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RESA LAW IRR published last July 24, 2010

The much-awaited Implementing Rules and Regulations of Republic Act No. 9646, known as the “Real Estate Service Act of the Philippines” or RESA Law was finally published last July 24, 2010 in the Philippine Star, and will be effective fifteen days therefrom or on August 8, 2010. Click here for the full text of the approved and published RESA Law IRR. For a brief background, please also refer to my husband’s previous post for a copy of the full text of the RESA Law and its salient points.

The main goal of the RESA Law IRR and the RESA Law is the professionalization of the practice of real estate in the Philippines. What does this mean to the ordinary Filipino, in simple terms?

When we say professionalization, for me it means that there are subjects that need to be studied, exams that need to be passed, and rules that need to be followed. Thus, not everybody can enter the real estate profession. Only those who are qualified can be allowed to practice, and those who are allowed to practice need to follow rules to maintain their membership in the profession.

It is hoped that with these new rules, real estate transactions will be multiplied and be concluded faster, and instances of swindling or other illegal practices will be eradicated or at least minimized.

In my opinion, the important points of the RESA Law IRR are as follows:

  • Only those who have passed the licensure examinations and have complied with the requirements can practice real estate service in the Philippines. [Refer to Section 29 of the RESA Law IRR on the prohibition against the unauthorized practice of real estate.]
  • The Commission on Higher Education (CHED) will implement a bachelor’s degree in Real Estate Service. Once this is implemented, the Board will make the course a requirement for taking the licensure examinations.
  • In the meantime that the bachelor’s degree is not yet implemented, applicants with other relevant bachelor’s degrees can take the examination provided that they have  completed 120 units of real estate subjects and training from accredited service providers (among other requirements). More on this later.
  • There are certain requirements for those who want to be registered without examination [Refer to Section 20], particularly for those who have passed the licensure examination in the past. More on this later.

I know that there are some people who have been lobbying against some provisions of the draft IRR (particularly Section 28 about the proposed exemption of employees of developers from the coverage of the law), so I checked the published IRR and noted that the “insertions” they lobbied against have not been included in the final version (Kudos to the lobbyists!).

Moving on, I know that many of you are interested in the examination requirements so I reproduce here Section 14 of the IRR which is about the qualifications of applicants for examinations:

SEC. 14. Qualification of Applicants for Examinations. In order to be admitted to the licensure examination for real estate service, a candidate at the time of filing his/her application, shall establish to the satisfaction of the Board that he/she possesses the following qualifications:

(a)  A citizen of the Philippines,

(b)  A holder of a relevant bachelor’s degree from a state university or college, or other educational institution duly recognized by the CHED; Provided, That he/she has completed at least one hundred twenty (120) credit units of real estate subjects and training from accredited service providers, as may be determined by the Board; Provided, further, That as soon as a course leading to a Bachelor’s degree in Real Estate Service is implemented by the CHED, the Board shall make this course a requirement for taking the licensure examination,

(c)  Is of good moral character, and must not have been convicted of any crime involving moral turpitude,

(d)  An applicant for the licensure examination for real estate consultants must show proof that he/she has at least ten (10) years experience as a licensed real estate broker, or an assessor, or as a bank, or institutional appraiser, or an employed person performing real property valuation, or at least five (5) years experience as a licensed real estate appraiser.

xxx”

Based on the above provision, my question mainly is with regard to the 120 credit units of real estate subjects. Do we have to earn that many units before we can take the rumored December 2010 examinations? (I say rumored because there is no mention in the IRR about the date of examinations, but there should be at least one since it would probably be in June 2011 at the earliest when a Real Estate Service course is ready, and my husband Jay mentioned that there will be one in December based on his reliable sources).

If we are to take a seminar worth 8 hours per day, that would be 15 days of 8-hour seminar-days. I wonder how much the seminars will cost. Hmmm. Incidentally, the REBAP Marikina River City Chapter intends to hold seminars for the upcoming examinations. No word yet as to the exact schedule and seminar fees though. If you want to be updated, please subscribe to e-mail alerts (if you haven’t yet) as we will post the details as soon as they are available.

