RA 9646, also known as the Real Estate Service Act of the Philippines (RESA Law), provides specific definitions for terms related to real estate practice, including brokers. Here are the key definitions under the law:
Definition of Terms Under RA 9646 (Relevant to Brokers)
Real Estate Service – Refers to the act of engaging in the business of selling, buying, leasing, appraising, or developing real properties as a profession.
Real Estate Broker – A duly registered and licensed natural person who, for a professional fee, commission, or other valuable consideration, acts as an agent in any real estate transaction involving:
Sale, purchase, exchange, mortgage, lease, joint venture, or other dealings involving real estate or interests therein.
Negotiating or bringing together parties in real estate transactions.
Real Estate Consultant – A duly registered and licensed natural person who, for a fee, offers professional advice and judgment on real estate development and management.
Real Estate Appraiser – A duly registered and licensed natural person who prepares, signs, and submits valuation reports of real estate properties for a fee.
Real Estate Assessor – A government officer responsible for the valuation of real properties for taxation purposes.
Real Property – Refers to land, buildings, and any improvements attached to land, including rights and interests therein.
Real Estate Practitioner – Includes real estate consultants, appraisers, assessors, brokers, and salespersons who are duly registered and licensed under RA 9646.
Accredited and Integrated Professional Organization (AIPO) – The single recognized professional organization for real estate service practitioners authorized by the Professional Regulation Commission (PRC).
Continuing Professional Development (CPD) – A mandatory program required for renewing the professional license of real estate service practitioners.
Professional Regulatory Board of Real Estate Service (PRBRES) – The regulatory body under the PRC responsible for supervising and regulating real estate practitioners.
