IT HAD been more than a year since the Real Estate Service Act (RESA) was in effect and one (1) week when the Implementing Rules and Regulations (IRR) also took, effect. During these periods, we have received numerous queries as to the requirements for realty practitioners to obtain or renew their license, this time under the Professional Regulatory Board of Real Estate Service (PRB-RES) and the Professional Regulation Commission (PRC) under RESA.
Allow me to reiterate the requirements for licensing as mandated by the new real estate law and its rules and regulations. Under Section 14, Rule
III of the IRR, the qualification of applicants for examination are:
1. Filipino citizen.
2. Holder of a bachelor's degree in college.
3. Of good moral character, and must not have been convicted of any crime involving moral turpitude.
4. Real estate consultant applicants must show proof that he/she has at least 10 years experience as a licensed real estate broker or at least five years experience as a licensed real estate appraiser.
In order that a candidate may be deemed to have successfully passed the examination, he/she must have obtained an average of at least seventy-five percent in all subjects, with no rating below fifty percent in any subject. The results of the licensure examination shall be released by the PRB-RES and PRC within ten (10) days from the last day of the examination. (Sections 15 and 16, Rule ZD, IRR)
As we have mentioned before, the categories of practice in real estate include the following "Real estate service practitioners:" [Section 3(g)
Rule I, IRR] 1. Real estate consultant; 2. Real estate appraiser; 3. Real
estate assessor; 4. Real estate broker; and 5. Real estate salesperson.
All duly registered and licensed real estate service practitioners shall be issued a Certificate of Registration (COR). The COR shall bear the signature of the chairperson of PRC and the chairperson and the members of the PRB-RES. The issued COR shall indicate that the person named therein is entitled to practice the profession in the Philippines with all the benefits and privileges included thereat.
Apart from the COR, a professional identification (ID) card bearing the registration number, date of issuance and expiry date, signed by the chairperson of PRC shall likewise be issued to real estate service practitioners. The professional ID card shall be renewed every three years and upon the fulfillment of the requirements of PRB-RES which includes attendance in the Continuing Professional Education (CPE) Program. (Section 17, Rule HI, IRR)
For Department of Trade and Industry (DTI) license holders and those who passed the previous DTI examinations but failed to obtain their license upon the effectivity of RESA on July 30, 2009, please take note of this: Section 20, Rule III, IRR allows the registration of these concerned persons without taking the required licensure examinations conducted by PRC and PRB-RES under RESA.
Real Estate Consultants, Appraisers and Brokers
"Those who, on the date of the effectivity of R.A. No. 9646 or as of 30
July 2009, are already licensed real estate brokers, appraisers or consultants by DTI by virtue of Ministry Order No. 39, as amended. Provided, that they are in active practice as real estate brokers, appraisers and consultants, and that they have undertaken relevant Continuing Professional Education (CPE) or Continuing Education Program (CEP) to the satisfaction of the Board (PRB-RES)."
Prior to the issuance of the COR and professional ID card, the above-mentioned practitioners must have complied with the required CPE credit units as follows:
1. Active licensees or holder of a valid DTI license - must earn fifteen
(15) CPE credit units.
2. Those who failed to renew their DTI license prior to 30 July 2009 - must earn at least twenty-four (24) CPE credit units.
3. Those who passed the 2009 & 2008 licensure examination given by DTI but failed to obtain their license on 30 July 2009 - must have fifteen (15) CPE credit units.
4. Those who passed the 2007 licensure examination given by DTI but failed to obtain their license on 30 July 2009 - must earn at least eighteen CPE credit units.
5. Those who passed the DTI examinations for 2006 and prior years but failed to obtain their license on 30 July 2009 - must comply with one hundred twenty (120) CPE credit units.
Real Estate Assessors and Government Appraisers
Also included in the practitioners who are exempted from taking the licensure examination and can therefore register with the PRC/PRB-RES are these persons:
1. Assessors and appraisers who, as of July 30, 2009, hold permanent appointments and are performing actual appraisal and assessment functions for the last five (5) years, have passed the Real Property Assessing Officer (RPAO) examination and have undertaken twenty-four (24) CPE credit units.
2. Assessors and appraisers who, as of July 30, 2009, hold permanent appointments and have at least ten (10) years actual experience in real property appraisal and assessment and have completed one hundred twenty
(120) hours of accredited training conducted by national or international appraisal organizations and have likewise undertaken twenty-four (24) CPE credit units.
In this regard, all real estate service practitioners, whether coming from the private or government sector, have until July 30, 2011 or less than a year to register and comply with the various requirements such as attendance in CPE seminars and trainings. Those realty practitioners coming from the private sector shall be required to take the Real Estate Board Examination upon their failure to register and comply with all the requirements of RESA and its IRR after the July 30, 2011 deadline.
The challenge to real estate professionals have just began. The road ahead is a rough and bumpy journey. These tests will try the mettle for realty practitioners to overcome. It will either break or make them worth their calling as "professionals."
(The writer is a Certified Public Accountant and the president of the Baguio Realtors Board, Inc. Apart from being a 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 on Real Estate Updates and Studies, you may get in touch with him at Unit 303 3/F Otek Square, Otek St., Baguio City, Tel. Nos. 427-1971 or 426-7582/ CP #0910-930-2753 or email: bert capili&nahoo.com / bertcapili65(Shotmail.com )