With the recent approval of the RA 9646 last June 29, 2009, and the subsequent release of the Implementing Rules and Regulation (IRR) of the same law through Resolution No. 2 Series of 2010 (dated July 21, 2010), the practice of real estate brokerage has indeed became truly professionalized.
Henceforth, the issuance of the licenses of brokers will now be done by the Professional Regulation Commission (PRC).
There is a also heftier penalty for illegal practice of real estate brokerage : a maximum of four (4) years imprisonment, or P 200,000.00 fine, or both such fine and imprisonment. We hope that the other professions moonlighting into the real estate service practice should take note! Ditto to some unscrupulous regulatory government officers who regularly dips their hands into this profession with impunity. 🙂
If one wants to practice this profession, then he should get a proper license just like everyone else.
Take note also that issuing a Special Power of Attorney (SPA) to a friend, relative, or other people to sell ones property is still okay – provided that the SPA should not specify any commission or professional fee for that service – otherwise it shall clearly be a practice of real estate brokerage -which under RA 9646 is illegal if one is not duly licensed.
Hopefully to be finally gone will be the days of fly-by-night sales persons who preys on unsuspecting property owners, and charges more than the standard industry practice for their commissions (now also called under RA 9646 as professional fee) – and whose unprofessionalism gives legit brokers a bad name.
During the interim period when the existing brokers has already applied for their license with the PRC, can they already practice their profession?
Yes, of course! While it is still under process they can already proceed with practicing their profession. However, after July 30, 2011 this is no longer allowed. This is contained in the joint DTI and PRC Memo dated 14 January 2010, as follows:
TO ALL REAL ESTATE DEVELOPERS
& REAL ESTATE SERVICE PRACTITIONERS
“Pending the appointment of the Chairman and Members of the Professional Regulatory Board of Real Estate Service (PRBRES), pursuant to Republic Act No. 9646, all Real Estate Brokers, Real Estate Appraisers and Real Estate Consultants, whose licenses issued by the Department of Trade and Industry (DTI) expired on December 31, 2008 and onwards, are required to file their application for registration without examination under Section 20, Article III of R.A. No. 9644 [sic? 9646] from January 12, 2010 to July 30, 2011, stamped received by the Professional Regulation Commission and/or the PRBRES. Such application shall be deemed proof of authority for the lawful exercise of their profession until such time that the PRC and the PRBRES shall have approved it.
For the guidance of all concerned, the contact address of the PRC is P. Paredes St., Sampaloc, Manila,
Attention : Office of the PRB Secretary
Manila, 12 January 2010
(Sgd. ) NICOLAS P. LAPEŇA, JR. (Sgd.)VICTORIO MARIO A. DIMAGIBA
Professional Regulation Commission Bureau of Trade Regulation & Consumer Protection
Department of Trade and Industry ”
Several Real Estate Brokers from Iligan City has already applied for their license with the PRC last year. The undersigned has also joined the herd and applied last October 29, 2010 also with the PRC.
Like the rest, we are just waiting with bated breath for the processing, and God willing for the approval of our licenses.
A new profession at any stage of life is like adventure. And just as Capt. Kirk said in Star Trek to boldly go where no man has gone before, so we also say (tongue-in-cheek, lol) ad eundum quo nemo ante iit.
Yeah, sort of ! 🙂