Who are Real Estate Service Practitioners or RESPs? Brokers, Appraisers, Assessors, Consultants
Have you seen this term before? Real Estate Service Professionals or Real Estate Service Practitioners? Collectively, this term refers to real estate persons duly licensed to practice real estate services in the Philippines namely, Real Estate Brokers, Real Estate Appraisers and Real Estate Consultants . Only if they passed the board exams administered by the Professional Regulations Commission (PRC) and properly registered then they can practice their profession. There were those who did not have to take Board Exam because they were licensed by DTI before the RA 9646 became a law in 2009 and were considered Licensed via grandfather’s clause but that was only until 2011. Nowadays, only those who have graduated from BS Real Estate Management, a four-year course created by RA 9646 which eventually transferred the regulation of real estate service industry to PRC, can take the Board exam. The last Brokers examination given to non-BS REM graduates will be on February 28, 2016. After this, only the BS REM graduates are the only ones qualified to take Brokers examination.
Below are their functions according to RESA or RA 9646:
Real Estate Broker
“A duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture or other similar transactions on real estate or any interest therein. “ RA 9646 Sec 3 (4)
Under the Real Estate Brokers are “ Real Estate Salespersons – Sec 3 (5). a duly ACCREDITED natural person who performs service for and in behalf of a Real Estate Broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service (PRBRES) for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration. “
They are to be recognized under a Broker because their accreditation is through a licensed broker and they should be supervised by a Licensed Real Estate Broker. By themselves, they should not practice without the Broker.