CODE of ETHICS

IRR
Implementing Rules and Regulations of Republic Act No. 9646
aka RESA ( Real Estate Service Act)
an act regulating the practice of real estate service in the Philippines, creating for the
purpose of PRBRES
approved July 21, 2010
PRBRES
o Professional Regulatory Board of Real Estate Service
o BOARD
PRC
o Professional Regulation Commission
o COMMISSION

RULE I
Title of the rules, declaration of Policy & Definition of TERms

Section 1 Title
o The Implementing Rules and Regulations of Republic Act No 9646 (IRR)
Section 2 Declaration of Policy
o The state recognizes the vital role of Real Estate Service Practitioners
Section 3 Definition of Terms
o Appraiser
Aka Valuer
Person who conducts valuation or appraisal
o Assessor / assistant assessor
Official in LGU
performs appraisal or assessment of real properties including plants, equipment and
machineries essentially for taxation
o Real estate
Refers to the land and ALL those items which are attached to it
o Real Estate Development Project
Development of land for residential, commercial, industrial, agricultural, institutional,
or recreational purposes or any combinations BUT NOT LIMITED TO, tourist resort,
reclamation projects, buildings, whether for individual or condominium ownership,
memorial parks and other similar nature.
o Real Estate Developer

 Any natural or judicial person engaged in the business of developing real estate
project
o Real Property
Land and includes all the right, interests and benefits related to the ownership
o Real Estate Service Practitioners (CAABS)
Real estate consultant
Licensed who offers or renders professional advice and judgment on ff
Acquisition, enhancement, preservation, utilization or disposition and
improvement of land
Conception, planning, management and development of real estate projects
Real estate appraiser
Licensed who performs, offer or renders services in estimating and arriving
opinion or acts as an expert on real estate values
Real estate assessor
Licensed who works in LGU and performs appraisal and assessment of real
properties including plants, equipment and machineries for taxation purposes
Real estate broker
Licensed who acts an agent of a party in real estate transaction to offer, advertise,
solicit, list, promote, mediate, negotiate, or effect the meeting of minds on
SaMPLE (sale, mortgage, purchase, lease and exchange) or joint venture
Real estate salesperson
Accredited who performs service for and in behalf of real estate broker
Accredited or registered by PBRES
AIPO
Accredited and Integrated Professional Organization
National integrated organization for duly registered and licensed real estate
service practitioner that the BOARD, subject to the approval by the Commission,
shall recognize or accredit as the one and only AIPO
IAPO
Interim Accredited Professional Organization
Professional organization accredited by the Commission only

RULE Ii
Professional regulatory board of real Estate service

Section 4 Creation and Composition of the Board

o 1 Chairperson
o 2 members
o 2 members
o Appointed by the President from (3) recommended by Commission from (5) nominees
from AIPO

o NOTE: 2 members of BOARD shall represent the government assessors and appraisers
who active in government service.
o Board shall be organize within 6 months from the effectivity of RA9646
o This provision implemented in accordance of Executive Order No 496, series of 1991
Executive Order No. 496 was signed by President Corazon C. Aquino instituting procedures and criteria for the
selection and recommendation of nominees to vacant positions in the Professional Regulatory Boards

