Are you engaging in real estate service practice without a license either as a "real estate agent," real estate salesman, broker or even as a so called "property consultant" but selling real estate subdivisions and condominium projects, or simply referred to as a "colorum" real estate salesman or broker?
Then, be ready to be fined in the amount of P120,000.00!
Under Sec. 3, Article V, of Department of Trade and Industy (DTI) Administrative Order No. 6 dated August 24, 2007, which took effect last September 2007, the fines for violations of Republic Act No. 2728, as amended by Republic Acts No. 3715 and No. 3969 have been increased. According to the DTI order, any violation of RA No. 2728 by an unlicensed real estate salesman or broker shall be fined as follows:
| NEW SCHEDULE OF FINES | |||
| VIOLATOR | PENALTY | ||
| | Minimum | Medium | Maximum |
| Licensed Real Estate Practitioner | P 20,000 | P 40,000 | P 60,000 |
| UNLICENSED PRACTITIONER | P 40,000 | P 80,000 | P 120,000 |
| Juridical Person | P 60,000 | P 100,000 | P 150,000 |
Aside from the above fines, additional fines may be imposed under Sec. 2, Art. IX of said DTI AO No. 6 which provides that, “For every day of continuing violation, the amount of not more than P1,000 shall be imposed over and above the administrative fine to be reckoned from the date when the Writ of Execution is served. The amount of fine for each day shall be equivalent to 10% of the actual administrative fine but not less than P100 and not more than P1,000.”
So, before you engage in selling real estate as a real estate salesman or real estate broker, including, leasing or renting out house and lots and condominium units, make sure you are duly licensed and likewise, registered with the Housing Land Use and Regulatory Board (HLURB) if your are selling subdivision and/or condominium projects.
If you are joining or working for a real estate marketing corporation as an in-house agent, request your company to ensure that you are duly licensed. Or , even if you are just working as a real estate agent under a licensed real estate broker.
Start your career in real estate right and be licensed!
