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Thursday, 04 February 2010 00:00 [ manilatimes.net ] The country’s biggest mall developer and operator said it plans to raise additional capital through the establishment of a retail investment trust (REIT) to finance its capital expenditure this year. Jeffrey Lim, SM Prime Holdings chief financial officer, said the SM group plans to raise an estimated $300 million through a REIT the company would establish in the second quarter. “It [fund raising] should be done by May,” Lim told reporters on the sidelines of the launching of SM City Fairview Annex. “We are looking for a size that is good for international investors,” he added. A REIT is a company that owns and operates income-producing real estate assets. Shares of REITs would to be listed and traded at the Philippine Stock Exchange. The implementing rules and regulations for the REIT law, which was passed last year, would be out in 90 days, Lim said. “We believe this will enhance share value of SM prime because we will be able to unlock value of properties by putting into REIT,” Lim said. Part of the REIT proceeds would help SM Prime fund its P12-billion capital expenditure program this year as it plans to spend around P8 billion to build new malls in Calamba and San Pablo, Laguna, Tarlac, Novaliches and Masinag, Antipolo. The remaining P4 billion will be spent for building one SM mall in Suzhou, China. This would bring the total number of SM malls from 39 to 44 by yearend. An excess of $30 million from the REIT proceeds could also be used to pay some maturing debts in March 2011, the SM executive said. Besides capital raising through REIT, SM Prime is also looking at other funding options such as bank borrowing and sale of retail bonds. Next year, SM plans to put up four to five additional malls in General Santos, Commonwealth, Lanang in Davao, La Consolacion in Cebu and one in Chongquing, China. “2009 is a very challenging year because of financial crisis, which economy grew in a minimal. For 2010, the overall economy could grow 2.5 percent to 4 percent. We continue to be confident that we can deliver good growth for SM Prime,” Lim said. SM Prime expects its net income would have risen by 8 percent to 10 percent in 2009. MARICEL E. BURGONIO
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MEMORANDUM
For : ALL REGIONAL AND PROVINCIAL ____ DIRECTORS/CARETAKERS
From : VICTORIO MARIO A. DIMAGIBA ______Director
Date : 14 January 2010
Re : Announcement to Real Estate Developers and ____ Real Estate Practitioners ____________________________________________________________________________
In reference to the attached self-explanatory announcement issued by PRC Chairman Nicolas P. Lapena and the above-signed, please disseminate the same for the information and guidance of all concerned.
Thank you very much.
ANNOUNCEMENT TO ALL REAL ESTATE DEVELOPERS & REAL ESTATE SERVICE PRACTITIONERS “Pending the appointment of the Chairman and Members of the Professional Regulatory Board of Real Estate Service (PRBRES), pursuant to Republic Act No. 9646, all Real Estate Brokers, Real Estate Appraisers and Real Estate Consultants, whose licenses issued by the Department of Trade and Industry (DTI) expired on December 31, 2008 and onwards, are required to file their application for registration without examination under Section 20, Article III of R.A. No. 9644 [sic? 9646] from January 12, 2010 to July 30, 2011, stamped received by the Professional Regulation Commission and/or the PRBRES. Such application shall be deemed proof of authority for the lawful exercise of their profession until such time that the PRC and the PRBRES shall have approved it.
For the guidance of all concerned, the contact address of the PRC is P. Paredes St., Sampaloc, Manila, Attention : Office of the PRB Secretary _________
Manila, 12 January 2010
(Sgd. ) NICOLAS P. LAPEŇA, JR. (Sgd.)VICTORIO MARIO A. DIMAGIBA Chairman___________ _ Director
Professional Regulation Commission ____Bureau of Trade Regulation & Consumer
Protection Department of Trade and Industry CONTACT ME FOR MORE DETAILS: ROMMEL R. DOMINGUEZ Vice President REBAP Makati 0927-642-3112 / email at ebroker168@yahoo.com
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RECOGNITION OF THE FEDERATION OF REAL ESTATE SERVICE ASSOCIATIONS (FRESA) AS AN INTERIM ACCREDITED PROFESSIONAL ORGANIZATION OF REAL ESTATE SERVICE PRACTITIONERS (APORESPs)
Click the link below :
http://www.expertbr oker.wordpress. com
CRB Rommel R. Dominguez Vice President REBAP Makati D.M.Consunji Inc. DMCI HOMES REBAP (Makati) Broker's License # 19148 Real Estate Broker Association of the Philippines Mobile : +63927-642-3112 Office : +632 - 8213511 Skype: expertbroker Webiste : http://rommel. bahay.ph/ home_ph http://www.expertbr oker168.com
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SYCAMORE and PALOVERDE
DANSALAN GARDENS
BONI AVE.
