Real Estate Service Act (Republic Act No. 9646)

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary purpose of the Real Estate Service Act of the Philippines?

To establish a national certification program for all real estate agents.

To provide housing subsidies to low-income families.

To promote foreign investments in the Philippines.

To regulate the practice of real estate service and create a professional board. (correct)

According to the declaration of policy, what role do real estate service practitioners play in the country?

They contribute to social, political, and economic development. (correct)

They manipulate market prices for personal gain.

They serve primarily as agents for government housing programs.

They are primarily involved in construction and architecture.

What date was the Real Estate Service Act of the Philippines enacted?

June 29, 2009 (correct)

July 28, 2008

June 29, 2008

July 28, 2009

What is one of the intentions of the Real Estate Service Act regarding professional practitioners?

To ensure practitioners are globally competitive and responsible. Signup and view all the answers

Which article discusses the Professional Regulatory Board of Real Estate Service?

Article II Signup and view all the answers

How does the State intend to nurture real estate service practitioners according to the declaration of policy?

Through proper regulation and supervision. Signup and view all the answers

Who appoints the members of the Professional Regulatory Board of Real Estate Service?

The President of the Philippines Signup and view all the answers

How many members are there in the Professional Regulatory Board of Real Estate Service?

Five members Signup and view all the answers

What is one of the primary functions of the Board in the real estate service profession?

To conduct licensure examinations for the profession Signup and view all the answers

Which of the following is NOT a power of the Professional Regulatory Board?

Conduct background checks on real estate practitioners Signup and view all the answers

What must the Board adopt to ensure ethical standards among real estate practitioners?

A national Code of Ethics and Responsibilities Signup and view all the answers

Which group should two members of the Board represent?

Government assessors and appraisers Signup and view all the answers

Which of the following actions is NOT within the Board's authority?

Approve real estate projects Signup and view all the answers

What is a requirement for the organization of the first Board?

It must be organized within six months of the Act's effectivity Signup and view all the answers

Study Notes

Republic Act No. 9646

Enacted on June 29, 2009, known as the Real Estate Service Act of the Philippines.
Aims to regulate the real estate service profession, enhancing the industry’s standards and practices.

Title and Policy Declaration

Recognizes the important role of real estate service practitioners in the country's socio-economic growth.
Promotes the real estate market to stimulate economic activity and increase government income from transactions.
Establishes the need for competent, ethical, and globally competitive real estate service practitioners.

Professional Regulatory Board of Real Estate Service

A Professional Regulatory Board, under the supervision of the Professional Regulation Commission (PRC), is created.
Board composed of a chairperson and four members appointed by the President from nominees provided by professional organizations.
At least two members must represent government assessors and appraisers.
The first Board must be organized within six months of the Act's effectivity.

Powers and Functions of the Board

Develops policies for promoting and developing the real estate industry.
Conducts licensure examinations for real estate professionals and prescribes syllabi for these exams.
Responsible for issuing, suspending, revoking, or reinstating professional licenses and identification cards.
Maintains an updated register of licensed professionals in real estate services.
Monitors conditions affecting the profession to uphold high ethical and technical standards.
Establishes a national Code of Ethics for real estate practitioners.
Investigates violations of the Act, its regulations, and the Code of Ethics, with the authority to issue subpoenas.
Protects legitimate licensed practitioners and oversees advertisements related to real estate services.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Explore the key features of the Real Estate Service Act of the Philippines, enacted on June 29, 2009. This quiz covers the implications of the law, the establishment of the Professional Regulatory Board, and the promotion of ethical real estate practices in the country. Test your knowledge on the role of real estate practitioners in socio-economic growth.