THIRTEENTH CONGRESS OF THE REPUBLIC 
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I ", 
!.*Li 
fl,/./!; 
1 1 i>(J 1i.i 
OF THE PHILIPPINES 
1 
First Regular Session 
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Introduced by Senator S. 8. Osmeiia 111 
EXPLANATORY NOTE 
-To safeguard' public interest, there is a need to enact a comprehensive 
law that will upgrade and professionalize the real estate service practice in the 
country and at the same time accord the real estate industry the due recognition 
that it deserves as a vital component in national development. 
Unscrupulous parties involved in anomalous practices in real estate 
transactions who control practically 75% of the real estate transactions in the 
country have gone unpunished mainly because of the dearth of effective 
legislation. As a consequence, such deceitful brokers jeopardized the stability of 
the real estate industry and continually victimize the public. 
This bill, therefore, seeks to create the Professional Regulatory 
oard of 
Real Estate Service (PRBRES) whose supreme authority will put syste , order, 
discipline and true professionalism in the real estate industry. The cr ation of 
PRBRES will specifically help eradicate or minimize the practice of sp 1 
rious or 
"colorum" brokers who have adversely affected the profession as it has eroded 
the stability of our Torrens System. Consequently, provision for stiffer penalties 
for unlicensed practice will assure full protection for the buying public and truly 
professionalize this segment of our economy. 
Runaway prices of land and construction materials which had gone 
unchecked for several years due to lack of basic knowledge of land values, 
appraisal principles and unprofessional practices will eventually be stabilized with 
the strict monitoring and control of the regulatory board. 
This bill also seeks to do away with the duplication of jurisdictional 
responsibility in the direction and management of activities of real estate brokers 
and allied professionals. It is further envisioned that PRBRES will ensure the 
collection of several millions of taxes due to government which otherwise will 
remain uncollected due to the undervaluation of transactions and other improper 
and unlawful means generally resorted to. 
In view of the foregoing, approval of this bill is earnestly requested. 
SERGIO OSMERA 111 
Senator 
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THIRTEENTH CONGRESS OF THE REPUBLIC 
) 
) 
First Regular Session 
) 
"1 
*..i i pl.!;; 1 1 
;2(1 :;< 
OF THE PHILIPPINES 
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Introduced by Senator S. R. OsmeHa 111 
AN ACT 
REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE 
PHILIPPINES, CREATING ' FOR THE 
PURPOSE A 
PROFESSIONAL 
REGULATORY BOARD F7$ 
REAL ESTATE SERVICE, APPROPRIATING 
FUNDS THEREFOR AND FOR OTHER PURPOSES 
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Be it e3acted by the House of Representatives and the Senate of the Republic of 
the Philippines in Congress assembled: 
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ARTICLE I 
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TITLE, OECLARATION OF POLICY AND DEFINITION OF TERMS 
SECTION 1. Title . - This Act shall be known as the "Real Estate Service 
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SEC. 2. Declarafion of Policy. - The State recognizes the vit I role of 
real estate service practitioners in the social, political, economic dev lopment 
and progress of the country. Real estate services shall therefore be 
professionalized, upgraded and regulated to become more globally qualitative 
and competitive 
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Act of the Philippines." 
SEC. 3. DefiniPion of Terms. - As used in this Act, the followlng terms 
shall mean: 
(a) 
"Real estate" refers to the land, building or other improvements 
permanently attached to the land, including the rights and interest therein. It shall 
include rural and urban land, and the development thereof which may be 
residential, commercial, industrial, agricultural, aquacultural, land reclamation, 


