Podcast
Questions and Answers
What is the title of the Act regulating the practice of real estate service in the Philippines?
What is the title of the Act regulating the practice of real estate service in the Philippines?
Real Estate Service Act of the Philippines
What role do real estate service practitioners play in the country?
What role do real estate service practitioners play in the country?
They promote real estate market, stimulate economic activity, and enhance government income from real property-based transactions.
Who establishes the Professional Regulatory Board of Real Estate Service?
Who establishes the Professional Regulatory Board of Real Estate Service?
The President of the Philippines
The Board members can serve continuously for more than six years.
The Board members can serve continuously for more than six years.
Signup and view all the answers
Which of the following is NOT a definition provided in the Act?
Which of the following is NOT a definition provided in the Act?
Signup and view all the answers
What is the minimum experience required for the chairperson and members of the Board?
What is the minimum experience required for the chairperson and members of the Board?
Signup and view all the answers
What are the powers of the Board?
What are the powers of the Board?
Signup and view all the answers
Study Notes
Title and Purpose
- The Real Estate Service Act of the Philippines (RESA) regulates real estate service practices in the country.
- The law emphasizes the importance of real estate service practitioners in promoting economic development and enhancing government revenue from real property transactions.
Definitions
- Appraiser: A professional who assesses the value of real property.
- Assessor: An official in local government who values real properties for taxation purposes.
- Real Estate: Land, including any attachments, improvements, and structures above or below ground.
- Real Estate Development Project: Development of land for various purposes, such as residential, commercial, industrial, or recreational projects.
- Real Estate Developer: Anyone involved in developing real estate projects for sale or lease.
- Real Property: All rights, interests, and benefits associated with real estate ownership.
- Real Estate Service Practitioners: Professionals involved in real estate transactions including consultants, appraisers, assessors, brokers, and salespersons.
Professional Regulatory Board of Real Estate Service
- The Professional Regulatory Board of Real Estate Service (Board) is established by the Act, consisting of a chairperson and four members appointed by the President.
- The Board members are chosen from a list of recommendations provided by the Professional Regulation Commission (PRC) and the accredited professional organization.
- Two Board members must represent government assessors and appraisers.
- The initial Board is required to form within six months of the Act's implementation.
Board Powers and Functions
- The board establishes policy guidelines for the real estate industry.
- The board conducts licensure examinations and defines their content.
- The board issues, suspends, revokes, or reinstates certificates of registration for real estate service practitioners.
Board Member Qualifications
- Board members must be Philippine citizens, have relevant educational backgrounds, at least ten years of experience in real estate service, be members of the professional organization, and have good moral character.
- They cannot have conflicts of interest or criminal convictions involving moral turpitude.
Board Member Tenure
- Board members serve three-year terms, with staggered appointments.
- Members can be reappointed for a second term but cannot serve longer than six years.
- Vacancies are filled for the remaining term of the departing member.
Board Compensation
- Board members receive compensation and allowances similar to other professional regulatory boards.
Board Supervision and Reporting
- The Board operates under the supervision of the Professional Regulation Commission (PRC).
- The PRC serves as the custodian of the Board's records, including examination materials and administrative cases.
- The PRC provides secretariat and support services to the Board.
- The Board submits an annual report to the PRC, detailing its activities, accomplishments, and suggestions for improvements.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
