Lately, I posted in this blog about the recent developments
in the real estate industry. Early this year the Housing and Land Use
Regulatory Board (HLURB) released two sets of revised implementing rules and
regulations (IRRs) for Presidential Decree No. 957—otherwise known as the
“Subdivision and Condominium Buyers’ Protective Decree—to safeguard prospective
buyers of real estate properties from possible fraud and other malpractices in
the industry.
Board Resolution No. 922 or the “2014 Revised IRR on
Dealers, Brokers and Salesmen” states that all brokers and salespersons must be
registered and licensed or accredited by the Professional Regulatory Board of
Real Estate Service before they can engage in the practice of real estate
services.
Also under the revised IRR, even business firms must
register first with the HLURB before they can engage in the practice of real
estate service.
Here are the steps in order for brokers and salespersons to
be registered and licensed or accredited by the Professional Regulatory Board
of Real Estate Service before they can engage in the practice of real estate
services. The steps in graphical presentation;