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building or housing projects either for individual or condominium ow ership, 
memorial parks, town houses; club houses, and others of simila'r nature. . I )  
(b) 
"Real estate development project" means the development of land 
for residential, commercial, industrial, agricultural, institutional or recreational 
purposes, 01- any combination or such, including but not limited to tourist resorts, 
reclamation projects, building or housinb projects whether for individual or 
condominium ownership, memorial parks, hnd other of similar nature. 
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(c) 
"Real estate service practitio,ners" 
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shall refer to and consist of the 
following: 
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(1) Real estate broker - a duly licensed 
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natural person who, for a fee, 
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commission or other valuable bonsideration, acts as an agent of a 
party in 
a real estate transaction of offer, advertise, solicit, list, 
promote, mediate, negotiate, orjeffect the meeting of the minds on the 
sale, purchase, exchange, mohgage, lease, or joint venture or other 
similar transactions on real estdte or any interest therein. 
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(2) Real estate appraiser - a diuly licensed natural person who, in 
expectation of a fee, compendation or other valuable consideration, 
offers or renders services in es imating and arriving at an opinion of or 
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act as an expert on real estate'values, such services of which shall be 
finally rendered by the prepar tron of the report in acceptabl 
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form. 
(3) Real estate consultant - a duly licensed natural person who, #or a fee, 
compensation or other valuhble consideration, offers or renders 
professional 
advise 
and j b dgement 
on: 
(a) the acquisition, 
enhancement, preservation, iutilization or disposition of lands or 
improvements 
thereon; 
ar)d 
(b) 
the 
conception, 
planning, 
management, and developmeit of realty projects. 
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(4) Real estate salesperson - a natural person who performs for and in 
behalf of a real estate broker who is registered/licensed by the 
Professional Regulatory Board of Real Estate Service. ! 
ARTICLE II 
PROFESSIONAL REGULATORY BOARD'OF REAL ESTATE SE VICE' 
SEC. 4. Creation and Composition of the Board. - 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, hereinafter referred to as the Commission, 
composed of a chairperson and two (2) members who shall be appointed by the 
President of the Philippines from a list of three (3) recommendees for each 
position, chosen and ranked by the Cornrnissjon from a list of five (5) nominees 
for each position submitted by the accredited and integrated professional 
organization of real estate service practitioners 
The first Board shall be organized within thirty (30) days from the 
effectivity of this Act. 
SEC. 5. Powers and Functions of the Board. - The Board is hereby 
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vested the following powers and functions: 
(a) Provide comprehensive policy guidelines for the promotion and 
development of the real estate industry; 
(b) Promulgate, administer and enforce rules and regulations necessary 
for carrying out the provisions ,of this Act; 
(c) Supervise and regulate the registration, licensure and practi e of real 
estate service inthe Philippines; 
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(d) Administer oaths and affirmations; 
(e) Adopt on official seal of the Board; 
(9 Issue, reinstate, suspend or revoke after due notice and hearing 
certificate 
of 
registrationlprofessional 
license 
or 
professional 
identification card for the practice of the real estate service; 


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Monito%e 
conditions affecting the practice of real estate service and 
adopt such measures as may be proper for the enhancement of the 
profession and/or the maintenance of high professional, ethical and 
technical standards; 
(h) Draw up recommendations to government agencies or departments 
concerned for the purpose of rationalizing and coordinating re I estate 
transactions; 
(i) Prescribe andlor adopt a code of ethics for the practice of he real 
estate service; 
Hear or investigate any violation of this Act, its implementing rules and 
regulations, and the code of ethics for real estate service practitioners 
as shall come to the knowledge of the Board and for this purpose, 
issue subpoena and subpoena duces tecum to secure the 
appearance of witnesses and the production of documents in 
connection therewith; 
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(j) 
(k) In coordination with the accredited and integrated professional 
organization of real estate practitioners, monitor all forms of 
advertisements, announcements, signboards, billboards, pamphlets, 
brochures and others of similar nature concerning real estate and 
provid-e .- every 
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possible safeguard to protect legitimate and licensed 
real estate service practitioners and in pursuance thereof, exercise its 
judicial and police powers to finally and completely eradicate 
pernicious practices of unauthorized and unlicensed individuals or 
"colorums" engaged in real estate service; 
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(I) 
Prescribe guidelines and criteria for the Continuing Pro 
Education (CPE) program for real estate service 
consultation 
with the accredited ' and 
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organization of real estate service practitioners, and prescribe policies 


