Passed in 2009, RESA was designed to professionalize the real estate industry by requiring practitioners to secure licenses through the Professional Regulation Commission (PRC). The law also established the Professional Regulatory Board of Real Estate Service (PRBRES) to oversee licensure examinations, enforce ethical standards, and monitor compliance.
The Practitioners: Who They Are and What They Do
Under the Real Estate Service Act (RESA), five categories of practitioners play a vital role in ensuring property transactions are conducted legally, ethically, and efficiently.
Real Estate Salespersons
Salespersons are accredited by Professional Regulatory Board of Real Estate Service (PRBRES) to assist a licensed real estate broker in marketing, promoting and selling properties. They directly engage with clients, present property options, and support the transaction process, making them key players in customer service and client relations, but should work under the supervision of a broker.
Real Estate Brokers
Licensed brokers act as the bridge between property buyers and sellers. They handle negotiations, prepare documentation, and ensure that every transaction complies with legal requirements. Their role is to guide clients through the process, secure the mutually acceptable terms, and persuade the “meeting of the minds.”
Real Estate Appraisers
Licensed appraisers estimate the fair market value of properties based on location, condition, and current market trends by applying generally accepted valuation principles. Their services are essential in buying, selling, taxation, lending, and investment decisions, as they provide an objective and professional valuation.
Real Estate Assessors
Licensed assessors are appraisers who work in a local government unit and perform appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.
Real Estate Consultants
Licensed consultants offer expert advice on the acquisition, enhancement, preservation, utilization or disposition of real estate; and the conception, planning, management and development of real estate projects. With their in-depth knowledge of market dynamics and long-term trends, they provide guidance to investors, developers, and institutions seeking to maximize opportunities in the property market.
Why Does RESA Matter?
RESA plays a crucial role in protecting buyers, sellers, and investors in the property market. Requiring that only licensed and accredited practitioners manage transactions, the law reduces the risks of fraud and misrepresentation while promoting fairness and integrity. This ensures that every property deal is conducted with trust, transparency, and accountability.
At PRIME Philippines, we uphold the principles of RESA by ensuring that our team is composed of licensed professionals and practitioners who are committed to guiding clients with expertise and integrity, making every property transaction a secure and rewarding experience.
