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Realty Service Practice

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Information about Realty Service Practice
Education

Published on April 28, 2008

Author: RealtorMelvin

Source: authorstream.com

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DTI – BTRCP RULES AND REGULATIONS : DTI – BTRCP RULES AND REGULATIONS Presented by : Atty. Josh Carol T. Ventura Chief, Regional Trade and Industry Regulatory Division Slide 2: Outline of Presentation Legal Bases Objectives Implementing Agency Realty Service Practitioners Realty Service Practice DAO No. 6, Series of 2007 Licensing Requirements (new and renewal) DAO No. 7, Series of 2007 Slide 3: Outline of Presentation Exempted from REB Licensing Duration of Real Estate License Realty Service Exam and Examination Committee Realty Service Exam for Brokers Continuing Education Program Grounds for Administrative Sanctions Realty Service Council of the Philippines Slide 4: Legal Bases Act No. 2728 (Law Regulating the Brokerage Business part. Sec. 3) as amended by Act Nos. 3715 and 3969 Ministry Order No. 39, Series of 1985 (Rules and Regulations Governing the Licensing and Supervision of of Real Estate Salesmen, Brokers Appraisers and Consultants) Objectives : Objectives to protect the public from dishonest or incompetent realty service practitioners to prescribe standards and qualifications for realty service practitioners to maintain high standards in the real estate profession to protect licensed practitioners from unfair or improper competition Implementing Agency : Implementing Agency BTRCP through the DTI Regional and Provincial Offices with the following functions: regulates, controls and supervises all realty service practitioners;issue licenses qualifies, registers and recognizes realty service practitioners accredit seminars Realty Service Practitioners : Realty Service Practitioners Salesmen- acts for and in behalf of a broker under whom he is licensed; extension of broker Broker – agent of another person for and in expectation of a fee Appraiser – expert in real estate valuation Consultant- renders professional advice on the ff: acquisition, preservation, utilization, disposition of realty;conception, planning, dev’t of realty projects Realty Service Practice : Realty Service Practice Any single act or transaction embraced within the definition of any realty service practitioner is considered realty service practice RULE : Those who are engaged in realty service practice are required to have a LICENSE Penalties : A fine of not exceeding P 500.00 or imprisonment of not more than six months or both (MO39) REPEALED Department Administrative Order No. 6, Series of 2007 : Department Administrative Order No. 6, Series of 2007 Revised Schedule of Administrative Fines for Violations of the Consumer Act of the Philippines and some Trade and Industry Laws dated August 24, 2007 took effect 15 days from publication or on Sept. 19, 2007 Department Administrative Order No. 6, Series of 2007 : Department Administrative Order No. 6, Series of 2007 Provides for higher schedule of fines Three categories of fines namely, minimum, medium and maximum The ones who can be penalized are: 1) licensed real estate practitioners 2) unlicensed individual or those with expired licenses 3. juridical persons (registered or unregistered) DEPARTMENT ADMINISTRATIVE ORDER NO. 6, Series of 2007 : DEPARTMENT ADMINISTRATIVE ORDER NO. 6, Series of 2007 Department Administrative Order No. 6, Series of 2007 : Department Administrative Order No. 6, Series of 2007 If no mitigating and/or aggravating circumstances are present, fine shall be imposed in the medium Only mitigating -fine shall be in the minimum Only aggravating – fines shall be in the maximum If both mitigating and aggravating circumstances are present, rule on offsetting shall be applied. Licensing Requirements for a Real Estate Broker : Licensing Requirements for a Real Estate Broker Realty Service Practitioners may either be natural or juridical persons except for salesmen who are all natural persons. 