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necessary for upgrading, enhancement, development and growth of 
real estate education in the Philippines; 
(m) Screen, issue and monitor permits to organizations of real estate 
professionals in the industry to conduct seminars and to accredit such 
seminars, as well as the instructors or lecturers therein for the 
purpose of upgrading the quality and knowledge of the profession; 
(n) Conduct examinations as a prerequisite to the practice of the 
profession and issue, adopt and prepare syllabi of the subjects for 
examination by determining and preparing the questions whi h shall 
strictly be within the scope of the syllabus of the subect for 
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examination; 
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(0) Monitor the activities of the accredited and integrated professional 
organization 
and other 
associations 
of 
real 
estate 
service 
practitioners; and 
(p) Discharge such other powers, duties and functions as the 
Commission may deem necessary to carry out the provisions of this 
Act. 
The policies, resolutions, and rules and regulations issued or promulgated 
by the Board shall be subject to the review and approval by the Commission. 
However, the Board's decisions, resolutions or orders which are not interlocutory, 
rendered in an administrative case, shall be subject to review by the Commission 
only if on appeal. 
- -  SEC. 6. Qualifications of the Chairperson and Members of the Board. 
- The chairperson and members of the Board shall, at the time of their 
appointment, possess the following qualifications: 
(a) Must be a citizen and resident of the Philippines; 
(b) Must be a holder of at least a bachelor's degree; 


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(C) Must be an active licensed practitioner of the real estate service, either 
as real estate broker, appraiser or consultant for at least ten (IO) years 
prior to hidher appointment ; 
(d) Must be a bona fide member of the accredited and integrated 
professional organization of real estate service practitioners but not an 
officer at 
.- the time of hislher appointment; 
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(e) Must neither be a member of the faculty of an institute, school or 
college of real estate service nor have any pecuniary interest, direct or 
indirect, in any institution or association where review classes or 
lectures in preparation for the licensure examination are being offered 
final judgement by a competent court 'of a criminal' offense i I 
volving 
or conducted; and 
(9 Must be of good moral character and must not have been conv cted by 
moral turpitude. 
SEC. 7. Term of Office. - The chairperson and members of the Board 
shall hold office for a term of three (3) years from the date of their appointment 
and until their successor/s shall have been appointed and duly qualified. 
Provided, That members of the first appointed Board shall hold office for the 
following terms: one (1) member as chairperson for three (3) years, one (1) 
member for two (2) years and one (I) member for one (1) year. 
The chairperson and members of the Board may be reappointed for 
another term but in no case shall helshe serve continuously for more than six (6) 
years. Any vacancy in the Board shall be filled for the unexpired portion of the 
term only. The chairperson and members of the first Board shall automatically be 
registered and issued with a certificate of registration/professional license and 
profeszonal identification card. 
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Each member of the Board shall take the proper oath of office prior to the 
assumption of duty. 


