RESA Law - Real Estate Service Act

Comprehensive Real Estate Seminar & Review (CRESAR) for March 2011 Real Estate Brokers' Licensure Examination

2010-12-29T17:10:00.001+08:00

The PAREB-Pasig Realtors Board Inc. (PRB) invites you to attend the Comprehensive Real Estate Seminar and Review (CRESR)in preparation for the upcoming licensure examination for Real Estate Brokers scheduled on March 27, 2011, where aspiring real estate brokers won’t need to take a 4-year bachelor course on real estate. The licensure examination is in compliance to Article III Section 12 of the Real Estate Service Act of the Philippines or the RA 9646.

The 120-training hours, required by the Professional Regulatory Commission (PRC) and by the Professional Regulatory Board for Real Estate Service (PRB-RES), is in accordance to Article III Section 14 b of the Implementing Rules and Regulation (IRR) of the RESA Law:

“A holder of a relevant bachelor’s degree from a state university or college, or other educational institution duly recognized by the CHED: Provided, That he/she has completed at least one hundred twenty (120) credit units of real estate subjects and training from accredited service providers, as may be determined by the Board; Provided, further, That as soon as a course leading to a Bachelor’s degree in Real Estate Service is implemented by the CHED, the Board shall make this course a requirement for taking the licensure examination.”

PAREB-Pasig Realtors Board Inc. will initially conduct a 60-hour classroom training which is slotted on January 17, 19, 21, 24, 26, February 2 and 4 with the seminar fee of Php 10,000. Inclusive of the seminar or review are the morning and afternoon snacks, lunch and coffee, the seminar materials and the certificate of attendance.

The lecturer or the resource speaker will be Atty. Ariel T. Martinez, one of the most sought after speaker and lecturer in the country.

To all who aspire to become Licensed Real Estate Broker, this is the opportunity that will lead you to become a Professional Real Estate Broker in the country.

Very truly yours,

EMANUEL C. FLORENDO
President and Chair, PRB CRESAR Committee

SCOPE OF EXAMINATION:

The licensure examination for the applicants for real estate brokers shall cover, but not limited to, the following:

Fundamentals of property ownership;

Code of Ethics and Responsibilities;

Legal Requirements for Real Estate Service Practice;

Real Estate Brokerage Practice;

Subdivision Development;

Condominium Concept and Other Types of Real Estate Holdings;

Real Estate Finance and Economics;

Basic Principles of Ecology;

Urban and Rural Land Use;

Planning, Development and Zoning;

Legal Aspect of Sale, Mortgage and Lease;

Documentation and Registration;

Real Property Laws and Taxation; and

any other related subjects as may be determined by the Board

LOCATION: (Click Image to Enlarge)

For more information, please contact:
Vicky Collantes-910.5546/0922.834.0653

Attention: Real Estate Consultants/Appraisers/Brokers the 1st Batch of registrant without Examination approved by PRC has been released!!!

2010-11-15T11:52:00.001+08:00

Congratulations to all those Real Estate Consultants, Appraisers and Brokers that has been approved by the Professional Regulatory Commission. The first batch that has been approved last October 2010 has already been released in public last November 8, 2010 in the PRC website and was also published at Manila Bulletin last November 10, 2010.

It states that 10 Real Estate Consultants, 33 Real Estate Appraisers and 531 Real Estate Brokers applicants were approved for registration without examination by the Examination Committee for Real Estate Service in Manila

The members of the Board of Real Estate Broker are Dr. Eduardo G. Ong, Chairman; Hon. Bansan C. Choa, Hon. Ramon C.F. Cuervo III, Hon. Florencio C. Dino II and Hon. Rafael M. Fajardo , Members.

Registration for the issuance of Professional Identification Card (ID) and Certificate of Registration will start on Tuesday, November 9, 2010 but not later than November 19, 2010. Those who will register are required to bring the following: duly accomplished Oath Form or Panunumpa ng Propesyonal, current Community Tax Certificate (cedula), 2 pieces passport size picture (colored with white background and complete name tag), 1 piece 1x1 picture (colored with white background and complete name tag), 2 sets of metered documentary stamps, and 1 short brown envelope with name and profession; and to pay the Initial Registration Fee of P600 and Annual Registration Fee of P450 for 2010-2013. Registrants are required to personally register and sign in the Roster of Registered Professionals.
The oath taking ceremony will be held before the Board on Monday, November 29, 2010, at 1:00 clock in the afternoon at the Fiesta Pavillion, Manila Hotel, One Rizal Park, Roxas Boulevard, Manila.

Selling of oath taking tickets will be from November 9, 2010 until November 26, 2010 only.

For those who have not yet applied for their licensed, submit your application now and be the next batch to be included in the newly professionalized world of Real Estate in the Philippines

A look at the RESA Law

2010-10-02T11:41:00.000+08:00

Philippine Star

October 1, 2010

By: Atty. Manuel M. Serrano

MANILA, Philippines - Throughout the country real estate developers are up in arms over certain provisions of R.A. 9646, also known as the “Real Estate Service Act of the Philippines” (RESA), which regulates the practice of real estate service in the Philippines, creating for the purpose a Professional Regulatory Board of Real Estate Service (PRBRES) and its subsequent funding.

Much of the protestations stem from Sections 28 (a) and 29 of the RESA Law, which prohibit real estate developers from practicing real estate service in the country. To many developers the practice of real estate service, which includes offering, advertising, soliciting, listing, promoting, negotiating and selling of real estate is not only an integral part of their business but an inherent right. Having invested millions in the development of their projects developers have much to lose in the business and it is only fitting that they provide not only quality products but quality real estate service as well.

