The consequences of RESA Law’s passing have led to the development of a real estate market that is anti-poor, anti-Filipino, and anti-progress. 1) World’s most expensive, prohibitive certification process. Article III of the RESA Law requires a Professional Regulation Commission (PRC) licensure examination for those who aspire to become a real estate entrepreneur outside of salespersons, and a subsequent registration with the Housing and Land Use Regulatory Board (HLURB). Section 14 states that to qualify for this process, applicants must hold a Bachelor of Science in Real Estate Management (BSREM). None of the successful real estate models in the world have such a requirement, like Singapore or the US, and yet here in the Philippines, we require practitioners to pay for a full four-year course to enter the profession. These courses average around P300,000 for the tuition alone to complete, even more in some cases. What’s more, RESA states that there must be a 1 is to 20 ratio of brokers to salespersons. Salespersons must become accredited by the PRC before they are able to officially practice, a process that some report to take longer than 2 years. For many, this means more than two years where an aspiring salesperson remains unprotected from abusive and malicious brokers who hold commission hostage. SOLUTION 1: BSREM should be made as an optional course - remove the mandatory four-year BSREM course as a requirement for licensing of new brokers and appraisers as it is impractical, irrelevant, and onerous. #ABetterRealEstatePhilippines #AmendResa9646 #ResaAdvocates https://www.instagram.com/p/CHqVg9jhk9F/?igshid=1hj5h20yoyexy
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