CODE of ETHICSIRR 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, 2010PRBRES Professional Regulatory Board of Real Estate Service BOARDPRC Professional Regulation Commission COMMISSIONRULE ITitle of the rules, declaration of Policy & Definition of TERmsSection 1 Title The Implementing Rules and Regulations of Republic Act No 9646 (IRR)

Section 2 Declaration of Policy The state recognizes the vital role of Real Estate Service PractitionersSection 3 Definition of Terms Appraiser Aka Valuer Person who conducts valuation or appraisal Assessor / assistant assessor Official in LGU performs appraisal or assessment of real properties including plants, equipment and machineries essentially for taxation Real estate Refers to the land and ALL those items which are attached to it 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. Real Estate Developer Any natural or judicial person engaged in the business of developing real estate project Real Property Land and includes all the right, interests and benefits related to the ownership 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 IiProfessional regulatory board of real Estate serviceSection 4 Creation and Composition of the Board 1 Chairperson 2 members 2 members Appointed by the President from (3) recommended by Commission from (5) nominees from AIPO NOTE: 2 members of BOARD shall represent the government assessors and appraisers who active in government service. Board shall be organize within 6 months from the effectivity of RA9646 This provision implemented in accordance of Executive Order No 496, series of 1991 Executive Order No. 496was 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 Board1. Provide compressive policy guidelines2. Conducts licensure exam3. Issue, suspend, revoke or reinstate after due and hearing of certificate of registration or professional identification card4. Maintain a comprehensive and updated register of licensed professional5. Monitor the conditions affecting real estate and adopt such measures6. Adopt National Code of Ethics issued by AIPO7. Hear or investigate any violation and issue subpoena8. Safeguard and protect legitimate practitioners and in coordination with AIPO9. Prescribed the essential requirements as to the curricula and facilities to school in cooperation with CHED or connected School10. Promulgate, administer and enforce rules and regulations11. Supervise and regulate the registration, licensure and practice of real estate12. Assess and fix the rate of regulatory fees13. Adopt an official seal of the BOARD14. Evaluate periodically the status of real estate education15. Prescribe guidelines and criteria for the CPE Continuing Professional Education16. Monitor and supervise the activities of the AIPO and other association17. 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 twenty-three, 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 Board1. Citizen and resident of the PH2. Holder of bachelor degree related to real estate3. Active licensed real estate practitioner for at least 10 years prior to appointment4. Bona fide member in good standing of the AIPO of real estate practitioner but not an officer or trustee at the time of appointment5. 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 exam6. Good moral character and must not convicted

Section 7 Term of Office Chairperson 3 years reappoint 2 consecutive term (6yrs) 2 members 2yrs 2 members 1 yr 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 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 Boarda. Boards members may be suspended or removed by the President, upon the recommendation of the Commission after proper administrative investigation1. Neglect of duty2. Abuse of power3. Oppression4. Incompetence5. Unprofessional, unethical conduct6. Immoral or dishonorable conduct7. Commission or tolerance of irregularities in the conduct of examination or tampering of the grades8. 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 Commission designates the secretary of the board

Section 11- Annual Report Board shall submit annual report to the Commission at the close of each calendar yearRULE IiiLicensure examination and registrationSection 12 - Licensure ExaminationSection 13 Scope of ExaminationsConsultantAppraiserBroker

1. Fundamental of real estate consulting2. Standards and ethics3. Consulting tools and techniques include Feasibility study4. Real estate Finance and economic5. Real estate consulting and investment analyses6. Consulting for specific engagement7. Any related subjects determined by BOARD1. Fund Of Real Estate Principles And Practices2. Standards And Ethics3. Theories And Principles In Appraisal\4. Human And Physical Geography5. Methodology Of Appraisal Approach6. Valuation Procedures And Research7. Appraisal Of Machinery And Equipment8. Practical Appraisal Mathematics9. Appraisal Report Writing10. Real Estate Finance And Economic11. Case Study12. Land Management System And Real Property Laws13. Any related subjects determined by BOARD1. Fund Property Ownership2. Code of Ethics and Responsibilities3. Legal requirement for Real estate service practice4. Real estate brokerage practice5. Subdivision development6. Condominium concept and other types holdings7. Real estate finance and economics8. Basic principle of ecology9. Urban and rural use10. Planning, development and zoning11. Legal aspect of sale, mortgage and lease12. Documentation and registration13. Real property laws and taxation14. Any related subjects determined by BOARD