More important is the fact that real estate developers have acquired, through years of practice and experience, greater knowledge, expertise, vision and professionalism in providing real estate service. For developers to go to brokers and middlemen, most of whom are in their employ anyway, is illogical, to say the least. Because developers, whether natural or juridical, place greater premium on giving quality service compared with brokers and middlemen whose major interest is to earn as high a commission as possible. That is why developers should be included in the exemption and not be subjected to licensing and registration the law now requires.

From a legal standpoint, the spirit on which the law was premised appears shaky and at best, unconstitutional, because the prohibition is not germane to the subject matter of the RESA Law. First, it is one thing to regulate the practice of real estate, which the law mandates, and it is quite another thing to prohibit developers from engaging in the practice of real estate service in connection with their own properties. The latter is not embraced by the former. This is obviously a violation of Section 26 (1) of Article VI of the Philippine Constitution which states that “every bill passed by the Congress shall embrace only one subject which shall be expressed in the title thereof.”

The prohibition against real estate developers from engaging in real estate service is an unreasonable and unlawful deprivation of their property rights, in violation of Section 1, Article III of the Constitution, which holds, among others, that “no person shall be deprived of life, liberty or property without due process of law.” It also impinges on their right to dispose of their property under Article 428 of the Civil Code.

The RESA Law simply puts developers at the mercy of brokers and middlemen who from the start had no participation in the development and conceptualization of the properties they will be servicing. Thus CREBA is urging the Professional Regulatory Commission to suspend the aforementioned provisions in the RESA which prevent developers from practicing real estate service on their own or as an alternative, exempt real estate developers from the licensing and registration requirements.

(Atty. Serrano is the chairman of the Chamber of Real Estate and Builders Associations Inc. or CREBA)

Philippine Star

October 1, 2010

By: Atty. Manuel M. Serrano

PAREB-PASIG REALTORS BOARD INC. CONTINUING PROFESSIONAL EDUCATION SEMINAR

2010-08-06T10:03:00.006+08:00

»»Who Should Attend

Brokers

Salespersons

»»CPE Topics

»»Resource Speaker: Atty. Ariel T. Martinez

»»Vicinity Map of Development Academy of the Philippines

»»Seminar Fess & Registration Procedure

For more information, please contact:

Manny Florendo-0917.830.7742
Olive Ramos-871.6678
Pepe Galvez-0918.925.2637
Raffy Salaveria-211.5754
Diana Delos Reyes-0917.791.1008

Please forward to your Friends and Associates in Real Estate.
Thank You.

REPUBLIC ACT 9646 OR THE REAL ESTATE SERVICE ACT OF THE PHILIPPINES IMPLEMENTING RULES AND REGULATION HAD BEEN PUBLISHED TODAY JULY 24, 2010

2010-07-24T16:05:00.006+08:00

The much awaited Implementing Rules and Regulations of R.A. 9646 or otherwise known as The Real Estate Service Act of 2009 was published today, July 24, 2010 Saturday in the Philippine Daily Inquirer Classified Adds Section and in Philippine Star Metro Section. After the 15 days of publication, the RESA Law will take effect.

The IRR were all signed by the Professional Regulatory Board of Real Estate Service (PRBRES) and of the Professional Regulatory Commission (PRC).

Congratulations to all Real Estate Consultants, Appraiser, Assessor, Brokers, Sales person and to the Regulatory Board headed by Hon. Chairman Eduardo G. Ong and to its 4 honorable members. August 7, 2010 will be the start of the new Real Estate Industry in the Philippines.

Real estate board holds hearings to finalize new law

2010-07-08T11:42:00.000+08:00

Manila Bulletin
July 5, 2010

The Professional Regulatory Board of Real Estate Service (PRB-RES) has called on real estate brokers, appraisers, assessors and other affected sectors of the Real Estate Service Act (R.A. 9646) to submit their comments on the new law’s proposed Implementing Rules and Regulations (IRR) that is being finalized for implementation by July.

Read more: http://mls-philippines.com/index.php?page=Articles&id=85

Manila Bulletin
July 5, 2010

Board sets hearing on RESA rules

2010-07-03T10:40:00.000+08:00

Philippine Star
July 2, 2010

MANILA, Philippines - The Professional Regulatory Board of Real Estate Service (PRB-RES) has called on real estate brokers, appraisers, assessors and other affected sectors of the Real Estate Service Act ( R.A. 9646) to submit their comments on the new law’s proposed Implementing Rules and Regulations (IRR) that is being finalized for implementation by July next month.

Dr. Eduardo. G. Ong, PRB-RES chairman, said during a public hearing at the First North Luzon Regional Real Estate & Housing Conference of the Chamber of Real Estate & Builders’ Associations, Inc. (CREBA) held on June 11 in Urdaneta City, Pangasinan.

The North Luzon consultation on the RESA IRR was organized by regional vice-president for North Luzon, Phil B. Delfino and hosted by the CREBA-Pangasinan Chapter led by Engr. Leo Sy.

Other speakers in the CREBA conference, aside Dr. Ong, were Chairman Nestor Mangio of the Clark International Airport Corporation, Regional Director Teresita V. Galacgac of the Housing & Land Use Regulatory Board, Director Rodolfo B. M. Bueno of the Department of Agrarian Reform, Land Registration Authority Manager for Land Information One Stop-Shop Engr. Emilio S. Pugongan, Region 1 Environmental Management Bureau Director Joel Salvador and Assistant Chief Cecilia Campos of the Bureau of Internal Revenue’s (BIR) Large Taxpayers’ Division.

Philippine Star
July 2, 2010

RESA will professionalize industry, says expert

2010-06-12T10:52:00.000+08:00

Philippine Star
June 11, 2010

MANILA, Philippines - The new Real Estate Service Act of the Philippines, Republic Act No. 9646 (RESA), will professionalize 30,000 practitioners in the country and develop a corps of competent consultants, appraisers, brokers and assessors, both private and public, who can maximize the potentials of the industry.

