Developers are mandated to hire only duly licensed Real Estate brokers to head its sales divisions.
During the symposium on RA 9646, better known as the RESA Law, CPA-Realtor Pilar Torres-Banaag stressed that developers are mandated by law to hire only duly licensed Real Estate Brokers. According to SEC. 32. of RA 9646 Corporate Practice of the Real Estate Service. –
(a) No partnership or corporation shall engage in the business of real estate service unless it is duly registered with the Securities and Exchange Commission (SEC), and the persons authorized to act for the partnership or corporation are all duly registered and licensed real estate brokers, appraisers or consultants, as the case may be. The partnership or corporation shall regularly submit a list of its real estate service practitioners to the Commission and to the SEC as part of its annual reportorial requirements. There shall at least be one (1) licensed real estate broker for every twenty (20) accredited salespersons.
(b) Divisions or departments of partnerships and corporations engaged in marketing or selling any real estate development project in the regular course of business must be headed by full-time registered and licensed real estate brokers.
(c) Branch offices of real estate brokers, appraisers or consultants must be manned by a duly licensed real estate broker, appraiser or consultant as the case may be.
In case of resignation or termination from employment of a real estate service practitioner, the same shall be reported by the employer to the Board within a period not to exceed fifteen (15) days from the date of effectivity of the resignation or termination.
Subject to the provisions of the Labor Code, a corporation or partnership may hire the services of registered and licensed real estate brokers, appraisers or consultants on commission basis to perform real estate services and the latter shall be deemed independent contractors and not employees of such corporations.
Any violation of this Act is fine and imprisonment with minimum fine of P100,000 or imprisonment or both as stated in ARTICLE V
PENAL AND FINAL PROVISIONS
SEC. 39. 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 (P100,000.00) or imprisonment of not less than two (2) years, or both such fine and imprisonment upon the discretion of the court. In case the violation is committed by an unlicensed real estate service practitioner, 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 tolerated such violation shall be held directly liable and responsible for the acts as principal or as a co-principal with the other participants, if any.
RA 9646 took effect last July 30, 2009 after 15 days from publication last July 15, 2009 at page B10 of Philippine Daily Inquirer.
The symposium was conducted by PAREB-Rizal Board of Realtors chaired by its SVP Realtor Gigi F. Bonquin. Among the speakers and panelists were Ms. Ching Q. Agcaoili of BLGF-DoF, Atty. Carlos G. Almelor of PRC, CPA-Realtor Pilar T. Banaag, Atty. Ed Villagarcia and PAREB National President Realtor Edmundo Aceron. The symposium was well-attended despite bad weather.