MANDALUYONG CITY
READY FOR
OCCUPANCY
Finnally , some space to breath . . . .
. . . . at the Center of it all.
·
1st 10% Down Payment then (move-in)
·
2nd 10% Down
Payment in 12 months
·
80% In house Financing
in 10 years
PROMO : from Nov. 03 to
Nov.30
Be the first 15 buyers:
1. 3 days and 2
nights Vacation Package for 2 to HONG
KONG (inclusive of airfare and accommodation)
2. 3 days and 2 nights Vacation Package for 2 to MACAU (inclusive of airfare and
accommodation)
3. 4 days and 3 nights Adventure and Wellness package for
2 to BORACAY (inclusive of airfare
and accommodation)
TypIcal floor : 6th - 29th FLoor
1 bedroom 43.85 sqm. P 2.8 M
2 Bedroom 61.9 sqm. P 4.9 M
Penthouse : 31 st floor
3 bedroom (139 sqm.) P 10.5M
The great big outdoors meet the great big indoors
Rarely do you find big and open space both outside and inside
your condominium.
Now, the search is over with
“Sycamore Tower” at Dansalan
Garden Condominium. As 69% of its total land area is allocated for gardens, pool and recreational
facilities, Dansalan Garden Condominiums blooms
into an expansive
and lush outdoor
tropical oasis.
The condominiums are generously designed, giving you lots of
indoor space.
Nestled right in the
middle of Makati
and Ortigas, it enjoys a very convinient
and prestigious location.
Compared with other properties of the same price, Sycamore Tower gives you more open and bigger
living space.
Finally, some space to breath . . . right the center of it all.
Sycamore Tower at Dansalan
Garden Condominiums is
indeed the wiser choice.
·
Kindly contact me
for the ff. details;
·
Installment Payment
Scheme and Special Discount for CASH
buyers.
·
BANK FINANCING.
·
Viewing of the
Projects.
·
Feel FREE to send me
an INQUIRY FORM or e-mail
·
Contact nos. Mobile +63927-642-3112
/Landline +632- 5095666 /+632-821-3511
·
Rommel R. Dominguez License no. 19148
·
Real Estate Broker
Association of the Philippines
(Makati
Chapter)
email :ebroker168@yahoo.com
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CEDAR CREST is the newest project of DMCI MID RISE CONDOMINIUM in Taguig near THE FORT,MAKATI,ORTIGAS,AIRPORT with only 15% Downpayment Spread Over in 20 months at ZERO interest Ready for Occupancy in 20 months for details Rommel Dominguez text +63927-6423112 / +632-5095666
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RA 9646 REAL ESTATE SERVICE ACT
SEC. 2. Declaration of Policy The State recognizes the vital role of real estate service practitioner 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 real property industry. Sec. 3. Definition of Terms (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. 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 required bond as hereto provided. 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 maybe required by the Board. Real estate salespersons shall be under the direct supervision and accountability of 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 sales person, either directly or indirectly , can negotiate ,mediate or transact any real estate transaction for 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 received 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. 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 (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 was 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. Republic Act 9646 Explanatory Note By: Rommel R. Dominguez (REBL # 19148R) REBAP Makati www.expertbroker.wordpress.com The Philippine real estate practice was regulated by the Ministry Order 39 of the Bureau of Trade Regulation and Consumer Protection of the Department of the Department of Trade and Industrry (DTI-BTRCP 1985 ). In October 22,1987,during the administration of president Corazon Aquino, a Real Estate Service Bill was filled in House of Representative by some groups who wanted the M.O. 39 to have a stronger legislative basis in order to eliminate the colorums. After many generations of Congressmen sat on it for 11 years, it was finally fully deliberated by Senate under the Committee Chairmanship of Senator Panfilo Lacson , recommending approval of Senate Bill 2963 on December 9,2008. On the side of the House of Representatives, they also have their House Bill No. 3514. After 22 years and four (4) Presidents, it was finally approved during the Second Regular Session of the Fourteenth Congress, and jointly enacted upon the House of Representatives on May 12,2009 under leadership of Speaker Prospero Nograles and the Senate under the leadership of Senate President Juan Ponce Enrile. It was President Gloria Macapagal-Arroyo who signed it into Law on June 29,2009.The law that regulates the real estate practice in the Philippines is now Republic Act No. 9646, entitled Real Estate Service Act of the Philippines. R.A. 9646 was published in the Philippine Daily Inquirer on July 15,2009. In accordance with Sec. 45 of Republic Act. No. 9646, the 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. The RA 9646 takes effect August 1,2009.