This was the pronouncement of Dr. Eduardo G. Ong, chairman of the Professional Regulatory Board of Real Estate Service (PRB-RES) of the Professional Regulation Commission (PRC), during the recent Chamber of Real Estate and Builders Association (CREBA) general membership meeting.

Also during the meeting, CREBA, led by its national president, Jun Dulalia, launched its first International Convention to be held in Macau on October 26 & 27, 2010 and signed two (memorandum of agreements with Pag-IBIG on Social Housing Program and with Metro Manila Development Authority (MMDA) on a cable television tie-up regarding real estate.

RESA created the PRB-RES, composed of a chairperson and four members appointed by the President of the Philippines, under the administration of the PRC, to supervise and regulate the registration, licensure and practice of real estate service in the country.

Hence, the board will conduct the licensure examinations for practitioners and issue, suspend, revoke or reinstate certificates of registration or professional identification cards. It will likewise maintain a register of licensed professionals, monitor their practices and adopt a national Code of Ethics and Responsibilities for the sector.

Except for real estate sales people, Filipinos who want to be registered and licensed as real estate service practitioners must take an examination which the board will give at least once every year in places and dates that the PRC will designate. In addition, all real estate brokers and private real estate appraisers shall be required to post a professional indemnity insurance, cash or surety bond, renewable every three years, for at least P20,000.
Local schools will be offering a Bachelor of Science in Real Estate starting school year 2011-2012. The board, in cooperation with the Commission on Higher Education (CHED) and concerned state universities and colleges, will prescribe the curricula for academic courses in real estate service.
Violators of the law will be slapped with a P100,000 fine or two years imprisonment, or both, according to Ong.
“The RESA will provide opportunities for real estate practitioners to be called professionals and practice in other countries although the law is not as perfect as it should be,” he added.
At present, the PRB-RES is conducting consultations and public hearings about the Imple.

Philippine Star
June 11, 2010

New real estate law to benefit practitioners

2010-06-09T09:56:00.000+08:00

Manila Bulletin
May 29,2010

The new Real Estate Service Act of the Philippines, Republic Act No. 9646 (RESA), is expected to further strengthen the expertise of 30,000 practitioners in the country, develop a corps of competent consultants, appraisers, brokers and assessors, both private and public, and maximize the potentials of the industry. This was the pronouncement of Dr. Eduardo G. Ong, Chairman of the Professional Regulatory Board of Real Estate Service (PRB-RES) of the Professional Regulation Commission (PRC), during the recently-held Chamber of Real Estate and Builders Association (CREBA) General Membership Meeting. Also during the meeting, CREBA national president Jun Dulalia led the launch of its first International Convention to be held in Macau on October 26 & 27, 2010 and signed two memorandum of agreements with Pag-Ibig on Social Housing Program and with MMDA on a Cable Television Tie-up regarding real estate. RESA created the PRB-RES, composed of a chairperson and four members appointed by the President of the Philippines, under the administration of the PRC, to supervise and regulate the registration, licensure and practice of real estate service in the country. Hence, the board will conduct the licensure examinations for practitioners and issue, suspend, revoke or reinstate certificates of registration or professional identification cards. It will likewise maintain a registry of licensed professionals, monitor their practices and adopt a national Code of Ethics and Responsibilities for the sector. Except for real estate sales people, Filipinos who want to be registered and licensed as real estate service practitioners must take an examination to be given at least once a year. In addition, all real estate brokers and private real estate appraisers shall be required to post a professional indemnity insurance, cash or surety bond, renewable every three years, for at least P20,000.00. The board, in cooperation with the Commission on Higher Education (CHED) and concerned state universities and colleges, will prescribe the curricula for academic courses in real estate service. The Bachelor of Science in Real Estate will be offered starting school year 2011-2012. Violators of the law will be slapped with a P100,000 fine or two years imprisonment, or both, according to Dr. Ong. "The RESA will provide opportunities for real estate practitioners to be called professionals and practice in other countries," he said adding, "The law is not as perfect as it should be." At present, the PRB-RES is conducting consultations and public hearings about the Implementing Rules and Regulations (IRR) of the new law. A public hearing is scheduled in Manila next month, June 22, 2010. (BCM)

Manila Bulletin
May 29,2010

New law to improve real estate services, industry professionalism

2009-12-03T15:01:00.003+08:00

Sun Star Cebu
August 6, 2009

By: Nancy R. Cudis

THE Real Estate Service Act of the Philippines (Resa) will improve professionalism in the real estate service industry in the country.

Emily Amie Cabillada of real estate service company F9 Property Development and Consultancy Inc. said accredited real estate service practitioners will be regarded as professionals like engineers, architects and nurses under the law.This, after Resa has moved the regulatory and supervisory authority of the real estate services in the country from the Department of Trade and Industry (DTI) to the Professional Regulation Commission (PRC).

As a result, DTI field offices will no longer accept applications and renewal of licenses of real estate consultants, appraisers, brokers and salespersons starting July 30. All records will be moved from the DTI to the PRC, which will create the Professional Regulatory Board of Real Estate Service.

President Arroyo signed Resa into law last June 29. The law took effect starting July 30.

Under the law, those with expired licenses or those who passed previous examinations but have not applied for a license as of July 29 will be required to take another licensure exam.

“New and tougher requirements have been adopted in the Resa. For example, a broker applicant must be a holder of a relevant bachelor’s degree from a state college or university and other educational institutions recognized by the Commission for Higher Education (Ched),” said Cabillada.

She said the PRC will require applicants to be graduates with a bachelor’s degree in real estate service before they can take the licensure exam. The course, though, will still have to be developed by Ched.

For real estate salespersons, there will be no examinations but they will be required to complete at least two years of college education.

Cabillada said this is one way of upgrading the skills and knowledge of real estate service practitioners and informing the public that they will be dealing with professionals.