Section 5 Powers and Function of the Board

1. Provide compressive policy guidelines
2. Conducts licensure exam
3. Issue, suspend, revoke or reinstate after due and hearing of certificate of registration or
professional identification card
4. Maintain a comprehensive and updated register of licensed professional
5. Monitor the conditions affecting real estate and adopt such measures
6. Adopt National Code of Ethics issued by AIPO
7. Hear or investigate any violation and issue subpoena
8. Safeguard and protect legitimate practitioners and in coordination with AIPO
9. Prescribed the essential requirements as to the curricula and facilities to school in
cooperation with CHED or connected School
10. Promulgate, administer and enforce rules and regulations
11. Supervise and regulate the registration, licensure and practice of real estate
12. Assess and fix the rate of regulatory fees
13. Adopt an official seal of the BOARD
14. Evaluate periodically the status of real estate education
15. Prescribe guidelines and criteria for the CPE Continuing Professional Education
16. Monitor and supervise the activities of the AIPO and other association
17. Discharge such other powers, duties and functions as the Commission may deem
necessary to carry out the provisions of RA 9646
NOTE: 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 Commission
only on appeal, in accordance with RA 8981 and its IRR
RA NO. 8991 - an act modernizing the professional regulation commission,
repealing for the purpose presidential decree numbered two hundred and twentythree, entitled "creating the professional regulation commission and prescribing
its powers and functions," and for other purposes

Section 6 Qualifications of Chairperson and Members of the Board

1. Citizen and resident of the PH
2. Holder of bachelor degree related to real estate
3. Active licensed real estate practitioner for at least 10 years prior to appointment
4. Bona fide member in good standing of the AIPO of real estate practitioner but not an
officer or trustee at the time of appointment

5. Neither be a member of the faculty of an institution, school nor have any pecuniary
interest, direct or indirect in any institution or association where review or lectures
conducted for licensure exam
6. Good moral character and must not convicted
Section 7 Term of Office
o Chairperson 3 years reappoint 2 consecutive term (6yrs)
o 2 members 2yrs
o 2 members 1 yr
o Chairperson and Board members automatically be registered and issued certificates of
registration and professional identification card
Section 8 Compensation and Allowances of the Chairperson and Members of the Board
o Allowance and compensation will be under Commission as provided for in the General
Appropriation Act, the Salary Standardization Law and the Joint Circular issued by the
Commission and the Department of Budget and Management (DBM)
Section 9 Removal of the Chairperson and Members of the Board
a. Boards members may be suspended or removed by the President, upon the recommendation
of the Commission after proper administrative investigation
1. Neglect of duty
2. Abuse of power
3. Oppression
4. Incompetence
5. Unprofessional, unethical conduct
6. Immoral or dishonorable conduct
7. Commission or tolerance of irregularities in the conduct of examination or tampering of
the grades
8. For any final judgment or conviction of any criminal offense involving moral turpitude
Section 10 Supervision of the Board, Custodian of its Records, Secretariat and Support Service
o Commission designates the secretary of the board
Section 11- Annual Report
o Board shall submit annual report to the Commission at the close of each calendar year

RULE Iii
Licensure examination and registration

Section 12 - Licensure Examination

Section 13 Scope of Examinations
Consultant

Appraiser

Broker

1.
2.
3.
4.
5.
6.
7.

Fundamental of real estate consulting

Standards and ethics
Consulting tools and techniques include
Feasibility study
Real estate Finance and economic
Real estate consulting and investment
analyses
Consulting for specific engagement
Any related subjects determined by
BOARD

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

Fund Of Real Estate Principles And

Practices
Standards And Ethics
Theories And Principles In Appraisal\
Human And Physical Geography
Methodology Of Appraisal Approach
Valuation Procedures And Research
Appraisal Of Machinery And
Equipment
Practical Appraisal Mathematics
Appraisal Report Writing
Real Estate Finance And Economic
Case Study
Land Management System And Real
Property Laws
Any related subjects determined by
BOARD

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

Fund Property Ownership

Code of Ethics and Responsibilities
Legal requirement for Real estate
service practice
Real estate brokerage practice
Subdivision development
Condominium concept and other
types holdings
Real estate finance and economics
Basic principle of ecology
Urban and rural use
Planning, development and zoning
Legal aspect of sale, mortgage and
lease
Documentation and registration
Real property laws and taxation
Any related subjects determined by
BOARD