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" Glut in office buildings to end sooner, says Jones Lang THE OVERSUPPLY of office spaces will not last long as the existing supply of office buildings are expected to dry up soon, effectively stabilizing the prices, according to a real estate analyst. David Leechiu, Jones Lang LaSalle Leechiu country head, said that while the country is flooded with office spaces, a number of companies have postponed or cancelled their transactions as a reaction to the global crisis. The total one-million- square-meter (sq. m.) supply supposed to be built in the next five years, has been reduced significantly by 19% or some 341,000 sq. m., equivalent to one year's worth of office space demand. "The dramatic drop in supply may result in the rapid rise of rental prices by end of next year (2010). This is the time when we might see rental rates stabilizing," Mr. Leechiu said in a press conference. After reaching a peak last year (2008), rental rates across all major cities went down with prime offices in the Makati district affected the most. From an average rate of P1,200 per sq. m. in the second quarter last year, rental prices in the business district dropped by 42% to P700 per sq. m. from April to June. This was also the case in other cities, although Bonifacio Global City will likely come out of depressed prices first because of tight supply in the area, Mr. Leechiu said. Rates in Fort Bonifacio are expected to go down by 21% to P550 per sq. m. in the second quarter. "Cheap real estate in Metro Manila and Cebu will last until the second quarter next year (June 30, 2010) and we will see prices climbing in the fourth quarter of 2010 as supply dries up," Mr. Leechiu said. The peak in office supply will happen in the fourth quarter when the market will be flooded with 200,000 sq. m. of new office space. Of the total, only less than 25,000 sq. m. have been leased or "pre-committed." The analyst was confident foreign companies would continue to move to the country despite the crisis because of cheap labor and low rental prices compared with other countries. "This is why the oversupply that the country is experiencing will reach its bottom sooner than what most people think. The demand will come mostly from the business process outsourcing companies where some 195,000 sq. m. will come in the second half this year," he said. While it took the sector five years to recover after the Asian Financial Crisis that hit the country in 1997, it will only take two years to pick up this time around. "The business process outsourcing industry is still growing in the country as a result of cost-cutting measures of multinational companies. This is in contrast to the 1997 crisis when the severe contraction has forced companies to close," he said. Mr. Leechiu pointed out that even political turmoil in the past eight years failed to slow down the growing industry. Call center seats, he said, continue to grow significantly from less than 500,000 seats in 2000 to almost 3.5 million seats last year. - Kristine Jane R. Liu " Here's the link ---> http://www.bworldonline.com/BW081209/content.php?id=045
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"Boracay land titling to start By Nestor P. Burgos Jr., Inquirer Visayas
First Posted 22:51:00 08/08/2009
Filed Under: Travel & Commuting, Tourism, Construction & Property BORACAY ISLAND, Aklan – Land claimants and occupants on Boracay Island will hopefully have their prized properties titled soon after the Department of Environment and Natural Resources (DENR) on Friday announced the start of the cadastral survey on the island. In a meeting with business owners and property claimants here Friday night, Environment Secretary Joselito Atienza Jr. said the survey would be the basis for the issuance of titles for areas classified as alienable and disposable. The field survey, which will start on Monday and cover the whole 1,032-hectare island, is expected to be completed in five months. Only about a third of the land in Boracay have titles while the rest are being occupied through tax declarations after the world-famous island resort was declared government property. Atienza said the survey was in line with the Supreme Court ruling on land ownership on the island. In a ruling on Oct. 8, 2008, the Supreme Court affirmed Proclamation 1064 issued by President Macapagal-Arroyo on May 22, 2006. The proclamation classified 628.96 hectares, or 60.94 percent of the 1,032-hectare island, as alienable and disposable on the premise that the whole of Boracay is government property. The proclamation also provides for a 15-meter buffer zone on each side of the center line of roads and trails, which are reserved for right of way and which shall form part of the area reserved for forest land protection purposes. Land claimants and owners who have invested hundreds of millions of pesos for decades on the island expressed fear of losing their properties to other investors because of the proclamation and Supreme Court ruling. But in Friday’s meeting with property claimants, Atienza assured those with legitimate claims and investments that their rights would be respected. “We want to substantially comply with the Supreme Court ruling but will not drastically affect businesses and investments,” Atienza said. Atienza said titled lands would be respected in the titling of properties while those covered