Resa also mandates all real estate service associations to be integrated into one national organization that will be recognized by the Professional Regulatory Board of Real Estate Service and approved by PRC as the only accredited and integrated professional organization of real estate service practitioners.

The law also provides a fine of not less than P100,000 or imprisonment of not less than two years or both against those who violate it.

Sun Star Cebu
August 6, 2009

By: Nancy R. Cudis

Philproperties International Corporation the best professional online real estate company of choice.

About Philproperties

2009-09-17T14:49:00.001+08:00

About PhilProperties International Corporation
Getting to Know Us

PHILProperties International Corporation (PPIC) is a vibrant organization managed by some of the most successful real estate entrepreneurs and practitioners of this generation, namely: Mr. Emanuel Florendo, Ms. Jacqueline J. Florendo, Mr. Oscar Alabado, Ms. Emerita Enero, and Mr Rey Sinena.

Initially, PPIC together with MegaEast Properties Inc., were entrusted by Sta. Lucia Realty and Development Inc., with marketing prime and strategic real estate properties located in the business, residential and tourism areas of Quezon City, Marikina City, Caloocan City, Cainta, Taytay, Binangonan, Bulacan, and Tagaytay City. Recently, PPIC together with MEPI has grown bigger and they now carry ‘dream’ properties situated in Metro Manila, Makati City, Pasig City, Taguig, and The Fort or Fort Bonifacio and other key cities in the Philippines.

PPIC has broadened its marketing reach because it now offers real estate properties not only from Sta. Lucia Realty but also from other big companies that deal with the same business.

PPIC’s vice-presidents, assistant vice-presidents, sales directors, managers and agents are all energetic, experienced and deeply committed to providing affordable but aesthetically and environmentally practical real estate properties to their clients.

PHILProperties International Corporation was established on September 8, 2006 and it has rapidly grown into one of the most daring, dynamic, competent, and effective marketing and brokerage team in the real estate industry.

More than 100,000 real estate agents and brokers affected by the new RESA law

2009-07-31T17:59:00.008+08:00

AFTER nearly 22 years, real estate service practitioners in the Philippines will be professionalized and will have to get licenses from the Professional Regulatory Commission, as the Real Estate Service Act took effect Thursday.

The Real Estate Service Act of the Philippines, which aims to “safeguard and protect legitimate licensed real estate service practitioners,” will lead to the creation of a Bachelor of Science in Real Estate Service, which should be recognized by the Commission on Higher Education and the Professional Regulatory Board on Real Estate Service.

“to finally and completely eradicate the pernicious practices of unauthorized or unlicensed individuals,” the new law, Republic Act 9646, said.

The provision serves as an additional security for the public when transacting with brokers or appraisers. Under the new law, real estate consultants, appraisers, local government assessors and brokers will be overseen by the Professional Regulatory Board of Real Estate Service under the PRC.

Under the bill, which will affected more or less than 100, 000 agents and brokers, the Professional Regulation Commission will take over from the Department of Trade and Industry in administering examinations for real estate service practitioners in the private sector.

Unlicensed practitioners for real estate will be meted with a penalty ranging P200,000 to P2,000,000, as well as 1year to 12 years imprisonment.

CHED executive director Atty. Julito Vitriolo said there are several schools offering such courses on real estate, as he expects them to grow further. “I think with the passage of this bill, more schools will seek accreditation for courses on real estate,” he said. They will be subjected to a licensing process that will require them to pass a technical examination, comply with the program of continuing education and training, and observe the Code of Conduct and Responsibilities.

Salespersons, although not considered part of the professional group, will be accredited by the PRC, after undergoing training and working under a licensed real estate broker. RESA will require real estate practitioners to post a Professional Indemnity Insurance/Cash or Surety Bond upon taking their oath to practice the profession before the PRC.

The new law is expected to stimulate the property market, encourage investments in construction and development, generate employment and increase revenues for the government.

The bill also includes a provision requiring a professional indemnity insurance/cash or surety bond for real estate brokers and private appraisers. The bill sets the minimum limit at only P20,000 but the client is free to impose additional requirements depending on the transaction involved. The provision serves as an additional security for the public when transacting with brokers or appraisers.

It was sponsored in the House by Iloilo City Representative Rep. Raul T. Gonzalez Jr., chair of the Committee on Civil Service and Professional Regulation, and in the Senate by Sen. Panfilo M. Lacson, acting chair of the Committee on Civil Service and Government Reorganization.

The law, according to Senate President Juan Ponce Enrile, should protect the public from unscrupulous real estate service practitioners.

Manny Florendo of Philproperties lauded the passage of the law, adding that real estate service practitioners are helping ensure the vibrant movement of capital to support economic activities that would generate more resources for development projects.

“It is just right that the real estate practice should be regulated through appropriate licensing and the observance of a code of ethics with a defined disciplinary procedure for the protection of the public,” Florendo said.

Real estate service practitioners include real estate consultants, appraisers, assessors, brokers and salespersons. But the bill will require only real estate consultants, appraisers, assessors and brokers to have licenses and other requirements.

To help these agents and brokers, Florendo said their company- Philproperties Corporation are open to assist affected agents in getting their licenses under the new implementing guidelines.

Philproperties is also extending their arms to the newly licensed brokers to help them in starting their career ...

“Just contact us at phone number 667.3757 and 914-4927, or cellphone number 0917.830.7742, or visit our website at http://www.philproperties.ph/", Florendo said.

-Earl Francis Cueto.

RESA Law - The Philippine Real Estate Service Act

2009-07-30T11:21:00.001+08:00

S. No. 2963

H. No. 3514

Congress of the Philippines

Fourteenth Congress

Begun and held in Metro Manila, on Monday, the twenty-eighth day of July, two thousand eight.

