What Tagum City, Homeowners Must Know About The Real Estate Service Act Of 2009

The Real Estate Service Act of the Philippines (Republic Act No. 9646) is most commonly called as the RESA Law and is signed by former president Gloria Macapagal Arroyo on June 29, 2009. This law is mandating that the practice of real estate in the Philippines should be regulated and professionalized.

This means that the real estate agent should be able to pass the licensure examination. This licensure examination is prepared by the government, member of the board and selected people whose knowledge focuses on real estate property in different areas like Tagum City, Davao and its business.

If you are into the real estate business in Tagum City, Davao, here are some things that you should be aware of:

1. Scope of examination. There is a different set of questions prepared for the real estate brokers, another for the real estate consultants and another for the real estate appraisers. The following fields are the scope of the examination that the three mentioned personnel are to focus (but are not limited to):

• Real estate consultant – consulting tools and techniques, real estate consulting fundamentals, real estate finance and economics and a lot more.
• Real estate appraiser – fundamentals of real estate principles and practices, physical and human geography, methodology of appraisal approaches, practical appraisal mathematics and many more.
• Real estate brokers – legal requirements for real estate service practice, fundamentals of property ownership, basic principles of ecology, documentation and registration, subdivision development in cities like Tagum City, Davao; condominium concept; and many more.

2. Requirements needed to qualify for the examination. The person who would like to take the licensure exam should be a citizen of the Philippines, has a bachelor degree from a state university or college or from schools which are recognized by the CHED and a person with good moral (must not be convicted with any crime which involves in moral turpitude).

3. Ratings that must be achieved to pass. The person must have an average of 75% or more and he or she should never have any subject which is below 50%.

The law is subject to change from time to time and for you to be updated about the Real Estate Service Act of 2009, you should keep reading about this law and its possible alterations.