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SEC. 8. Compensation and Allowances of the Chairperson and 
Members of the Board. - The chairperson and members of the Board shall 
receive compensation and allowances comparable to the compensation and 
allowances received by the chairperson and members of existing professional 
regulatory boards under the Commission as provided for in the General 
Appropriations Act. 
SEC. 9. Removal of fhe Chairperson and Members of the Board. - 
The chairperson or any member'of the Board may be suspended or removed by 
the President 
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of-ihe Philippines upon recommendation of the Commission for 
neglect of duty, abuse of power, oppression, incompetence, unprofessional, 
unethical, immoral or dishonorable conduct, commission or toleration of 
irregularities in the conduct of examination or tampering of the grades therein, or 
for any final judgement or conviction of any criminal offenses involving moral 
turpitude by the court after having been given the opportunity to defend 
himself/herself in a proper administrative investigation. 
SEC. 10. Supervision of the Board, ' Custodian 'of 'its R 'cords; 
Secretariat and Support Services. - The Board shall be under the general 
supervision and administrative control of the Commission. All records of the 
Board, including applications for examination, examination papers and results, 
minutes of deliberations, administrative and other investigative cases involving 
real estate service practitioners shall be kept by the Commission. The 
Commission shall designate the secretary of the Board and shall provide the 
secretariat and other support services to implement the provisions of this Act 
subject to the usual government accounting and auditing rules and regulations. 
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SEC. 11. Annual Report - The Board shall at the close of each calendar 
year, submit an annual report to the Commission, giving a detailed account of its 
proceedings and accomplishments during the year and recommending measures 
to be adopted with the end in view of upgrading and improving the conditions 
affectzg the practice of real estate in the Philippines. 
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ARTICLE ill 
LICENSURE EXAMINATION AND REGISTRATION 
SEC. 12. Licensure Examination. - Every applicant seeking to be 
registered and licensed as a real estate service practitioner, except a real estate 
salesperson, shall undergo an examination as provided for in this Act. 
Examinations for the practice of real estate in the Philippines shall be given by 
the Board at least once a year every in such places and dates as the 
Commission may designate. 
SEC. 13. Scope of Examination. - An examination shall be given to the 
licensure applicants for real estate brokers, real estate appraisers and real estate 
consultants, which shall include but not limited to the following: 
-@) For real estate brokers - Fundamentals of property ownership; legal 
requirements for real estate practice, real estate brokerage practice; 
practical appraisal for real estate broker; site location and map 
reading; subdivision development; condominium concept; real estate 
financing: taxation; economics; basic principle or ecology; urban and 
rural land use; planning, development and zoning legal a pect of 
sale, mortgage, lease, documentation and registration; agra ian and 
urban reform laws; code of ethics; and any other related 
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subjects i. as 
may be determined by the Board. 
(b) For real estate appraisers - General real estate information; theories 
and principles in appraisal; human and physical geography; 
methodology of appraisal approaches and research; practical 
appraisal mathematics; appraisal report writing; laws affecting real 
estate appraisal; income and investment problems; appraisals of 
machineries and equipments; case studies; agrarian and urban land 
reform laws; code of ethics; and any other related subjects as may be 
determined by the Board. 


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(C ) For real estate consultants - Pre-investment/feasibility studies; design; 
process innovation; construction/installation and other t I 
chnical 
services on special studies; agrarian and urban land reform laws; 
code of ethics; and any other related subjects as may be determined 
by the Board. 
TO confirm with technological and modern changes, the Board may re- 
cluster, rearrange, modify, add or exclude any of the foregoing subjects as the 
need arises. 
SEC. 14. Qualifications of Applicants for Examinations. - In order to 
be admitted to the licensure examination for real estate service, a candidate shall 
at the time of filing his application, establish to the satisfaction of the Board that: 
(a) He is a citizen of the Philippines; 
(b) He is at least eighteen (18) years of age; 
(e) He is a holder of a bachelor's degree from a school, university or 
institution duly recognized by the Commission on Higher Education; 
(d) He has attended and completed an appropriate real estate seminar 
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given by accredited entities; and 
(e) He is a good moral character and must not have been convicted of any 
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crime involving moral turpitude. 
Provided, That an applicant for the licensure examination for re I estate 
appraisers must show proof, that he has at least, five (5) years experience as a 
licensed real estate broker, or as an assessor, or as bank or institutional 
appraiser, or an employed person performing real property valuation: Provided, 
further, That an applicant for the licensure examination for real estate consultants 
must show proof that he has at least ten (IO) years experience as a licensed real 
estate broker or at least five (5) years experience as a licensed real estate 
appraiser. 