[ REPUBLIC ACT NO. 9646 ]

AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE PHILIPPINES, CREATING FOR THE PURPOSE A PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

ARTICLE

TITLE, DECLARATION OF POLICY AND DEFINITION OF TERMS

SECTION 1. Title. - This Act shall be known as the. "Real Estate Service Act of the Philippines".

2. Declaration of Policy. - The State recognizes the vital role of real estate service practitioners in the social political, economic development and progress of the country by promoting the real estate market, stimulating economic activity and enhancing government income from real property-based transactions. Hence, it shall develop and nurture through proper and effective regulation and supervision a corps of technically competent, responsible and respected professional real estate service practitioners whose standards of practice and service shall be globally competitive and will promote the growth of the real estate industry.

SEC. 3. Definition of Terms. - As used in this Act, the following terms shall mean:

(a) "Appraiser" also known as valuer, refers to a person who conducts valuation/appraisal; specifically, one who possesses the necessary qualifications, license, ability and experience to execute or direct the valuation/appraisal of real property.

(b) "Assessor" refers to an official in the local government unit, who performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes. This definition also includes assistant assessors.

(c) "Real estate" refers to the land and all those items which are attached to the land. It is the physical, tangible entity, together with all the additions or improvements on, above or below the ground.

(d) "Real estate development project" means the development of land for residential, commercial, industrial, agricultural, institutional or recreational purposes, or any combination of such including, but not limited to, tourist resorts, reclamation projects, building or housing projects, whether for individual or condominium ownership, memorial parks and others of similar nature.

(e) "Real estate developer" refers to any natural or juridical person engaged in the business of developing real estate development project for his/her or its own account and offering them for sale or lease.

(f) "Real property" includes all the rights, interests and benefits related to the ownership of real estate.

(g) "Real estate service practitioners" shall refer to and consist of the following:

(1) Real estate consultant - a duly registered and licensed -natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgment on: (i) the acquisition, enhancement, preservation, utilization or disposition of lands or improvements thereon; and (ii) the conception, planning, management and development of real estate projects.

(2) Real estate appraiser— a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.

(3) Real estate assessor — a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.

(4) Real estate broker - a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.

(5) Real estate salesperson - a duly accredited natural person who performs service for, and in behalf of. a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.

ARTICLE II

PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE

C. 4. Creation and Composition of the Board. - There is hereby created a Professional Regulatory Board of Real Estate Service, hereinafter referred to as the Board, under the supervision and administrative control of the Professional Regulation Commission (PRC), hereinafter referred to as the Commission, composed of a chairperson and four (4) members who shall be appointed by the President of the Philippines from the three (3) recommendees chosen by the Commission from a list of five (5) nominees per position submitted by the accredited and integrated professional organization of real estate service practitioners: Provided, That two (2) of the members of the Board shall represent the government assessors and appraisers.

The first Board shall be organized within six (6) months from the effectivity of this Act.

SEC. 5. Powers and Functions of the Board. — The Board is hereby vested the following powers and functions:

(a) Provide comprehensive policy guidelines for the promotion and development of the real estate industry;

(b) Conduct licensure examinations for the practice of the real estate service profession and prescribe the appropriate, syllabi of the subjects for examination;

c) Issue, suspend, revoke or reinstate, after due notice and hearing, certificates of registration or professional identification cards for the practice of real estate service;

(d) Maintain a comprehensive and updated register of licensed real estate service professionals;

(e) Monitor the conditions affecting the practice of real estate service and adopt such measures as may be proper for the enhancement of the profession and/or the maintenance of high professional, ethical and technical standards;

(f) Adopt a national Code of Ethics and Responsibilities to be strictly observed by all licensed real estate service practitioners;

(g) Hear or investigate any violation of this Act, its implementing rules and regulations, and the Code of Ethics and Responsibilities for real estate service practitioners and issue subpoena and subpoena duces tecum to secure the appearance of witnesses and the production of documents in connection therewith;

h) Safeguard and protect legitimate and licensed real estate service practitioners and, in coordination with the accredited and integrated professional organization of real estate service practitioners, monitor all forms of advertisements, announcements, signboards, billboards, pamphlets, brochures and others of similar nature concerning real estate and, where necessary, exercise its quasi-judicial and administrative powers to finally and completely eradicate the pernicious practices of unauthorized or unlicensed individuals;

(i) Prescribe, in cooperation with the Commission on Higher Education (CHED) or the concerned state university or college, the essential requirements as to the curricula and facilities of schools, colleges or universities seeking permission to open academic courses or already offering such courses in real estate service, and to see to it that these requirements, including the employment of qualified faculty members, are properly complied with;

(j) Promulgate, .administer and enforce rules and regulations necessary in carrying out the provisions of this Act;

(k) Supervise and regulate the registration, licensure and practice of real estate service in the Philippines;

(1) Assess and fix the rate of reasonable regulatory fees;

(m) Administer oaths and affirmations;

(n) Adopt an official seal of the Board;

(o) Evaluate periodically the status of real estate service education and profession, and recommend and/or adopt measures to upgrade and maintain its high standard;

(p) Prescribe guidelines and criteria for the Continuing Professional Education (CPE) program for real estate service practitioners in consultation with the accredited and integrated professional organization of real estate service practitioners;

(q) Screen, issue and monitor permits to organizations of real estate professionals in the conduct of seminars and accredit such seminars pursuant to the CPE program, as well as the instructors or lecturers therein, for the purpose of upgrading the quality and knowledge of the profession;

(r) Monitor and supervise the activities of the accredited and integrated professional organization and other associations of real estate service practitioners; and

(s) Discharge such other powers, duties and functions as the Commission may deem necessary to carry out the provisions of this Act.

The policies, resolutions and rules and regulations issued or promulgated by the Board shall be subject to the review and approval by the Commission. However, the Board's decisions, resolutions or orders which are not interlocutory, rendered in an administrative case, shall be subject to review by the Commission only on appeal.