I hope my UP Open University Continuing Professional Education Program on Land Valuation – Introduction to and Valuation and Management (CPEPLV-ILV) course will be part of my credits. It looks like it, based on the course title. But I’ll have to ask my teacher and classmates [Hi classmates!] first and I’ll let you know.

Another question in my mind as regards Section 14 above is the meaning of “relevant” bachelor’s degree. What bachelor’s degrees will they deem as “relevant”? I am not aware of the deliberations so I really can’t say which degrees are relevant or not.

As for those who have already passed the Real Estate Brokers’ Examination in the past, Section 20 governs, as follows:

SEC. 20. Registration Without Examination.~ Upon application and payment of the required fees, the following shall be registered, and shall be issued by the Board and the Commission a certificate of registration and a professional identification card without taking the prescribed examination:

(a)  Those who, on the date of the effectivity of R.A. No. 9646 or as of 31 July 2009, are already licensed as real estate brokers, real estate appraisers or real estate consultants by the Department of Trade and Industry (DTI) by virtue of Ministry Order No. 39, as amended: Provided, That they are in active practice as real estate brokers, real estate appraisers, and real estate consultants, and that they have undertaken relevant Continuing Professional Education (CPE) or Continuing Education Program (CEP) to the satisfaction of the Board; Provided, further, That the following practitioners shall be allowed to register:

  1. Any holder of a valid DTI license who has earned fifteen (15) Continuing Education Program or CPE credit units;
  2. Those who failed to renew their DTI License prior to 30 July 2009 but who have earned twenty four (24) CEP credit units from accredited service providers as per M.O. 39 or CPE credit units from CPE Council Accredited Provider from 2007 to July 30, 2011;
  3. Those who had passed the 2009 & 2008 licensure examinations given by the DTI but who failed to obtain their license upon the effectivity of the R.A. No. 9646 and who have earned fifteen (15) CEP or CPE credit units;
  4. Those who had passed the 2007 licensure examinations given by the DTI but who failed to obtain their license upon the effectivity of the R.A. No. 9646 and who have earned eighteen (18) CEP or CPE credit units;
  5. Those who had passed the DTI licensure examinations in 2006 and prior years but who had failed to obtain their license upon the effectivity of the R.A. No. 9646 and who have earned one hundred twenty (120) CEP or CPE credit units;

Provided finally, That real estate practitioners falling under the above-described categories who fail to comply with the necessary CPE requirements within two (2) years after the effectivity of R.A. No. 9646, on or before 30 July 2011, shall be required to take the Board licensure examination for real estate service practitioners;

(b)  Assessors and appraisers who, on the date of the effectivity of R.A. No. 9646 or as of 30 July 2009, hold permanent appointments and are performing actual appraisal and assessment functions for the last five (5) years, have passed the Real Property Assessing Officer (RPAO) examination conducted and administered by the Civil Service Commission (CSC) in coordination with the Department of Finance (DOF), and have undertaken relevant CPE to the satisfaction of the Board; and

(c)  Assessors and appraisers who, on the date of the effectivity of R.A. No. 9646 or as of 30 July 2009, hold permanent appointments and have at least ten (10) years actual experience in real property appraisal or assessment and have completed at least one hundred twenty (120) hours of accredited training on real property appraisal conducted by national or international appraisal organizations or institutions/entities duly certified by the Department of Finance (DOF) or any other pertinent national government agencies or Government Owned and Controlled Corporations (GOCC), as the case may be, recognized by the Board and relevant CPE credit units to the satisfaction of the Board.

Those falling under categories (b) and (c) shall register with the Board after they shall have complied with the requirements for registration as real estate appraisers, and have completed twenty four (24) CPE credit units.  Provided, That those seeking to be licensed to a new credential level shall be required to take the pertinent Board licensure examination for real estate service practitioners.

