission (SEC), and the persons authorized to act for the partnership or corporation are all duly registered and licensed real estate brokers, appraisers or consultants, as the case may be. The partnership or corporation shall regularly submit a list of its real estate service practitioners to the Commission and to the SEC as part of its annual reportorial requirements. There shall at least be one (1) licensed real estate broker for every twenty (20) accredited salespersons.
(b) Divisions or departments of partnerships and corporations engaged in marketing or selling any real estate development project in the regular course of business must be headed by full-time registered and licensed real estate brokers.
(c) Branch offices of real estate brokers, appraisers or consultants must be manned by a duly licensed real estate broker, appraiser or consultant as the case may be.
In case of resignation or termination from employment of a real estate service practitioner, the same shall be reported by the employer to the Board within a period not to exceed fifteen (15) days from the date of effectivity of the resignation or termination.
Subject to the provisions of the Labor Code, a corporation or partnership may hire the services of registered and licensed real estate brokers, appraisers or consultants on commission basis to perform real estate services and the latter shall be deemed independent contractors and not employees of such corporations.
SEC. 33. Display of License in the Place of Business. -Every registered and licensed real estate service practitioner shall establish and maintain a principal place of business and such other branch offices as may be necessary, and shall conspicuously display therein the original and/or certified true copies of his/her certificate of registration as well as the certificates of registration of all the real estate service practitioners employed in such office.
SEC. 34. Accreditation and Integration of Real Estate Service Associations. — All real estate service associations shall be integrated into one (1) national organization, which shall be recognized by the Board, subject to the approval of the Commission, as the only accredited and integrated professional organization of real estate service practitioners.
A real estate service practitioner duly registered with the Board shall automatically become a member of the accredited and integrated professional organization of real estate service practitioners, and shall receive the benefits and privileges appurtenant thereto. Membership in the accredited and integrated professional organization of real estate service practitioners shall not be a bar to membership in other associations of real estate service practitioners.
SEC. 35. Code of Ethics and Responsibilities for Real Estate Service Practitioners. - The Board shall adopt and promulgate the Code of Ethics and Responsibilities for real estate service practitioners which shall be prescribed and issued by the accredited and integrated professional organization of real estate service practitioners.
SEC. 36. Continuing Professional Education (CPE) Program. - The Board shall develop, prescribe and promulgate guidelines on CPE upon consultation with the accredited and integrated professional organization of real estate service practitioners, affiliated association of real estate service practitioners and other concerned sectors, and in accordance with such policies as may have been prescribed by the Board, subject to the approval of the Commission. The Board shall create a CPE Council that shall be composed of a chairperson coming from the Board, a member from the accredited and integrated professional organization of real estate service practitioners and a member from the academe.
SEC. 37. Enforcement Assistance to the Board. — The Board shall be assisted by the Commission in carrying out the provisions of this Act and its implementing rules and regulations and other policies. The lawyers of the Commission shall act as prosecutors against illegal practitioners and other violators of this Act and its rules. The duly constituted authorities of the government shall likewise assist the Board and the Commission in enforcing the provisions of this Act and its rules.
SEC. 38. Indication of the Certificate of Registration, Professional Identification Card/License Number, Privilege Tax Receipt (PTR) Number and Accredited Professional Organization (APO) Number. - Real estate service practitioners shall be required to indicate the certificate of registration, professional identification card, PTR number, and APO receipt number, and the date of issuance and the duration of validity on the documents he/she signs, uses or issues in connection with the practice of his/her profession.
-
Permalink Reply by MARIS S. TABOR on
-
SEC. 29 of REP. ACT 9646 - 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.
NOTE: Pls. see RESA- REP. ACT 9646 for the penalty
About
© 2010 Created by Mike.
Powered by 
.