1. Real Estate Brokers at least 18 years of age of good moral character shown by a clearance – police or NBI, Licensing Requirements for a Real Estate Broker : Licensing Requirements for a Real Estate Broker proof of educational attainment – 144 units college education or 72 units provided licensed salesman for 4 yrs with recommendation from a licensed broker proof of rating – REB examination P 5,000 bond in favor of DTI and HLURB RTC or city or municipal clerk of court Licensing Requirements for a Real Estate Broker : Licensing Requirements for a Real Estate Broker or certification from a recognized REA accomplished application form & ID pictures - if corporation, Board resolution authorizing fees – P 350.00 license fee and P 510.00 HLURB registration fee the real estate broker to act for the corp. ; - if partnership, 1 partner should be a broker and Arts. of Corporation/Partnership Licensing Requirements for a Real Estate Salesman : Licensing Requirements for a Real Estate Salesman 2. Real Estate Salesman recommendation of broker-employer cash or surety bond-P 1,000 same as the 1st and 2nd qualification as that of real a estate broker proof of educational attainment - at least high school graduate fees- P200 lic fee & P 210 HLURB reg. accomplished application form & 2 ID pic Licensing Requirements for a Real Estate Appraiser : Licensing Requirements for a Real Estate Appraiser 3. Real Estate Appraiser same as the ist and 2nd qualifications of salesman and brokers educational attainment – 4 year baccalaureate degree holder 5 years active experience as a licensed real estate broker or 5 years work Licensing Requirements for a Real Estate Appraiser : Licensing Requirements for a Real Estate Appraiser related experience in a : gov’t agency, bank financial institution or any other company certification under oath by employer or head of the agency proof of rating – RE Appraisers Exam fees - P 400.00 license fee Licensing Requirements for a Real Estate Consultant : Licensing Requirements for a Real Estate Consultant minimum of 10 years as licensed RE broker proof of rating – RE Consultant’s Exam or 5 years experience as licensed RE appraiser fees - P 500.00 license fee DEPARTMENT ADMIN ORDER NO. 7, S of 2007 : DEPARTMENT ADMIN ORDER NO. 7, S of 2007 Prescribing New Requirements For The Licensing of Real Estate Brokers, Real Estate Appraisers, and Real Estate Consultants DAO 7, 2008 dated December 21, 2008 and took effect 15 days from publication Took effect on January 12, 2008 DEPARTMENT ADMIN ORDER NO. 7, S of 2007 : DEPARTMENT ADMIN ORDER NO. 7, S of 2007 SALIENT FEATURES It requires all applicants for the licensure examination as real estate brokers, appraisers, and consultants to submit a certificate of attendance in a Comprehensive Real Estate Seminar conducted by a service provider duly accredited with the DTI. DEPARTMENT ADMIN ORDER NO. 7, S of 2007 : DEPARTMENT ADMIN ORDER NO. 7, S of 2007 SALIENT FEATURES After 1 year from the effectivity of this Order RESCOP and other realty service organizations shall recommend the issuance of new guidelines re: mandatory membership of realty service practitioners in realty service organizations for approval by DTI DEPARTMENT ADMIN ORDER NO. 7, S of 2007 : DEPARTMENT ADMIN ORDER NO. 7, S of 2007 SALIENT FEATURES Implication – mandatory membership of realty service practitioners in realty organizations After the publication of guidelines, a Certificate of Membership shall be submitted to the DTI Field Office as a prerequisite for the issuance or renewal of license Exempted from Licensing Requirements for REB : Exempted from Licensing Requirements for REB A- Attorneys in fact P- Persons acting pursuant to a Court Order P- Public officers in performance of their duties O- Owners selling their own property CODE : RAP POET R- Receivers or assignees in insolvency proc. E- Employees of financial institutions who do not receive additional compensation T- Trustees selling under a Deed of Trust Duration of a Real Estate License : Duration of a Real Estate License Payment of appropriate license fees for 3 years paid in full (per DAO 11, Series of 2003) Validity period is already three (3) years for all realty service practitioners January 2004 First batch with three (3) year validity - issued Renewal of a Real Estate License : Renewal of a Real Estate License License may be renewed within 30 days after expiry date. Renewal after 30 days but within a year – a surcharge of 50% of basic fee shall be paid After 1 or more years – applicant to pay basic license fee for all years unpaid + 50% surcharge on the basic total fee Renewal of a Real Estate License : Renewal of a Real Estate License P 5,000 Bond or Certification CEP ATTENDANCE CERTIFICATE good for 20 or 16 HOURS whichever is applicable Payment of appropriate license fees for 3 years paid in full (per DAO 11, Series of 2003) First batch w/ 3 year validity of