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ARTICLE I
TITLE, DECLARATION OF POLICY AND DEFINITION OF TERMS
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ARTICLE I, SECTION 1
Title
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ARTICLE I, SECTION 2
Declaration of Policy
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ARTICLE I, SECTION 3
Definition of Terms
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ARTICLE II
PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE
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ARTICLE II, Section 4
Creation and Composition of the Board
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ARTICLE II, SECTION 5
Powers and Functions of the Board
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ARTICLE II, SECTION 6
Qualifications of the Chairperson and Members of the Board
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ARTICLE II, SECTION 7
Term of Office
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ARTICLE II, SECTION 8
Compensation and Allowances of the Chairperson and Members of the Board.
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ARTICLE II, SECTION 9
Removal of the Chairperson and Members of the Board
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ARTICLE II, SECTION 10
Supervision of the Board, Custodian of its Records, Secretariat and Support Services.
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ARTICLE II, SECTION 11
Annual Report
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ARTICLE III
LICENSURE EXAMINATION AND REGISTRATION
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ARTICLE III, SECTION 12
Licensure Examination
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ARTICLE III, SECTION 13
Scope of Examination
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ARTICLE III, SECTION 14
Qualification of Applicants for Examinations.
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ARTICLE III, SECTION 15
Ratings in the Examination. – 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 (75%) in all subjects, with no rating below fifty percent (50%) in any subject.
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ARTICLE III, SECTION 16
Release of the Results of Examination. – The results of the licensure examination shall be released by the Board within ten (10) days from the last day of the examination.
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ARTICLE III, SECTION 17
Issuance of the Certificate of Registration and Professional Identification Card
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ARTICLE III, SECTION 18
Refusal to Register
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ARTICLE III, SECTION 19
Revocation or Suspension of the Certificate of Registration and the Professional Identification Card or Cancellation of Special/Temporary Permit
- The Board may, after giving proper notice and hearing to the party concerned, revoke the certificate of registration and the professional identification card, or cancel the special/temporary permit of a real estate
- service practitioner, or suspend him/her from the practice of the profession on any of the following instances hereunder:
(a) Procurement of a certificate of registration and/or professional identification card, or special/temporary permit by fraud or deceit;
- (b) Allowing an unqualified person to advertise or to practice the profession by using one’s certificate of registration or professional identification card, or
- special/temporary permit;
(c) Unprofessional or unethical conduct;
- (d) Malpractice or violation of any of the provisions of this Act, its implementing rules and regulations, and the Code of Ethics and Responsibilities for real estate
- service practitioners; and
(e) Engaging in the practice of the profession during the period of one’s suspension.
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ARTICLE III, SECTION 20
- Registration Without Examination, – Upon application and payment of the required fees, the following shall be registered, and shall be issued by the Board and the Commission a certificate of registration and a professional identification card without taking the prescribed examination:
- (a) Those who, on the date of the effectivity of this Act, are already licensed as real estate brokers, real estate appraisers or real estate consultants by the Department of Trade and Industry (DTI) by virtue of Ministry Order No. 39, as amended: Provided, That they are in active practice as real estate brokers, real estate appraisers and real estate consultants, and have undertaken relevant CPE to the satisfaction of the Board;
- (b) Assessors and appraisers who, on the date of the effectivity of this Act, 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 conducted and administered by the Civil Service Commission (CSC) in coordination with the Department of Finance (DOF), and have undertaken relevant CPE to the satisfaction of the Board; and
(c) Assessors and appraisers who, on the date of the effectivity of this Act, hold permanent appointments and have at least ten (10) years actual experience in real property appraisal or assessment and have completed at least one hundred twenty (120) hours of accredited training on real property appraisal conducted by national or international appraisal organizations or institutions/entities recognized by the Board and relevant CPE to the satisfaction of the Board.
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ARTICLE III, SECTION 21
SEC. 21. Reinstatement, Reissuance or Replacement of Certificate of Registration, Professional Identification Card and Special/Temporary Permit.
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ARTICLE III, SECTION 22
SEC. 22. Roster of Real Estate Service Practitioners
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ARTICLE III, SECTION 23
SEC. 23. Issuance of Special/Temporary Permit.
