On 29 June 2009, a game changer in professionalizing & controlling real estate broker practice in the Philippines real estate industry was approved. This game changer was called the Real Estate Service Act, or RESA Law.
Before, being a broker was under the Department of Trade and Industry (DTI), but since a big move to professionalize the practice of real estate took a monumental shift when RESA Law 9646 was approved, brokers are now under the Philippine Regulatory Commission (PRC). This clears that a broker is now a professional and licensed to practice.
What is a licensed professional broker
According to section 3 of RESA Law 9646, a licensed professional broker is a duly registered & licensed natural person, who for a professional fee, commission or other valuable consideration, acts as an agent, of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.
Benefits of engaging a licensed real estate broker
A licensed real estate broker is qualified to maintain their knowledge and expertise in various processes such as paperwork, law enforcement and tax compliance, respectively.
You must be confident that he / she is genuinely qualified and competent to practice real estate while hiring or sourcing a real estate broker. By doing that, you can request a copy of their PRC ID and check if the card carrying members or affiliates of established Real Estate Organizations sanctioned by the Securities & Exchange Commission (SEC).
A licensed broker is required to practice his profession according to the Code of Ethics. It allows them to act in a professional manner.
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