SEC. 6. Qualifications of the Chairperson and Members of the Board. - The chairperson and the members of the Board shall, at the time of their appointment, possess the following qualifications:

(a) A citizen and resident of the Philippines;

(b) A holder of a bachelor's degree related to real estate;

(d) A bona fide member in good standing of the accredited and integrated professional organization of real estate service practitioners but not an officer or trustee at the time of his/her appointment;

(e) Neither be a member of the faculty of an institute, school, college or university, nor have any pecuniary interest, direct or indirect, in any institution or association where review classes or lectures in preparation for the licensure examination are being offered or conducted; and

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

SEC. 7. Term of Office. - The chairperson and the members of the Board 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: Provided, That 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.

The chairperson and the members of the Board 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 member who vacated the position. On the constitution of the first Board, the chairperson and the members of the Board shall automatically be registered and issued certificates of registration and professional identification cards. Each member of the Board shall take the proper oath of office prior to the assumption of duty.

Compensation and Allowances of the Chairperson and Members of the Board. - The chairperson and the 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 the Commission, as provided for in the General Appropriations Act.

SEC. 9. Removal of the Chairperson and Members of the Board. - The chairperson or any member of the Board may be suspended or removed by the President of the Philippines, upon the recommendation of the Commission, for neglect of duty; abuse of power; oppression; incompetence; unprofessional, unethical, immoral or dishonorable conduct; commission or toleration of irregularities in the conduct of examination or tampering of the grades therein, or for any final judgment or conviction of any criminal offense involving moral turpitude.

SEC. 10. Supervision of the Board, Custodian of its Records, Secretariat and Support Services. — The Board shall be under the general supervision and administrative control of the Commission. All records of the Board, including applications for examination, examination papers and results, minutes of deliberations, administrative and other investigative cases involving real estate service practitioners, shall be kept by the Commission. The Commission shall designate the secretary of the Board and shall provide the secretariat and other support services to implement the provisions of this Act subject to the usual government accounting and auditing rules and regulations.

SEC. 11. Annual Report. - The Board shall, at the close of each calendar year, submit an annual report to the Commission, giving a detailed account of its proceedings and accomplishments during the year and recommending measures to be adopted with the end-in-view of upgrading and improving the conditions affecting the practice of real estate service in the Philippines.

ARTICLE III

LICENSURE EXAMINATION AND REGISTRATION

SEC. 12. Licensure Examination. - Every applicant seeking to be registered and licensed as a real estate service practitioner, except a real estate salesperson, shall undergo an examination as provided for in this Act. Examinations for the practice of real estate service in the Philippines shall be given by the Board at least once every year in such places and dates as the Commission may designate.

SEC. 13. Scope of Examination. - An examination shall be given to the licensure applicants for real estate brokers, real estate appraisers and real estate consultants which shall include, but not limited to, the following:

(a) For real estate consultants - fundamentals of real estate consulting; standards and ethics; consulting tools and techniques, which include project feasibility study and investment measurement tools; real estate finance and economics; real estate consulting and investment analyses; consulting for specific engagement, which includes consulting for commercial, industrial, recreation and resort and hotel properties, and consulting for government and corporate and financial institutions; land management system and real property laws; and any other related subjects as may be determined by the Board;

(b) For real estate appraisers - fundamentals of real estate principles and practices; standards and ethics; theories and principles in appraisal; human and physical geography; methodology of appraisal approaches; valuation procedures and research; appraisal of machinery and equipment; practical appraisal mathematics; appraisal report writing; real estate finance and economics; case studies; land management system and real property laws; and any other related subjects as may be determined by the Board; and

(c) For real estate brokers - fundamentals of property ownership; code of ethics and responsibilities; legal requirements for real estate service practice; real estate brokerage practice; subdivision development; condominium concept; real estate finance and economics; basic principles of ecology; urban and rural land use; planning, development and zoning; legal aspect of sale, mortgage and lease; documentation and registration; real property laws; and any other related subjects as may be determined by the Board.

To conform with technological and modern developments, the Board may recluster, rearrange, modify, add to, or exclude any of the foregoing subjects as may be necessary.

SEC. 14. Qualification of Applicants for Examinations. -In order to be admitted to the licensure examination for real estate service, a candidate shall, at the time of filing his/her application, establish to the satisfaction of the Board that he/she possesses the following qualifications:

(a) A citizen of the Philippines;

(b) A holder of a relevant bachelor's degree from a state university or college, or other educational institution duly recognized by the CHED: Provided, That as soon as a course leading to a Bachelor's degree in Real Estate Service is implemented by the CHED, the Board shall make this course a requirement for taking the "licensure examination; and

(c) Of good moral character, and must not have been convicted of any crime involving moral turpitude: Provided, That an applicant for the licensure examination for real estate consultants must show proof that he/she has at least ten (10) years experience as a licensed real estate broker or an assessor, or as a bank or institutional appraiser or an employed person performing real property valuation, or at least five (5) years experience as a licensed real estate appraiser.

All applications for examination shall be filed with the Board which shall assess and approve said applications and issue to the qualified examinees the corresponding permits to take such examination.

SEC. 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.

SEC. 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.

SEC. 17. Issuance of the Certificate of Registration and Professional Identification Card. - A certificate of registration shall be issued to examinees who pass the licensure examination for real estate service subject to payment of fees prescribed by the Commission. The certificate of registration shall bear the signature of the chairperson of the Commission and the chairperson and the members of the Board, stamped with the official seal of the Commission, indicating that the person named therein is entitled to practice the profession with all the benefits and privileges appurtenant thereto. This certificate of registration shall remain in full force and effect until revoked or suspended in accordance with this Act.

