Friday, March 26, 2010

The RESA Law, Republic Act 9646: What can it do for the Real Estate Industry in contrast.. Part 2

This is the continuation of the first part published February 2, 2010.

Recently, the RESA law or Republic Act 9646: Philippine Real Estate Service Act of 2009 has gone a long way from being a obscure idea into reality of professionalizing the real estate service industry and expanding the satisfaction and needs of our real estate clients and investors with value added protection unscrupulous entities and individuals. A lot of people say that the law was hastily made but in real sense it was twenty-two (22) years in the making with lots of disapproval's from the previous congress and some real estate developer who do not adhere with the basis of fair and just treatment of the licensed real estate professionals who are abiding with laws and ethics of the realty trade.

Dr. Eduardo G. Ong
Generally speaking, those that were affected are the in-house brokers and agents who have not taken the real estate brokers / appraiser / consultants / assessor licensure examination being given in the past few years with the advent of the new rules governing the examination which was previously given by the Department of Trade Industry - Bureau of Trade Regulations and Consumer Protection to the Professional Regulatory Commission (see article). These affected people will either have to work for a licensed broker in order for them to practice the profession they know and have to apply for a Real Estate Salesman License and must have acquire or education at least second year college or 144 college units in order to qualify as a Real Estate Salesman. Another option is to take up a degree in Bachelor of Real Estate Services or Management Course once proposed curriculum under the technical panel of Commission on Higher Education (CHED)  is approved and to be offered by colleges and universities can offer this course to the public.

Finally, Professional Regulations Commission has appointed Dr. Eduardo G. Ong as the chairman of newly established Professional Regulatory Board of Real Estate Services. Dr. Ong is a broker / consultant and lecturer on business, entrepreneurship and real estate consultancy for more than 25 years. With his experience and knowledge of this, he is well suited for the task of overseeing this newly created board in policing the ranks of the real estate industry. Dr. Ong was made an honorary member of Real Estate Brokers Association of the Philippines (REBAP) last March 25, 2010 during the First Quarter General Membership Meeting and Assembly held at Makati Sports Club in Leviste Street, Salcedo Village, Makati City.

See other related posts:

The RESA Law, Republic Act 9646: What can it do to the for the Real Estate Industry in contrast.. Part 1


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