by tax declarations would be reviewed to check when and how the declarations were acquired. He also announced that the DENR has formed a new task force to handle land titling and other concerns in Boracay. The task force, headed by Demetrio Ignacio Jr., environment undersecretary for policy and planning, will coordinate with an 11-member committee of Boracay stakeholders on the implementation of the survey and land titling. The committee includes representatives of the Boracay Foundation Inc. and the Boracay Chamber of Commerce and Industry." Here's the link --> http://newsinfo. inquirer. net/inquirerhead lines/regions/ view/20090808- 219359/Boracay_ land_titling_ to_start FOR INFO OF ALL CONCERNED IN REBAP, Ma. Juliana "Jaye" N. Maronilla Nat'l Director & Chairman- Committee on Education & Information Rommel Dominguez REBAP Makati REBL # 19148 0927-6423112
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Republic Act 9646 Explanatory Note By: Rommel R. Dominguez (REBL # 19148R) REBAP Makati The Philippine real estate practice was regulated by the Ministry Order 39 of the Bureau of Trade Regulation and Consumer Protection of the Department of the Department of Trade and Industrry (DTI-BTRCP 1985 ). In October 22,1987,during the administration of president Corazon Aquino, a Real Estate Service Bill was filled in House of Representative by some groups who wanted the M.O. 39 to have a stronger legislative basis in order to eliminate the colorums. After many generations of Congressmen sat on it for 11 years, it was finally fully deliberated by Senate under the Committee Chairmanship of Senator Panfilo Lacson , recommending approval of Senate Bill 2963 on December 9,2008. On the side of the House of Representatives, they also have their House Bill No. 3514. After 22 years and four (4) Presidents, it was finally approved during the Second Regular Session of the Fourteenth Congress, and jointly enacted upon the House of Representatives on May 12,2009 under leadership of Speaker Prospero Nograles and the Senate under the leadership of Senate President Juan Ponce Enrile. It was President Gloria Macapagal-Arroyo who signed it into Law on June 29,2009.The law that regulates the real estate practice in the Philippines is now Republic Act No. 9646, entitled Real Estate Service Act of the Philippines. R.A. 9646 was published in the Philippine Daily Inquirer on July 15,2009. In accordance with Sec. 45 of Republic Act. No. 9646, the 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. The RA 9646 takes effect August 1,2009. The most striking part of the R.A. 9646 is Section 39, Penal Provision states that: "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 (100,000.00) 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 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 acts as principal or as a co-principal with the other participants, if any." For Full Details and Copy of the Law visit http://www.expertbroker.wordpress.com/
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MAHOGANY Place III
C-5 TAGUIG “NEAR THE FORT BONIFACIO RESIDENTIAL DISTRICT”   5 mins. drive to MARKET –MARKET 10 mins drive to Makati CBD LOT only also AVAILABLE at Mahogany Phase 1 Php 50,000 reservation fee CASH DISCOUNTS
10% discount in cash payment Terms :
30% min . Down payment for In-House / Bank financing HOME OPEN FOR SALE Single Detached - ARIANA/BELA Duplex - HELENA / TAMARA Townhouse – CIELO / SOPHIA TOWNHOUSE
Cielo Townhouse - 3 Storey 2- 3 BR + Maid’s 3 Toilet and Bath *75 sqm. Lot Area / floor area 159 (Inner Unit) P 6,400,000 M
* 105 sqm. Lot Area / floor area 108 (End Unit) P 7,500,000 M
(2 Car Garage) Sophia Townhouse - 3 Storey 3 BR + Maid’s 3 Toilet and Bath *75 sqm. Lot Area / floor area 183 (Inner Unit) P 6,800,000 M
* 105 sqm. Lot Area / floor area 183 (End Unit) P 8,500,000 M
(2 Car Garage)
SINGLE DETACHED :
Ariana (240 sqm.) - 3 Storey 3-4 BR + Maid’s 4 Toilet and Bath P 19,000,000 M
Bela (240 sqm). - 2 Storey 4 BR + Maid’s 6 Toilet and Bath P 18,000,000 M
3-4 Bedroom with Master’s Walk in Closet
Balcony at the Master’s Bedroom and Family Room
4 Toileth and Bath
Living Area, Powder Room
Dining Area
Kitchen, Family Hall
Maid’s Room with T&B
4 Car Garage
Porch Patio/Garden SINGLE ATTACHED (Duplex) Helena (120 sqm.) - 3 Storey 3 BR + Maid’s 3 Toilet and Bath P 12,100,000 M
Tamara (120 sqm.) - 3 Storey 3 BR + Maid’s 4 Toilet and Bath P 12,000,000 M
3 Bedroom
3 Toileth and Bath
Living Area
Dining Area
Kitchen, Family Hall
Maid’s Room with T&B
2 Car Garage
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The most striking part of the R.A. 9646 or Real Estate Service Act of the Philippines Section 39, Penal and Final Provision states that: “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 (100,000.00) 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 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 acts as principal or as a co-principal with the other participants, if any.” For more update about RESA or RA 9646 visit http://www.expertbroker.wordpress.com
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DTI transfers regulation of real estate practice to PRCMonday, July 27, 2009
With the passage of Republic Act 9646 also known as the Real Estate Service Act of the Philippines, the Department of Trade and Industry (DTI) transfers the regulation of the Real Estate practice to the Professional Regulation Commission (PRC).
