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The Brokerage Law

THE BROKERAGE LAW
Are you aware of the LAW that punishes unlicensed real estate practitioners?

BROKERAGE LAW( Act No. 2728)
Implementing Rule (DTI M.O. No. 39 Series of 1985)

The BROKERAGE LAW( Act No. 2728) and its mplementing Rule (DTI M.O. No. 39 Series of 1985) regulates the realty service practice in the Philippines...

The law and the rules mandate the licensing of EVERY person who performs the following acts and practices involving real estate properties:

        * Offering the sale;
        * Advertising;
        * Listing;
        * Promoting;
        * Mediating;
        * Negotiating and
        * Effecting the meeting of the minds for the sale, purchase, exchange, mortgage, lease,,or joint venture or other transactions in real estate and any interest therein.

Batas Pambansa (BP) No. 220  and Presidential Decree (PD) No. 957 also require the registration of Real Estate Brokers and Salesmen at the Housing and Land Use Regulatory Board (HLURB).

The Department of Trade and Industry (DTI) has recently issued a Department Administrative Order (DAO) No. 6, Series of 2007 increasing the Administrative FINES as follows:
    MINIMUM    MEDIUM  MAXIMUM
a. Licensed Real Estate Practitioners
    (Specially Art IX of M.O. No. 39,
    Series of 1985 as amended)
     -- Code of Ethics		   P20,000   P40,000   P60,000
b. Unlicensed Individuals/ With
    Expired License		   P40,000   P80,000   P120,000
c. Registered or Unregistered  Juridical
   Persons		   P60,000  P100,000   P150,000

Secure your LICENCE now before you start selling real estate properties!

"Be Safe. Deal with a Realtor®."