A professional identification card bearing the registration number, date of issuance and expiry date, duly signed by the chairperson of the Commission, shall likewise be issued to every registrant upon payment of the required fees. The professional identification card shall be renewed every three (3) years and upon satisfying the requirements of the Board such as, but not limited to, attendance in the CPE program.

SEC. 18. Refusal to Register. - The Board shall not register and issue a certificate of registration to any successful examinee who has been convicted by a court of competent jurisdiction of any criminal offense involving moral turpitude or has been found guilty of immoral or dishonorable conduct after investigation by the Board, or has been found to be psychologically unfit.

SEC. 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;

(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.

SEC. 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.

Those falling under categories (b) and (c) shall register with the Board after they shall have complied with the requirements for registration as real estate appraisers: Provided, That those seeking to be licensed to a new credential level shall be required to take the pertinent licensure examination.

Those so exempt under the aforementioned categories shall file their application within two (2) years from the effectivity of this Act: Provided, That the renewal of the professional identification card is subject to the provisions of Section 17 hereof.

SEC. 21. Reinstatement, Reissuance or Replacement of Certificate of Registration, Professional Identification Card and Special/Temporary Permit. - The Board may, after the expiration of two (2) years from the date of revocation of a certificate of registration and/or professional identification card, and upon application, compliance with the required CPE units, and for reasons deemed proper and sufficient, reinstate any revoked certificate of registration and reissue a suspended professional identification card and in so doing, may, in its discretion, exempt the applicant from taking another examination.

A new certificate of registration, professional identification card or special/temporary permit may be issued to replace lost, destroyed or mutilated ones, subject to the rules as may be promulgated by the Board.

SEC. 22. Roster of Real Estate Service Practitioners. -The Board, in coordination with the integrated professional organization of real estate service practitioners, shall prepare, update and maintain a roster of real estate service practitioners which shall contain the names of all registered real estate service practitioners, their residence and office addresses, license number, dates of registration or issuance of certificates, and other data which.the Board may deem pertinent. Copies thereof shall be made available to the public upon request.

SEC. 23. Issuance of Special/Temporary Permit. - Upon application and payment of the required fees and. subject to the approval of the Commission, the Board may issue special/temporary permit to real estate service practitioners from foreign countries whose services are urgently needed in the absence or unavailability of local real estate service^ practitioners for the purpose of promoting or enhancing the practice of the profession in the Philippines.

SEC. 24. Foreign Reciprocity. - No foreign real estate service practitioner shall be admitted to the licensure examination or be given a certificate of registration or a professional identification card, or be entitled to any of the privileges under this Act unless the country of which he/she is a citizen specifically allows Filipino real estate service practitioners to practice within its territorial limits on the same basis as citizens of such foreign country.

ARTICLE IV

PRACTICE OF REAL ESTATE SERVICE

SEC. 25. Oath. — All successful examinees qualified for registration and all qualified applicants for registration without examination as well as accredited salespersons shall be required to take an oath before any member of the Board or any officer of the Commission duly authorized by the Commission to administer oaths prior to entering into the practice of real estate service in the Philippines.

SEC. 26. Professional Indemnity Insurance/Cash or Surety Bond. — All real estate brokers and private real estate appraisers shall, in addition to the oath referred to in the preceding section, be required to post a professional indemnity insurance/cash or surety bond, renewable every three (3) years, in an amount to be determined by the Board, which in no case shall be less than Twenty thousand pesos (P20,000.00), without prejudice to the additional requirement of the client.

SEC. 27. Acts Constituting the Practice of Real Estate Service. - Any single act or transaction embraced within the provisions of Section 3(g) hereof, as performed by real estate service practitioners, shall constitute an act of engaging in the practice of real estate service.

SEC. 28. Exemptions from the Acts Constituting the Practice of Real Estate Service. - The provisions of this Act and its rules and regulations shall not apply to the following":

(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;

(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.

SEC. 29. Prohibition Against the Unauthorized Practice of Real Estate Service. - No person shall practice or offer to practice real estate service in the Philippines or offer himself/herself as real estate service practitioner, or use the title, word, letter, figure or any sign tending to convey the impression that one is a real estate service practitioner, or advertise or indicate in any manner whatsoever that one is qualified to practice the profession, or be appointed as real property appraiser or assessor in any national government entity or local government unit, unless he/she has satisfactorily passed the licensure examination given by the Board, except as otherwise provided in this Act, a holder of a valid certificate of registration, and professional identification card or a valid special/temporary permit duly issued to him/her by the Board and the Commission, and in the case of real estate brokers and private appraisers, they have paid the required bond as hereto provided.

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.

All incumbent assessors holding permanent appointments shall continue to perform their functions without need for re appointment and without diminution of status, rank and salary grade, and shall enjoy security of tenure. However, they may not be promoted to a higher position until they meet the qualification requirements of that higher position as herein prescribed. Nothing in this Act shall be construed to reduce any benefit, interest, or right enjoyed by the incumbents at the time of the enactment of this Act. The appointing authority shall exercise his power to appoint the assessor in accordance with the provisions of this Act only when a vacancy occurs.

SEC. 31. Supervision of Real Estate Salespersons. - For real estate salespersons, no examination shall be given, but they shall be accredited by the Board: Provided, That they have completed at least two (2) years of college and have undergone training and seminars in real estate brokerage, as may be required by the Board. Real estate salespersons shall be under the direct supervision and accountability of a real estate broker. As such, they cannot by themselves be signatories to a written agreement involving a real estate transaction unless the real estate broker who has direct supervision and accountability over them is also a signatory thereto. No real estate salesperson, either directly or indirectly, can negotiate, mediate or transact any real estate transaction for and in behalf of a real estate broker without first securing an authorized accreditation as real estate salesperson for the real estate broker, as prescribed by the Board. A real estate broker shall be guilty of violating this Act for employing or utilizing the services of a real estate salesperson when he/she has not secured the required accreditation from the Board prior to such employment.