Those so exempt under the aforementioned categories shall file their application within two (2) years from the effectivity of Republic Act No. 9646 or until 30 July 2011. Provided, That the renewal of the professional identification card is subject to the provisions of Section 17, Art. III of R.A. No. 9646.

xxx”

Please read the full text of the RESA Law IRR as well as the RESA Law and let us know your comments and/or questions. There are many people who are in favor of RESA and there are many as well who are not. But I believe that we should always look at the bright side of everything. There are a myriad opportunities available today in real estate and personally, I think that the RESA Law and IRR are positive steps for the Philippines.

Cherry Castillo

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About Atty. Cherry Vi Saldua Castillo
Atty. Cherry Vi Saldua Castillo is a Lawyer (Roll of Attorneys No. 55239), CPA (PRC CPA License No. 0102054), Real Estate Broker (PRC REB License No. 3187), and Real Estate Appraiser (PRC REA License No. 6918). She was also the 2013 Internal Education Head of REBAP-LMP and 2015 REBAP National Legal Counsel. She's the 2021-2022 chapter president of REBAP-LMP.
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40 thoughts on “RESA LAW IRR published last July 24, 2010”

  1. Hi Jay,

    Please share this. Thank you and God Bless!

    Activity: REBAP MAKATI CHAPTER Continuing Professional Education (CPE)
    No. of Units/Hours: 20
    Dates: Nov 20, 29, Dec 4, & Dec 11, 2012
    Time: 9AM to 2PM
    Venue: Grimace Room, Mc Donald’s Greenbelt 1,
    Paseo de Roxas, Legaspi Village, Makati City
    Topics: Basics in Joint Venture and Syndication
    Leasing Concepts & Taxation on other Transactions
    Steps in Property Consolidation, Conversion and Registration
    Laws of Power in Real Estate Marketing and Management
    Protocol for International Business Transactions
    Local and International Business Links
    Fee: Php 3,500.00
    Inclusions: CPE Certificate of Attendance, AM Snacks, Lunch, and Materials
    Others:
    1. We require pre-registration but on a 1st come-1st served basis.
    2. Steps on Pre-registration:
    2.1. Deposit payment to: Account Name: REBAP MAKATI, INC.
    Bank: UCPB
    Branch: Paseo de Roxas Ayala
    S/A: 104-169336-1
    2.2. Or pay directly to: REBAP MAKATI Office
    Unit 4, Lower Penthouse, Legaspi Towers 200,
    Paseo de Roxas, Legaspi Village, Makati
    2.3. If payment is through a bank deposit, please scan/email deposit
    slip to: humespejon@yahoo.com for the acknowledgement of
    your payment and for booking purposes.
    2.4. If you wish to pay directly to the office, please call first our office
    secretary, Ms. Humelyn Talaboc , before going there. Our office
    phone number is 751-5213.

    All the best,

    MARIE ANTOINETTE (May Ann) S. FAJARDO
    2012 Chairman of the Board & Education Committee Head
    REBAP MAKATI CHAPTER

    ML: 585-6397
    MP: 0917-8120412
    E-mail Add: may.ann.fajardo@gmail.com

    Reply
  2. Hi Jay and Cherry,

    I am posting this in behalf of my colleagues who will be doing a 120-Unit CRESR starting this Saturday, February 4, 2012 in Makati City. The lectures will be from 8am to 7pm for the next 3 weekends plus a whole day General Review & Mock Exam. For more info, they can email me at masfls .com or call/text me at 0920-9030827/5856397. Thanks and more power to you!

    CRB MAY ANN FAJARDO
    2012 Chairman of the Board 
    REBAP MAKATI Chapter

    Reply
  3. pls answer me im a dti licehse broker and about to renew my license about to expire this december 2011 but pareb cebu secretary told no more because of the resa law which im totally ignorant.i would like to ask why dti did not bother to inform all licensee by mail considering that they have all the records and address of all its licensees and furthermore there are license issued by  dti which will expire this december 2011 which are not being considered by the resa law and its grandfather clause.

    Reply
  4. Where can I take the 120 units requirement for brokers?
    May I also know the schedule for the course or seminar?

