NextGen Day

CEBU CITY, Philippines – Despite a law governing the practice of real estate service, the Philippine Association of Real Estate Boards Inc. (PAREB) has decried the growth of “colorum” real estate brokers who continue to “unscrupulously deceive” buyers.

PAREB senior vice president Jovencio Cainong claimed unlicensed brokers are already dominating Marketplace on Facebook during their association’s Cebu Real Estate Board Inc.’s general membership meeting on the occasion of its 62nd-anniversary celebration on Friday.

“There is a continual development of unlicensed practitioners or colorums 13 years after the establishment of RESA (Real Estate Service Act),” he stated.

According to Cainong, no one is authorized to practice real estate service without a government license, and real estate salespeople must be accredited and do business under the direct supervision of a duly licensed real estate broker.

Those who do not work under the supervision of a licensed broker and so violate Republic Act 9646, generally known as the RESA law, would be fined PHP100,000 or imprisoned for not less than two years, or both, according to him.

He went on to say that selling real estate without a license is a criminal violation.

Locals and foreigners from China, Korea, India, Japan, and other countries are among the unlicensed real estate practitioners.

Agents that use Facebook, according to Cainong, are competitive legal real estate brokers and salespersons who are properly registered to conduct business.

“Ninety percent of real estate salespeople on Facebook are unlicensed,” Cainong said, adding that colorum agents have cost licensed real estate practitioners money and put consumers at risk.

Buyers who interact with unauthorized agents risk being offered bogus properties or even titles with problems, according to Cainong.

He noted that agents who work under the supervision of a qualified broker can seek advice on how to properly execute real estate transactions.

Only a small percentage of the populace is aware that there are specialists that can help them with real estate brokerage, assessment, and consulting, according to Cainong.

He also warned potential house and lot purchasers to be aware of dealers of unlawful subdivisions, claiming that illegal subdivisions are booming from Aparri to Jolo.

He also stated that agricultural fields are being converted into residential subdivisions, which is a violation of local government zoning laws, not to mention the impact on the country’s food security and climate risks.

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