No salesperson shall be entitled to receive or demand a fee, commission or compensation of any kind from any person, other than the duly licensed real estate broker who has direct control and supervision over him, for any service rendered or work done by such salesperson in any real estate transaction.

No violation of this provision shall be a cause for revocation or suspension of the certificate of registration of the real estate broker unless there was actual knowledge of such violation or the broker retains the benefits, profits or proceeds of a transaction wrongfully negotiated by the salesperson.

SEC. 32. Corporate Practice of the Real Estate Service. –

(a) No partnership or corporation shall engage in the business of real estate service unless it is duly registered with the Securities and Exchange Commission (SEC), and the persons authorized to act for the partnership or corporation are all duly registered and licensed real estate brokers, appraisers or consultants, as the case may be. The partnership or corporation shall regularly submit a list of its real estate service practitioners to the Commission and to the SEC as part of its annual reportorial requirements. There shall at least be one (1) licensed real estate broker for every twenty (20) accredited salespersons.

(b) Divisions or departments of partnerships and corporations engaged in marketing or selling any real estate development project in the regular course of business must be headed by full-time registered and licensed real estate brokers.

(c) Branch offices of real estate brokers, appraisers or consultants must be manned by a duly licensed real estate broker, appraiser or consultant as the case may be.

In case of resignation or termination from employment of a real estate service practitioner, the same shall be reported by the employer to the Board within a period not to exceed fifteen (15) days from the date of effectivity of the resignation or termination.

Subject to the provisions of the Labor Code, a corporation or partnership may hire the services of registered and licensed real estate brokers, appraisers or consultants on commission basis to perform real estate services and the latter shall be deemed independent contractors and not employees of such corporations.

SEC. 33. Display of License in the Place of Business. -Every registered and licensed real estate service practitioner shall establish and maintain a principal place of business and such other branch offices as may be necessary, and shall conspicuously display therein the original and/or certified true copies of his/her certificate of registration as well as the certificates of registration of all the real estate service practitioners employed in such office.

SEC. 34. Accreditation and Integration of Real Estate Service Associations. — All real estate service associations shall be integrated into one (1) national organization, which shall be recognized by the Board, subject to the approval of the Commission, as the only accredited and integrated professional organization of real estate service practitioners.

A real estate service practitioner duly registered with the Board shall automatically become a member of the accredited and integrated professional organization of real estate service practitioners, and shall receive the benefits and privileges appurtenant thereto. Membership in the accredited and integrated professional organization of real estate service practitioners shall not be a bar to membership in other associations of real estate service practitioners.

SEC. 35. Code of Ethics and Responsibilities for Real Estate Service Practitioners. - The Board shall adopt and promulgate the Code of Ethics and Responsibilities for real estate service practitioners which shall be prescribed and issued by the accredited and integrated professional organization of real estate service practitioners.

SEC. 36. Continuing Professional Education (CPE) Program. - The Board shall develop, prescribe and promulgate guidelines on CPE upon consultation with the accredited and integrated professional organization of real estate service practitioners, affiliated association of real estate service practitioners and other concerned sectors, and in accordance with such policies as may have been prescribed by the Board, subject to the approval of the Commission. The Board shall create a CPE Council that shall be composed of a chairperson coming from the Board, a member from the accredited and integrated professional organization of real estate service practitioners and a member from the academe.

SEC. 37. Enforcement Assistance to the Board. — The Board shall be assisted by the Commission in carrying out the provisions of this Act and its implementing rules and regulations and other policies. The lawyers of the Commission shall act as prosecutors against illegal practitioners and other violators of this Act and its rules. The duly constituted authorities of the government shall likewise assist the Board and the Commission in enforcing the provisions of this Act and its rules.

SEC. 38. Indication of the Certificate of Registration, Professional Identification Card/License Number, Privilege Tax Receipt (PTR) Number and Accredited Professional Organization (APO) Number. - Real estate service practitioners shall be required to indicate the certificate of registration, professional identification card, PTR number, and APO receipt number, and the date of issuance and the duration of validity on the documents he/she signs, uses or issues in connection with the practice of his/her profession.

ARTICLE V

PENAL AND FINAL PROVISIONS

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.

In case the violation is committed, by a partnership, corporation, association or any other juridical person, the partner, president, director or manager who has committed or consented to or knowingly tolerated such violation shall be held directly liable and responsible for the acts as principal or as a co-principal with the other participants, if any.

SEC. 40. Appropriations. — The chairperson of the Professional Regulation Commission shall immediately include in the Commission's programs the implementation of this Act, the funding of which shall be included in the annual General Appropriations Act and thereafter.

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.

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.

SEC. 43. Separability Clause. — If any clause, sentence, paragraph or part of this Act shall be declared unconstitutional or invalid, such judgment shall not affect, invalidate or impair any other part of this Act.

SEC. 44. Repealing Clause. –

(a) Sections 3(e) and (ee) of Act No. 2728, as amended by Act No. 3715 and Act No. 3969, Sections 472 and 473 of the Local Government Code of 1991 (Republic Act No. 7160), and pertinent provisions of the Civil Service Law are hereby modified accordingly.

(b) All laws, decrees, executive orders, department or memorandum orders and other administrative issuances or parts thereof which are inconsistent with the provisions of this Act are hereby modified, superseded or repealed accordingly.

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.

PROSPERO C. NOGRALES
Speaker of the House of Representatives

Approved,

This Act which is a consolidation of Senate Bill No. 2963 and House Bill No. 3514 was finally passed by the Senate and the House of Representatives on May 12, 2009.

Marilyn B. Barua-y
Secretary of the Senate Secretary General House of Representatives

Approved:

GLORIA MACAPAGAL-ARROYO
President of the Philippines

[ Approved by President Gloria Macapagal Arroyo last June 29, 2009 ]