    Reply
  5. before we are under the supervision of a real estate broker. She was in manila to follow up her license with the prc. she took chances of asking the prc people in manila re status of real estate agents who has dti license before. sad to hear that she was informed that no implementing rules up to now the PRC for those real estates agents, pls gives us some details as to IRR on real estate agents. And as to compensation and benefits is it unfair for those real estate agents who works with brokers without specific compensation /benefits regulated by the Board. And they will be exploited by people who engaged in real estate, please help us resolve this issue. we need also a guideline that could protect real estate agents from exploitation. Thanks

    Reply
  6. good morning!
    Just want to know what will happen to us with DTI REal estate agents coz up to now PRC dont have the implmenting rules for realestate agents as to where or when we will renew or apply? please help us in order we could make necessary steps processing our real estate agents licenses. We thank you for your kind help…..

    Reply
    • The DTI have never issued licenses to “AGENTS”. DTI have issued license to SALESPERSONS who are under the supervision of BROKERS.

      Now that the jurisdiction has already been transferred from DTI to PRC, the rule is still the same, PRC can issue registration to SALESPERSONS who are under the supervision of BROKERS.

      Reference:

      RA 9646 SEC. 31 Supervision of Real Estate Salespersons

      For real estate salespersons, no examination shall be given, but they shall be accredited by the Board: Provided, That they have completed at least two (2) years of college and have undergone training and seminars in real estate brokerage, as may be required by the Board.

      Real Estate salespersons shall be under the direct supervision and accountability of a real estate broker. As such, they cannot by themselves be signatories to a written agreement involving a real estate transaction unless the real estate broker who has direct supervision and accountability over them is also signatory thereto.

      No real estate salesperson, either directly or indirectly, can negotiate, mediate or transact any real estate transaction for and in behalf of a real estate broker without first securing an authorized accreditation as real estate salesperson for the real estate broker as prescribed by the Board.

      A real estate broker shall be guilty of violating this Act for employing or utilizing the services of a real estate salesperson when he/she has not secured the required accreditation from the Board prior to such employment.
      No salesperson shall be entitled to receive or demand a fee, commission or compensation of any kind from any person, other than the duly licensed real estate broker who has direct control and supervision over him, for any service rendered or work done by such salesperson in any real estate transaction. No violation of this provision shall be cause for revocation or suspension of the certificate of registration of the real estate broker unless there was actual knowledge of such violation or the broker retains the benefits, profits or proceeds of a transaction wrongfully negotiated by the salesperson.

      Reply
  7. Good day!… i am a draftswoman (job order) at the assessors office @ lgu… do i really need to take the 120 units CPE and take the examination?…i have attended 72 units CPE already… my problem is, i am an undergraduate of BS architecture but qualified as a draftsman…is it possible that I will be fired out?… thanks & God bless!

    Reply
    • Leah, you will not be fired in your job as a Draftsman. The Draftsman position is not one of the professionalized real estate practices (Salesperson, Broker, Appraiser, Assessor, Consultant). /// JOHN PETALCORIN

      Reply
  8. hi! 🙂 i am a licensed real estate broker who passed the exam in November 2007. from above, stated is that, we have to complete an 18-hour CEP seminar to have our license renewed. my license shall expire this end of December 2010.

    just wanna ask san pa po naghohold ng CEP seminar BY NOW and how much would it cost? i am currently taking my post undergraduate studies and my only free time is December 19 2010 til January 3, 2011, which shall fall during our Christmas break.

    hope you could provide me choices for the seminar the soonest!

    thank you very much. you can send me updates via my email address. God bless.. 🙂

    Reply
  9. Hi everyone,

    We are accepting enrollees for the 120-credits/hours COMPREHENSIVE REAL ESTATE SEMINAR & REVIEW scheduled starting Jan 8, 2011. We can only accommodate 150 participants per batch, so this is a 1st come 1st served basis. For more info on this, you can get in touch with me. Just do it ASAP so we can put you in the list. Thanks.

