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RESA LAW

RESA LAW

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Published by Lynnor Ortiz-Pinca
AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE PHILIPPINES, CREATING FOR THE PURPOSE A PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE PHILIPPINES, CREATING FOR THE PURPOSE A PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES

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Published by: Lynnor Ortiz-Pinca on Aug 08, 2010
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07/06/2012

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Congress of the PhilippinesFourteenth Congress[ REPUBLIC ACT NO. 9646 ]
 
AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE INTHE PHILIPPINES, CREATING FOR THE PURPOSE APROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE,APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
 
Be it enacted by the Senate and House of Representatives of thePhilippines in Congress assembled:
 
ARTICLE I
 
TITLE, DECLARATION OF POLICY AND DEFINITION OFTERMS
 
SECTION 1.
Title. - This Act shall be known as the. "Real EstateService Act of the Philippines".
SEC. 2.
Declaration of Policy. - The State recognizes the vital roleof real estate service practitioners in the social political, economicdevelopment and progress of the country by promoting the realestate market, stimulating economic activity and enhancinggovernment income from real property-based transactions. Hence,it shall develop and nurture through proper and effectiveregulation and supervision a corps of technically competent,responsible and respected professional real estate servicepractitioners whose standards of practice and service shall beglobally competitive and will promote the growth of the real estateindustry.
 
SEC. 3.
Definition of Terms. - As used in this Act, the followingterms shall mean:A. "
Appraiser
" also known as valuer, refers to a person whoconducts valuation/appraisal; specifically, one who possesses the
 
necessary qualifications, license, ability and experience to executeor direct the valuation/appraisal of real property.B. "
Assessor
" refers to an official in the local government unit,who performs appraisal and assessment of real properties,including plants, equipment, and machineries, essentially fortaxation purposes. This definition also includes assistantassessors.C. "
Real estate
" refers to the land and all those items which areattached to the land. It is the physical, tangible entity, togetherwith all the additions or improvements on, above or below theground.D. "
Real estate development project
" means the developmentof land for residential, commercial, industrial, agricultural,institutional or recreational purposes, or any combination of suchincluding, but not limited to, tourist resorts, reclamation projects,building or housing projects, whether for individual orcondominium ownership, memorial parks and others of similarnature.E. "
Real estate developer
" refers to any natural or juridicalperson engaged in the business of developing real estatedevelopment project for his/her or its own account and offeringthem for sale or lease.F. "
Real property
" includes all the rights, interests and benefitsrelated to the ownership of real estate.G. "
Real estate service practitioners
" shall refer to and consistof the following:1.
Real estate consultant
- a duly registered and licensed -natural person who, for a professional fee, compensation orother valuable consideration, offers or renders professional adviceand judgment on: (i) the acquisition, enhancement, preservation,
 
utilization or disposition of lands or improvements thereon; and(ii) the conception, planning, management and development of real estate projects.2.
Real estate appraiser
² a duly registered and licensednatural person who, for a professional fee, compensation or othervaluable consideration, performs or renders, or offers to performservices in estimating and arriving at an opinion of or acts as anexpert on real estate values, such services of which shall be finallyrendered by the preparation of the report in acceptable writtenform.3.
Real estate assessor
² a duly registered and licensednatural person who works in a local government unit and performsappraisal and assessment of real properties, including plants,equipment, and machineries, essentially for taxation purposes.4.
Real estate broker
²a duly registered and licensed naturalperson who, for a professional fee, commission or other valuableconsideration, acts as an agent of a party in a real estatetransaction to offer, advertise, solicit, list, promote, mediate,negotiate or effect the meeting of the minds on the sale,purchase, exchange, mortgage, lease or joint venture, or othersimilar transactions on real estate or any interest therein.5.
Real estate salesperson
- a duly accredited natural personwho performs service for, and in behalf of. a real estate brokerwho is registered and licensed by the Professional RegulatoryBoard of Real Estate Service for or in expectation of a share in thecommission, professional fee, compensation or other valuableconsideration.
ARTICLE IIPROFESSIONAL REGULATORY BOARD OF REAL ESTATESERVICE

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