"As RA 9646 repeals Section 3 (e) of Act No. 2728, the law from which the DTI draws its authority to regulate the real estate service, thus we have to transfer of the function to the PRC," says Undersecretary for Trade Regulation Zenaida Cuison Maglaya.
read full story at www.expertbroker.wordpress.com
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According to the Senate Legislative Documents,
the REAL ESTATE SERVICE ACT [ RESA ]
was approved by GMA last June 29, 2009 . . 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... Approved by the President on June 29, 2009 In accordance with Sec. 45 of Republic Act No. 9646,
the 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.
kindly visit, www.expertbroker.wordpress.com for more updates
More Power and God Bless . . . Sincerily Yours,
D.M.Consunji Inc. DMCI HOMES REBAP (Makati) Broker's License # 19148 Real Estate Broker Association of the Philippines
Mobile : +63927-6423112 Skype : expertbroker
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Press Release Update “PHILIPPINE DAILY INQUIRER” July 6, 2009 page 13 “Annual Report of Senator Antonio “Sonny” F. Trillanes IV”. RESA is one of the “BILL PASSED INTO LAW” with **Pending signature” For full details of RA 9646 or Real Estate Service Act / RESA Law kindly visit http://www.expertbroker.wordpress.com or google search RA 9646
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MANILA, Philippines – Sen. Panfilo Lacson is pushing for the swift approval and signing by President Arroyo into law of the proposed Real Estate Service Act (RESA) following its approval in a bicameral conference last May 5. The approval of the bill will give real estate service practitioners in the Philippines a chance at seeing their ranks professionalized after nearly 22 years. “This bill was first filed during the Eighth Congress in the House of Representatives by Rep. Rodolfo Valencia, on Oct. 22, 1987. Real property is seen as a major resource and the greatest financial asset of an individual, of business groups, and of the government. This is why real estate service practitioners play a vital role in developing public and investor confidence in the real property market,” Lacson said. Following its passage in a bicameral conference, the RESA bill now awaits the approval and signing into law by Mrs. Arroyo. Lacson said real estate service practitioners are helping ensure the vibrant movement of capital to support economic activities that would generate more resources for development projects. He noted that with the value of real property, transactions of this nature are susceptible to manipulation and corruption, “especially if they are in the hands of unqualified persons working under an ineffective regulatory system.” “This is why the real estate practice ought to be regulated through appropriate licensing and the observance of a code of ethics with a defined disciplinary procedure for the protection of the public,” he pointed out. 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. Salespersons are only required to be accredited by the Professional Regulatory Board of Real Estate Service and may undergo certain trainings as may be prescribed by the Board. Under the bill, 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. “By providing for an effective regulatory structure and licensing requirement, the public is assured that only those that are technically competent and qualified are allowed to practice their profession, or will be appointed in the case of government assessors and appraisers,” Lacson said. On the other hand, those in government need not worry about losing their positions as the bill allows them to stay in their present positions. However, they must comply with the requirements if they want to be promoted. 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. More Power and God Bless . . .
Sincerily Yours,
D.M.Consunji Inc. DMCI HOMES REBAP (Makati) Broker's License # 19148 Real Estate Broker Association of the Philippines
Mobile : +63927-6423112 Skype : expertbroker
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