A game changer in professionalizing & managing real estate brokering activity in the real estate industry in the Philippines was approved on 29 June 2009.
Before, being a broker was under the Department of Trade and Industry (DTI), but since a big move to professionalize the practice of real estate took a monumental shift when RESA Law 9646 was approved, brokers are now under the Philippine Regulatory Commission (PRC). This clears that a broker is now a professional and licensed to practice.
What is a licensed professional broker
According to section 3 of RESA Law 9646, a licensed professional broker is a duly registered & 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.
Benefits of engaging a licensed real estate broker
In various processes such as paperwork, law enforcement, and tax compliance, a licensed real estate broker is eligible to retain their knowledge and expertise.
You must be confident that he / she is genuinely qualified and competent when hiring or sourcing a real estate broker to practice real estate. By doing that, you can request a copy of their PRC ID and check if the card carrying members or affiliates of established Real Estate Organizations sanctioned by the Securities & Exchange Commission (SEC).
Under the Code of Ethics a licensed broker is required to practice his profession. It allows them to behave professionally.
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