    All the best,

    CRB MARIE ANTOINETTE “MAY ANN” S. FAJARDO
    Certified Real Estate Broker (CRB)
    REBL No. 19420

    2010 President
    REAL ESTATE BROKERS ASSOCIATION OF THE PHILS.-Makati
    REBAP- Makati Chapter

    Tel. No. (+632) 3825683
    Cell No. (+63917)8120412
    (+63920)9030827
    Email: masfls@yahoo. com

    Reply
  10. Hi Jay and Cherry,

    I just recently saw the PRC Schedule of Examinations for 2011 and the exam for Real Estate Brokers is on March 27, 2011… This is the only exam for the year…

    Can you give us a feedback whether, its official that we need to review for 120 hours to get our certificates before filing it with PRC?

    Btw, the deadline for filing is March 7, 2011. Just wanted to clarify who are Accredited Review Centers that does this kind of services?

    Thanks so much for your help.

    Ian A.

    Reply
  11. Hi Jay,

    I am very interested to take the brokers exam come feb 2011. I know i don’t have much time to garner the 120 units needed. Do you know of organizations or establishments that offer seminars for this. Has it been clarified that 120 units= 120 hours?
    thanks.

    Reply
  12. tama kayo dyan, pano na ako high school grad lang ako single parent dalawang anak pano na, yan lang kina bubuhay ko, kakaiyak naman, pano pa ako makakapag aral e may idad na ako at saan ko iiwan ang mga anak ko , Grabe naman garabe yang resa na yan nakaka sumpa talga ang pag labas nyan, ang labas nito kulurom na ako, garabe kainis!!!!

    Reply
  13. JUST ATTENDED WHAT THEY CALL CPE OR CEP AS REQUIREMENT FOR THOSE WHO WANTS TO RENEW, APPLY FOR THOSE WHO PASSED PREVIOUS EXAMINATION GIVEN BY DTI.
    QUESTIONS:
    1. WHO REPRESENTED THE UNLICENSED SECTOR ?
    2. WHAT WILL HAPPEN TO THOSE AGENTS SELLING SUBDIVISION PAYING THE 10% TAX DEDUCTED FROM THEIR COMMISSION? ARE THEY NOT TAX PAYER?
    3.FOR THOSE UNLICENSED REAL ESTATE AGENTS WHO WANTS TO BE LICENSED HOW OFTEN THE CPE OR CEP WILL BE CONDUCTED IN CERTAIN AREA? AND HOW MUCH THE FEE FOR ITS UNITS/HR. PLS DO REGULATE FEES FOR CEP.
    4. WHAT ARE THE REQUIREMENTS OF THE DEVELOPER TO BE A SERVICE PROVIDER?
    5. WHY WE LIMIT REAL ESTATE BROKERS TO 20 REAL ESTATE AGENTS ONLY? DI BA PRC SANA THEY WILL BE ENTITLED TO AS MANY AGENTS DIN DI BA? pAREHO NANG IBANG PROFESSION. that they could hire workers under them.
    iM NOT AGAINST RESA LAW BUT PLEASE TRY TO REVIEW IT AGAIN PARA SA NAKAKARAMI. AND PLEASE (SUGGESTION oNLY) GIVE CHANCE TO THOSE REAL ESTATE AGENTS WHO PAYS TAXES BEING DEDUCTD10% SA COM NILA. THEY ARE ALSO TAX PAYER LETS BE Fair.

    Reply
  14. sa pag aaral ko, marami na ang nag rereview para maging broker licence. paano na kaya nga may edad na licensed broker if madaming nakapasa na na mga bata, cgrudo ako mahihirapan na ang mga may edad na, kc once na pumasa ang batng broker licensed sure hired agad yan ng developer kc may kailangan na nila ngayon ang katulad nila. mga broker na nag patupad ng batas na yan RESA LAW, cgruoda nag sisi na cla kc nga naman gusto ng goverment na kakaltasan cla ng tax kc nga naman malaki na ang income nila…. naingit lang kc cla sa mga in-house kc mas malakas buminta ang in-house sa kanila.

