Nominations to body to draft Resa rules up

By Nancy R. Cudis

AS SOON as the implementing rules are out next year, the Professional Regulation Commission (PRC) will regulate and supervise the real estate services instead of the Department of Trade and Industry (DTI).

Real estate practitioners have yet to come up with the guidelines to carry out the Real Estate Service Act of the Philippines (Resa).

The PRC began last month gathering nominations from the real estate industry on who will form the Professional Regulatory Board of Real Estate Service that will draft the implementing rules and regulations of the Resa.

Emily Amie Cabillada, president of the Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb), said the board will be created this month or early next year.

President Arroyo signed Resa into law last June 29. The law, which is designed to develop the real estate industry through proper and effective regulation and supervision, took effect on July 30.

Cabillada said that 90 days after implementation of the Resa law, the DTI will turn over its responsibility of real estate services to the PRC.

But the PRC cannot carry out these functions because the Professional Regulatory Board of Real Estate Service has yet to be created.

Although the DTI and PRC reported to have signed a memorandum of agreement to address this matter, the details of the agreement have not yet been disclosed, said DTI 7 regulatory division chief Josh Carol Ventura.

While waiting for an order, the DTI will help out the PRC and the real estate industry, especially during the turnover of functions, through its trade regulation and consumer protection office, she said.

Cabillada said the DTI will still assume some functions while the board is being created.

According to the Resa law or Republic Act 9646, the Professional Regulatory Board of Real Estate Service will be composed of a chairperson and four members who will be appointed by the President from the list of names recommended by the PRC.

These recommendations are based on the list of nominees submitted by the accredited and integrated professional organization of real estate practitioners.

The licenses of real estate consultant, appraisers, brokers and salespersons cannot be renewed until the board and the IRR are created.

There is, however, a provision in the Resa law that gives them a grace period of two years while the board is being formed, Cabillada said.

Also, the board is to conduct licensure tests for the practice of the real estate service profession.

Published in the Sun.Star Cebu newspaper on December 12, 2009.