Section 14 Qualification of Applicants for ExaminationA. Qualifications1. Citizen of the Philippines2. Holder of relevant bachelor degreea. At least 120 credits of real estate subjectsb. Training from accredited service provider3. Good moral character and must not convicted4. Consultant has at least 10 yrs of experienced 5. Appraiser has at least 5 yrs experiencedB. Requirements: Original and photocopy of the ff1. Birth certificate (NSO) or Passport or any other proof of citizenship2. TOR or diploma with scanned picture3. Certification by employer, Certificate of registration or professional identification card or DTI license for Consultant4. NBI5. Accredited seminar or training6. Community tax certificate7. 4 colored passport size picture with nametag

Section 15 Ratings in the Examination At least 75 % of all subjects, with no below 50% ratings

Section 16 Release of the results of Examination Within 10 days from the last day of examination

Section 17 Issuance of the Certificate of Registration and Professional Card 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 Fraud or deceit Allowing unqualified person using ones certificate Unprofessional or unethical conduct Malpractice or violation of any provisions of RA 9646 Engaging in practice while suspended

Section 20 Registration without ExaminationA. DTI Licensed Real Estate Broker, Appraiser and Consultant before July 30, 2009 Ministry Order No.39

RenewFailed to renew2008 and 200920072006 and prior yrs

1. Active2. 15 CEP1. Active2. 24 CEP1. Active2. 15 CEP1. Active2. 18 CEP1. Active2. 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 96461. Active for last 5 yrs2. Passed the Real Property Assessing Officer (RPAO) conducted by Civil Service Commission in coordination with DOF3. Have under taken relevant CPE to satisfy the Board

C. Assessor and Appraiser who holds permanent appointment on the date of RA 96461. Active for at least 10 yrs2. Completed 120 hours training conducted by National or International Appraisal Organizations3. 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 After 2 years of expirationSection 22 Roster of Real Estate Service PractitionersSection 23 Issuance of Special / Temporary Permit 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 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 EXCEPT their countries allow Filipino to practice real estate practitioner

RULE IVPractice of real Estate serviceSection 25 - OathSection 26 Professional Indemnity Insurance / cash or Surety Bond Not less than 20,000 (applicable in all real estate practitioners) Renewable every 3yrsSection 27 Acts Constituting the Practice of Real Estate Service

Section 28 Exemptions from the Acts Constituting the Practice of Real Estate Service1. Selling by his own property except Developers who are regulated HLURB, PD957, PB220 and their IRR a2. Any receiver, trustee or assignee in bankruptcy or insolvency proceeding3. Any acting pursuant to the order of any court of justice4. Duly constituted attorney-in-fact for purpose of sale, mortgage, lease, exchange or any similar contract WITHOUT requiring any form of compensation or remuneration5. Public officers in the performance of their duties and functions EXCEPT government assessor or appraiserSection 29 Prohibition Against the Unauthorized Practice of Real Estate Service 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 After 3 yrs of effectivity of RA 9646, all existing and new position shall be filled only by registered and licensed real estate practitioner 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 promotedSection 31 Supervision of Real Estate Salesperson 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 20 salesperson every 1 licensed Broker Partnership or corporation must be Dully registered in SEC (Securities and Exchange Commission) In case of resignation or termination, employer notify the board within a period not to exceed 15 days from the date of EFFECTIVITY of resignationSection 33 Display of License in the Place of Business1. Original or Certified true copy of a. Certificate of registrationb. Professional identification cardc. Certificate and cards of all real estate employee

Section 34 Accreditation and Integration of Real Estate Service Associations Automatic membership in the AIPO of real estate practitioner shall NOT BAR to be member in other associationsSection 35 Code of Ethics and Responsibilities of Real Estate Practitioners Prescribed by AIPO

Section 36 Continuing Professional Education (CPE) Program 45 units 15 units per yearSection 37 Enforcement Assistance to the BoardSection 38 - Indication of the Certificate of Registration, Professional Identification Card / License Number, Priviledge Tax Receipt (PTR) Number, and Accredited Integrated Professional Organization (AIPO) Number 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 vPenal and Final ProvisionsSection 39 Penal Provisions Licensed Person Penalty not less than 100,000 and imprisonment of 2 yrs Unlicensed Person Penalty not less than 200,000 and imprisonment of 4 yrs 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 participantsSection 40 - AppropriationsSection 41 - Transitory Provision 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 Within 6 mos after effectivity of RA 9646, Commission, Board, AIPO, Department of Finance and CHED, prepare necessary rules and regulation including Code of ethicsSection 43 Separability ClauseSection 44 Repealing ClauseSection 45 - Effectivity 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 estateStructures improvements on the land such residential, industrial, commercial and institutional buildingsTrees and fruits agricultural produceGreen lines real estate practitionersRed, White, Blue and Yellow colors of the Philippines FlagGreen environment and ecologySun and Rays life and lightRising Sun vital role of real estate service practitioner in the social, political, economic development and progress of the Philippines Gold ethical standards and prosperityMap Philippines archipelago