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All applications for examination shall be filed with the Board which shall 
assess and approve the said applications and issue to the qualified examinees 
the corresponding permit to take such examination. 
SEC. 15. Ratings in the Examination. - In order that a candidate may be 
deemed to have successfully passed the examination, he must have obt ined an 
average of at least seventy-five percent (75%) in all subjects, with no rating 
below fifty percent (50%) in any subject. 
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SEC. 16. Release of the Results of Examination. - The results of the 
licensure examination shall be released by the Board within ten (10) days from 
the last day of the examination 
SEC. 17. Issuance of the Certificate of Registration/Professional 
License 
and 
Professional 
Identification 
Card. - A 
certificate 
of 
registration/professional license shall be issued to examinees who pass the 
licensure examination for real estate service subject to payment of fees 
prescribed by the Commission. The certificate of registration/professional license 
shall bear the signature of the chairperson of the Commission and the 
chairperson and members of the Board, stamped with the official seal of the 
Commission, indicaing the person named therein entitled to practice the 
profession with all the benefits and privileges appurtenant thereto. The certificate 
of registration/professional license shall remain in full force and effect until 
revoked or suspended in accordance with this Act. 
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A professional identification card bearing the registration number, date of 
issuance, expiry date, duly signed by the chairperson of the Commissi n, shall 
likewise be issued to every., registrant upon payment of the required f 
s. The 
professional identification card shall be renewed every three (3) years and upon 
satisfying the requirements of the Board, such as but not limited to attendance in 
the Continuing Professional Education (CPE) program. i 
SEC. 18. Refusal to Register, - The Board shall not register and issue a 
certificate of registration/professionaI license to any successful examinee who 


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Registration/Professiona/ ldenfificafion Card. - The Board may, after 
proper notice and hearing to the party concerned, revoke the certifcate 
registration/professional license and professional identification card 0’ 
giving 
of 
a real 
discretion, exempt the applicant from taking another examination 


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The roster shall be open to the public, copies of which shall be 
each real estate service practitioner listed therein.. 
sent to 
country. 
ARTICLE IV 
PRACTICE OF REAL ESTATE SERVICE 
SEC. 25. Oath. - All successful examinees qualified for registration and 
all qualified applicants for registration without examination as well as icensed 
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salespersons shall be required to take an oath of profession before any 
ember 
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of the Board or any government official authorized by the Commission to 
administer oaths prior to entering into the practice of real estate service in the 
Philippines. 
SEC. 26. Acts Constituting the Practice of Real Estafe Service. - Any 
single act or transaction embraced within the provisions of Section 3 hereof shall 
constitute an act of engaging in the practice of real estate service. 
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SEC. 27. Exemption from the Acts Constifuting the Practice of Real 
Estate Service. - The provisions of this Act and its rules and regulations shall 
not apply to the following: 
(a) Any person, natural or juridical, who shall directly perrnit by himself the 
acts mentioned in Section 3 hereof with reference to his own property; 
(b) Any receiver, trustee or assignee in bankruptcy or ins Ivency, I 
proceedings: 
(c) Any person acting pursuant to the order of any court of justice; 
(d) Public officers while performing their official duties; and 
(e) Any person who is duly constituted attorney in fact for purposes of 
sale, mortgage, lease or exchange or other similar contracts of real 
estate. 
SEC. 28. Prohibition Against the Unauthorized Practice of Real 
Estate Service. - No person shall practice or offer to practice real estate service 
in the Philippines or offer himselflherself as real estate service practitioner; or 
use the title, word, letter, figure, or any sign tending to convey the impression that 
one is a real estate service practitioner, or advertise or indicate in any manner 
whatsoever that one is qualified to practice the profession unless helshe has 
satisfactorily passed the licensure examination given by the Board, except as 
otherwise provided .in this Act, and is a holder of a valid certificate of 
registration/professional, license and professional identification card of a valid 
SpeciaMtemporary permit duly issued to himlher by the Board and the 
Commission. 


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employment. 
SEC. 30. Corporate Practice ofthe Real Esfate Service. - 
(a) No partnership br corporation shall 'engage in real estate 'service 