Section 14 Qualification of Applicants for Examination

A. Qualifications
1. Citizen of the Philippines
2. Holder of relevant bachelor degree
a. At least 120 credits of real estate subjects
b. Training from accredited service provider
3. Good moral character and must not convicted
4. Consultant has at least 10 yrs of experienced
5. Appraiser has at least 5 yrs experienced
B. Requirements: Original and photocopy of the ff
1. Birth certificate (NSO) or Passport or any other proof of citizenship
2. TOR or diploma with scanned picture
3. Certification by employer, Certificate of registration or professional identification card or
DTI license for Consultant
4. NBI
5. Accredited seminar or training
6. Community tax certificate
7. 4 colored passport size picture with nametag
Section 15 Ratings in the Examination
o At least 75 % of all subjects, with no below 50% ratings
Section 16 Release of the results of Examination
o Within 10 days from the last day of examination
Section 17 Issuance of the Certificate of Registration and Professional Card
o Renewable every 3 yrs plus CPE
Section 18 Refusal to Register

Section 19 Revocation or Suspension of the Certificate of Registration and the Professional

Identification Card or Cancellation of Special / Temporary Permit
o Fraud or deceit
o Allowing unqualified person using ones certificate
o Unprofessional or unethical conduct
o Malpractice or violation of any provisions of RA 9646
o Engaging in practice while suspended
Section 20 Registration without Examination
A. DTI Licensed Real Estate Broker, Appraiser and Consultant before July 30, 2009
Ministry Order No.39
Renew
Failed to renew
2008 and 2009
2007
2006 and prior yrs
1. Active
1. Active
1. Active
1. Active
1. Active
2. 15 CEP
2. 24 CEP
2. 15 CEP
2. 18 CEP
2. 120 CEP
Fail to comply within 2 years after effectivity of RA 9646, on or before July 30, 2011. Board exam is required

B. Assessor and Appraiser who holds permanent appointment on the date of RA 9646
1.
2.

Active for last 5 yrs

Passed the Real Property Assessing Officer (RPAO) conducted by Civil Service Commission in
coordination with DOF
Have under taken relevant CPE to satisfy the Board

3.
C. Assessor and Appraiser who holds permanent appointment on the date of RA 9646
1.
2.
3.

Active for at least 10 yrs

Completed 120 hours training conducted by National or International Appraisal Organizations
Duly certified by Dept of Finance (DOF) or any National Agency or Government Owned and
Controlled Corporations (GOCC)

B and C register for Real Estate Appraisers

1. 24 CEP
Section 21 Reinstatement, Re-issuance or Replacement of Certificate of Registration
o After 2 years of expiration
Section 22 Roster of Real Estate Service Practitioners
Section 23 Issuance of Special / Temporary Permit
o Issue special or temporary permit from Foreign countries whose service urgently needed
in the absence of local real estate practitioners for purpose of promoting or enhancing
practice of real estate in PH
Section 24 Foreign Reciprocity
o NO Foreign real estate service practitioner shall admitted to the licensure exam, given
certificate of registration, professional identification card, special or temporary permit or
entitled to any privileges under RA 9646
o EXCEPT their countries allow Filipino to practice real estate practitioner

