THE Davao Board of Realtors Foundation, Inc (DBRFI) warned about the rampant practice of unlicensed real estate practitioners as almost half of the real estate transactions in Davao City go to the "colorum."
According to DBRFI president Hardinado Patnugot, Jr., during Kapehan sa Dabaw last Monday, May 15 at SM City Davao, they launched a program which they called Yakap, Your Anti-Kolorum Advocacy Program.
“It’s an act of embracing our fellow real estate practitioners who are have not yet been registered and licensed. This is a livelihood. It’s difficult if we remove their livelihood just because they’re colorum. We want to draw them to our organization, train them, so they can be professional,” said Patnugot.
He said as mandated by law, real estate brokers, appraisers, and consultants should be licensed. He added even some of their client land owners and property owners in the city are not aware of this law.
Sometimes, their primary concern is to have their property sold not anymore verifying if the person they are negotiating with is a licensed real estate practitioner.
“We are trying to educate also, not only the unlicensed real estate practitioners but also the land owners or the property owners to deal with licensed real estate practitioners because a lot of our commissions goes to their own pocket where if you deal with licensed real estate brokers, it will help the government because of the taxations," Philippine Association of Realtors Boards (Pareb) vice president for Mindanao Roy Rabor added.
Patnugot urged everyone to verify the licenses background of the real estate practitioner they are dealing with for their own security.
“If they deal with licensed real estate brokers, in the event that investors or property owners have complaints, they can go to the Philippine Regulatory Commission and file complaint to the professional. They will be assisted,” he said.
He then added that according to Republic Act 9464 or the Real Estate Service Act of the Philippines, licensed real estate practitioners who are proven to have committed infraction can be penalized with P100,000 and two years imprisonment. This will possibly be doubled to P200,000 and four years of imprisonment if the violator is not a licensed practitioner.