    Reply
  15. ATTENTION!!! need a partime or full time job. if you are in a legal age, licensed brokers, sales agent, housewives and retirees you are cordially invited to join our free orientation seminar everyday.We also provide vehicles for tripping and saturation with free meal. pls feel free to contact me @ 09238518079 / 3514626 look for ronald or email me at goodfellows25@yahoo.com /rcflores@verdantpoint.com for more info..

    Reply
  16. Sana man lang hindi ganyang kabrutal ang Resa Law, Sana naman magkaroon ng malasakit ang government sa mga undergrad or highschool grad na agent who performs well and professionally in this line of business. Maraming undergraduates ang maapektuhan for sure, maraming mawawalan ng trabaho. Huwag tayong magbingi-bingihan sa sitwasyon, hindi lahat ng legal e tama. Lisensiya lang yan. Sino ba ang ayaw magkaliscense? Pwede namang ipatupad yan, bakit nga ba hindi? pero sana naman magkaroon naman ng consideration sa mga agents na di man nakatapos ay nagagampanan naman ng maayos ang kanilang tungkulin. Nakakalungkot isipin na ang mga undergrad or highschool grad na agents na nagsisilbi sa mahabang panahon ay mawawalan na ng pagkakataong kumita ng legal.

    Bakit ang RESA Law, hindi pinaguusapan sa tv o any media advertisement, meron man, hindi ganuong ka tindi ang issue? Bakit puro sa internet lang. kawawa ang mga Filipino agents na undergrad pero mga professional magtrabaho kesa sa mga taong nagsasabing lisensiyado sila, Kung iisa-isahin ko ang mga lisensyadong broker na walang ginawa kundi mangurakot ng pera ng ahente nila, hindi mabibilang sa mga daliri ko sa kamay sa sobrang dami.

    Aminin niyo man o hindi, mas maraming mga undergraduate agents ang magagaling kesa sa mga tinatawag nating professional broker. Magagaling lang silang magcomment, siyempre para nga naman ipagmalaki ang kanilang profession. Ang bulok na sistema ng ating bansa ay dapat ng ayusin para sa ikauunlad nito

    Hiling ko lang kay P-NOY, na sana mapag-aralang mabuti ang Resa law na yan.

    Sana naman magkaroon ng chance ang mga undergrad. or highschool grad full time agents na makakuha ng sales agent liscense para naman fair para sa lahat, sana naman kahit certification ng broker o developer na siya ay at least 2 yrs. to 3 yrs. experienced sales agent at mabigyan ng pagkakataon na makapagexam as sales agent, sa examination naman malalalaman mo na kung qualified na talaga ang isang agent o hindi. Kahit sa ganoong paraan lang, magkaroon ng konting consideration, hindi yung bigla – bigla na lang magugulat ang lahat sa Resa Law na yan.

    Maganda ang hangarin ng Resa Law, natutuwa kami at meron ng Resa Law na magproprotekta sa mga agents sa marami at nagkalat na mga broker na puro lang salita pero mahilig mang-ipit ng commission ng kanilang mga agents, sa ganitong paraan magkakaroon narin kami ng opportunity na isumbong ang mga broker na hindi nagbabayad ng buwis, mga broker na sumisingil ng sobra sobrang buwis sa kanilang mga empleyado, mga broker na walang considerations sa paghihirap ng mga agents once na makapagdeal na ng transaction. Diyan dapat maghigpit ang gobyerno, hindi lang lisensya ang solusyon sa problema.

    Sana lang bago ifully implement yan, magkaroon naman ng consideration sa mga undergraduate or highschool graduate na matagal na sa real estate service.

    Bakit hindi rin nating pagtuunan ng pansin ang mga developer na nang-gigipit ng commission ng mga agents, maraming-marami sila. Maraming developer na nakalipat na’t lahat ang clients sa kanilang bahay, aabutin pa ng 1 o 2 taon bago ibigay ang pinaghirapan mo. Kapag minamalas-malas pa ang isang agent, gigipitin na nga ng developer, gigipitin pa ng broker, tsk. tsk. tsk. Hindi madaling maging agents, pero pinipilit na magampanan ang tungkulin para kahit paano ay makaraos sa pang-araw araw na gastusin.