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ARTICLE III, SECTION 24
SEC. 24. Foreign Reciprocity
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ARTICLE IV, SECTION 25
Oath
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ARTICLE IV, SECTION 26
Professional Indemnity Insurance/Cash or Surety Bond
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ARTICLE IV, SECTION 27
Acts Constituting the Practice of Real Estate Service
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ARTICLE IV, SECTION 28
Exemptions from the Acts Constituting the Practice of Real Estate Service
(a) Any person, natural or juridical, who shall directly perform by himself/herself the acts mentioned in Section 3 hereof with reference to his/her or its own property, except real estate developers;
(b) Any receiver, trustee or assignee in bankruptcy or insolvency proceedings;
(c) Any person acting pursuant to the order of any court of justice;
(d) Any person who is a duly constituted attorney-in-fact for purposes of sale, mortgage, lease or exchange, or other similar contracts of real estate, without requiring any form of compensation or remuneration; and
(e) Public officers in the performance of their official duties and functions, except government assessors and appraisers.
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ARTICLE IV, SECTION 29
Prohibition Against the Unauthorized Practice of Real Estate Service
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ARTICLE IV, SECTION 30
- SEC.
- 30. Positions in Government Requiring the Services of Registered and Licensed Real Estate Service Practitioners. – Within three (3) years from the effectivity of this Act, all existing and new positions in the national and local governments, whether career, permanent, temporary or contractual, and primarily requiring the services of any real estate service practitioner, shall be filled only by registered and licensed real estate service practitioners.
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ARTICLE IV, SECTION 31
SEC. 31. Supervision of Real Estate Salespersons
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ARTICLE IV, SECTION 32
SEC. 32. Corporate Practice of the Real Estate Service
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ARTICLE IV, SECTION 33
Display of License in the Place of Business
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ARTICLE IV, SECTION 34
Accreditation and Integration of Real Estate Service Associations.
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ARTICLE IV, SECTION 35
Code of Ethics and Responsibilities for Real Estate Service Practitioners
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ARTICLE IV, SECTION 36
SEC. 36. Continuing Professional Education (CPE) Program
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ARTICLE IV, SECTION 37
SEC. 37. Enforcement Assistance to the Board
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ARTICLE IV, SECTION 38
SEC. 38. Indication of the Certificate of Registration, Professional Identification Card/License Number, Privilege Tax Receipt (PTR) Number and Accredited Professional Organization (APO) Number.
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ARTICLE V
PENAL AND FINAL PROVISIONS
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ARTICLE V, SECTION 39
- SEC. 39. Penal Provisions, – Any violation of this Act, including violations of implementing rules and regulations, shall be meted the penalty of a fine of not less than One hundred thousand pesos (P100,000.00) or imprisonment of not less than two (2) years, or both such fine and imprisonment upon the discretion of the court. In case the violation is committed by an unlicensed
- real estate service practitioner, the penalty shall be double the aforesaid fine and imprisonment.
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ARTICLE V, SECTION 40
SEC. 40. Appropriations
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ARTICLE V, SECTION 41
- SEC. 41, Transitory Provision. – Within ninety (90) days from the effectivity of this Act, the DTI – Bureau of Trade Regulation and Consumer Protection (BTRCP) shall transfer all pertinent records, documents and
- other materials to the Professional Regulatory Board of Real Estate Service.
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ARTICLE V, SECTION 42
SEC. 42. Implementing Rules and Regulations. – Within six (6) months after the effectivity of this Act, the Commission, together with the Board and the accredited and integrated professional organization of real estate service practitioners, the Department of Finance, and the CHED, shall prepare the necessary rules and regulations, including the Code of Ethics and Responsibilities for real estate service practitioners, needed to implement the provisions of this Act.
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ARTICLE V, SECTION 43
Separability Clause
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ARTICLE V, SECTION 44
SEC. 44. Repealing Clause
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ARTICLE V, SECTION 45
SEC. 45. Effectivity. – This Act shall take effect fifteen (15) days following its publication in the Official Gazette or in a major daily newspaper of general circulation in the Philippines.
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