Thursday, August 28, 2014

Resa's Fruits Continue To Grow

In June 29, 2009, R.A. 9646 was enacted to professionalize three real estate service occupations – real estate brokers, real estate appraisers, and real estate consultants.  Before this, licensing for the three occupations was under the administration of the Department of Trade and Industry.  R.A. 9646 transferred this jurisdiction to the Professional Regulations Commission (PRC) by creating therein a Professional Regulatory Board for Real Estate Service (PRB-RES).

As with all laws, a set of Implementing Rules and Regulations (IRR) was adopted in July 21, 2010 to serve as additional guidelines.  Since then, the RESA law has resulted in the licensure of over 24,000 real estate service professionals.

This augurs well for the real estate industry which continues on its bull run, now almost 7 years.  Hand in hand with numerous real estate projects under construction or in the drawing boards, there is a corresponding demand for trained and licensed marketers of real estate.  In the past, developers relied on in-house agents and salespersons.  Today, more and more developers are hiring outsourced brokerage companies to lead their marketing programs.  Even if they may maintain an in-house sales force, the RESA law requires developers to hire at least one licensed real estate broker to supervise and be responsible for every 20 salespersons.

Immediately after the RESA IRR was adopted in June 2010, the PRB-RES started issuing professional license without examinations to those who were previously licensed with DTI – the application of the “grandfather clause.”

The following year, in 2011, the PRB-RES conducted a set of board examinations for each of the three professions. In just 4 years, as of July 2014, the number of professionals licensed through examination has exceeded those who obtained their license under the “grandfather” clause.

Update on Real Estate Service Professions, as of August 2014

NOW is the opportunity to become a Real Estate Broker

The RESA Law provides that those seeking licensure for the real estate professions need to pass a board examination after graduating from a degree of B.S. in Real Estate Service.  But so far only less than ten colleges/universities have started a BS-RES program.   Despite proven demand for real estate professionals, schools have not successfully developed their faculty for this course.  Thus, until today, PRC will still allow any B.S. degree holder to take the board examination for real estate service.  The grace period may not last that long.  

Unless the RESA law is amended, PRC will have to comply with the law perhaps in one or two years.  That’s why numerous allied professionals are now rushing to take the real estate board exams.  To be able to take these exams, PRC requires attendance in a 120-hour real estate seminar-review.  In the last few years, a diverse class of allied professionals have also sat for the real estate service board examinations, among them – lawyers, accountants, architects, engineers, bankers, teachers, and surprisingly even some doctors and nurses.

The Manila Board of Realtors, Inc., the country’s oldest real estate service organization, has spearheaded the conduct of real estate review seminars for brokers.  Its year-end 2014 offering starts September 6th and will run for 15 days during weekends of September, October and November.  Those interested to review for the March 2015 brokers examination may contact: MBR CRESAR Secretariat: 244-7547 (Pauline) or 896-4293 (Mila).

About the Author

Wilfredo L. Segovia

Wilfredo L. Segovia is a civil engineer who also holds licenses for all the three real estate service professions -- broker, appraiser and consultant. He is an active resource person, speaker and mentor on real estate service. He served as past president of the Manila Board of Realtors, Inc. in 2013 and heads three mid-sized companies engaged in general construction, consulting engineering and property development.


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