CREBA pushes changes to Real Estate Service Act Law

MANILA, Philippines - The Chamber of Real Estate and Builders’ Associations Inc. (CREBA), the largest umbrella organization in the country’s real estate and housing industry, is pushing for the amendment of key provisions of the Real Estate Service Act (RESA Law).

In a statement over the weekend, CREBA said the amendments would help address the possibility of negative economic impacts to developers and the thousands of real estate professionals and salespersons nationwide.

“The title and objectives of the law are clear and specific. Surprisingly, the subsequent provisions extend beyond regulation of the real estate service practice. Even developers are now being regulated against selling their own projects,” CREBA national chairman Charlie Gorayeb said.

CREBA said RA 9646 was enacted into law in 2009 to develop “a corps of technically competent, responsible and respected professional real estate service practitioners” according to world-class standards.

The law transferred the licensing and regulation of real estate brokers, appraisers, assessors and consultants, as well as the registration of agents or salespersons from the Department of Trade and Industry (DTI) to the Professional Regulation Commission (PRC).

CREBA national president Noel Cariño said scholastic requirements for real estate salespersons have become discriminatory for them to get accredited and registered by the Professional Regulatory Board of Real Estate Service (PRB-RES).

Before RESA came into law, Cariño said there have been thousands of such agents earning a decent living from legitimately offering real estate.

“We will be depriving these poor individuals the chance to partake in the economic benefits of real estate. Many of them have been there working for so long, and then they will be suddenly cut-off because they cannot qualify for registration,” Cariño said.

CREBA is suggesting for the reduction of the academic requirements for salespersons provided they undergo formal training or are certified to possess the ample experience by the licensed broker supervising them.

The association likewise moved for the scrapping of the policy limiting the supervision of only 20 salespersons per licensed broker.

CREBA said there is no necessity for such limit as any broker would only handle “as many salespersons under his supervision as he can manage because the burden and responsibility for the acts of such salespersons bears upon his shoulders and his own license.”