Real Estate History in the Philippines

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REAL ESTATE HISTORY

Called for professionalization of real estate service in nineteen twenty

A former American serviceman who pursued business in real estate services and founded the Manila Realty Boards on November seven, nineteen thirty-eight

Commerce Administrative Order Number three dash six

July twenty-nine, nineteen thirty-nine

Served as the code in the formal practice of real estate brokerage in the Philippines

Hoskins was instrumental in the drafting of rules and regulations on brokerage

Section three E of Act Number two seven two eight

Modified by the Philippine Legislature in nineteen fifty-two, to include the real estate brokers to be licensed and regulated by the Bureau of Commerce

Commerce Administrative Order Number sixty dash one

April twenty-eight, nineteen sixty

Examination for Real Estate Broker profession was first introduced by the Bureau of Domestic Trade, as embodied the new provisions of the revised regulations

Manila Realty Board

Was admitted as a member of the Real Estate Board of America, and was authorized to license members to use the term REALTOR, a service marked owned by NAREB and registered in the United States Patent Office as Document Number five one nine seven eight zero and five one five two zero zero, and in the Philippines as Document Number five three eight five

DAO Number one dash seventy-five, Series of nineteen seventy-five - update the rules and regulations

Ministry Order Number thirty-nine, series of nineteen eighty-five

Rules and Regulations of Governing the Licensing and Supervision of Real Estate Salesmen, Brokers, Appraisers and Consultants Administrative Order implemented by the Ministry of Trade and Industry -

Expanded Real Estate Brokerage Practice to include the practice of real estate appraisal and real estate consultancy

Amended by Act Numbers three hundred seventy-one, three thousand nine hundred sixty-nine, and Executive Order Number nine hundred thirteen

Initiated the bill in nineteen eighty-eight to professionalizing the Real Estate Practice

DTI Department Administrative Order Number ninety-seven

Created in nineteen ninety-two the Realty Service Council of the Philippines, which was mandated as the consultative body of DTI

LAND ADMINISTRATION AND MANAGEMENT PROJECT (LAMP)

The Philippine government has committed to pursue economic growth by improving among others, procedures for valuing real property.

LAND ADMINISTRATION AND MANAGEMENT PROJECT TWO (LAMP TWO)

REPUBLIC ACT NINE SIX FOUR SIX

The Philippine Valuation Standard (First Edition)

Philippine Valuation Standard (Second Edition, twenty eighteen)

REAL ESTATE PROFESSIONS

Real Estate Professionals

PROPERTY-RELATED FUNCTIONS

Two. Management and Maintenance

Three. Demolition

Four. Investment Ownership

Five. Regulation

Six. Transfer

REAL ESTATE FUNCTIONS

CAREERS IN REM

Two. REAL ESTATE APPRAISER

Three. REAL ESTATE ASSESSOR

- GOVERNMENT ASSESSOR / APPRAISER

GOCC / GFI

Four. REAL ESTATE BROKER

TYPES OF REAL ESTATE COMPANIES

Service Companies

Construction Companies

CODE OF ETHICS AND RESPONSIBILITIES FOR REAL ESTATE SERVICE PRACTITIONER

PREAMBLE

ARTICLE ONE: SCOPE AND COVERAGE

ARTICLE TWO: GENERAL PROVISIONS AND DECLARATION OF PRINCIPLES

ARTICLE THREE: PROFESSIONAL RULES OF ETHICS AND RESPONSIBILITIES

ARTICLE FOUR: SPECIFIC DUTIES AND RESPONSIBILITIES

ARTICLE Five: FINAL PROVISION

REPUBLIC ACT NO. nine six four six REAL ESTATE SERVICE ACT OF THE PHILIPPINES (RESA LAW)

ARTICLE One: TITLE, DECLARATION OF POLICY AND DEFINITION TERMS

ARTICLE two: PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE

SECTION five: POWERS AND FUNCTIONS OF THE BOARD

SECTION 7: TERM OF OFFICE

SECTION 8: COMPENSATION AND ALLOWANCES OF THE CHAIRPERSON AND MEMBERS OF THE BOARD

SECTION 9: REMOVAL OF THE CHAIRPERSON AND MEMBERS OF THE BOARD

SECTION 10: SUPERVISION OF THE BOARD, CUSTODIAN OF ITS RECORDS, SECRETARIAT AND SUPPORT SERVICES

SECTION 11: ANNUAL REPORT

ARTICLE THREE: LICENSURE EXAMINATION AND REGISTRATION

SECTION 13: SCOPE OF EXAMINATION

SECTION 14: QUALIFICATIONS OF APPLICANTS FOR EXAMINATIONS

SECTION 15: RATINGS IN THE EXAMINATIONS

SECTION 16: RELEASE OF THE RESULTS OF THE EXAMINATIONS

SECTION 17: ISSUANCE OF THE CERTIFICATE OF REGISTRATION AND PROFESSIONAL ID CARD

SECTION 18: REFUSAL TO REGISTER

SECTION 23: ISSUANCE OF SPECIAL TEMPORARY PERMIT

SECTION 24: FOREIGN RECIPROCITY No foreign real estate service practitioner shall:

ARTICLE FOUR: PRACTICE OF REAL ESTATE SERVICE SECTION TWENTY-FIVE: OATH

SECTION TWENTY-SIX: PROFESSIONAL INDEMNITY INSURANCE/CASH OR SURETY BOND

SECTION TWENTY-SEVEN: ACTS CONSTITUTING THE PRACTICE OF REAL ESTATE SERVICE

SECTION TWENTY-EIGHT: EXEMPTIONS FROM THE ACTS CONSTITUTING THE PRACTICE OF REAL ESTATE SERVICE

SECTION TWENTY-NINE: PROHIBITION AGAINST THE UNAUTHORIZED PRACTICE OF REAL ESTATE SERVICE

SECTION THIRTY-ONE: SUPERVISION OF REAL ESTATE SALESPERSONS.