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resignation or termination. 
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partnership. 
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within a period not to exceed fifteen (15) days form the date of effectivity of the 
Subject to the provisions of the Labor Code, a corporation or partnership 
may hire the services of licensed real estate brokers, appraisers or consultants 
on commission basis on perform real estate services and the latter shall be 
deemed independent contractors and not employees of such corporation or 
SEC. 31. Display of License in the Place of Business. - Every licensed 
real estate service practitioner shall establish and maintain a principal place of 
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business and such other branch offices as may be necessary and shall 
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conspicuously display therein the original and/or certified true copies of hislher 
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certificate of registration/professional license as well as the licenses of all real 
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estate service practitioners employed in such office. 
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SEC. 32. Accreditation and Integration of Real Estate Service 
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Practitioners. - All real estate service practitioners shall be integrated into one 
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national organization, which shall be recognized by the Board as the one and 
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only accredited and integrated professional organization of real estate service 
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practitioners. A real estate service practitioner duly registered with th 
Board 
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shall automatically becom'e a member of the accredited and in I 
egrated 
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professional organization of real estate service practitioners and shall receive the 
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benefits and privileges appurtenant thereto. Membership in the accredited and 
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integrated professional organization of real estate service practitioners shall not 
be a bar to membership in other associations of real estate service Practitioners. 
SEC. 33. Code of Ethics for Real Estate Service Practitioners. - The 
Board shall adopt and promulgate the Code of Ethics for Real Estate Service 
Practitioners which shall be prescribed and issued by the accredited and 
integrated professional organization of real estate service practitioners. 
SEC. 34. Confinuing Professional Education (CPE) Program. - The 
CPE guidelines shall be prescribed and promulgated by the Board upon 
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consultation with the accredited and integrated professional organizatio of real 
estate service practitioners, affiliated association of real estate practition ‘rs, and 
other concerned sectors, and in accordance with such policies as may have been 
prescribed in coordination with the Commission on Higher Education (CHED). 
The Board shall create a CPE Council that shall be composed of a chairperson 
coming from the Board, a member from the accredited and integrated 
professional organization of real estate service practitioners and a member from 
the academe. 
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ARTICLE V 
PENAL AND FINAL PROVISIONS 
SEC. 35. Penal Provisions. - Any violation of this Act, including 
violations of implementing rules and regulations, shall be meted the penalty of a 
fine of not less than One Hundred Thousand Pesos (P100,OOO.OO) , or 
imprisonment of not less than two (2) years, or both such fine and imprisonment 
upon t.ke. discretitin of the court. In case the violation is committed by unlicensed 
realty service practitioners, the penalty shall be double the aforesaid fine and 
imprisonment. 
In case the violation is committed by a partnership, corporation, 
association or any other juridical person, the partner, president, director or 
manager who has committed or consented to or knowingly tolerat d such 
violation shall be held directly liable and responsible for the acts as pri cipal or 
as a co-principal with the other participants, if any. 
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In case the offender is a government official or employee, he/she shall, in 
addition to the above penalties, be deemed automatically dismissed from office 
and permanently disqualified form holding any elective or appointive position 
SEC. 36. Appropriations. - The chairperson of the Professional 
Regulation Commission shall immediately include in the Commission’s programs 
the implementation of this Act, the funding of which shall be included in the. 
annual General Appropriations Act and thereafter, 


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SEC. 37. Transitory Provision. - Within ninety (90) days after the 
effectivity of this Act, the Department of Trade and Industry (DTI) shall transfer all 
pertinent records, documents, and other materials to the Professional Re ulatory 
Board of Real Estate Service. 
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SEC. 38. Implemenfhg Rules and Regulations, - Within nin ty (90) 
days after the effectivity of this Act the Commission, together with the Board, the 
accredited and integrated professional association of real estate service 
practitioners, and the Commission on Higher Education shall prepare the 
necessary rules and regulations, including the code of ethics for real estate 
service practitioners, needed to implement the provisions of this Act. 
SEC. 39. Separability Clause. - If any clause, sentence, paragraph or 
part of this Act be declared unconstitutional or invalid, such judgment shall not 
affect, invalidate or impair any other part of this Act. 
SEC. 40. Repealing Clause. - All laws, decrees, executive orders, 
memorandum orders, and other administrative issuances and parts thereof which 
are inconsistent with the provisions of this Act are hereby modified, superseded 
or repealed accordingly. 
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SEC. 41. -€ffecfivify , - 
This Act shall take effect fifteen (15) days 
following its publication in the Official Gazette or in a major daily newspaper of 
general circulation in the Philippines. 
Approved,