    Magkaroon sana ng konting konsiderasyon ang Resa Law para sa mga undergraduate or highschool graduates agents na ginagampanan ng tama ang kanilang trabaho at hindi yung puro kapakanan na naman ng mahihirap ang maaapektuhan…

    Reply
    • regarding sa RESA LAW na yan, hanggang 2yrs grad lang ba talaga ang pwedeng mag exam at magka license? pano nga naman yung mga may experience ng magbenta ng mga property at nagagampanan naman nila yung trabaho nila pero undergrad lang sila ng high school or graduate ng highschool o mas mababa pa ang natapos. ibig sabihin wala ng opportunity para sa kanila? UNFAIR talaga pag nagkaganon. lalo na yung mga inabutan na ng kanilang pagtanda sa ganitong profession. BE FAIR naman sana.

      Reply
      • Hindi po. Kahit yung mga walang college units, pwede magpa acredit sa PRC, basta may certipikasyon sa developer o broker na nagwork na sila for 3 years.

        Para sa exam, dapat nakatapos na ng at least 4 years ng college. Yung 2 years of college, pang accreditation po yun, di po pang exam.

        Reply
  17. Wow! thanks for this post. I have been waiting for updates about the licensing exam. I do hope that the lecture series from URBAN institute I took just last year and the buy and sell mentoring course will suffice.

    Reply
  18. Hi Jay, please correct my understanding if not accurate: only those who have been in the real estate business for at least 10 years can take the boards? Thanks.

    I have wanted to pass the DTI boards last year when I became a part time salesperson undet DMCI ebrokers. But then came the RESA law ratification….

    Reply
  19. Hi,

    I hope it is ok if I shared your articles about IRR on my facebook wall.

    Thanks in advance. Keep up the good work! God bless.

    Reply
  20. Hi Cherry and Jay,

    Is this development have an impact on real estate investors (buy then sell or rent)?

    I should ask, i have’nt read the full text yet. 😉

    BIG thanks.

    Reply
    • Hi Ian,

      I guess the impact would be on the so called “Real Estate Affiliate marketing” practice (which I look at simply as brokerage) where investors sell the properties of other investors. If the one selling other people’s properties is unlicensed, that would be considered illegal.

      Reply
  21. Hi Cherry! I read your post and I was surprised with the 120-unit requirement in order for me to take the licensure examinations. That’s worse than the MCLE! I also want to become a licensed real estate broker by this year while the Bachelors degree on real estate service has not yet been implemented. Given the difficult-to-meet requirements, does this mean I don’t have any hope of taking (and passing) the examinations this year? Thanks!

    Reply
    • Hi Manny,

      Jay here, Cherry is feeling under the weather so I’ll answer on her behalf. Anyway, I recently attended a 24Unit CPE and it was held from 8am to 9pm, Saturday and Sunday. It was way too exhausting!

      I guess to cover 120 units, the CPE can be held for 12 days spread over 12 weeks at 10 hours per day. Sounds daunting but possible. 🙂

      Reply
      • 1. HOW MUCH IT WILL COST PER UNIT ?
        2. HOW OFTEN AND WHO WILL CONDUCT CPE IN A CERTAIN REGION?
        3. DOES THE DEVELOPER IS ALSO ALLOWED TO HANDLE CPE FOR THEIR IN HOUSE/ACCREDITED SELLERS?

        Reply
        • Hi Au,

          As far as I know there is no standard cost per unit but we can use past seminars as basis. For example, I attended a 24 unit CPE at a cost of 3,500 pesos, or about 146 pesos/unit. So using ration and proportion, a 120 unit seminar would probably cost 146pesos/unit x 120 units = 17,520 pesos.

          As to who will conduct CPE’s and how often would probably depend on the demand. If you are a member of a brokers’ association in your region, better ask them directly.

          Only duly CPE’s duly accredited by the PRC can be conducted. If a developer is able to organize such and they meet all the requirements by the PRC and the RESA IRR, then I suppose they can conduct a CPE.

          I hope this helps, thank for dropping by!

          Reply
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