Opportunities in real estate-A A +A
Real Estate Updates
Monday, August 29, 2011
UNKNOWN to many, real estate under the new landscape resulting from the passage of the Real Estate Service Act (RESA) or Republic Act No. 9646 more that two years ago, offers a lot of opportunities. As compared to other professions under the Professional Regulation Commission (PRC), real estate has this different levels or categories of practice:
1. Real estate salesperson – a duly accredited person who performs service for, and in behalf of a real estate broker who is registered and licensed by the Professiobak Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.
2. Real estate broker – a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of the 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 sumilar transactions on real estate or any interest therein.
3. Real estate assessor – a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.
4. Real estate appraiser – a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.
5. Real estate consultant – a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgment on: (i) the acquisition, enhancement, preservation, utilization or disposition of lands or improvements thereon; and (ii) the conception, planning, management and development of real estate projects.
Apart from the abovementioned levels or categories of practice and the usual practice of sales and marketing where real estate brokers are known for, real estate offers new fields in government service, private and corporate practice and the academe.
As far as government service is concerned, Sec. 30 Rule IV of the Implementing Rules and Regulations of RESA states: “Positions in Government Requiring the Services of Registered and Licensed Real Estate Service Practitioners. Within three (3) years from the effectivity of R. A. No. 9646, all existing and new positions in the national and local governments, whether career, permanent, temporary or contractual, primarily requiring the services of any real estate service practitioner, shall be filled only by registered and licensed real estate service practitioners.”
In the corporate practice of real estate service, the following rules shall be observed:
1. The partnership or corporation shall regularly submit a lists of its practitioners to PRC and SEC as part of its annual report requirements. There shall be at least one (1) licensed real estate broker for every twenty (20) accredited salespersons.
2. Divisions or departments of partnerships or corporations engaged in marketing or selling must be headed by a full-time registered and licensed real estate broker.
3. Branch offices of real estate service entities must be manned by a duly licensed real estate broker, appraiser or consultant as the case may be.
With a four-year course to be required for those who will take the licensure examination for the practice of real estate, it is expected that educational institutions will be at the forefront to offer this required courses by the school year 2012 – 2013. Sec. 14 Rule III of RESA IRR states: “Provided further, that as soon as a course leading to a Bachelor’s degree in Real Estate Service is implemented by the CHED (Commission on Higher Education), the Board shall make this course a requirement for taking the licensure examination.”
There is an urgent need therefore for real estate practitioners to serve this new field of practice in the academe. The law requires that the Regulatory Board of Real Estate Service prescribe, the essential requirements as to the curricula and facilities of schools offering real estate courses in real estate service, and that such requirements including the employment of qualified faculty members are properly complied with.
Real estate in government service, private and corporate practice and the academe? Make your choice.
(The writer is a Certified Public Accountant and president of the Baguio Realtors Board, Inc. Apart from being a recognized Real Estate Practitioner as a Real Estate Broker and Educator, Lecturer and Resource Person, he is likewise a Business Management/ NGO/Cooperative Consultant, Project Development Consultant, Financial Advisor/Loan Broker and Columnist. For comments and more information of Real Estate Updates and Studies, you may get in touch with him at No. 04 Old Forestry Compound, Baguio City 2600, Tel. No (074) 427-1971/ Cell Nos. 09109302753/09163188274 or email: email@example.com/ firstname.lastname@example.org).
Published in the Sun.Star Baguio newspaper on August 29, 2011.