A challenge to aspiring real estate professionals (part 2)-A A +A
Tuesday, September 14, 2010
IN THE ongoing saga of aspiring real estate professionals in their continuous quest for a place in the real estate business arena, they have to prove their worth, competence and capability to tackle the required task in the demanding real estate practice as they have to hurdle the first test of passing the licensure examination given by the PRC (Professional Regulation Commission) and the PRB-RES (Professional Regulatory Board of Real Estate Service). These are the important provisions embodied in the new real estate law, the Real Estate Service Act (RESA) of 2009 under Republic Act (RA) No. 9646.
As proof of their acceptance in the realty service profession, a Certificate of Registration (COR) and a Professional Identification (ID) Card shall be given to successful examinees who pass the licensure examination for real estate service practice. The COR which bears the signatures of the PRC Chairperson, Chairperson and members of the Board (PRB-RES), stamped with the seal of PRC, shall indicate that the person named therein is entitled to practice the real estate service profession with all the benefits and privileges appurtenant thereto. It shall remain in full force and effect until revoked or suspended in accordance with RA No. 9646.
On the other hand, the Professional ID Card issued to qualified practitioners shall bear the registration number, date of issuance and expiry date, duly signed by the PRC Chairperson. It shall be renewed every three (3) years and upon satisfying the requirements of PRB-RES such as, but not limited to, attendance in the CPE (Continuing Professional Education) Program. In the case of real estate brokers and private real estate appraisers, they shall be required to post a professional indemnity insurance/cash or surety bond, in an amount to be determined by PRB-RES but which in no case shall be less than Twenty Thousand Pesos (P20,000), without prejudice to the additional requirement of the client. Such bond posted shall coincide with the period of life or effectivity of the issued Professional ID Card.
Can the PRB-RES refuse to accept and register any successful examinee? The answer is yes, under Section 18 Rule III of the RESA Rules and Regulations, "The Board (which is the PRB-RES) shall not register and issue a certificate of registration to any successful examinee who has been convicted by a court of competent jurisdiction of any criminal offense involving moral turpitude or has been found guilty of immoral or dishonorable conduct after investigation by the Board, or has been found to be psychologically unfit." It is understood however that due process had been observed in this extreme case of the refusal of PRB-RES to accept and register an aspiring real estate professional.
Issuance of Special/Temporary Permit
There are instances where PRC and PRB-RES may issue special/temporary permit. "Upon application and payment of the required fees and subject to approval by the Commission (PRC), the Board (PRB-RES) may issue special/temporary permit to real estate service practitioners from foreign countries whose services are urgently needed in the absence or unavailability of local real estate service practitioners for the purpose of promoting or enhancing the practice of the profession in the Philippines." (Section 23 Rule III, RESA Rules and Regulations)
These special/temporary permit shall apply only in case of the so-called "foreign reciprocity rule." This rule states that no foreign real estate service practitioner be admitted to the licensure examination, be given a COR or professional ID card, or be entitled to any of the privileges under RA No. 9646 and the IRR unless the country of which such foreign practitioner/s allows Filipino real estate practitioners to practice within its territorial limits on the same basis as the citizens of such foreign country. To illustrate, if a Filipino real estate practitioner is allowed to practice his/her profession in Canada, then under the "foreign reciprocity rule" of RESA, we can also allow a Canadian real estate professionals to practice their profession in the Philippines.
To continuously enjoy the benefits and privileges enjoyed by a real estate service professional, he/she must ensure that the practice is above board. There are instances that PRB-RES may revoke or suspend the COR, Professional ID Card or cancellation of Special/ Temporary Permit. The following are instances where the Board may suspend the realty practitioner from the practice of the profession:
1. Procurement of COR and/or Professional ID Card or Special/Temporary Permit by fraud or deceit;
2. Allowing an unqualified person to advertise or to practice the profession by using one's COR or professional ID card or special/temporary permit;
3. Unprofessional or unethical conduct;
4. Malpractice or violation of any of the provisions of RA No. 9646, the IRR, the Code of Ethics and Responsibilities for real estate service practitioners; and
5. Engaging in the practice of the profession during the period of one's suspension.
As in any other investigative procedures, due process would have to be observed and followed. In this regard, the rules on administrative investigation issued by the PRC shall govern the hearing or investigation of the case, subject to the applicable provisions of RA No. 8981, RA No. 9646, and the Rules of Court.
Reinstatement, Re-issuance or Replacement of COR, Professional ID Card and Special/ Temporary Permit
PRB-RES may reinstate any revoked COR, reissue a suspended professional ID card and exempt the applicant from taking another examination following these guidelines or requisites:
1. A period of two (2) years from the date of revocation or suspension had lapsed.
2. Upon application for reinstatement and compliance with CPE units and other requirements.
3. For reasons deemed proper and sufficient by the Board.
4. To formalize the reinstatement, PRB-RES shall issue a resolution subject to PRC approval in granting a petition for reinstatement to the practice of real estate service profession.
Copies of the roster of Real Estate Service Practitioners can be made available to the public upon request.
At the end of the day, the aspiring practitioner can look forward to become a respected professional real estate service practitioner whose standards of practice, technical competence, responsibility and service is recognized and accepted as globally competitive, aside from its premium of lucrative and rewarding benefits.
(The writer is a Certified Public Accountant and the 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 and Financial Advisor/Loan Broker. 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, Tel. Nos. 427-1971 or 426-7582/ Cell No. 0910-930-2753 or email: email@example.com/ firstname.lastname@example.org)
Published in the Sun.Star Baguio newspaper on September 14, 2010.