DTI transfers regulation of real estate practice to PRC

July 24, 2009 9:41 am 

MANILA, July 24 — With the passage of Republic Act No. 9646, also known as the Real Estate Service Act of the Philippines, the Department of Trade and Industry (DTI) is transferring the regulation of the real estate practice to the Professional Regulation Commission (PRC).

“As R.A. 9646 repeals Section 3 (e) of Act No. 2728, the law from which the DTI draws its authority to regulate the real estate service, thus we have to transfer such function to the PRC,” said DTI Undersecretary for Trade Regulation Zenaida Cuison Maglaya.

Section 4 of R.A. 9646 states that, “There is hereby created a Professional Regulatory Board of Real Estate Service, hereinafter referred to as the Board, under the supervision and administrative control of the Professional Regulation Commission (PRC).”

Under Section 17, issuance of the Certificate of Registration and Professional Identification Card of real estate practitioners will also be done by the PRC.

“A certificate of registration shall be issued to examinees who pass the licensure examination for real estate service subject to payment of fees prescribed by the Commission,” the law states. The certificate of registration shall remain in full force and effect until revoked or suspended in accordance with the Act.

A professional identification card bearing the registration number, date of issuance and expiry date, duly signed by the chairperson of the PRC, will likewise be issued to every registrant upon payment of the required fees.

The professional identification card shall be renewed every three years and upon satisfying the requirements of the Board.

R.A. 9646 also mandates DTI’s Bureau of Trade Regulation and Consumer Protection (DTI-BTRCP) to transfer all pertinent records to the PRC 90 days from the effectivity of the law.

As a result, starting July 30, 2009, DTI field offices will no longer accept applications for license, whether initial or renewal, of real estate consultants, appraisers, brokers and salespersons.

Furthermore, all records of the DTI field offices pertaining to licensed practitioners will be transmitted to the BTRCP.

However, cases involving violation of Act 2728 as amended, whether pending or those that are filed prior to the effectivity of R.A. 9646, shall remain with the DTI given the prospective application of the law. (PNA)

scs/BAC/utb

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