license issued Jan. 2004 Realty Service Exam and Examination Committee : Realty Service Exam and Examination Committee Applicants should possess the educational and or experience requirement at the time of the filing of application. Three (3) exam committee – one for brokers, appraisers and consultants Four (4) members of each exam committee: 1 from BTRCP 3 each for both committees to be recom- mended by the Pres. of the Natl orgs Term – 2 years each Realty Service Exam Coverage for Brokers : Realty Service Exam Coverage for Brokers Fundamentals of Property Ownership Legal Requirements for Real Estate Practice Real Estate Brokerage Practice Subdivision Development Condominium Concept Real Estate Financing, Economics and Taxation Realty Service Exam Coverage for Brokers : Realty Service Exam Coverage for Brokers 7. Basic Principles of Ecology 8. Urban and Rural Land Use 9. Planning, Development and Zoning 10. Legal Aspect of Sale, Mortgage ,Lease 11. Documentation and Registration Continuing Education Program : Continuing Education Program under DAO 6, series of 1994 (Jan. 6, 1995) applies to all RS practitioners, except salesmen CREDIT HOURS REQUIRED 16 hours - those who regularly renew their license; every 3 years 20 hours – a) failed to secure their license within 2 years from passing the exam b) failed to renew license for 3 consecutive years Continuing Education Program : Continuing Education Program PROVIDERS/ENTITIES TO CONDUCT CEP purpose is real estate education b) member association of the council - RESCOP d) schools,colleges, univ. registered w/ DEP ED e) gov’t agencies w/c conduct sem-workshop a) entity registered with DTI & its principal c) real estate association affiliated with any member of the council w/ any assn. mentioned in (b) and (c) Grounds for Administrative Sanctions : Grounds for Administrative Sanctions A. Relation to the Government statement of facts. 2. Splitting or agreeing to split a commission with 4. Act demonstrating incompetence,dishonesty. 5. Disregard or violation of law & regulations 1. Procuring license through fraud,deceit or false an unlicensed salesman/broker. 3. Failure to indicate his license number Grounds for Administrative Sanctions : Grounds for Administrative Sanctions B. Relation to Public brochures, billboard or other assignments. 2. Procuring or helping to procure consent or consu- 4. Failure to treat as trust account, money or funds of his principal. 1. Making false or deceitful promise in ads, mate RE transaction by means of fraud,deceit,etc 3. Failure to remit money to client w/in 15 days. Grounds for Administrative Sanctions : Grounds for Administrative Sanctions B. Relation to Public of any person’s funds or property. 6. Negligence or failure to disclose or ascertain any he is not authorized to sell;expired authority 8. Conflict of authority between licensee and client 5. Conviction of a crime for unlawful conversion material fact, data or info at the time of trans. 7. Placing a “FOR SALE” sign on a prop., of w/c he Grounds for Administrative Sanctions : Grounds for Administrative Sanctions C. Relation to Co-Broker his contract to enhance licensee’s interest D. Relation to his Board in any RE assn of which he is not a member Inducing a party to a RE transaction to breach 1. Representing himself as realtor 2. Using a logo, badge, insignia of membership Realty Service Council of the Philippines (RESCOP) : Realty Service Council of the Philippines (RESCOP) BTRCP representative shall be the Chairman of RESCOP ROLE : Designated as the consultative body of the DTI on all matters affecting the real estate industry ( as per Dept Order No. 97, series of 1992) Functions of RESCOP : Functions of RESCOP provide advice/recommendation to the DTI on all matters affecting the real estate industry initiate studies, policies, programs, projects and activities that shall lead to the further dev’t and promotion of the realty business recommend the accreditation of seminars for realty service practice assist the dept in the conduct of the oath taking of examinees perform other related activities collect reasonable fees :  “Every day, you'll have opportunities to take chances and to work outside your safety net. Sure, it's a lot easier to stay in your comfort zone.. in my case, business suits and real estate.. but sometimes you have to take risks. When the risks pay off, that's when you reap the biggest rewards.” Donald Trump :  -“Thank you and Good Day.”-

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