PROFESSIONALIZING REAL ESTATE AGENTS
If you are serious in acquiring your dream house or even renting property, it is necessary to be sure that you are dealing with the right agent.
Due to the rapid growth of the real estate sector, the booming industry is an enticing investment opportunity, but not with great risk.
The Davao Real Estate Board foundation, Inc. (DRBFI) a charter member of the Philippine Association of Real Estate Boards (PAREB) Inc., has recently conducted a course on governing real estate practices.
Hundreds of participants from Davao City alone took the course to become professional real estate service practitioners.
After joining the comprehensive seminar and review, 420 individuals from all walks of life are now equipped with the legal requirements and guided by Code of Ethics before undergoing the government licensure examination for real estate brokers.
A real estate broker is “a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.”
former PAREB National President Engr. Leonora Gutierrez, AVP for Mindanao of Megaworld and Sun- trust Properties Inc., expressed that its purpose is to help professionalize the real estate industry and protect the interest of investors and future home-buyers against malpractices from colorum practitioners.
Colorum agents are unlicensed and unregistered real estate agents often found illegally operating in the public domain. Gutierrez said that they are responsible for the majority of real estate fraud scams and schemes in the country.
Many of them where posing as property owners, dealers, appraisers, brokers, and even attorneys.
Republic Act 9646, the “Real Estate Service Act of the Philippines”, states that even those who distribute flyers, occupy real estate property booths, or act as sales agents without a license are considered colurum agents.
for a smooth transaction it is best to deal with professional real estate agents.
To clear your mind before transacting, the best way is to always ask to see the broker’s license number, and accompanying documents. If in any doubt, seek verification from the Professional Regulation Commission.