SECTION THIRTY-TWO: CORPORATE PRACTICE OF THE REAL ESTATE SERVICE

SECTION THIRTY-THREE: DISPLAY OF LICENSE IN THE PLACE OF BUSINESS.

SECTION THIRTY-FOUR: ACCREDITATION AND INTEGRATION OF REAL ESTATE SERVICE ASSOCIATIONS

SECTION THIRTY-FIVE: CODE OF ETHICS AND RESPONSIBILITIES OF REAL ESTATE SERVICE PRACTITIONERS.

SECTION THIRTY-SIX: CONTINUING PROFESSIONAL EDUCATION PROGRAM

ARTICLE FIVE: PENAL AND FINAL PROVISIONS SECTION THIRTY-NINE: PENAL PROVISIONS

FUNDAMENTALS OF PROPERTY OWNERSHIP

LEGAL CONCEPTS OF THE LANDS

PHYSICAL CHARACTERISTICS OF LAND

REAL ESTATE

REAL ESTATE UNIQUE CHARACTERISTICS

PROPERTY

CLASSIFICATIONS OF PROPERTY

REAL PROPERTY

IMMOVABLE PROPERTY

PERSONAL PROPERTY

BUNDLE OF RIGHTS

Seven RIGHTS OF AN OWNER UNDER ROMAN LAW

OWNERSHIP UNDER CIVIL CODE (CHAPTER ONE, TITLE TWO, CIVIL CODE)

PHYSICAL RIGHTS OF OWNERSHIP OF LAND

· WATER RIGHTS: Owners who have property that borders a body of water have riparian rights or littoral rights:

○ LITTORAL RIGHTS: similar to riparian rights except that they extend only to the mean high-water mark.

· FEE SIMPLE

○ Interest less than fee simple interest

SURFACE / SUBSURFACE

PROPERTY OWNERSHIP FORMS

CHARACTERISTICS OF UNDIVIDED INTEREST / TENANCY IN COMMON

LIMITATIONS ON OWNERSHIP

a. ESCHEAT - A government's right to property if it remains unclaimed for any reason after some period of time.

Two. IMPOSED BY LAW

Three. IMPOSED BY THE OWNER HIMSELF

Four. IMPOSED BY THE TRANSFEROR OF THE PROPERTY

LAND TENURE

INTERSECTING INTEREST

LAND TENURE CATEGORIES

Four. STATE - Property rights are assigned to some authority in the public sector.

· Use rights: rights to use the land for grazing, growing subsistence crops, gathering minor forestry products, etc.

LAND ADMINISTRATION

LAND REGISTRATION AUTHORITY

MODES OF ACQUIRING OWNERSHIP

THE PUBLIC LAND ACT

MISCELLANEOUS SALES PATENT

PRESIDENTIAL DECREE NUMBER eight hundred ninety-two

PROPERTY REGISTRATION DECREE

● Enacted in June eleventh, nineteen seventy-eight

REPUBLIC ACT NUMBER one hundred fifteen thousand seventy-three

URBAN LAND REFORM ACT

ARTICLE FOURTEEN OF THE SEVENTY-TWO CONSTITUTION

BATAS PAMBANSA BLG. one hundred eighty-five

ARTICLE TWELVE OF THE EIGHTY-SEVEN CONSTITUTION

CITIZENSHIP RETENTION AND RE-ACQUISITION ACT OF TWO THOUSAND THREE

AN ACT MAKING THE CITIZENSHIP OF

WHO ARE NATURAL BORN FILIPINOS?

FOREIGN INVESTMENTS ACT OF NINE THOUSAND NINE HUNDRED NINETY-ONE

ARTICLE THIRTEEN OF THE EIGHTY-SEVEN CONSTITUTION

REPUBLIC ACT NO. ONE SIXTEEN FOURY

COMPREHENSIVE AGRARIAN REFORM LAW OF NINE THOUSAND EIGHT HUNDRED EIGHTY-EIGHT

ARTICLE THIRTEEN OF EIGHTY-SEVEN CONSTITUTION

URBAN DEVELOPMENT AND HOUSING ACT OF Nineteen Ninety-Two

FREE PATENT ACT

AGRICULTURAL FREE PATENT REFORM ACT

CONDOMINIUM CONCEPTS

CONDOMINIUM

CONDOMINIUM OWNERSHIP

CONDOMINIUM COMMON ELEMENTS INCLUDE

REPUBLIC ACT NUMBER FOUR SEVEN TWENTY-SIX (THE CONDOMINIUM ACT)

Section four: An enabling or master deed which shall contain, among others, the following:

FORMATION OF A CONDOMINIUM

MASTER DEED OR DECLARATION

DECLARATION PROVISIONS

ASSOCIATION OF UNIT OWNERS

BYLAWS

UNIT DEEDS

Overview

The document chronicles the professionalization of real estate services in the Philippines, discussing significant laws and administrative orders, including the establishment of licensing bodies, the evolution of standards, and the roles of various real estate professionals.

Key Points

1Collin M. Hoskins was a pivotal figure in establishing real estate service professionalism in the Philippines
2The Real Estate Service Act of 2009 transferred regulatory powers from the DTI to the PRC
3Various administrative orders have shaped real estate regulations over the decades
4The document outlines the responsibilities and ethics for real estate practitioners as per current laws
5Land administration reforms aim to improve property valuation and tenure security.

Details

Category: Business and Finance

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