June 29, 2009
AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE
PHILIPPINES, CREATING FOR THE PURPOSE A PROFESSIONAL REGULATORY BOARD OF REAL
ESTATE SERVICE, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
ARTICLE IV
PRACTICE OF REAL ESTATE SERVICE
Section 29. Prohibition Against the Unauthorized Practice of
Real Estate Service. - No person shall practice or offer to practice real
estate service in the Philippines or offer himself/herself as real estate
service practitioner, or use the title, word, letter, figure or any sign
tending to convey the impression that one is a real estate service
practitioner, or advertise or indicate in any manner whatsoever that one is
qualified to practice the profession, or be appointed as real property
appraiser or assessor in any national government entity or local government
unit, unless he/she has satisfactorily passed the licensure examination given
by the Board, except as otherwise provided in this Act, a holder of a valid
certificate of registration, and professional identification card or a valid
special/temporary permit duly issued to him/her by the Board and the
Commission, and in the case of real estate brokers and private appraisers, they
have paid the required bond as hereto provided.
ARTICLE V
PENAL AND FINAL PROVISIONS
Section 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.
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