After reading, What is Republic Act No. 9646 or the Real Estate Service Act of the Philippines”, read also The Real Estate Investment Trust (REIT) Act of 2019
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The State recognizes the vital role of real estate service practitioners in the development and progress of the country
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Real estate refers to the land and all those items which are attached to the land
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Real property includes all the rights, interests and benefits related to the ownership of real estate
T he State recognizes the vital role of real estate service practitioners 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. With this, Republic Act No. 9646 or the “Real Estate Service Act of the Philippines was enacted.
Through Republic Act No. 9646 (RA 9646), the state 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 the real estate industry.
What is a Real Estate?
The law says:
Real Estate refers to the land and all those items which are attached to the land. It is the physical, tangible entity, together with all the additions or improvements on, above or below the ground. In relation to this, do note also that the term “real property” includes all the rights, interests and benefits related to the ownership of real estate.
Who are Real Estate Service Practitioners?
The law says:
Real Estate Service Practitioners shall refer to and consist of the following:
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Real estate consultant – a duly registered and licensed -natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgment on: (i) the acquisition, enhancement, preservation, utilization or disposition of lands or its improvements; and (ii) the conception, planning, management and development of real estate projects.
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Real estate appraiser– a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.
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Real estate assessor – a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.
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Real estate broker – a duly registered and 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 in the said real estate.
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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.
What are the qualifications of a Real Estate Service Practitioner? A related article will be posted in a few days.
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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