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Questions and Answers Regarding Real Estate Law in the Philippines

DO YOU KNOW WHAT THE REAL ESTATE SERVICE ACT OF THE PHILIPPINES OR RESA LAW IS AND HOW IT AFFECTS YOUR REAL ESTATE TRANSACTIONS?

The Real Estate Service Act of the Philippines is the law that regulates the practice of real estate service in the Philippines.

The Real Estate Service Act of the Philippines was enacted in 2009 as Republic Act No. 9646. It aims to professionalize and standardize the real estate service practice and to protect the public from unqualified and unauthorized practitioners.

The Real Estate Service Act of the Philippines provides for the following:

  • The creation and functions of the Professional Regulatory Board of Real Estate Service (PRBRES), which is under the supervision and administrative control of the Professional Regulation Commission (PRC)
  • The qualifications, examination, registration, and licensing of real estate service practitioners, such as real estate consultants, appraisers, assessors, brokers, and salespersons
  • The scope and limitations of the practice of real estate service, such as the types of transactions, activities, and services that can be performed by each category of practitioners
  • The code of ethics and responsibilities of real estate service practitioners, such as the duty to uphold honesty, integrity, competence, and professionalism in dealing with clients, colleagues, and the public
  • The penalties for violations of the Real Estate Service Act of the Philippines or its implementing rules and regulations
The Real Estate Service Act of the Philippines has been implemented by Resolution No. 02 Series of 2010, which contains the rules and regulations for its enforcement.