ONE of the distinguishing features of the new real estate law mandated under the Real Estate Service Act (RESA), Republic Act No. 9646, is the creation of a Professional Regulatory Board of Real Estate Service (PRB-RES) or simply the "Board." Operating under the Professional Regulation Commission (PRC) which exercises supervisory and administrative control over the real estate practice and other professional service practices, PRB-RES shall have the overall supervision, administration and regulation of real estate service practice in the Philippines.

Updates on President Benigno Aquino III's presidency

Composition of the Board

The PRB-RES shall be composed of five members, a chairperson and four members who shall be appointed by the President of the Philippines. Since there are different levels of position or classifications in the practice of Philippine real estate, namely: Real Estate Consultant, Real Estate Appraiser, Real Estate Assessor (Government Appraiser) and Real Estate Broker, the members of the Board shall be allocated among these positions or categories.

The process of selecting the five (5) members of real estate service board will be as follows:

1. The accredited and integrated professional organization (APO) of real estate service practice shall submit five (5) nominees per position or category to PRC.

2. From these nominees selected by the APO, PRC shall select three (3} recommendees per position or category for submission to the Office of the President.

3. From the recommendees chosen by PRC, the President shall select the five (5) final members who will compose the Board of Real Estate Service Practice. Two (2) of the members of the Board shall represent the government assessors and appraisers, who are both required to be active in government service.

Qualifications of PRB-RES Members

All appointed members of the Board shall possess the following qualifications at the time of their appointment:

1. Citizen and resident of the Philippines.

2. Holder of a bachelors degree related to real estate.

3. An active licensed practitioner of real estate service for at least 10 years prior to his/her appointment.

4. A bona fide member in good standing of the APO of real estate service practitioners but not an officer or trustee at the time of his/her appointment.

5. Neither be a member of the faculty of an institute, school, college or university, nor have any interest in any institution or association where review classes or lectures in preparation for the licensure examination for real estate practice are being offered or conducted.

6. Of good moral character and must not have been convicted of final judgment by a competent court of a criminal offense involving moral turpitude.

Since the RESA is still in its infancy stage of its life, the requirement No. 2 above, being a holder of a bachelor’s degree related to real estate is not yet strictly being enforced. Eventually, however, this will be a requirement since a bachelors degree in real estate will now be offered in colleges and universities nationwide.

Term of Office

The chairperson and the members of PRB-RES shall hold office for a term of three (3) years from the date of their appointment and until their successor/s shall have been appointed. They may be reappointed for a second term but in no case shall he/she serve continuously for more than six (6) years. Any vacancy in the Board shall be filled for the unexpired portion of the term of the chairperson/member/s who vacated the position/s.

Under the RESA rules and regulations, the members of the first appointed Board shall hold office for the following terms: one (1) member as chairperson, to serve for three (3) years; two (2) members, to serve for two (2) years and two (2) members, to serve for one (1) year. On the constitution of the first Board, the chairperson and the members of the PRB-RES shall automatically be registered and issued Certificates of Registration (COR) and Professional Identification (ID) cards. Each members of the Board shall take the proper oath of office prior to the assumption of duty.

The composition of the first Board of Real Estate Practice are: Hon. Eduardo Gutierrez-Ong, Chairman; Hon. Ramon C. F. Cuervo III, Hon. Bansan C. Choa, Hon. Rafael M. Fajardo and Hon. Florencio C. Dino II, Members. They took their oath and were sworn into office in Malacanang by former President Gloria M. Arroyo last March 2010.

Compensation and Allowances

The Chairperson and Members of the Board shall receive compensation and allowances comparable to the compensation and allowances received by the chairman and the members of existing professional regulatory boards under PRC. This is provided for in the General Appropriations Act, the Salary Standardization Law and the Joint Circular issued by PRC and DBM (Department of Budget and Management).

Supervision and Operations

PRB-RES shall be under the general supervision and administrative control of PRC. As such all records of the Board, including application for examination, examination papers and results, minutes of deliberations, administrative and other investigative cases involving real estate practitioners and practice, shall be kept by PRC.

Likewise, PRC shall designate the secretary of the PRB-RES and shall provide the secretariat and other support services necessary to implement the provision of RESA subject to the usual government accounting and auditing rules and regulations. (To be continued nest week)

-oOo-

(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 #0970-930-2753