THE Pareb-Cebu Real Estate Board Inc. (Cereb) is pushing for ethical practices and professionalism among realtors and real estate salespersons to protect property buyers.
Pareb-Cereb president Marianne Neri said their association has been involved in the Bantay Colorum campaign before the pandemic.
“The main mission is to revisit, realign ourselves with the purpose of really registering and accrediting, to do the professional way of venturing into real estate,” she said on Monday.
She warned there are now individuals who are not accredited as required by law but are involved in real estate transactions.
“It’s very serious now especially since there are unlicensed agents who are practicing real estate services,” she noted.
Section 29 of Republic Act 9646 or the Real Estate Service Act (Resa) prohibits the unauthorized practice of real estate service.
Only those who passed the licensure examination given by the Philippine Regulatory Board of Real Estate Service (PRBRES) of the Professional Regulation Commission (PRC) are allowed to provide real estate service.
They are then issued by PRBRES and PRC valid certificates of registration, and professional identification card or a valid special/temporary permit.
Pareb-Cereb past president Marilou Cañizares also disclosed that some foreigners are now engaged in real estate transactions by using lawyers and real estate brokers although they are not allowed to do so.
She explained that under Section 24 of the Resa Law on Foreign Reciprocity, a foreign national can only be issued accreditation to practice the real estate profession in the Philippines if his/her country of origin allows Filipinos to engage in the real estate trade.
These foreign nationals are able to do so because they are condoned by some real estate brokers, said Cañizares.
She disclosed that some Koreans and Japanese are doing real estate transactions with their countrymen but coursing these through some real estate brokers. “It can cost you (real estate brokers) your license. It’s very specific in the law that brokers fee should never be shared with non-accredited real estate agents,” she warned. (with PR)