To protect the public against incompetent, irresponsible and unscrupulous real estate practitioners, Republic Act No. 9646, otherwise known as the “Real Estate Service Act of the Philippines” was enacted by Congress and signed into law on 29 June 2009. The law created the Professional Regulatory Board for Real Estate Service (“the Board”) which, under the supervision of the Professional Regulation Commission (PRC), will regulate the practice of real estate service in the Philippines. Under the new law, real estate consultants, real estate appraisers and real estate brokers must take and pass a Licensure Examination (with some exceptions) and obtain a Certificate of Registration from the Board. The Licensure Examination will be given by the Board at least once every year on such dates as the PRC may designate. The law also requires that real estate salespersons must be accredited by the Board.
(For the salient features of Republic Act No. 9646, please click on Laws under Tools.)