The RESA Law
As the real estate industry continues to be strong in the Philippines, there are a lot of opportunities for the people entering this career. Pre 2009, everyone is eligible to be a real estate broker after accreditation. The licensure of real estate brokers was governed by the Department of Trade and Industry and the requirement of a license was only necessary if one would be establishing a brokerage firm.
In previous decades, the real estate service practice was considered part of an informal sector, wherein practitioners or the real estate agents would usually work on a part-time basis. If the business is favorable for them, then they would usually decide to make it as their livelihood.
After the certification of what is now known as the RESA Law or Republic Act No. 9646 or the Real Estate Service Act of the Philippines, there were a lot of changes that shook up the industry. It is a landmark law that protects not only the Real Estate Professionals but also the people that we service -avoiding fly by night agents and unscrupulous individuals who aims to rob people of their hard earned money.
DRIVEN Marketing Group Inc., one of the largest real estate marketing companies in the Philippines are making sure that we are 100% in observance with the rules and regulation with regards to selling real estate.
According to RESA, there are five types of professionals who are considered to be in the practice of real estate services. They are real estate consultants, appraisers, assessors, brokers, and salespersons. The first must be duly registered and licensed by the PRC, while real estate salespersons need only be accredited. For the purpose of this article, we are focusing on Brokers and Salespersons as this is the foundation of Driven Marketing, the blocks that build the company.
For seminars and trainings, DRIVEN is working hard to incorporate all of the rules and regulations so agents are in full compliance with the law. There is simply no excuse for anyone to be ignorant of the RESA Law and how it affects everyone doing just about anything related to real estate.
As the famous legal principle says, “Ignorance of the law excuses no one.”