RULE IV
Practice of real Estate service

Section 25 - Oath
Section 26 Professional Indemnity Insurance / cash or Surety Bond
o Not less than 20,000 (applicable in all real estate practitioners)
o Renewable every 3yrs
Section 27 Acts Constituting the Practice of Real Estate Service
Section 28 Exemptions from the Acts Constituting the Practice of Real Estate Service
1. Selling by his own property except Developers who are regulated HLURB, PD957,
PB220 and their IRR a
2. Any receiver, trustee or assignee in bankruptcy or insolvency proceeding
3. Any acting pursuant to the order of any court of justice
4. Duly constituted attorney-in-fact for purpose of sale, mortgage, lease, exchange or any
similar contract WITHOUT requiring any form of compensation or remuneration
5. Public officers in the performance of their duties and functions EXCEPT government
assessor or appraiser
Section 29 Prohibition Against the Unauthorized Practice of Real Estate Service
o No person shall practice real estate practice without license except salesperson
Section 30 Positions in Government Requiring the Services of Registered and Lincensed Real
Estate Practitioners
o After 3 yrs of effectivity of RA 9646, all existing and new position shall be filled only by
registered and licensed real estate practitioner
o All incumbent assessors holding permanent appointment continue to perform without
need for re-appointment and without diminution of status, rank and salary and enjoy
security tenure, However, may not be promoted
Section 31 Supervision of Real Estate Salesperson
o Requirement of a salesperson
Completed at least 2 years of college
12 units of training and seminar in real estate broker
Salesperson who registered with DTI or HLURB or other salesperson who active for
at least 3 years certified by Licensed Broker, Developer may also accredited by board
until July 30, 2011
Provided undergone 120 hours training in real estate brokerage
Submitted NSO
NBI clearance
Certificate of educational attainment
Notarized certificate of training or seminar

 Notarized certificate of supervising licensed brokers

Section 32 Corporate Practice of the Real Estate Service
o 20 salesperson every 1 licensed Broker
o Partnership or corporation must be Dully registered in SEC (Securities and Exchange
Commission)
o In case of resignation or termination, employer notify the board within a period not to
exceed 15 days from the date of EFFECTIVITY of resignation
Section 33 Display of License in the Place of Business
1. Original or Certified true copy of
a. Certificate of registration
b. Professional identification card
c. Certificate and cards of all real estate employee
Section 34 Accreditation and Integration of Real Estate Service Associations
o Automatic membership in the AIPO of real estate practitioner shall NOT BAR to be
member in other associations
Section 35 Code of Ethics and Responsibilities of Real Estate Practitioners
o Prescribed by AIPO
Section 36 Continuing Professional Education (CPE) Program
o 45 units
o 15 units per year
Section 37 Enforcement Assistance to the Board
Section 38 - Indication of the Certificate of Registration, Professional Identification Card /
License Number, Priviledge Tax Receipt (PTR) Number, and Accredited Integrated Professional
Organization (AIPO) Number
o Real estate service practitioner indicate the ff during the validity on documents
Certificate of Registration
Professional Identification Card / License Number,
Privilege Tax Receipt (PTR) Number, and
Accredited Integrated Professional Organization (AIPO) Number
Receipt number
Date of issuance and duration of validity

RULE v
Penal and Final Provisions

Section 39 Penal Provisions

o Licensed Person
Penalty not less than 100,000 and imprisonment of 2 yrs
o Unlicensed Person
Penalty not less than 200,000 and imprisonment of 4 yrs
o Corporate, partnership or association
The partner, president or manager who has committed or consented to or knowingly
tolerated such violation shall be held directly liable and responsible for the acts as
principal or as co-principal with the other participants
Section 40 - Appropriations
Section 41 - Transitory Provision
o 90 days from effectivity of RA 9646, DTI Bureau of Trade Regulation and Consumer
Protection shall transfer all documents to PBRES
Section 42 Implementing Rules and Regulations
o Within 6 mos after effectivity of RA 9646, Commission, Board, AIPO, Department of
Finance and CHED, prepare necessary rules and regulation including Code of ethics
Section 43 Separability Clause
Section 44 Repealing Clause
Section 45 - Effectivity
o IRR shall take effect 15 days following its FULL and COMPLETE publication in
OFFICIAL GAZETTE or in major daily newspaper

OFFICIAL SEAL of the PRBRES

Land real estate

Structures improvements on the land such residential, industrial, commercial and institutional
buildings
Trees and fruits agricultural produce
Green lines real estate practitioners
Red, White, Blue and Yellow colors of the Philippines Flag
Green environment and ecology
Sun and Rays life and light
Rising Sun vital role of real estate service practitioner in the social, political, economic
development and progress of the Philippines
Gold ethical standards and prosperity
Map Philippines archipelago