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DTI issues new rule for realty brokers

I was reading the Philippine Star last January 17, 2008 when I came across this article about the new rules for the realty brokers. Kudos to DTI.  Now it would easier to spot unlicensed brokers, including those who don't renew their license. You just have to find out what realty board they belong to and simply check if they are a member. See article below.

The Department of Trade and Industry (DTI) has issued a new directive for real estate brokers, appraisers and consultants in an attempt to protect the public from fly by night operators.

Under a new administrative order, real estate practitioners must be a member of an accredited real estate organization before a person can be given a license.

According to the DTI, membership to an accredited real estate organization contributes to the protection of the public’s interest since it addresses colorum real estate practice, and ensure compliance and observance of the real estate practice on ethics and standards, continuing education and other licensing regulations to enhance consumer welfare and protection.

Also, the new regulation underscores that membership to these organizations will be institutionalized in order to support private sector initiatives in self-policing the conduct of real estate practice.

It likewise encourages other real-estate organizations and association to accredit themselves so the new administrative order will not be limited to members of Realty Service Council of the Philippines (RESCOP), but also to new associations of practitioners.

Source: Philippine Star - Jan 17, 2008 by Ma. Elisa Osorio

Comments

 

Maita said:

Heyy, Chona!  Good job on posting this. The global Pinoy deserves world-class, ethical brokerage services, such as those espoused by our very own Muntinlupa Realtor's Board.

Hope you can visit my site  and my blog. See you soon!

January 29, 2008 7:28 PM
 

Chona Esguerra said:

Thanks Maita! Our buyers really deserve to know this so they can be protected.

February 9, 2008 7:48 AM
 

Marissa said:

In December 2007, I paid reservation fees for 2 condo units with Aldrin Capiral and a certain Cecille as sales people. Promo was PhP10,000/unit reservation fee if paid until end of the month so I hurried up and sent money from UAE. All coordination was done. Aldrin & Cecille were both notified of the payment by phone and cc'd scanned copy of payment thru Rostamani (bank transfer). After few days they told me that the units were sold out. I got angry and they apologized giving me other units. Even this Cecil was saying I wait for another units to be vacated. These days I am trying to reach them but they don't pick up the phones. I told them I needed the refund immediately.

+971 50 293 0219

March 11, 2008 4:03 AM
 

Chona Esguerra said:

Sorry for the late reply Marissa. Thanks for sharing your experience. This will make other buyers to be careful in dealing without checking if the broker is license or not. Always remember to get their license number and what realty board they belong to. When they are member of a board upon verification, you know who to go to in case of problems with the brokers/agents is concerned.

April 9, 2008 11:16 AM
 

jun hernan said:

Amparo village in Caloocan City (north) is infested with so many unlicensed brokers at the expense of urban poor who only dreamt of owning his/her house/lot thru the community mortgage program of the government.  They are collecting exurbitant equity fees as high as 17000 to 23000.  Ideally equity shouldbe paid after the SHFC site inspection is done s as to determine the appraised value.  They have deceived a lot of people and earned so much as high as 400,000 per lot.  Kindly check/verify with UPAO caloocan so can validate and check the names of fly by night brokers who disguised themselves as "organizers".  Hope you can help me report this illegal activities to the proper authorities for investigation.  Hope their scrupulous deeds will come to an end.

November 10, 2008 1:07 PM
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